QuickBooks Hacks Every Small Business Should Know
Introduction: Take Control of QuickBooks with Smart Customizations
QuickBooks is a powerful tool for small business owners, but let’s be real—it doesn’t always feel tailored to your needs right out of the box. If you’ve ever struggled with clunky reports, confusing expense categories, or time-consuming data entry, you’re not alone. The good news? A few simple QuickBooks hacks can transform the way you manage your books, saving you time and giving you better financial insights.
Whether you’re adjusting the Chart of Accounts, automating expenses, or using shortcuts to speed up invoicing, learning how to use QuickBooks for small business bookkeeping the right way can make a world of difference. Instead of wrestling with the software, you’ll be working smarter, not harder. Let’s dive into the best QuickBooks tricks every small business should know—so you can focus more on growing your business and less on bookkeeping headaches.
Customizing QuickBooks for Your Business: Making It Work for You
When you first open QuickBooks, it might seem like it’s designed for a generic business. But your business isn’t generic—it’s unique, with its own financial needs. That’s why customizing QuickBooks is a game-changer. The right setup makes bookkeeping easier, reports more meaningful, and tax time a breeze.
If you’ve ever felt frustrated because your financial reports don’t quite make sense or you’re unsure where certain expenses should go, this is for you. Let’s dive into how to use QuickBooks for small business bookkeeping by tailoring it to your specific needs—starting with the most important part: your Chart of Accounts.
Start With a Custom Chart of Accounts
The Chart of Accounts is the backbone of your bookkeeping system. Think of it as a categorized list of everything your business spends money on or earns money from. QuickBooks gives you a default setup, but it’s not one-size-fits-all—and tweaking it to match your business will save you so much time and confusion later.
For example, if you run a consulting business, the default Chart of Accounts might list broad categories like "Sales" or "Supplies," but that doesn’t really capture what you do. You’ll want to add categories that make sense for your business, such as:
Consulting Revenue – This separates income from your core services instead of lumping it under a vague "Sales" category.
Client Reimbursements – If you bill clients for expenses like travel or materials, tracking this separately ensures it doesn’t inflate your actual income.
Software Subscriptions – Since consultants often use tools like Zoom, QuickBooks, or project management apps, it makes sense to have a category for these.
Professional Development – Webinars, online courses, or books you buy to stay sharp should be categorized for tax deductions.
Marketing & Advertising – Running Facebook ads? Paying for SEO tools? Track this separately to see if your marketing is paying off.
By customizing these categories in QuickBooks, you make financial reports more relevant. Instead of staring at generic expense labels, you’ll see exactly where your money is going—helping you make smarter business decisions.
Set Up Custom Invoice Templates
If you’re using QuickBooks to send invoices, don’t settle for the default look. A professional, branded invoice makes a difference, and the good news? QuickBooks lets you customize them easily.
For a consulting business, your invoices should include:
✅ Your logo and brand colors – Makes your business look polished and trustworthy.
✅ Detailed service descriptions – Instead of just “Consulting Fee,” break it down (e.g., "Strategy Session – 2 hours"). Clients love clarity.
✅ Payment terms – Clearly state when payment is due (Net 15? Net 30?) and how clients can pay.
✅ Late fees (if applicable) – If you charge late fees, add a friendly reminder so clients don’t delay payments.
Setting this up once means every invoice you send looks professional—without extra work. Plus, QuickBooks lets you automate recurring invoices, which is a lifesaver if you have retainer clients.
Automate Expense Tracking to Save Time
If you’re manually entering every expense, stop right now—there’s a faster way. One of the best features of QuickBooks for small business bookkeeping is its ability to automatically track and categorize expenses.
Here’s how to make it work for you:
1️⃣ Link your business bank account and credit cards – This pulls in transactions automatically, reducing data entry.
2️⃣ Create rules to auto-categorize expenses – For example, every charge from "Adobe" can automatically go to "Software Subscriptions."
3️⃣ Snap pictures of receipts on the go – The QuickBooks mobile app lets you upload receipts instantly, so you never lose them.
For a consulting business, this means less time sorting through transactions at the end of the month and more time focusing on clients. Your bookkeeping process runs in the background, instead of taking over your life.
Shortcut Keys & Time-Saving Tips: Work Smarter in QuickBooks Online
If you’re spending too much time clicking around in QuickBooks Online, it’s time to embrace shortcut keys. Learning a few quick keystrokes can save you time, reduce frustration, and make bookkeeping feel less like a chore. Instead of clicking through endless menus, you can jump straight to the tasks that matter—giving you more time to focus on running your business.
So, if you’re wondering how to use QuickBooks for small business bookkeeping without getting lost in menus, these shortcuts are about to become your new best friends.
The Must-Know Shortcut Keys for QuickBooks Online
Before we dive in, here’s some good news: QuickBooks Online has built-in shortcuts that can speed up your workflow. You don’t need to memorize every single one—just start with a few that match your daily tasks.
Here are some of the most useful QuickBooks Online keyboard shortcuts you’ll actually use:
Ctrl + Alt + I → Create an Invoice
Ctrl + Alt + W → Write a Check
Ctrl + Alt + X → Expense Transaction
Ctrl + Alt + A → Receive Payment
Ctrl + Alt + C → Open Customers List
Ctrl + Alt + V → Vendor List
Ctrl + Alt + L → Chart of Accounts
Ctrl + Alt + R → Reports Page
If you’re using a Mac, replace Ctrl with option and you’re good to go. These shortcuts will help you navigate QuickBooks Online without lifting your hands off the keyboard, making your bookkeeping process much smoother.
Speed Up Data Entry Like a Pro
Now that you know how to quickly jump between different sections in QuickBooks Online, let’s talk about speeding up data entry—because no one wants to spend hours typing out repetitive information.
Use Auto-Fill and Memorized Transactions
If you find yourself entering the same details over and over (like vendor names, payment descriptions, or invoice items), QuickBooks auto-fills your past entries to save time. Just start typing, and QuickBooks will suggest the most relevant option.
For recurring transactions, you can memorize them so QuickBooks does the work for you. Head to the "Recurring Transactions" section, create a template, and set it to repeat automatically. It’s like having an assistant that handles your invoices and expenses before you even think about them!
Copy and Paste Like a Boss
Did you know that QuickBooks Online lets you use Ctrl + C (Copy) and Ctrl + V (Paste) just like in other apps? If you’re working on multiple invoices or journal entries, this trick cuts your work time in half.
Use Search & Filters to Find What You Need (Fast!)
QuickBooks Online is great, but finding old transactions can feel like looking for a needle in a haystack—unless you know how to use the search and filter tools.
Instead of scrolling endlessly, just click on the magnifying glass in the top right corner and type in what you need. You can search by:
Invoice Number
Vendor or Customer Name
Amount
Transaction Type
For an even faster way to find things, use filters. Go to the “Reports” or “Transactions” tab, click Filter, and sort by date, category, or account type. This makes reviewing financials a breeze—no more clicking through pages of data to find one expense!
Smart Invoicing Strategies – Get Paid Faster
Getting paid on time shouldn’t feel like pulling teeth. Yet, for many small business owners, chasing down late payments is an all-too-familiar headache. The good news? With smart invoicing strategies, you can speed up payments, keep cash flow steady, and spend less time reminding clients about overdue bills.
Whether you’re sending invoices manually or figuring out how to use QuickBooks for small business bookkeeping, a few simple tweaks can make a big difference. From setting clear payment terms to using automation, let’s explore how you can get paid faster—without the awkward follow-ups.
1. Set Clear Payment Terms (So There’s No Confusion)
The biggest reason clients pay late? They’re unclear about when and how they need to pay. If your invoice terms are vague or buried in the fine print, expect delays. Instead, be upfront with clear payment expectations.
A good rule of thumb: Shorter payment terms mean faster payments. Instead of the standard “Net 30” (which gives clients a full month to pay), try “Net 15” or even “Due Upon Receipt.” Many businesses are moving to immediate payment models to keep cash flow steady, and you can, too.
If you’re using QuickBooks for small business bookkeeping, you can easily adjust your invoice settings to include automatic due dates, late fees, and early payment discounts. Adding a simple line like “Invoices past due incur a 5% late fee” encourages clients to pay on time—because nobody likes extra charges!
2. Use Online Payments to Speed Things Up
Think about it—when was the last time you wrote a check? If paying an invoice is too complicated, clients will procrastinate. The solution? Make payments fast and effortless by offering multiple online options.
With QuickBooks for small business bookkeeping, you can enable credit card, ACH, and PayPal payments directly from your invoice. That way, clients can click a link and pay instantly—no printing, mailing, or waiting required. The easier you make it, the quicker they’ll pay.
Plus, QuickBooks automatically records payments, so you don’t have to track down bank deposits or manually update your books. It’s a win-win: You get paid faster, and your bookkeeping stays up to date.
3. Automate Follow-Ups (So You Don’t Have To)
No one enjoys sending payment reminders. It’s time-consuming, awkward, and can make you feel like a bill collector. But here’s the thing: Clients forget. Life gets busy. Emails get buried.
Instead of manually chasing payments, let automation do the heavy lifting. QuickBooks allows you to set up automatic reminders, sending friendly nudges when an invoice is due—or overdue. A simple “Hey, just a reminder, your invoice is due tomorrow!” keeps payments top of mind without you lifting a finger.
For those clients who still need an extra push, schedule follow-ups at regular intervals. A good approach is:
Day 1: Invoice is sent.
Day 7: Friendly reminder.
Day 15: “Hey, just checking in—let me know if you need any help processing your payment.”
Day 30: Stronger reminder with mention of late fees.
By automating these steps, you stay professional, keep cash flow steady, and avoid unnecessary stress.
4. Offer Incentives for Early Payments
Let’s be real—people love discounts. If you want to motivate clients to pay faster, try offering a small discount for early payments. Something like “Pay within 5 days and get 2% off” can work wonders.
It might seem like you’re giving up money, but think about the trade-off: Would you rather get paid 98% of your invoice today or wait 30-60 days for the full amount? A little discount now is better than chasing late payments later.
With QuickBooks for small business bookkeeping, you can easily apply early payment discounts and let the software calculate everything automatically. That way, you’re not only getting paid sooner—you’re also rewarding clients for being proactive.
5. Track Unpaid Invoices Like a Pro
Even with the best invoicing strategies, some clients will pay late. That’s why tracking unpaid invoices should be part of your regular bookkeeping routine.
Instead of manually sorting through emails or spreadsheets, use QuickBooks to generate aging reports. These reports show exactly who owes what, how long it’s overdue, and which clients need a follow-up.
Pro tip: Flag repeat offenders—those clients who consistently pay late. If late payments become a habit, you may need to require upfront deposits or stricter payment terms. Your time is valuable, and so is your cash flow.
Get the Most Out of Your Reports: Unlocking Business Insights with QuickBooks
If you're only using QuickBooks to record transactions and send invoices, you're missing out on one of its most powerful features—reports! Understanding how to use QuickBooks for small business bookkeeping isn’t just about tracking income and expenses; it’s also about analyzing data to make smarter business decisions.
Your reports hold the key to understanding your business health, spotting financial trends, and setting realistic budgets. But let’s be honest—reports can feel overwhelming if you’re not sure what to look for. Don’t worry! We’re breaking it down into simple, actionable steps so you can get the most out of QuickBooks reports without getting lost in a sea of numbers.
Why Reports Matter: A Business Health Check in Real-Time
Think of QuickBooks reports as your business’s fitness tracker. They show you how well things are running, what needs improvement, and whether your business is financially healthy.
Are you profitable? The Profit and Loss (P&L) Report lays it all out—revenue, expenses, and your bottom line.
Can you afford that new equipment? The Cash Flow Statement shows how much cash is actually available to spend.
Who still owes you money? The Accounts Receivable Report tells you which customers need a reminder (or two).
Checking these reports regularly gives you a real-time snapshot of your finances. It’s like going to the doctor for a check-up—only this one helps keep your business running smoothly instead of just telling you to drink more water.
Budget Smarter: Plan Ahead with Financial Reports
If budgeting feels like a guessing game, QuickBooks can take the guesswork out of the equation. The Budget vs. Actual Report helps you compare your planned budget with real-world numbers, so you can see where you're overspending (or crushing your goals).
Here’s how to make this report work for you:
Set a budget in QuickBooks. Estimate monthly income and expenses based on past financial trends.
Check in regularly. Run the Budget vs. Actual Report every month to see if you're staying on track.
Adjust as needed. If you're overspending in one category but underspending in another, tweak your budget accordingly.
A well-planned budget helps prevent cash flow surprises and ensures you always have enough money to cover your expenses—without the end-of-month panic.
Spot Trends and Growth Opportunities with Custom Reports
One of the best things about how to use QuickBooks for small business bookkeeping is that it doesn’t force you into a one-size-fits-all approach. You can customize reports to focus on the data that actually matters to your business.
Want to see which products or services are bringing in the most revenue? Run a Sales by Product/Service Report and find out what’s driving your profits. Need to track expenses by vendor? Use the Vendor Expenses Report to see where your money is going.
QuickBooks also lets you:
Filter reports by date, category, or customer
Save custom reports for future use
Automate reports to run on a schedule (so you never forget to check them!)
When you start spotting patterns in your finances, you’ll know when to invest in growth, cut unnecessary costs, or adjust your pricing strategy.
Make Reports a Habit—Not an Afterthought
If you only look at reports when tax season rolls around, you’re missing out on the biggest advantage of bookkeeping—making informed decisions in real time. Set a habit of reviewing key reports weekly or monthly, so you’re never caught off guard.
Here’s a simple routine to follow:
Weekly: Check Cash Flow Reports to ensure you have enough money to cover upcoming expenses.
Monthly: Review Profit & Loss and Budget Reports to spot trends and adjust your financial strategy.
Quarterly: Analyze Growth Trends and compare them to previous quarters to see if your business is scaling effectively.
A few minutes spent understanding your QuickBooks reports can save you hours of financial stress later. Plus, the more familiar you are with your numbers, the more confident you’ll feel making big business decisions.
Conclusion: Work Smarter, Save Time, and Master Your Finances
At the end of the day, your bookkeeping process should work for you, not against you. By customizing QuickBooks to fit your business, automating repetitive tasks, and using smart shortcuts, you’ll cut down on manual work, improve accuracy, and get real-time financial insights without the stress.
Mastering how to use QuickBooks for small business bookkeeping isn’t about spending more time in the software—it’s about making it work efficiently for you so you can focus on what matters most: running and growing your business. Try out these QuickBooks hacks, and you’ll wonder how you ever managed without them!
