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Do you ever feel like there’s absolutely NO time to do your bookkeeping? Because #truestory we have to do a million things to run our business and bookkeeping always falls through the cracks because there’s no time, right?
Well…actually there IS time to do you bookkeeping. Did you know that you can do your bookkeeping while you’re in line at the grocery store, in the waiting room at your doctor, or when you’re in the back of the cab? It’s true! All you need is the QuickBooks Online App and you’ll become the Beyonce of bookkeeping- on it all the damn time.
I’m teaching you 4 ways you can use the QuickBooks Online App to get your bookkeeping done when you REALLY think you don’t have time to do it.
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Time Myth (03:56)
First, the time myth. It’s a myth that we don’t have time for our bookkeeping. A lot of us believe that there is not time to do our bookkeeping, which is why we don’t do it. And now friends, I’m gonna burst your bubble.
The truth is that we put off our bookkeeping because it makes us uncomfortable. It’s legit the most dreaded task when it comes to business finances.
Remember that the next time you start thinking you don’t have time for your bookkeeping. Is it really about time, or is it about a desire to do something else in order to get out of the discomfort you feel when you’re working on bookkeeping?
It’s not just the discomfort of using the software either. It’s a discomfort of looking at your money. It’s a discomfort of acknowledging you’re not earning as much as you would like to.
With that being said, it’s time to look over the ways that we can simplify bookkeeping so that it’s not uncomfortable. Trust me, it doesn’t have to be!
Why you do have time to do your bookkeeping (05:23)
You can do your bookkeeping on your phone.
There are small pockets of time to do your bookkeeping throughout the day. They key here is finding the tools to utilize those small pockets of time.
Here’s what we imagine when we think of doing out bookkeeping: Hell. J/K…no really here’s what we think of: We’re surrounded by piles of paper. A massive calculator from the 80’s spits out paper with complicated formulas. We become buried in math until 20 hours later we emerge from our bookkeeping cave with fizzy hair, glasses askew, and a desperate need for a shower.
But guess what! We live in the digital age which means it doesn’t have to suck that much.
If you get used to the process of doing some of these daily bookkeeping tasks on your phone, you can do your bookkeeping any time, anywhere. For example, you can do your bookkeeping while you’re waiting in line, while you’re waiting for an appointment, or you can do it between client calls and meetings.
Basically, you open the app on your phone when you have a small pocket of time in between errands or when you’re traveling. My bookkeeping is always up to date because I find times that I can squeeze it in.
Now that we have dispelled the myth, let’s cover the areas in which you can organize Quickbooks Online through the mobile app! (use this link to get 50% off your first YEAR of QuickBooks Online)
Categorize your Income & Expenses (09:09)
Income and expense categorization is the foundation of all bookkeeping.
Categorizing your income and expenses should take no more than five minutes a day. As soon as you open the Quickbooks Online App, it tells you how many transactions you need to categorize. Then you simply find the category and- voila– you’ve done your bookkeeping!
The best part? The more you use QuickBooks Online the more it “gets to know” your transactions, meaning that it will start auto-categorizing your income and expenses FOR YOU. All you have to do is press one button and you’re DONE! MAGIC!
Want to see the mobile app in action? Go to 9:09 in the video for a demonstration of HOW to categorize your income and expenses in the app.
Create & send invoices (16:23)
Regualr cash flow is CRUCIAL to your business. I know we all talk about profit. We love profit, profit, profit. But cash flow is really the most important thing in your business because it ensures that you have the money available to pay your bills.
Let’s talk about my second favorite way to use the QuickBooks Online app, which is to create and send invoices.
One of the things that impacts your cash flow is your billing. I don’t know about you, but sometimes when I have a really, really busy client day, I’ll forget to send out my invoices. When the client load finally lightens up, I feel too tired and procrastinate on the little things related to bookkeeping.
However, regular invoicing is super, SUPER important. Which is why sending invoices from your phone is next level biz boss stuff because it ensures you’re focusing on cash flow- not just profit.
To send an invoice from the QuickBooks Online app, all you do is you press on the + button and choose invoice. From there, you can create the invoice. You fill out all the information like the dollar amount owed, the due date, and the email address of your client. After you fill out all the information, you can send the invoice via email directly through the app.
Want to see the QuickBooks Online app in action? Go to 16:23 in the video for a demonstration of HOW to send an invoice through the app.
Send invoice reminders (22:15)
Another important aspect of your cash flow is sending invoice reminders. It’s one thing to make an invoice. It’s another thing to remind people to pay the invoice. Most of us forget to send out our invoice reminders until our invoices are overdue. Honestly, the key here is to send them out before the due date.
The best practice is to send out your invoice reminders on a regular basis. Tell your clients, “Hey, your invoice is going to be overdue soon.” The goal is to have them pay you before the due date.
Keep this in mind that when you are sending out invoice reminders: it’s a two-part process. The first part is to double check which invoices are going to be due soon. You need to be aware of which invoices are open, overdue, nearing their due date, paid, and unpaid. You can see that in the QuickBooks Online app! The second part of that process is to send out the reminder.
To send out an invoice reminder in the app, select the three bars on the left and go down to where it says invoices. Click on that and then you’ll see a list of all the invoices. You’ll see your entire list of invoices. The overdue and unpaid invoices will be labeled as such.
From there, you’ll see three dots. Click on those, and then select email. That’s where you can write, “Reminder: Your invoice is due.”
Want to see the mobile app in action? Go to 22:15 in the video for a demonstration of HOW to send an invoice through the app.
Review your numbers (27:45)
This is something that a lot of people don’t think about as part of their bookkeeping routine, but it is a major part of keeping up with your business finances. This is my most favorite thing: reviewing your numbers.
It’s really about understanding your business finances because that’s how you make strategic decisions for your business finances. You can look at a Profit & Loss report in the Quickbooks Online app. It’s a great way to visually see the numbers related to your business.
There are several ways in which you can view your numbers. You could do this month to date. You could do this quarterly. You could do last month. You could do last quarter. You can even do custom dates.
You can easily open up your phone and take a peek at your numbers! Go to 27:45 in the video to see me walk you through how to look at a Profit & Loss report on your phone (and all the pretty pretty graphs).
If you’re new to using Quickbooks Online, you can get my Quickbooks Online setup guide! This walks you through what to do with your new Quickbooks Online file.
It’s the six steps that you need to take to get your Quickbooks file really set up. The settings can be customized to your business. If you’re new to organizational bookkeeping, or want to take it to the next level, I highly recommend that you download this free guide.