Setting up an accounting system for a food distribution company is not as daunting a task as it sounds. QuickBooks is the industry leader in cloud accounting and getting your systems online is easy with a few simple steps.
Hire a Professional Accounting Firm
An accounting firm like JADDE Financial Solutions will help identify what parts of your current system can be migrated to QuickBooks and what will need to be entered manually. This will ensure that your information is entered correctly and that you comply with tax law and government regulations.
Familiarize Yourself with the Software
Get used to the navigation tools. Explore tutorials and the help menu. Watch videos. Take a class. Spend some time learning the program before you get started so you don’t create additional work for yourself later by having to backtrack.
Create a Secure System with a Strong Password:
Keeping your business financials safe is a vital step to getting your accounts in order. Use secure browsers with firewall protection. Control what websites are permitted to be opened on your system and consider using a VPN (Virtual Private Network). Create a strong password that is not used for any other account and change it frequently. Only allow absolutely essential personnel access to the software.
Enter Your Business Information and Tax ID
After creating your account you’ll be able to enter in the information that’s important to your food distribution business. You’ll need the merchant type and your tax ID. You can consult with your accounting firm to see what information needs to be there. Entering in everything correctly will help ensure that you comply with state and federal regulations.
Enter or Import your Customer Information
Enter basic contact information for your customers and choose what form of payment they prefer. This will make generating invoices easier in the future. You can also create test invoices for customers to see that everything works on their end.
Enter Vendor Information
You can keep all your vendor information in one place with QuickBooks. Set up your vendor list using Excel databases and import the essential contact information. Once you have the vendor list you can set billing rates, assign account numbers, attach pertinent files, and establish opening balances. Common tasks like bill processing and tracking expenses are a key feature of the program.
Enter Employee Information
Keep track of your payroll by entering in your employee contacts. You can also sync existing payroll software with QuickBooks. Seeing what you’re paying out will help you to better manage overtime and scheduling.
Input Banking information
You’ll be able to connect your company’s bank accounts and credit cards to QuickBooks and automatically download your transactions. This will save you from manually having to enter the information or import statements. Once the transactions are imported you can assign vendors and customers to each line for sorting purposes.
Most inventory tracking programs will sync with QuickBooks and allow you to track your stock in real time. This will allow you to stay ahead of the game and prevent costly shipping delays. Keeping on top of your inventory is the lifeblood of a food distributor.
Getting started with QuickBooks can be an easy and painless process. With a little setup work you can get your food distribution business on track to accounting success.