Puts QuickBooks® PRO 6.0 To The Test. What’s So Quick About QuickBooks®?

By: Sharon Wolfe Sharon@biznetonline.com

If you are brand new to QuickBooks®, the first thing you're bound to ask yourself is "what’s so quick about it?" After all, a new user with bookkeeping experience can expect to devote at least 4 hours to learning this program (there are alternatives, but more later).

The truth is, QuickBooks® will save you lots of time, but this is no simple, easy, no-brainer software. After one takes the time to start to understand all the things you can do with it, the time it takes to learn how to use it becomes an easy and valuable investment in your business.

QuickBooks® just keeps getting better and better. Over the years Quickbooks® has gained a very strong reputation and following. As new versions came out, shortcomings in past issues were addressed, and this version is no different. Let's look at some of those changes:

• YES, it is networkable now! Good news for all of us running QuickBooks® on two or more computers. Accounts Payables can be running while Invoices are being created, etc!
• Multiple checking/savings accounts can be included in one company's QuickBooks® account.
• Many companies (hundreds) can be setup as completely separate entities (corporations, DBA's, partnerships, etc.) on the same program.
• Turn your Estimates into Invoices with one click.
• Purchase orders to payables (in just a few clicks) - what a concept.
• Good In & Out inventory control (but, this software is not suitable for most manufacturing companies).
• PAYROLL - Do It Yourself, It's Easy Enough. Just remember to purchase the annual tax table service, and pay your taxes on time. You may need some advice with quarterly reports, but it does it all!
• 1099's - At year-end this software will create and print your 1099's.
• REPORTS - Easy To Create - almost every possible report you can want: Accounts Receivables, Accounts Payables, Financials, including General Ledger, Trial Balance, every transaction for every Vendor or Customer, and much more.
• ELECTRONIC BANKING - It's A Great Feature! QuickBooks® offers electronic banking services (Intuit, 800-4INTUIT). Check your balances, transfer money, and pay bills 24 hours a day. To pay bills just fill out a check on screen, click Online, and the software connects through the Web to your bank. Your bank will cut the check and send it out, or, in cases where direct payment is available, credit the payee. NO ENVELOPES, STAMPS, CHECK SIGNING, OR FILING! Although Intuit doesn't charge registered QuickBooks® users to log on to its Internet banking center, your financial institution might tack on a fee to access your account online, probably $5.95. If you keep a minimum balance however, some banks offer the service for free.
• Transferring from another accounting system? It is very straightforward. From Quicken® or prior versions of QuickBooks®, it all but does it for you. From other software you may need your last financial statement, last bank statement, and last credit card statements (and loan statements) for the period prior to the start date. And, your open accounts payables and receivables. Also YTD Employee totals for Payroll feature, and a current item by item inventory, if you are tracking it.

Version 6.0 PRO is worth the money to update. Just look at what it can do for any small to medium sized business. The most important thing QuickBooks® does is to give you lots of control over your finances. Once set up, QuickBooks® is easy to use and makes the daily tracking of your finances a breeze.

As we said above, it takes time to learn; you can learn it right out of the box, but it must be learned correctly from the beginning, or the corrections will be complicated and can be very frustrating and very time-consuming. So, give yourself the time to learn this program and to set it up correctly. To shorten the learning curve of this program, get up to speed quickly, and increase your efficiency, you may want to try a Quickbooks® Trainer (www.intuit.com) or interactive training (video or CD-ROM). Plan to spend two, 2-hour sessions with a trainer if you have some bookkeeping experience. If not, plan on more time, and of course, just like with other powerful software, practice, practice, practice.

Sounds too complicated to set up, but sounds like something that will work for you? The other alternative is to hire one of the many professionals out there to set the program up for you. Once set up correctly, this is an easy program to use, and update yourself. To find a Professional Quickbooks® Advisor to set you up and get you trained correctly from the start, surf on over to: http://www.intuit.com.

In talking to a Professional Quickbooks® Advisor, here are some things to keep in mind. It usually takes 2-3 hours of setup for each month that you want to enter, based on: activity of 75 transactions or more a month on your bank statement, use of credit cards and ATM card, and if you deposit about 45 checks a month. This does not include payroll setup. Be wary if someone quotes you less time. They may finish sooner; that is good if they are accurate. Be sure to have them bill you hourly and give you a complete and detailed estimate up front and as they bill. If they grossly underestimate from the above-suggested 2-3 hours per month to set up, then they are not being up front with you, or they are inexperienced.

Also, they should give you the option of entering your own data, once they teach you how. This can save a lot of money for you, but not hours. Remember that each transaction must be entered individually, including invoices and payments, then each month's bank statement must be reconciled before going on to the next month. Opening balances must balance with your Financial Statements for the prior period, if you are not starting fresh. To Invoice, an item list must be set up, even if you aren't tracking inventory.

In all cases, the person setting up your books must sit with you to understand your company and how you do business.

Well That's The Quick Take On Quick Books®
http://www.quickbooks.com

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Last modified: November 08, 2002