Are You Getting Full Value Out of Your QuickBooks Account?

Do you have a QuickBooks account for your small business? And better yet, are you taking full advantage of it?


We’ve found that many entrepreneurs use QuickBooks but are barely scratching the surface of the value they could get out of it.


So today, we’d like to change that. We’re sharing with you some of the best features QuickBooks has to offer that many entrepreneurs overlook.



We should note that a few of these features are only available on QuickBooks Online as opposed to QuickBooks Desktop, which you have to install on your computer. But if you’re a loyal Desktop user, don’t worry—we’ll mark features available on Desktop with a (D) next to it.


1. Customize and schedule your invoices. (D)


Invoices that look unprofessional can cost you clients. QuickBooks lets you customize your invoices according to your brand so you look professional. Plus, you can schedule invoices to be sent out right when you need them to. No need to wait until the exact send date to create it.


2. Store your receipts electronically. (D)


We can’t tell you how many business owners we’ve known who have kept a box of receipts hidden in their filing cabinet. This is an accountant’s nightmare.


Make tax time easier on yourself (and your CPA) by storing your receipts electronically.


3. Track your mileage automatically.


Business miles can add up over the year, so don’t miss this business tax deduction.


While QuickBooks Desktop does let you track your mileage, you need the mobile app to track it automatically while you’re driving. You can do so with multiple vehicles.


Remember, any driving you do expressly for your business can count toward your business mileage.


4. Track your time and assign rates to it. (D)


If you charge your clients an hourly rate, QuickBooks’ time tracker is perfect for you. Chances are, you have different hourly rates, depending on the client or project. QuickBooks lets you assign those various rates for accurate time tracking and invoicing.


5. Track your sales tax. (D)


If you sell products, be sure you’re set up to collect sales tax. (Go to the Tax Tab in QuickBooks Online if you’re not.)


You can also mark certain customers as tax-exempt if they’re organizations, nonprofits or charities.


6. Sort your expenses so you don’t miss deductions. (D)


Correctly categorizing your expenses will make your accountant and CPA very happy come tax time.


Then simply sort them by category in your expense reports so you don’t miss anything.


7. Customize your product tags.


If you’re a product-based business, then QuickBooks makes it easy for you to create and print customized tags for your items. This makes it much easier to track your income within the accounting software.


For Desktop, you’ll need to use the Print Designer in QuickBooks Desktop Point of Sale to create inventory tags.


8. Reconcile your books. (D)


This is absolutely essential for clean bookkeeping. Every month, you should be going into QuickBooks to reconcile your accounts. Use your monthly business bank and credit card statements to do this.


Yes, it’s tedious work, but it’s crucial to the health of your business. If you really dread this monthly task, hire an excellent bookkeeper like our team at Foray Business Group to do it for you!


9. Add users to your account.


One of the biggest benefits of transitioning to QuickBooks Online is the ability to add users to your account. This comes in handy when you need to hire a bookkeeper or accountant, or if you simply need to give your CPA access to view your business reports during tax time.


Adding users who can help you with bookkeeping will save you hours each month, making your systems more efficient and impactful.


What else do you love about your QuickBooks account? Tell us in the comments below!

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