One of the best ways to streamline your invoicing process is to setup your Products and Services list in QuickBooks Online. Here's how:

• Log into QuickBooks Online, hover over the Sales tab and click Products and Services.
• Click New on the top right.
• Choose the correct category: Inventory, Non-inventory, Bundle, or Service. Read through each description if you need help deciding. 
• Name your service/product and choose a category which helps you classify and organize the things you sell.
• Optional: add a description that will show up on the sales form. 
• If you fill in the price/rate box it'll automatically fill in the pricing on your invoices.
• Choose an income account or create a new one. You want this to correlate with the product or service since it shows up as a line on your Profit & Loss Statement. For example, I have a service called Monthly Bookkeeping (surprise!) and the income account I use is Monthly Bookkeeping. When I look at my Profit & Loss Statement, I can see how much I made from Monthly Bookkeeping. Note: You do not need to setup a separate income account for each service you offer. You may generalize the categories to fit your needs.
• Finally, check the box if it's taxable and choose the sales tax category. Click Save.

Now your product or service is setup and ready to go!

​There are so many accounting software options for small business owners it can be overwhelming. Your hands are starting to sweat and your brain is spinning just thinking about it. I completely understand and want to help you make a more informed decision by using these questions:

Do you want to pay a small monthly fee or a larger one time cost? Cloud-based systems charge a monthly fee, while desktop-based systems are a large upfront cost. However, cloud-based provide automatic updates, while most desktop options will charge for that. Bottom Line: Monthly fee or one-time cost?
 
Do you prefer a cloud-based system with access available from literally anywhere or desktop software? If you plan to hire an accountant or bookkeeper in the future it may be best to go with a cloud-based system. This will enable them to access your books remotely, saving you the hassle of dropping off your records at their office (or the cost of them coming to you). Plus, you get to choose a bookkeeper you connect with not a random person who happens to live nearby. Bottom Line: Cloud-based or desktop?
 
Are you looking for a basic accounting software or one that is more expensive but has additional features? The more bells and whistles you need, the more expense will be added. Bottom Line: Basic or Complex?
 
How many people do you need to have access to it? The more users (employee, accountant, bookkeeper), the more expense. Bottom Line: Number of users needed?
 
What financial reports do you need it to provide? Some accounting software options do not offer a full range of financial reports. At the very least you need a profit and loss (income) statement and balance sheet. Without these reports your software will be useless. Bottom Line: Be sure the software will supply you the reports you need. 
 
Do you need to track inventory? If your business is product-based, you may also need an inventory tracker and purchase order assistance. Bottom Line: Inventory tracking or no?

Now you probably thinking, "Just tell me exactly which software should I choose! I still don't know which one!!!" Well, I love and use QuickBooks Online. The Simple Start plan has the features most small businesses need and allows you to upgrade when your business grows. 

When you first started your business you probably set up an Excel spreadsheet to track your income and expenses. This is great for when you're beginning. It is simple and economical. But it is not a long term solution. Once your business has more than a handful of clients and your monthly transactions start to grow it's time to make the switch to accounting software like QuickBooks Online. Here are five signs it's time to make the switch:

1. You catch yourself making mistakes on your spreadsheet. We have all done it. We hit the wrong key or insert the wrong formula and instantly the spreadsheet is inaccurate. Because there is no easy way to reconcile it with your bank statement each month you may not even notice the errors. This can lead to compounding problems and headaches later. When you use accounting software you can link your bank account and do monthly reconciliations (or have your bookkeeper do them) ensuring your financial records are accurate all the time.
2. Your Excel spreadsheet is rarely up to date. You probably dread opening the file and neglect it for weeks. Unlike spreadsheets your accounting software receives real-time data from your bank meaning you’ll have up to date records with hardly any effort.
3. You need more detailed financial reports. All good accounting software options have built-in reports, which will give you insights into areas where you can improve your business finances. For example, a profit and loss statement will show you the income and expenses for a particular time period. By examining these reports you will be able to determine which service brings in the most money and which expenses you need to cut back on.
4. You want someone else to have access to your financial records (i.e. your tax accountant). Accessibility is limited when using a spreadsheet. You will likely have it stored on one computer. And even if you have it on Google Sheets you may not want an accountant to see certain parts of the spreadsheet (like where you're projecting income for next year or experimenting with different price points). When you use cloud-based accounting software you can login from your computer, smartphone, or tablet (or your grandma’s computer for that matter!). It also makes it easy to add other users (like a tax accountant or bookkeeper).
5. Your financial processes are scattered. You receive payments using PayPal, Square, Stripe, Dubsado and it's confusing! Sometimes invoices go unpaid because it's hard to track them. Expenses can go unrecorded because you pay them so many different ways its hard to remember to record them all. Accounting software consolidates tasks like invoicing, accepting payments, and tracking expenses into one place so you won't feel scattered anymore.

If you have reached the point where your spreadsheet system is more overwhelming than helpful and you aren't sure if it's accurate, it is time for you to find an accounting software that is right for you. I always recommend QuickBooks Online.  ​