Using the KISS principle
The KISS acronym means keep it simple, stupid. When it comes to setting up systems and procedures for businesses, both large and small, it is better to avoid complexity wherever possible.
When setting up a QuickBooks file, it is important to ask yourself the following:
- Who is accessing the QuickBooks file regularly?
- What are the regular reporting requirements of the business?
- What are the statutory reporting requirements of the business?
Why are these considerations so important?
When we know who is going to access QuickBooks the most (for bookkeeping) and we fully understand the reporting requirements of the business, we will be able to follow our KISS principle.
It is important that QuickBooks has been set up so that the following is true:
- It is easy to use – especially if the business owner will be doing the bookkeeping.
- Reports are easy to understand – for the business owner and the accountant. ...
