Small businesses can save time and money with five QuickBooks tips when associate consultant Arleigh Cortez joins SBDC director, Kelly Bearden on this week’s free webinar. Areas discussed include setting up automatic categorization of monthly routine transactions, how to track mileage and capture receipts while traveling, creation of custom reports that provide profitability insights, and more.
This marks the 356th episode of the “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield SBDC provides free one-on-one help to small business owners. New and existing businesses can go to https://csubsbdc.com/ for more information or to sign up to meet with a business advisor at no cost.
TIMESTAMPS
00:00 Intro
00:43 What’s up today August 27, 2025
03:52 Poll Question #1 “What are you most optimistic about for the remainder of 2025 for your business?
05:56 Poll Question #2 “How would you describe your level of expertise with QuickBooks?”
10:13 Capital Corridor – Why good records are crucial for funding -Debt to equity financial ratio -Cash flow coverage ratio
10:58 Example of Vertical IQ and how it works with financial ratios – In the fast-casual restaurant industry, approximately 39% of sales are consumed by cost of sales (food, packaging), resulting in a 61% margin. – Vertical IQ provides a percentage-based comparison, making it easier to benchmark performance against the industry and track trends over a three-year period.
13:44 Example of cash flow debt to service -National average -Negotiation range -Projection based
14:40 Economic Corner – recent news AI impacting jobs Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence https://digitaleconomy.stanford.edu/wp-content/uploads/2025/08/Canaries_BrynjolfssonChandarChen.pdf
18:40 Kelly introduces Arleigh Cortez, QuickBooks Pro and associate consultant at CSUB SBDC
19:47 Arleigh begins to speak
20:16 Arleigh begins his presentation – How QuickBooks Can Save Businesses Time & Money
26:06 QuickBooks Online Tips for Time and Money Savings – 80% of QuickBooks Online users save significant time by utilizing automation features, with an average saving of 21 hours per month.
27:02 Tip 1: Master the Bank Feed – Instead of manual line-by-line categorization, use multiple conditions for rules to automate transaction categorization.
– Example: For a gas station, create rules for transactions over $50 as “fuel” and under $10 as “miscellaneous.”
– This can save approximately 3 hours for 300 transactions.
31:33 Tip 2: Utilize Unscheduled Recurring Transactions
– Save time on creating invoices or bills with multiple line items. –
Create the initial invoice/bill, then save it as an unscheduled recurring transaction.
– Future invoices only require updating customer details or changing data, reducing creation time from 15-20 minutes to a few seconds.
34:37 Tip 3: Use the Undeposited Funds Account
– Avoid direct deposits into the bank account in QuickBooks for each payment received, as this creates reconciliation issues.
– Deposit payments into the “undeposited funds” account first.
– When making a physical bank deposit with multiple payments, create a single deposit in QuickBooks from the “undeposited funds” account, selecting all relevant payments.
– This ensures bank reconciliation matches actual deposits, saving hours of troubleshooting.
38:09 Tip 4: Leverage the QuickBooks App
– The free QuickBooks phone app enables real bookkeeping by entering transactions and matching them to bank feeds.
– Snap photos of receipts or invoices to categorize transactions and store proof for the IRS.
– The app offers an auto-match feature for transactions once they hit the bank.
– It also tracks mileage automatically, which is crucial for deductions and audits.
42:01 Tip 5: Customize and Schedule Reports
– QuickBooks offers standard reports (P&L, balance sheet, cash flow statements).
– Customize reports for specific decision-making needs (e.g., a trailing twelve-month P&L to observe business trends). – Save customized reports to avoid rebuilding them.
– Schedule reports to be sent via email as frequently as desired (e.g., P&L every Monday, cash flow statement monthly) to encourage regular financial analysis and improve profitability.
45:40 Chart of Accounts: The Foundation of Bookkeeping
– All QuickBooks tips can be undermined by an improperly set up chart of accounts.
– Common mistakes include:
– Creating multiple expense accounts for the same category (e.g., “Chevron,” “Fast Trip,” “ARCO” instead of a single “fuel” account).
– Using only one sales account instead of detailing sales by product or service (e.g., coffee, entrees, a la carte items for a restaurant).
– Incorrectly categorizing expenses as operating expenses instead of cost of goods sold.
48:21 Kelly rejoins Arleigh for questions and answers with attendees