10 QuickBook Tips For Your Wholesale Business

You love doing business, and probably that is why you ventured into wholesaling, and you are so focused and determined to make your business a success until you forget to keep a record of your daily business transactions. Well, if you fail to keep a record of your daily business operations, you are headed to a significant headache due to failure to keep your book records.

To help you know how your wholesale business is fairing, below are ten quick book tips for your wholesale business.

Separate Records For Personal And Business Transactions

Many new wholesale business people fail to keep separate records of their personal and business operations and this leads to many errors in your books.

You should not mix your personal accounts with those of your business. For you to achieve the best business results, you should open a separate account for your warehouse apart from your personal account.

When you run separate accounts, it will help you to produce a clear audit record for your business transactions quickly.

Update Your Records Regularly

Ensure that your business records are up to date. If you are not good in updating your records, you can make use of a professional who can do that for you at a cost. Nowadays, you can hire an independent bookkeeping expert at a lower fee as compared to hiring a full-time record keeping firm.

The purpose of keeping your business records up to date is because you can evaluate the performance of your wholesale business at a glance.

You can update your files by keeping a proper paper trail of all your business transactions by keeping all the copies of every transaction that goes on in your business from day to day.

Ensure you keep copies of banks statements, invoices, bills and receipts. All these documents will help to provide a proper record trail for auditing your business transactions which are crucial for any businesses.

Secure Your Financial Records

How are you keeping your business’s financial records? Are all your financial records in your office secure enough? What if a fire breaks out in your store, will you be able to save them?

Keep all your business’s financial records secured, more especially consider storing all your files offsite in the event of any natural disaster or fire. When your business records are stored offsite in a secure server, it will be easy for you to retrieve all your financial records in case of any event.

Nowadays technology has made it easy to store extensive information offsite; you can take advantage of that. Alternatively, you can decide to invest in a commercial grade scanner where you can scan all your financial records and then store them.

Keeping your business financial records is good in case you lose your hard copy documents.

Synchronize Your Bank Statements

You can direct your bank to synchronise all your bank statements cutoff period to the end of the month. By so doing, it will be easier for you to record and compile your financial statements quickly.

If you use a business credit card, you can also synchronise it to help you have a clear cutoff of all your business’ financial transactions on a monthly basis.

wholesale business

Hidden Calculator

When you are summarising some business transactions like an invoice, bill, etc. a quick book is not like excel that will show you the formula, just input the numbers then press (+)/(-)/(x) and continue with the next numbers till you are done. Once you are done, hit tab and the result will be shown.

Business Planning

Do you have a vision for your wholesale business? Well, you can reach those goals if you have a good track record of your business and you can be able to make the right decisions quickly.

QuickBooks are a great tool for your operational planning because you can use them with other business software. When you want to update your plan of activities, you can quickly consult your QuickBooks records to see the strength of your business and areas that you need to pay attention and put in more effort.

Paying Your Employees

Do you have employees in your store and you are aware how you can pay them using your QuickBooks? Well, QuickBooks have an option to create a payroll schedule for your employees. All you need to do is to pick the employee that you want to pay, choose the edit button and switch to payroll and compensation info tab. This allows a better overview of your overhead employment costs and whether you will need to reduce manpower, increase overtime or hire more staff.

Memorized Transactions

The QuickBooks programme is capable of automatically creating a memory of invoice, bill, and check, etc. Set up the operation that you want to memorise when using Quickbooks

Customize Preferences

Once you have created a memory of your transactions, you can now customise preferences and command the programme how you want to work.

Set preferences to simply the process and not complicate your bookkeeping. With ease of use, you will be likely to want to key in your transactions each time.

Merging Similar Accounts

Sometimes you might find that your employees have created different accounts that are similar. To make your work easier, merging this accounts is the best option.

Running a wholesale business involves more than just taking orders and receiving money, proper bookkeeping is as equally important if you want to avoid issues down the road.

Without good book records of your business, you cannot know how your business is doing, whether it is growing and progressing or are you on a brink of failure.

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