As a small business owner in South Africa, you understand the importance of efficient bookkeeping. Keeping your financial records in order is not just about compliance; it’s about having the clarity and confidence to make informed decisions that propel your business forward. At Verbeek Consulting (QuickBooks ProAdvisors), we specialise in helping businesses like yours navigate the complexities of bookkeeping with ease, allowing you to focus on growth and innovation. We are QuickBooks ProAdvisors.
QuickBooks is a powerful tool that, when used effectively, can transform your bookkeeping processes. Whether you’re new to QuickBooks or looking to enhance your current setup, we’ve compiled nine expert tips, hacks, and keyboard shortcuts to help you maximise its potential. And remember, Verbeek Consulting is here to assist you every step of the way—from setting up these features to providing ongoing support for all your bookkeeping needs.
Customise and Organise Your Chart of Accounts
Your Chart of Accounts (COA) is the backbone of your bookkeeping system. It’s a comprehensive list of all the accounts your business uses to record transactions. A well-organised COA tailored to your business needs can make financial reporting more accurate and insightful.
Why Customisation Matters
- Relevance: By customising your COA, you ensure that it reflects the unique aspects of your business operations.
- Clarity: Organised accounts make it easier to track income and expenses, leading to better financial decisions.
- Efficiency: A streamlined COA reduces the time spent searching for accounts when recording transactions.
How Verbeek Consulting Can Help as QuickBooks ProAdvisors
We assist you in:
- Setting up a COA that aligns with your business structure.
- Grouping accounts logically, whether by department, product line, or service type.
- Assigning account numbers for easy reference and organisation.
Quick Tip
Use sub-accounts in QuickBooks to group similar expenses or income streams. This not only keeps your COA tidy but also provides more detailed reporting options.
About Verbeek Consulting
Verbeek Consulting is a leading provider of bookkeeping and accounting services for small businesses in South Africa. With years of experience and a team of dedicated professionals (QuickBooks ProAdvisors), we offer comprehensive solutions that allow you to focus on growing your business while we handle the financial details.
Read our blog on the Benefits of Professional Bookkeeping Services for Small Businesses and why you should use us as your trusted provider.
2. Leverage the Bank Feeds Feature
Manually entering bank transactions can be time-consuming and prone to errors. QuickBooks’ Bank Feeds feature automates this process by connecting your bank and credit card accounts directly to the software.
Benefits of Bank Feeds
- Time Savings: Automatically imports transactions, reducing manual data entry.
- Accuracy: Minimises human errors associated with manual entry.
- Real-Time Updates: Provides up-to-date financial information for better cash flow management.
Setting Up Bank Feeds
- Navigate to the Banking tab in QuickBooks.
- Click on Connect Account.
- Enter your bank login credentials.
- Select the accounts you wish to connect.
Important Note
Ensure that you have separate bank accounts for personal and business expenses. This separation simplifies bookkeeping and tax preparation.
Why should you do this?
- It helps you keep track of your income and spending. A dedicated business bank account will help you get a clearer picture of your business’s financial situation with a glance at your bank balance.
- It makes filing your tax return much easier. Keeping your finances separate, in two different accounts, will make filing your tax return simpler as you can easily track business income and expenses. There’s no need to sift through your personal transactions to pick out business-related purchases and payments – you can simply use your business bank account statement, which has all the info you need.
- Creates a professional image of your business. Having your clients pay for your products or services into an account with your business name instead of your personal bank account will show them that you mean business and are legitimate.
- You’re able to grow your business. By having a business account you are able to receive income and spend easily without the hassle of always having to pay yourself back from your personal account.
These are some great reasons why you should consider having your own business account.
How Verbeek Consulting Can Assist as QuickBooks ProAdvisors
We help you:
- Set up and manage Bank Feeds.
- Categorise and match transactions accurately.
- Reconcile your accounts regularly to maintain financial integrity.
3. Work with Multiple Windows
Efficient bookkeeping often requires multitasking. QuickBooks Online allows you to open multiple windows simultaneously, making it easier to compare reports, enter transactions, and review data.
Advantages of Multiple Windows
- Efficiency: Quickly switch between different tasks without losing your place.
- Comparison: View reports side by side for better analysis.
- Productivity: Reduces the time spent navigating back and forth within the software.
How to Use Multiple Windows
- Duplicate Tabs: Right-click on the browser tab and select Duplicate.
- Use Incognito Mode: Open a new incognito window to log into another QuickBooks account simultaneously.
Quick Keyboard Shortcut
Press Ctrl + N (Windows) or Command + N (Mac) to open a new window quickly.
Verbeek Consulting’s Role
We offer training on:
- Navigating QuickBooks efficiently.
- Customising your workspace for optimal productivity.
- Utilizing keyboard shortcuts and browser tricks.
4. Add Attachments to Transactions
Keeping supporting documents attached to your transactions enhances record-keeping and audit preparedness. QuickBooks allows you to attach receipts, invoices, and other documents directly to your entries.
Benefits of Attachments
- Compliance: Simplifies the audit process by having all documents in one place.
- Verification: Provides proof of transactions for stakeholders.
- Organisation: Reduces paper clutter and enhances digital record-keeping.
How to Attach Documents
- Open the transaction you wish to add an attachment to.
- Click on the Attach File option.
- Upload the relevant document from your computer.
Types of Attachments
- Receipts
- Invoices
- Contracts
- Bank Statements
Supported attachment file types
To protect the security of your QuickBooks Online account, the following file types are supported for attachments:
- JPEG
- PNG
- DOC
- XLSX
- CSV
- TIFF
- GIF
- XML
How Verbeek Consulting Can Help as QuickBooks ProAdvisors
We guide you in:
- Setting up a consistent system for attaching documents.
- Ensuring that all necessary documentation is properly stored.
- Training your team on best practices for digital record-keeping.
5. Set Up Products and Services Lists
Creating a detailed list of your products and services in QuickBooks streamlines invoicing and inventory management.
Advantages
- Efficiency: Speeds up the invoicing process with pre-filled information.
- Inventory Tracking: Monitors stock levels to prevent shortages or overstocking.
- Accurate Pricing: Ensures consistent pricing across all transactions.
Information to Include
- Product/Service Name
- Description
- Pricing
- SKU Numbers
- Tax Codes
- Vendor Information
Steps to Set Up
- Go to the Sales tab and select Products and Services.
- Click on New to add a product or service.
- Fill in the necessary details and save.
Verbeek Consulting’s Assistance as QuickBooks ProAdvisors
We will help you.
- Import existing product and service lists.
- Set up inventory tracking.
- Train staff on managing the Products and Services module.
With your products being all in one place it enables you to check stock quantities, to create invoices and quotes easily and streamline your business operations. Please feel free to reach out to us to make this set up process painless and easy.
6. Save Money with Online Payments Through Third-Party Integrations
In today’s digital marketplace, offering convenient online payment options is essential for small businesses in South Africa. While QuickBooks does not directly provide online payment solutions in South Africa, you can seamlessly integrate it with reputable third-party payment gateways like PayFast, Ozow, PayGate, Peach Payments, and Shopify.
Benefits of Third-Party Payment Integrations
- Enhanced Cash Flow: By enabling online payments, you encourage faster customer payments, improving your cash flow.
- Customer Convenience: Offering multiple payment options caters to customer preferences, enhancing their purchasing experience.
- Cost-Effective Solutions: These platforms often have competitive transaction fees suitable for small businesses.
- Secure Transactions: Reputable gateways ensure that all transactions are encrypted and secure, building trust with your customers.
How to Integrate with QuickBooks
- Select a Payment Gateway: Choose a service that aligns with your business needs. Popular options include PayFast and Ozow.
- Set Up an Account: Register on the payment gateway’s website and complete the verification process.
- Integrate with QuickBooks: Use available plugins or APIs to connect the payment gateway to your QuickBooks account.
- Test the Integration: Ensure that transactions are correctly recorded in QuickBooks by performing test transactions.
How Verbeek Consulting Can Assist
We can help you:
- Identify the Best Payment Solution: We’ll assess your business model to recommend the most suitable payment gateways.
- Set Up and Integration: Our team will handle the technical aspects of integrating the payment system with QuickBooks.
- Training and Support: We provide training on managing online payments and offer ongoing support to troubleshoot any issues.
By leveraging these integrations, you not only make it easier for customers to pay you but also streamline your accounting processes, saving time and reducing errors.
7. Integrate with Other Business Apps
To maximise the efficiency of your bookkeeping and overall business operations, it’s crucial to integrate QuickBooks with other essential business applications that are widely used in South Africa. This seamless integration not only streamlines your workflows but also ensures that all your business data is synchronised, accurate, and easily accessible.
Popular Integrations
CRM Systems
Effective customer relationship management (CRM) is crucial for business growth. Integrating your CRM with QuickBooks ensures that customer data and financial information are synchronised.
Monday.com
- What It Is: Monday.com is a versatile Work Operating System (Work OS) that allows teams to manage projects, tasks, and workflows in a collaborative environment.
- Benefits:
- Centralised Data Management: Keep all project-related information, including timelines, responsibilities, and progress, in one place.
- Automation: Automate repetitive tasks to improve efficiency and reduce the risk of errors.
- Integration with QuickBooks: Sync financial data such as invoices, expenses, and client information between Monday.com and QuickBooks.
- How to Integrate:
- Use integration platforms like Zapier or Integromat (now Make) to connect Monday.com with QuickBooks.
- Set up triggers and actions; for example, when a project status changes to “Completed” in Monday.com, an invoice is automatically created in QuickBooks.
- Website: www.monday.com
- Benefits for South African Businesses:
- Localisation: Customise workflows to suit the South African market and regulatory environment.
- Collaboration Across Time Zones: Ideal for teams working across different regions within South Africa.
Airtable
- What It Is: Airtable is a cloud-based collaboration platform that combines the features of a database with the simplicity of a spreadsheet, making it easy to manage CRM data and projects.
- Benefits:
- Customisable CRM: Build a CRM system tailored to your business needs without complex coding.
- Flexible Data Management: Organise customer information, sales leads, and project details efficiently.
- Integration with QuickBooks: Automate financial processes like invoicing and expense tracking by syncing data between Airtable and QuickBooks.
- How to Integrate:
- Utilise integration tools such as Zapier or Automate.io to link Airtable with QuickBooks.
- Create workflows where new entries in Airtable trigger actions in QuickBooks, such as adding new customers or generating invoices.
- Website: www.airtable.com
- Benefits for South African Businesses:
- Adaptability: Easily adjust your CRM and project management processes to comply with South African business practices.
- Real-Time Collaboration: Enhance teamwork with up-to-date information accessible to all team members.
Payroll Services
Managing payroll in compliance with South African regulations is critical. Integrating local payroll services with QuickBooks simplifies salary processing and statutory submissions.
- SimplePay
- What It Is: A South African online payroll system that simplifies payroll processing and compliance.
- Benefits:
- Automatic updates to adhere to South African tax laws.
- Seamless integration with QuickBooks for synchronising payroll data.
- Website: www.simplepay.co.za
- Integration Guide: SimplePay and QuickBooks Integration
- PaySpace
- What It Is: A cloud-based payroll and HR solution catering to businesses across Africa.
- Benefits:
- Comprehensive payroll features with compliance to South African legislation.
- Integration with QuickBooks for unified financial reporting.
- Website: www.payspace.com
- Integration Information: PaySpace Integrations
- Sage Payroll
- What It Is: Offers payroll solutions tailored for South African businesses.
- Benefits:
- Handles complex payroll calculations and tax submissions to SARS.
- Integration with QuickBooks via data import/export functionalities.
Verbeek Consulting also offers payroll for your business.
E-commerce Platforms
For businesses engaged in online sales, integrating your e-commerce platform with QuickBooks is vital for accurate sales tracking and inventory management.
- Shopify South Africa
- What It Is: A globally renowned e-commerce platform with extensive use in South Africa.
- Benefits:
- Supports local payment gateways like PayFast and Ozow.
- Direct integration with QuickBooks for automatic synchronisation of sales data, customer information, and inventory levels.
- Website: www.shopify.co.za
- Integration Guide: Shopify and QuickBooks Integration
- WooCommerce
- What It Is: An open-source e-commerce plugin for WordPress, widely used in South Africa.
- Benefits:
- Highly customisable and supports South African payment gateways.
- Integration with QuickBooks through plugins like MyWorks Sync.
- Website: woocommerce.com
- Integration Plugin: MyWorks Sync for QuickBooks
- uAfrica
- What It Is: A South African company providing multichannel e-commerce solutions.
- Benefits:
- Helps manage sales across multiple platforms like Bidorbuy, Shopify, and WooCommerce.
- Integration with QuickBooks for consolidated financial data.
- Website: www.uafrica.com
Benefits
- Data Synchronisation: Eliminates double data entry and reduces errors.
- Comprehensive Reporting: Provides a holistic view of business operations.
- Automation: Streamlines workflows across different business functions.
Verbeek Consulting’s Role
We will help you.
- Identify which apps can be integrated for maximum benefit.
- Set up and test integrations.
- Troubleshoot any issues that arise during the integration process.
8. Automate Routine Tasks
Automation is key to saving time and reducing errors. QuickBooks offers several features that allow you to automate repetitive tasks.
Automatable Tasks
- Recurring Invoices: Schedule of invoices for regular clients.
- Bill Payments: Set up automatic payments for recurring expenses.
- Financial Reports: Schedule reports to be generated and emailed automatically.
How to Automate
- For recurring invoices, go to Sales > Invoices, and select Make Recurring.
- For bill payments, navigate to Expenses > Vendors, choose the vendor, and set up a recurring payment.
- For reports, go to Reports, select the desired report, and click on Set Email Schedule.
Benefits
- Consistency: Ensures tasks are completed on time, every time.
- Efficiency: Frees up time to focus on strategic business activities.
- Accuracy: Reduces the risk of human error in data entry.
Verbeek Consulting Can Help as QuickBooks ProAdvisors
We assist in:
- Identifying tasks suitable for automation.
- Setting up automation workflows.
- Monitoring and adjusting automated processes as needed.
9. Utilise QuickBooks Keyboard Shortcuts
Speed up your bookkeeping tasks by mastering QuickBooks keyboard shortcuts.
Common Shortcuts
- Ctrl + Alt + I: Create an invoice.
- Ctrl + Alt + W: Write a cheque.
- Ctrl + Alt + E: Create an estimate.
- Ctrl + Alt + F: Search transactions
Date Shortcuts:
- T: Today’s date.
- Y: First day of the year.
- R: Last day of the year.
How They Help
- Efficiency: Complete tasks faster without navigating through menus.
- Productivity: Handle more tasks in less time.
- Ease of Use: Simplifies complex processes.
Verbeek Consulting’s Training as QuickBooks ProAdvisors
We provide:
- Comprehensive lists of useful shortcuts.
- Training sessions to help your team become proficient.
- Custom cheat sheets tailored to your most-used functions.
Conclusion from the QuickBooks ProAdvisors
Embracing these QuickBooks tips, hacks, and keyboard shortcuts can significantly enhance your bookkeeping efficiency, accuracy, and overall business productivity. At Verbeek Consulting, we are passionate about empowering South African small businesses to achieve financial clarity and success.
Our team of certified QuickBooks ProAdvisors is dedicated to providing personalised support tailored to your unique needs. Whether you need assistance setting up QuickBooks, training your staff, or managing your day-to-day bookkeeping tasks, we’re here to help.
Ready to take your bookkeeping to the next level? Contact Verbeek Consulting today and let us help you unlock the full potential of QuickBooks for your business success.