Fact: One hundred percent of users of QuickBooks use it incorrectly. Yes, 100%. Bold statement? Perhaps. Exaggeration? Not necessarily. Explanation? Read below.
This is not a shocking statement to any accounting professional. To those for whom it is, read on.
QuickBooks is by far the most widely used financial management software for small and medium business. Big reason for its popularity is its ease of use – there is plenty of good material promoting how quickly you can be up and running and how you can track your business with ease.
Big reason for the frustration for many users is that same ease of use. An even more worrisome fact is that many users do not know they are failing at the use of QuickBooks. They might not even be on the right QuickBooks platform or version. There might not be frustration felt. The user might not know they are doing something wrong. That is quite concerning – and dangerous. The wrong QuickBooks edition might result in having insufficient internal controls. The wrong use of QuickBooks can result in bad bank balances, inaccurate inventory levels, and incorrect financials to name just a few. In the big picture, using QuickBooks incorrectly – knowingly or not – will lead to wrong business and management decisions.
The three pillars for QuickBooks success are:
1. Choose the right QuickBooks product
2. Set up QuickBooks properly
3. Use QuickBooks properly
This leads to the importance of education. All QuickBooks users – including accounting professionals – must understand that to maximize its use, you must clearly understand its tools and functionality. Proper setup and use of QuickBooks ensures internal control and guarantees the integrity of reporting and management decisions. Proper setup and education is by far less costly than repair later. So, reach out to your trusted QuickBooks expert to help guide you to prosperity.
End the frustration, begin to understand.
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