Quickbooks Online Tips for Accountants in 2024

January 19, 2024

Quickbooks Online Tips for Accountants in 2024

Quickbooks Online Tips for Accountants in 2024

Are you an accountant using Quickbooks Online (QBO)?

Looking to boost your QBO skills and handle financial statements like a pro? Well, just in time for tax season, we have you covered.

In 2024, your role demands not only accuracy and precision but also efficiency. That is great, because Quickbooks Online (QBO) is designed to be your ally in the world of cloud-based accounting, offering features tailored to meet these increasingly demanding standards. It allows you to manage your clients' financial data with precision and flexibility.

So, grab a coffee and check out the ways you can truly use the full potential of Quickbooks Online this year.

How to Master QuickBooks Online

As you enhance your financial reporting capabilities and optimize your day-to-day workflow  in QBO, please treat this guide as a reference. 

We have prepared some tips and showcased tools that can really level up your work with Quickbooks Online, including how to simplify your chart of accounts, customize your workflows, use the audit trail tool, and we have outlined some automations you can use to speed up menial tasks. 

Each of these tips will help you speed up your accounting processes this year, so you have more time to handle the analytical work or track down some CPE credits.

Simplifying Your Chart of Accounts

With QuickBooks Online, simplifying your chart of accounts not only enhances the clarity of your financial data but also optimizes your workflow, making tax preparation and financial analysis more efficient:

  • Structured Categorization: Organize your accounts into clear, logical categories that reflect your client’s business operations, making it easier to track income and expenses accurately. For example, if you are managing the finances of a healthcare clinic, instead of a broad 'Healthcare Services' category, segment it into 'General Consultations,' 'Specialized Treatments,' and 'Diagnostic Services.' This detailed categorization allows for precise monitoring of revenue streams and assists in identifying trends or areas requiring financial attention, such as resource allocation or service pricing adjustments.

  • Consolidate Similar Accounts: Merge similar or redundant accounts to avoid confusion and duplication. A cleaner chart ensures a smoother process for financial reporting and analysis. For instance, if you're overseeing the accounts of a retail business and find multiple accounts like 'Store Supplies - Cleaning,' 'Store Supplies - Packaging,' and 'Store Supplies - Office,' where the detailed categorization doesn't add significant value to financial analysis or decision-making, consider merging them into a single 'Store Supplies' account. This approach removes unnecessary complexity from your chart, making it more straightforward to manage without losing critical financial insight.

  • Use Account Numbers: Create a numbering system for your accounts, easing quick identification and reducing the likelihood of errors during data entry or analysis.

  • Regular Review and Cleanup: Review periodically your chart of accounts to remove any inactive accounts and update the list to reflect changes in the business, ensuring that your financial data remains  streamlined.

QBO Customization Tips

Tailor your QuickBooks experience to provide precise and relevant financial information for your own analysis, and for sharing with stakeholders in your firm.

  • Financial Statement Templates: Create templates for financial statements like balance sheets, income statements, and cash flow statements, tailored to the specific reporting requirements of your client or firm.

  • Tax Preparation Tools: Leverage QBO’s tax preparation features to categorize transactions according to tax forms and schedules, ensuring accuracy and ease during tax season.

  • Custom Feeds and Alerts: Set up a Google Alert for legislative updates or changes in tax law. Configure alerts for important filing deadlines or changes in compliance requirements to make sure you are on the cutting edge of any compliance changes.

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Free Spreadsheet Templates

Use Audit Trail for Compliance

An IRS audit can be a terrifying thing for a client, however it does not need to be, especially when they can rely on an accountant that has put the work in to stay ready. Here is how you can ensure that your clients are always prepared for audits and compliant with financial regulations:

  • Audit Trail: Utilize QBO’s Audit Trail feature to maintain a comprehensive log of all financial transactions and modifications, crucial for audit readiness and regulatory compliance.

  • Compliance Checks: Use QBO’s built-in compliance checks to ensure that financial records adhere to the latest tax laws and accounting standards.

  • Document Management: Maintain and organize all financial documents within QBO, ensuring that they are readily accessible for audits, tax preparation, or compliance reviews.

Automation for Efficiency

Automate routine tasks to ensure precision and save time, allowing you to focus on complex accounting needs:

  • Automated Email Reports: Utilize QuickBooks to automate the delivery of crucial documents. Set up the system to email you reports like collections or sales, ensuring you’re always on top of open invoices. 

         Financial statements can also be scheduled to hit your inbox monthly, allowing you to stay informed without constant manual checks. Moreover, streamline your           sales process by setting up recurring invoices and leveraging QuickBooks payments for automatic transaction logging.

  • Intelligent Bank Rules for transactions: Automate everyday financial tasks by setting up bank rules for regular expenses, suppliers, or utility payments. If you opt for setting up the auto-add feature in QBO of these transactions, you'll find your review process significantly streamlined.

  • Automated Reconciliation: Streamline your monthly reconciliation process by setting up bank feeds that automatically match transactions, reducing manual entry and ensuring accuracy.

  • Automated Payment Reminders: Configure QuickBooks to send payment reminders to your clients for upcoming or overdue invoices, enhancing your cash flow management without the need for manual follow-ups.

Enhance Your Toolkit with LiveFlow

Shameless plug, but one of the biggest tips we can give you for Quickbooks Online in 2024 is to check us out. LiveFlow’s QBO to Google Sheets data connector really amplifies your capabilities as an accountant by integrating real-time data analysis and allowing you to create comprehensive dashboards in  minutes. Once you connect QBO with Google Sheets using LiveFlow, you gain access to the following:

Curious about what LiveFlow can do for your accounting workflows?
A 30 minute demo could save your dozens of hours a year!
Book a Demo

Real-Time Financial Reporting

LiveFlow transforms your Google Sheets spreadsheet into a dynamic, real-time Financial Planning & Analysis (FP&A) tool. 

Instead of  manually exporting QuickBooks data like some kind of caveperson, LiveFlow automates this workflow. Simply put, it keeps your data up to date, providing you and your clients with the latest insights when needed.

An example of one of 100+ Liveflow templates ready for your data

Customizable Financial Reports

LiveFlow empowers you to tailor your financial reports to align precisely with your clients’ objectives. 

You can modify these reports to concentrate on critical financial indicators such as revenue, expenses, cash flow, and profit margins. This customization enriches your QuickBooks analytics experience, allowing you to craft reports that underscore these essential metrics.

Customizable reports on LiveFlow

Efficient Client Reporting

Assuming you manage multiple accounts, handling the finances of multiple clients through QuickBooks Online can be tricky. LiveFlow simplifies and speeds up the client reporting slog. After configuring your reports, LiveFlow guarantees they regularly update, meaning you can set and forget. 

Read our Case Study on how LiveFlow helped Michael Alliman, from Alliman Business Group, save a remarkable 2 working days each month!

Fastest Way to Consolidate Multiple Entities

Streamline your financial consolidation with LiveFlow, the ultimate tool that turns the complex chore of merging financials from multiple entities into a swift three-minute symphony, regardless of inconsistent GL account names. Say goodbye to the tedious alignment of GL account names, as LiveFlow expertly handles this. This allows you to build tailored consolidated reports, from board-level summaries to detailed finance reviews, and present your financials easily to clients or colleagues.

Discover the elegance of financial consolidation with LiveFlow, where multi-entity mastery meets effortless data drill-down, all in one seamless solution.

Ready to Level up in 2024?

Quickbooks Online and LiveFlow aren't just tools, they're partners you can rely on for speeding up your workflows, so you can focus on what really matters. Like making that happy hour, or getting home before midnight during tax season.

Reach out to the LiveFlow team today  to schedule a live demo. Just 30 minutes could change your workflow for the better. Let’s start that journey now.

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