January 5, 2024

5 Essential QuickBooks Tips for Streamlining Your Finances in 2024

January often feels like a challenging month. The festive season has ended, tax season is upon us, and our to-do lists from December seem unending. As the new year begins, we’re faced with a fresh set of responsibilities.

While you might have kept up with essential accounting tasks in December, the start of a new month may not feel like a fresh beginning.

Enter QuickBooks – a game-changer for streamlining your financial management. Embrace 2024 with these five proactive steps using QuickBooks.

Verify Necessary Payment Deposits

First, ensure no payments are pending deposit in QuickBooks before tracking outstanding receivables. Navigate to ‘Record Deposits’ on the homepage, and review the ‘Payments to Deposit’ window. Select your payments, choose the appropriate ‘Deposit To’ account, and finalize the transaction.

Prioritize These Five Essential Reports

Missed invoices and bills are common in December. Kick off 2024 by assessing your financial status with these key A/R and A/P reports, and if applicable, review your inventory status.

Access these reports under the Reports menu:

  • A/R Aging Detail: Identify overdue customer payments.
  • Open Invoices: Review outstanding invoices.
  • A/P Aging Detail: Check due and overdue bills.
  • Unpaid Bills Detail: Assess your payable amounts and overdue payments.
  • Inventory Stock Status by Item: Analyze detailed inventory metrics. Also, utilize QuickBooks’ Collections Report for an overview of overdue customer accounts.

Dispatch Statements

Invoices can get overlooked during the year-end rush. Instead of reissuing invoices, consider sending statements that summarize financial interactions over a period. This can be done via the ‘Create Statements’ option under the Customers menu.

Review Your Purchase Order Status

Ensure your vendors are on schedule with your purchase orders to avoid inventory shortages. Run the ‘Open Purchase Orders Detail’ report and follow up on any pending orders.

Explore Online Financial Integrations

Familiarize yourself with QuickBooks’ Bank Feeds Center for real-time banking insights. Setting up a QuickBooks Payments account can also expedite customer payments.

Aiming for a Prosperous 2024

Our goal is for you to have a successful year. QuickBooks offers comprehensive support in managing your business finances. For further assistance or to explore new features in QuickBooks, feel free to contact us.