Service Spotlight: Outsourced Accounting Services

One of the most powerful features of QuickBooks® Online is its ability to connect to your bank and credit card accounts, enabling automatic transaction downloads and better financial management. Linking accounts is key to streamlining your business’s accounting processes. Once completed, transactions will be input into QuickBooks® in real-time, giving you an accurate view of your business’s cash flow, and helping you make informed decisions, faster.

By linking your bank and credit card accounts to QuickBooks® Online, you can significantly improve the efficiency and accuracy of your business’s financial management. Plus, you’ll save time and reduce human error, ultimately allowing you to focus more on growing your business.

Step-by-Step Instructions

To link your accounts to QuickBooks®, follow these simple steps:

1. Log in to your QuickBooks® Online Account
2. Navigate to the Banking (or Transactions) Tab on the left-hand side of your dashboard
3. Choose “Link Account” to direct you to the bank page
4. Search for your bank that you need to connect
5. Enter your bank credentials that you use to login to your bank or credit card account
6. Choose which account you want to link by selecting the boxes
   1. Multiple accounts can be linked from one bank (checking, savings, credit card, etc.)
7. Set the date range for transactions to import.
   1. If you have previously entered transactions manually, be sure the start date does not include activity that you already input into QuickBooks. Duplicate transactions can cause misinformation and skew financial data.
8. Your transactions will now appear in the banking transactions screen where you will be able to “categorize” transactions, or “match” to existing information already input into QuickBooks® Online.

Additional Strategies

After linking your accounts, additional strategies for improved financial management include:

• Creating rules to categorize transactions
• Completing monthly reconciliations of linked accounts
• Conducting an analysis of your vendors
• Analyzing the monthly financial statements

While creating reports in QuickBooks® may be a simple process, recognizing issues, completing a detailed analysis, and implementing the correct business approach based on that analysis takes training and experience, which H2R can provide.

Reach Out to Learn More

H2R’s Outsourced Accounting Services team can assist with QuickBooks® setup and, more significantly, become a trusted partner to help your business grow. Reach out to H2R’s Outsourced Accounting Services team to learn more about how we can help you understand the financial health of your business, make informed business decisions, and streamline accounting and compliance processes.

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