Using QuickBooks Online (QBO) for your small business accounting doesn't have to be intimidating. With smart setup strategies, you can get your books organized in the cloud quickly.
Follow this simple step-by-step guide to get up and running with QuickBooks Online.
Step 1: Sign Up for QuickBooks Online
First, sign up for a QBO account at quickbooks.intuit.com.
You'll select your desired subscription plan - QuickBooks Online Simple Start, Essentials, Plus, or Advanced. Pricing ranges from $15 to $80 per month.
QBO offers a 30-day free trial of the full-featured software so you can get started at no cost.
Once signed up, you can access QBO from any web browser. There are also mobile apps for iOS and Android devices.
Step 2: Input Your Business Information
After creating your account, you'll go through an easy setup wizard.
Input key details about your business:
- Legal business name
- Contact information
- Industry and business type
- Fiscal year-end month
- Single or multi-user access
- And more
This information personalizes QBO to suit your business needs.
Step 3: Set Up Your Chart of Accounts
A key foundational step is establishing your Chart of Accounts - the "skeleton" of your accounting system.
QBO comes pre-loaded with a starter CoA relevant to most small businesses. Review and customize it to your needs:
- Add or hide accounts
- Edit account names
- Assign account numbers
- Categorize with sub-accounts
Having a dialed-in CoA makes accurate bookkeeping easier.
Step 4: Import Historical Data
Does your business already have existing financial data? Import it into QBO to keep everything under one roof.
You can import data from:
- Excel or CSV files
- QuickBooks Desktop
- Other accounting software like Xero
- Bank/credit card transactions
QBO guides you through the import wizards. Reach out to a QuickBooks support number expert for help getting legacy data into your new cloud system.
Step 5: Set Up Integrations
QBO connects with thousands of business apps and add-ons:
- Banking - Automatically import transactions from banks.
- Payroll - Built-in or third-party payroll integration.
- Accounting - Apps like Bill.com for AR/AP workflows.
- Productivity - G Suite, Slack, Trello, and more.
- E-commerce - Shopify, WooCommerce, etc. for optimized workflows.
These integrations automate tedious tasks for you. Identify which are most critical for your tech stack.
Step 6: Establish Workflows
With your foundation set up, establish bookkeeping workflows:
- Invoicing - Customize invoice templates, automate recurring invoices, and online payment collection.
- Expense tracking - Submit and approve expenses right in QBO.
- Inventory - Connect sales and fulfillment channels for real-time tracking.
- Reporting - Build custom reports and set up automated report delivery.
- Accounting tasks - Bill pay, collections, reconciliations, and more.
Workflows will evolve as your business grows! QBO gives you the flexibility.
You're Ready to Use QuickBooks Online!
With those fundamental steps completed, your QuickBooks Online setup is complete.
Some final pointers as you dive into using QBO:
- Review onboarding checklists and resources that QBO provides.
- Explore features tailored to your business industry - like retail, construction, etc.
- Try QBO for your specific role - bookkeeping, operations, finance, etc. Different user settings focus on what you need.
- Reach out to QuickBooks customer support if you have any setup questions.
With QBO now ready to go, you have a powerful small business management platform that will streamline your accounting, maximize insights, and fuel growth. The complexities of setup will quickly fade as your new automated workflows take shape!
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