There are a variety of sizes of companies that can use QuickBooks. A small business with one person might use it as their primary bookkeeping system, and a medium-sized company may need to use it as a support system or as a way to handle specialized tasks like specific payroll needs. A larger business might need to make it available on more than one computer and provide training on how to use the software.
How many forms does QuickBooks provide?
QuickBooks provides hundreds of predefined reports and forms that you can use for a variety of business transactions. Some of these include customer information, sales orders, invoices, bills, inventory items, warranties, warranties refunds/adjustments, sales receipts, purchase orders, payroll checks and reports, inventory adjustments, year-end reports, price levels for items you sell in your store. You can also customize these forms or create new ones to fit the specific needs of your company. For example, if a customer asks you to send a particular form that is not a standard QuickBooks form, you can easily customize it to fit your needs.
QuickBooks provides a wide variety of sales and invoices forms that you can use to track the progress of the sales in your business. You can also create customized reports or forms using standard QuickBooks tools that allow you to change fonts, text colors, and backgrounds.
Your accountant might have a number of customization requests for your bookkeeping system. Make sure you can easily customize the forms and reports and also make backup copies so that if the original gets corrupted, you don’t lose all of your data.
How long does it take to learn QuickBooks?
You should expect to spend about three months learning how to use QuickBooks. This doesn’t mean that you will spend this much time in front of the computer learning how to do specific tasks like invoicing and entering transactions, but it does include some time for on-the-job training and possibly a class or two if your company decides to send everyone there for training. The three months also include the time you need to learn general accounting procedures so you can understand why you are entering certain transactions in your books.
Long term, the time you spend on QuickBooks depends on what type of business you have. If it’s a small business where only one person is doing most of the bookkeeping work, then you should be able to enter all of your transactions in a few hours each month. If you have a larger business with many employees who need to use QuickBooks, it will take them longer. For example, if your bookkeeper can do all of her work in one hour per day, then she’ll only need about 40 hours per month to enter the information into QuickBooks.
If you are using QuickBooks to manage your inventory, you’ll need to enter the new items into your system on a regular basis. If there are 5,000 new products added every month, then you will need about 8 hours per month just to do that task. Also, if you change prices for some of your items or alter the information related to specific items, you may need to update those as well.
You can hire an accountant to do the QuickBooks setup and data entry for you, but this will cost more than if you do it yourself or if your employees enter everything into the system. The most efficient way to use QuickBooks is to have all of your employees know how to enter their own transactions and have a bookkeeper who comes in occasionally to enter the balance sheet and P & L information.