How to Set Up and Manage QuickBooks for Small Businesses

Tania Benade-Meyer


30 Apr 24


2 minutes

How to Set Up and Manage QuickBooks for Small Businesses

For many small businesses, keeping financials in check is crucial yet overwhelming. QuickBooks has become a go-to solution, offering robust features that simplify accounting tasks. Here’s a straightforward guide to help you set up and manage QuickBooks for your small business, ensuring you keep your finances streamlined and clear.


1. Choose the Right QuickBooks Version

QuickBooks comes in various editions, each tailored to different business needs. For small businesses, QuickBooks Online is often a favourite for its accessibility and ease of use. It allows you to access your accounts from anywhere and offers different subscription levels (Simple Start, Essentials, Plus, and Advanced) to suit your specific requirements. Evaluate your needs and select a version that aligns with your business size and budget.


2. Set Up Your Account

After choosing your QuickBooks version, the next step is setting up your account:

  • Create an account: Visit the QuickBooks website and sign up.
  • Company Information: Enter details about your business, including the company name, type, tax details, and currency.
  • Accounts and Settings: Customise your settings, including invoice templates, payment terms, and chart of accounts. QuickBooks provides a default chart of accounts, but you can modify it to fit your business needs.


3. Connect Your Bank Accounts

Connecting your bank accounts to QuickBooks allows for automatic transaction updates, saving you from manual data entry. Navigate to the Banking menu and follow the prompts to link your bank and credit card accounts. This integration not only saves time but also reduces errors in your financial reports.


4. Manage Sales and Income

QuickBooks makes tracking sales and managing invoices straightforward:

  • Create invoices: Use the Invoice feature to generate and send professional invoices to clients. You can customise these invoices with your branding.
  • Receive payments: When you receive payments, record them in QuickBooks to keep your accounts up to date. This helps in monitoring outstanding invoices and managing cash flow effectively.


5. Track Expenses

Proper expense management is vital for budgeting and tax purposes:

  • Record expenses: Each time you incur an expense, record it in QuickBooks. You can also link it directly from your bank feeds for automatic recording.
  • Categorise expenses: Organise expenses into categories to streamline tax preparation and financial analysis.


6. Run Reports

QuickBooks offers a variety of reporting tools that provide insights into your financial health:

  • Profit and Loss Statement: Shows your earnings and expenses, giving you a snapshot of your business performance.
  • Balance Sheet: Provides an overview of the company’s assets, liabilities, and equity at any given time.
  • Cash Flow Statement: Helps you understand the inflow and outflow of cash in your business.


7. Regular Maintenance

Regularly update and review your QuickBooks data. Ensure your transactions are categorised correctly and reconcile your accounts monthly to keep your financial reports accurate and reliable.


Setting up and managing QuickBooks for your small business can significantly ease the burden of financial management. By following these steps, you can maintain an organised record of your business finances, enabling better decision-making and a clearer path to growth.

Whether you're just starting out or looking to streamline existing processes, QuickBooks provides the tools necessary to manage your business effectively. For more tips on leveraging technology to boost your business efficiency, visit us at