Speaker, Author, Consultant, Fraud Examiner

Here are a few questions that we are frequently asked.

  1. Which version of QuickBooks should I use? How do I know what version I have?
  2. How often should I upgrade?
  3. Why do I have to keep updating my software online?
  4. Can’t I just use Quicken for my business?
  5. How do you feel about QuickBooks Online for my practice?
  6. Is online banking really safe?
  7. Should I do my payroll in-house or outside service?
  8. Can I get the same reports from QuickBooks my Accountant gives me quarterly?
  9. Does QuickBooks or Susan Gunn Solutions replace the need for my accountant?

1. Practices only use at maximum 15% of QuickBooks’ capability, so you only need to purchase the current QuickBooks Pro desktop edition. The Premier Edition is for accountants and enhanced accounting functions.  On the keyboard, hold “CTRL” and “1”.  At the top of the opened window, it will tell you the QuickBooks version and the release.

2. We suggest you upgrade your version at least every three years. Depending upon the amount of information needing to be updated, the changes within the software itself and the operating system updates, it could present data compatibility conflicts if you are further behind than three versions.

3. Updates fix compatibility conflicts, add new features, solve security issues, and more. QuickBooks has an automatic update feature that allows updating anytime you are on the internet. However, if you are on a network, make sure that you choose to share the updates with others using QuickBooks.

4. Being a business owner, you need to have financial analysis reports to measure the success of your business. Quicken is a personal finance software. Quicken does have a Home and Business edition but there are many different reports and business features (payroll) available in QuickBooks that have to be customized in Quicken.

5. Just say no to QuickBooks Online. It is one third the features of the desktop pro version for greater than three times the cost. Please read the eNewsletter about the comparisons. There are other ways to access your QuickBooks online than sacrificing features and cost.

6. Yes. Just as any business transactions online, there are certain precautions you must take in online banking. It is easy to download credit card transactions into QuickBooks too. Please make sure you have a complicated password for your online access – minimum of eight alpha numeric characters, using both upper and lower case letters. NO dictionary words. If the site allows it, use a symbol but refrain from using the symbol at the beginning or the end of the password as this is the most common use.

7. Creating paychecks in QuickBooks is easy IF it is setup correctly in the beginning. Once the setup is complete, all you have to do is enter the number of hours and print the checks! The only thing you need to remember are your payroll tax deposits, quarterly and semi-annual taxes, all created through QuickBooks. The amount of trouble we’ve seen some offices go to in preparing the employee information for a typical pay period to be sent to a payroll service or accountant, that same energy can be expended in QuickBooks.

8. The reports in QuickBooks that your accountant provides you, such as Profit & Loss Statements, Balance Sheets, and General Ledger are all available in QuickBooks. The reports are date driven so that you can determine what dates the reports are run and can be customized to for the detail that you need.

9. Absolutely NOT. Susan Gunn Solutions is not an accounting firm, though the annual certification tests for QuickBooks are the same for the CPAs. But we are software specialists and practice management consultants! Many accountants refer clients to Susan Gunn Solutions for consulting and customization. In fact, several accounting firms with professional practice clients, have purchased Getting The Most Out Of QuickBooks In Your Practice books for their clients! Accountants want accurate information to process your taxes. Books, products and courses teach you how to do that and much more.