I wanted to share some field-tested advice when it comes to avoiding headaches using QuickBooks for your accounting and business finances.
Here is a list of four critical mistakes I see businesses making on a regular basis (this is just the first set!)…
MISTAKE #1 – DOING YOUR OWN PAYROLL
My advice is quite simple…
Don’t. Do. Your. Own. Payroll. (unless you happen to be a payroll expert)
Outsource it to the pros.
Think about it for a moment – the expectation with payroll is 100% perfection each and every time.
Mess up a tax filing? You’re going to hear about it (and it may cost you).
Miss a tax deposit? You’re going to hear about it (and this too may cost you).
This is truly one of those situations where it’s essential to let the experts handle it for you. That way, you can focus on the many other value-added tasks that need your attention.
When you outsource payroll, all you need to do is have the hours in on time and the proper funds in the bank on payday.
They take care of the rest (and are on the hook for mistakes as well!)
PRO TIP: Many payroll providers also offer HR services. That may also be another area for small businesses to consider a hand-off so they can focus on what they do best.
MISTAKE #2 – LACK OF PROPER TRAINING WITH QUICKBOOKS INVENTORY MODULE
Making the decision to keep score and track your inventory in QuickBooks is a big one.
Before you do it, make sure you und