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CNBC
4 days ago
- Business
- CNBC
A step-by-step guide to setting up your QuickBooks account
As a small business owner, managing your company's finances, including tracking income and expenses and creating profit and loss reports, is a critical part of the job. Without an accountant on staff, one of the most efficient ways to handle these responsibilities is by using accounting software. One of the more popular options, Intuit QuickBooks, offers a full suite of accounting support, allowing businesses to organize financial information in one location and stay on top of essential accounting tasks. Setting up your QuickBooks account correctly, however, can seem daunting. To make the process easier, here's a step-by-step guide to help you get started. Costs may vary depending on the plan selected but take advantage of Summer Savings, offering 90% off for 3 months, for a limited time Tracks your business expenses as they happen, as well as your income. Users can use app to do invoicing, accept payments, manage their cash flow, maximize tax deductions, track travel miles, run reports, send estimates, manage bills and 1099 contractors, plus pay employees Yes Yes, bank and credit cards, plus third-party apps like PayPal and Square Accessible from any web browser and also offered in both the App Store (for iOS) and on Google Play (for Android) Verisign scanning, password-protected login, firewall protected servers and the same encryption technology (128 bit SSL) used by the world's top banks. QuickBooks also offers multiple permission levels that you can set for additional users' access Terms apply. QuickBooks is available as desktop and online software. QuickBooks Online can be accessed from any web browser or through a mobile app on a tablet and smartphone, making it a good choice for business owners who are frequently on the go. The plan options for QuickBooks Online include Simple Start, Plus, and Advanced, which range in price from $3.50 per month to $23.50 per month. The tiers also differ in complexity, making it important to review the features carefully in order to select the best plan for your business's needs. Simple Start, for instance, offers basic bookkeeping tools, while Plus offers more expansive support, including tracking project profitability, tracking inventory and managing multi-currency transactions. Advanced provides the most comprehensive accounting and financial support including financial planning, business analytics, managing employee expenses and 24/7 support and training. The desktop version of QuickBooks, known as QuickBooks Desktop Enterprise, is downloaded and installed on a computer. It offers more sophisticated accounting features for advanced users including inventory management, multi-company management and more. Once you've selected a QuickBooks plan and format, it's time to begin adding basic information about your company. This is where you enter your business name, business structure (such as LLC or sole proprietorship), industry, and contact. Information entered as part of this step will be the information your customers or vendors see on invoices, sales forms and other communications. Some of the additional details about your business that you'll provide as part of this step include: Linking your business bank and credit card accounts to your QuickBooks account is another important step in the set-up process. This integration allows QuickBooks to automatically import transactions, which streamlines your bookkeeping. Having your bank and credit card information imported saves time and reduces the potential for any human errors associated with manual data entry. It also helps ensure no income or expenses slip through the cracks, establishing a complete, accurate picture of your finances. This will come in handy while you're making spending decisions, applying for loans, or prepping for tax season. Once your financial accounts are connected, QuickBooks will automatically categorize your expenses. But you can also review, confirm and edit these categorizations — or even create custom categories. If you have recurring monthly expenses — like an Adobe or Canva subscription — you can create a new category in the QuickBooks system that will "bookmark" the charge, so it will know how to recognize and categorize it moving forward. Customizing your expense categories will be especially helpful when it comes to budgeting or forecasting. Establishing your chart of accounts is a critical set-up step that some experts suggest is best done with the assistance of a professional. The chart of accounts is a list of all the accounts that are part of your business's daily operations. Creating this correctly is essential for accurate bookkeeping. "Your chart of accounts determines how your income, expenses, assets, and liabilities are organized and reported," says Maria Anderson, co-founder of the business consulting firm Marico Consulting. "This step impacts everything: tax preparation, budgeting, forecasting, and your ability to read financials with clarity." The chart of accounts should be customized to reflect your business's unique needs and operations, rather than relying on generic categories. For example, if you have three income streams, you may want three income accounts so you can see what's most profitable. When establishing your QuickBooks account, you may also want to customize your sales settings. QuickBooks provides various options related to the type of information it collects and tracks when your business makes and records a sale. These details can be tailored to your business's needs during the set-up process, as well. Sales forms can be customized to include information related to shipping, discounts, service dates, tips, payment terms, late fees and more. Starting in July 2025, QuickBooks will also launch Agentic AI features into the platform, such as an accounting agent to automatically reconcile books and detect anomalies, a payments agent to manage invoicing, a customer agent to spot leads and draft emails, and a finance agenct to help provide insights and assist in financial decision-making. Your books are the foundation of every business decision, from hiring and pricing to taxes and fundraising. Mismanaged books can lead to missed deductions, late filings, and poor cash flow management. So as a small business owner, taking the time to set up your QuickBooks account correctly is an important effort, one that will help you manage your business more effectively, allow you to have an accurate picture of your financial standing, and save time. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information.
Yahoo
23-06-2025
- Business
- Yahoo
Anchor Unlocks Industry-First Auto-Billing for Any Time Tracking Software
The company's QBO Time Activities integration lets accountants get paid for any service—using any pricing model—expanding its flexible, first-to-market payment tools. New York, NY, June 23, 2025 (GLOBE NEWSWIRE) -- Anchor, the free-to-use autonomous billing and collection platform for accounting and professional-service businesses, today introduced a first-to-market deep integration to QuickBooks Online (QBO) that turns tracked hours from any time-tracking tool connected to QBO into payments, pre-approved by the used with Anchor's Pre-approved hourly services, every hourly engagement carries a cap the client has already approved. In one click, time entries from QuickBooks Time, Big Time, Toggl, Harvest, or any other tracker that syncs with QBO flow into a matching invoice in Anchor, where they can be reviewed and adjusted before the invoice is issued and the payment is processed automatically. "Our customers wanted a faster path from time tracking to payment, and this industry-first release delivers it," said Rom Lakritz, Co-founder and CEO of Anchor. "No other solution offers this capability within one unified billing hub, giving accountants unmatched speed and certainty for their cash flow in the most simple and automatic way." Key benefits Automatic sync - Instantly pulls every billable entry from any time tracker connected through QBO Time Activities straight into the correct invoice in Anchor. Works with any tracker - if it syncs to QBO, it syncs to Anchor; support for non-QBO trackers is coming soon. One-click billing - Tracked time from any QBO-synced tracker is checked against the pre-approved hourly cap, appears on the invoice with its notes, duration, and service name, can be edited in Anchor for last-minute tweaks, then is sent and paid in seconds with no back-and-forth. Zero manual entry - Streamlines billable hours directly into invoices, eliminating copy-paste workflows and spreadsheet rework while cutting time spent and error risk. Map once, bill forever - Anchor links each client and service to its QBO counterpart so every hour lands in the right place. Data integrity maintained - Edits in Anchor never touch the original record in QBO, and invoiced entries are auto-marked as converted to prevent double billing. Each QBO entry keeps its notes, duration, and service name. 'Firms can keep tracking time in whatever tool they love, open Anchor, and watch the invoice write itself,' added Tal Ben Bassat, COO of Anchor. 'Firms no longer need to juggle spreadsheets or copy-paste timesheets, it's true hands-free billing, from proposal to payment, with zero extra clicks. This launch is part of a much larger effort to let them get paid in any way they can imagine.' Availability and pricing The new feature is live for all Anchor customers today, joining the Pre-approved Hourly Cap and hundreds of other features. Anchor remains free to use, with no subscription or credit card fees, and the same flat $5 fee per transaction we've maintained for the past four years. Users can activate the integration in seconds under Integration Settings. Ready to get paid faster - no matter how you track time? Sign up at to start billing automatically. Follow Anchor on Facebook or LinkedIn for product updates. QuickBooks, QuickBooks Online, and QuickBooks Time are registered trademarks of Intuit Inc. Any other brand names or product names are for identification purposes only and may be trademarks of their respective holders. About Anchor Anchor is reinventing financial workflows for accounting and professional service businesses by simplifying proposals, agreements, invoicing, and payments. By replacing rigid document-based workflows with interactive agreements, Anchor helps firms eliminate revenue loss, improve cash flow, and grow profits. Trusted by thousands of firms, Anchor collects its five-dollar flat fee only when customers are paid. Learn more at ContactCompany Name: AnchorContact Person: Elad ShmilovichEmail: United StatesWebsite: CONTACT: Media Contact Company Name: Anchor Contact Person: Elad Shmilovich Email: Country: United States Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
Anchor Unlocks Industry-First Auto-Billing for Any Time Tracking Software
The company's QBO Time Activities integration lets accountants get paid for any service—using any pricing model—expanding its flexible, first-to-market payment tools. New York, NY, June 23, 2025 (GLOBE NEWSWIRE) -- Anchor, the free-to-use autonomous billing and collection platform for accounting and professional-service businesses, today introduced a first-to-market deep integration to QuickBooks Online (QBO) that turns tracked hours from any time-tracking tool connected to QBO into payments, pre-approved by the used with Anchor's Pre-approved hourly services, every hourly engagement carries a cap the client has already approved. In one click, time entries from QuickBooks Time, Big Time, Toggl, Harvest, or any other tracker that syncs with QBO flow into a matching invoice in Anchor, where they can be reviewed and adjusted before the invoice is issued and the payment is processed automatically. "Our customers wanted a faster path from time tracking to payment, and this industry-first release delivers it," said Rom Lakritz, Co-founder and CEO of Anchor. "No other solution offers this capability within one unified billing hub, giving accountants unmatched speed and certainty for their cash flow in the most simple and automatic way." Key benefits Automatic sync - Instantly pulls every billable entry from any time tracker connected through QBO Time Activities straight into the correct invoice in Anchor. Works with any tracker - if it syncs to QBO, it syncs to Anchor; support for non-QBO trackers is coming soon. One-click billing - Tracked time from any QBO-synced tracker is checked against the pre-approved hourly cap, appears on the invoice with its notes, duration, and service name, can be edited in Anchor for last-minute tweaks, then is sent and paid in seconds with no back-and-forth. Zero manual entry - Streamlines billable hours directly into invoices, eliminating copy-paste workflows and spreadsheet rework while cutting time spent and error risk. Map once, bill forever - Anchor links each client and service to its QBO counterpart so every hour lands in the right place. Data integrity maintained - Edits in Anchor never touch the original record in QBO, and invoiced entries are auto-marked as converted to prevent double billing. Each QBO entry keeps its notes, duration, and service name. 'Firms can keep tracking time in whatever tool they love, open Anchor, and watch the invoice write itself,' added Tal Ben Bassat, COO of Anchor. 'Firms no longer need to juggle spreadsheets or copy-paste timesheets, it's true hands-free billing, from proposal to payment, with zero extra clicks. This launch is part of a much larger effort to let them get paid in any way they can imagine.' Availability and pricing The new feature is live for all Anchor customers today, joining the Pre-approved Hourly Cap and hundreds of other features. Anchor remains free to use, with no subscription or credit card fees, and the same flat $5 fee per transaction we've maintained for the past four years. Users can activate the integration in seconds under Integration Settings. Ready to get paid faster - no matter how you track time? Sign up at to start billing automatically. Follow Anchor on Facebook or LinkedIn for product updates. QuickBooks, QuickBooks Online, and QuickBooks Time are registered trademarks of Intuit Inc. Any other brand names or product names are for identification purposes only and may be trademarks of their respective holders. About Anchor Anchor is reinventing financial workflows for accounting and professional service businesses by simplifying proposals, agreements, invoicing, and payments. By replacing rigid document-based workflows with interactive agreements, Anchor helps firms eliminate revenue loss, improve cash flow, and grow profits. Trusted by thousands of firms, Anchor collects its five-dollar flat fee only when customers are paid. Learn more at ContactCompany Name: AnchorContact Person: Elad ShmilovichEmail: United StatesWebsite: CONTACT: Media Contact Company Name: Anchor Contact Person: Elad Shmilovich Email: Country: United States Website:
Time Business News
20-06-2025
- Business
- Time Business News
How to Find a Bookkeeping Company in Toronto: A Step-by-Step Guide
Whether you're a small business owner, a freelancer, or running a growing startup, having reliable bookkeeping services is crucial to managing your finances effectively. In a vibrant and competitive city like Toronto, the options for bookkeeping companies are vast—ranging from large firms to boutique providers and even virtual bookkeepers. But how do you choose the right one for your needs? Here's a practical guide to help you navigate the process of finding a trustworthy Toronto bookkeeper. Before reaching out to any firms, it's important to know what kind of services you require. Bookkeeping isn't just about recording expenses and revenues—it can also include payroll processing, GST/HST filings, bank reconciliations, invoicing, and preparing financial statements. Are you looking for full-service bookkeeping or just help with monthly reconciliations? Do you need industry-specific knowledge, such as for retail, hospitality, or real estate? Knowing your specific needs will help you narrow down your options. Toronto offers both in-person and virtual bookkeeping services. Some businesses prefer face-to-face meetings with a local bookkeeper, especially when dealing with sensitive financial information. Others are comfortable with cloud-based platforms like QuickBooks Online or Xero, and prefer virtual services that offer flexibility and often lower costs. Decide what works best for your comfort level and workflow. Ensure the company or individual you choose has the proper certifications. Look for credentials such as Certified Professional Bookkeeper (CPB) or affiliation with recognized organizations like the Canadian Bookkeepers Association (CBA) or the Institute of Professional Bookkeepers of Canada (IPBC). Certified professionals adhere to ethical standards and continuing education requirements, which means your books are in experienced hands. Word-of-mouth remains one of the most powerful tools when searching for reliable service providers. Ask fellow business owners, accountants, or your local chamber of commerce if they can recommend a reputable bookkeeper in Toronto. Additionally, online reviews on Google, Yelp, or Clutch can provide insights into customer satisfaction, responsiveness, and professionalism. Modern bookkeeping relies heavily on cloud software, automation tools, and integration with apps like Shopify, Stripe, or payroll systems like Wagepoint or ADP. A forward-thinking bookkeeping company will be proficient in these tools and help you streamline your financial processes. Ask potential providers about the software they use and whether they can work with your existing systems. Treat this like hiring a team member. Reach out to at least three bookkeeping companies and conduct brief interviews. Ask about their experience, the size and scope of clients they typically work with, their pricing models, and how they handle data security. This will help you compare and find the best fit for your business culture and budget. Bookkeeping companies in Toronto may charge hourly rates, flat monthly fees, or packages based on your transaction volume. Make sure you understand their pricing structure and what's included. Be wary of providers with unusually low rates—quality bookkeeping requires time and expertise, and cutting corners may cost you more in the long run. Once you've chosen a bookkeeping company, ask for a service agreement that outlines their responsibilities, timelines, confidentiality terms, and how communication will be handled. Some firms may offer a trial period or discounted introductory rate, which gives you a chance to evaluate their service before making a long-term commitment. Finding the right bookkeeping company in Toronto may take a little time, but it's a decision that can significantly impact your financial health and business success. By understanding your needs, doing due diligence, and communicating clearly with potential providers, you'll be well on your way to forming a professional relationship that supports your growth and peace of mind. TIME BUSINESS NEWS
Yahoo
04-06-2025
- Business
- Yahoo
SpotOn launches AI P&L analysis tool for restaurant operators
Software and payment company SpotOn has launched an AI-powered tool designed to facilitate restaurant operators in automating their profit and loss (P&L) analysis. The tool, called SpotOn Profit Assist, is purpose-built for the unique needs of restaurants. It integrates with leading accounting platforms such as QuickBooks Online, Xero and Restaurant 365. Its launch comes as inflation and consumer spending pressures are challenging the foodservice industry, particularly independent restaurant operators, who are tasked with achieving more with fewer resources. The tool provides automated P&L analysis, identifies spending anomalies and offers customised cost-saving recommendations. For multi-unit operators, the tool benchmarks performance across different locations, while independents benefit from financial comparisons with similar establishments, ensuring informed decision-making. Restaurants using SpotOn Profit Assist describe average savings of 4.3% in total costs. In an environment of high food costs, unpredictable labour and variable demand, such savings are significant. The tool's predictive insights enhance the ability to forecast labour and revenue, which is vital for navigating economic uncertainty and can be pivotal in determining whether a restaurant merely survives or truly thrives. Unlike other restaurant tech platforms that focus solely on sales or food costs, the Profit Assist tool offers a comprehensive P&L analysis within its ecosystem, empowering operators with the knowledge to make informed decisions across all aspects of their business. In addition to providing a complete, AI-analysed P&L overview, Profit Assist also helps uncover cost-saving opportunities by examining monthly anomalies and delivering precise recommendations. This enables restaurant owners to take firmer control of their margins and make confident, data-driven choices. SpotOn chief product officer Bryan Solar stated: "Restaurants are and always have been a tight margin business, so understanding and actively managing costs is an industry-wide need." "Finding the free time to analyse each cost in a mountain of data is a real challenge. Profit Assist pulls together the numbers that matter — not just the dollars coming in, but the dollars going out — and turns them into clear, actionable insights so they can make smarter decisions with confidence." Following the earlier introduction of SpotOn Marketing Assist, the first AI-driven marketing tool for restaurants, Profit Assist represents another step in SpotOn's strategy to integrate AI across its product range. "SpotOn launches AI P&L analysis tool for restaurant operators" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
