Recurring transactions save you time and energy in QuickBooks

Good morning! My name is Laura Meier-Schmitz from Mulberry Business Solutions and today I want to write about ways to help you save time and energy with your accounting work by using recurring transactions in QuickBooks. These are tips that I have used to benefit my practice as well!

The first one you're going to love; how would you like to collect your money faster? If you have a monthly engagement or a recurring amount that a client has contracted with you each month, you can just set it and forget it. This is exactly what I do with my reoccurring maintenance clients. I've got it scheduled on the last day of the month so that my clients always receive their invoices on-time, and they'll be able to pay them quickly so I collect my money faster. What business owner wouldn't want that?

My second tip for recurring transactions is to use it to help you never forget paying a bill. We have all kinds of fixed expenses. Rent is a great example. Sometimes you'll get busy and you'll realize, it's the second of the month and I didn't write my rent check yesterday! I use recurring transactions to help me make sure that I'm recording everything on-time and to help me make sure that I never forget these bills by scheduling them far in advance. If you use your recurring transactions to populate itself on a prescribed date, you don't need to be conscious of doing that work or have fear of forgetting it.

My final favorite way to use recurring transactions is to create uniformity and streamline the process of recording revenue. My husband's business is a great example of that. We have an insurance agency and when he receives his monthly commission payments, it's on a prescribed template and only the dollar amounts change. So if I create a recurring transaction that is a sales receipt for that template, then I can easily just go down and change just the dollar amount that is new. It is nice because you know that the transaction is right there with every line that you're going to need. You're not going to have to worry about where something belongs and hopefully it will help you stop procrastinating doing your bookkeeping going forward.

Those are my three favorite ways to use recurring transactions in QuickBooks Online so that you save time and energy on your accounting and make more money for your business. Follow us at Mulberry Business Solutions for more tips like this!