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  • Writer's pictureJordan Silverman

How to Maintain Your QuickBooks Account

Maintaining accurate financial records is crucial for the success of your small business. QuickBooks can be your best ally, but it requires regular upkeep. This post provides simple tips to keep your QuickBooks account in top shape.

Getting Started

  • Choose the Right Version: QuickBooks offers multiple versions (Online, Pro, Premier, etc.). Select one that suits your needs. We always recommend Online, why? Because QBO can be accessed from any device anywhere!

  • Initial Setup: Fill in essential company details and link your business bank accounts to track income and expenses

Categories and Tags

  • Create Expense Categories: Label your expenses (utilities, marketing, etc.) to track your spending better. Looking for a starting point? You can start off simple and use the Chart of Accounts QuickBooks includes out the gate.

  • Importance: This makes for easier tracking and year-end reporting

Regular Updates

  • Why It’s Crucial:

    • Accurate financial statements

    • Easier tax filing

    • Insight into how your business is performing and where you can improve

  • Frequency: Aim for daily or at a bare minimum weekly updates of expenses, income, etc.


  • Compare with Bank Statements: Monthly reconciliation ensures accuracy

  • Frequency: Perform this task monthly for best results


  • Cloud Backup vs. Manual: Choose a method that's convenient but secure. Believe me the last thing you want to do is lose your data!

  • Frequency: Weekly backups are highly recommended

User Permissions

  • Role-based Access: Limit who can see or edit what within your QuickBooks account. There are two options here - can do it over time or up front. We see most companies do this over time as they realize what is required

  • Importance: Enhances security and accountability

Using Reports

  • Run Reports: Make use of reports like Profit & Loss and Balance Sheet. Feel that these reports are falling short? That is what we are here for :)

  • Importance: Helps monitor the financial health of your business

Seasonal Reviews

  • Quarterly Check-ins: Review your account setup and make adjustments as needed

  • Tasks: Update categories, review permissions, and perform a deep-cleaning of your financial data

Proper maintenance of your QuickBooks account gives you financial clarity and saves you time, allowing you to focus more on growing your business. So, make these tips a part of your routine and keep your business finances healthy. Remember - good data in = good data out!

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