Introduction: cloud accounting, simpler than you think
Getting started with QuickBooks is a key step for any company wishing to modernize its accounting.
This intuitive software, designed for SMEs and the self-employed, automates repetitive tasks, tracks payments in real time and provides a clear view of the company’s financial health.
However, many users make the same mistakes during initial set-up: poor bank synchronization, ill-defined categories, or incomplete reports.
This practical step-by-step guide will help you get started with QuickBooks, avoid common pitfalls and make the most of its features.
If you’d like to find out more, take a look at our article on cloud accounting, a modern, secure approach to financial management.
1. Why choose QuickBooks for your business
Today, QuickBooks is one of the most widely used accounting software packages in Quebec. It is specially designed for small and medium-sized businesses who want to save time, reduce manual errors and simplify their financial management.
Key benefits :
User-friendly interface: easy to understand, even without an accounting background.
Bank synchronization: your transactions are updated automatically.
Instant financial reports: balance sheet, cash flow, income statement.
Automated invoicing: create, send and track invoices in just a few clicks.
Cloud access: access your data anywhere, in complete security.
These features make QuickBooks a central tool in any cloud-based accounting strategy.
Find out more about our QuickBooks implementation service.
2. Step 1: Set up QuickBooks right from the start
Good configuration is the basis of reliable accounting. Here’s what you need to set up right from the start.
a) Define your company’s structure
When creating your account, QuickBooks asks for your business type: corporation, self-employed, or non-profit organization.
This choice influences your reports, taxes and how your income is categorized.
b) Set up your chart of accounts
The chart of accounts is the “backbone” of your accounting.
QuickBooks offers a default chart, but it must be adapted to your sector. For example:
Service companies will have more fee-based accounts.
- Retail businesses will include inventory and purchasing categories.
This is the stage where you need to think about the types of reports and KPIs you want to track, so you can configure your chart of accounts accordingly.
For example, if you want to track the gross profit of a specific service or product, you will need to create the corresponding revenue account as well as the cost of goods sold or cost of services rendered account.
c) Activate bank synchronization
This is one of the great advantages of QuickBooks.
Connect your bank accounts and credit cards so that every transaction is imported automatically.
This reduces human error and saves precious time.
This is also the stage where you should set up the different tax types that QuickBooks will calculate automatically.
For instance, if you sell your services or products in other Canadian provinces, it is important to apply the correct provincial tax rate.
You can also create a specific tax account for meal and entertainment expenses, which will automatically calculate the reduced 50% allowable deduction for this category of expenses.
d) Configure your taxes (GST/QST)
In Quebec, you must activate automatic tax management: QuickBooks will calculate and apply GST and QST according to the rules in force.
e) Invite your accountant
QuickBooks lets you add your accountant or CPA firm directly to your file.
At Athmane CPA Conseils, we help our customers set up and review their monthly financial data.
3. Step 2: Create and send your first invoices
a) Create a professional invoice
Here are the steps to follow to issue your first invoices efficiently:
Create your product and service items: define the items you sell, whether goods or services, with the appropriate associated revenue accounts.
Add your customers: enter the full contact information of your clients to streamline invoicing and follow-ups.
Customize your invoice template: adjust the layout to match your brand identity (logo, colors, payment terms, etc.).
Create an invoice: select the client, add the products or services, verify applicable taxes, then save or send the invoice by email.
Automate recurring invoices: for clients billed regularly, set up automation to save time and avoid forgetting invoices.
(Optional but recommended) Enable online payments: allow clients to pay directly from the invoice to speed up collections.
Track payments: use QuickBooks reports to monitor outstanding invoices and follow up when necessary.
b) Customize the invoice template
You can integrate your logo, colors and conditions.
QuickBooks even lets you add an online payment link to speed up payments.
c) Automate recurring invoices
For your regular customers, create recurring invoices: they will be generated and sent automatically according to the chosen frequency.
4. Step 3: Track your expenses and payments
Once your bank accounts are connected, QuickBooks helps you classify your transactions according to your expense categories (rent, advertising, office expenses, etc.).
Best practices :
Regularly check that each transaction is properly categorized.
Use the Bank Reconciliation function once a month.
Keep your supporting documents by attaching them directly to QuickBooks (photos, PDFs, electronic receipts).
The aim is to have clean, audit-ready, stress-free accounting at the end of the year.
Please note that QuickBooks Online is planning to roll out a new artificial intelligence tool by the end of November 2025. This feature will offer enhanced support for automated expense categorization, significantly simplifying your bookkeeping and saving valuable time.
5. Step 4: Generate your financial reports
QuickBooks offers a multitude of essential reports to help you manage your business:
| Type of report | Target | Recommended frequency |
|---|---|---|
| Balance sheet | Know your company’s value and financial health | Quarterly |
| Income statement | Track revenues, expenses and profits | Monthly |
| Cash flow | Identify cash inflows and outflows | Weekly |
| Tax summary | Track GST/QST remittance | Monthly |
| Overdue customers | Identify unpaid payments | Weekly |
These reports are automatically updated thanks to bank synchronization and cloud accounting.
6. Common mistakes to avoid in QuickBooks
1. Do not customize chart of accounts
Many companies use the default chart of accounts, which generates unnecessary or inaccurate categories.
2. Neglect tax configuration
An error in GST/QST calculation can lead to significant discrepancies in tax rebates.
3. Forgetting to reconcile accounts
Even though QuickBooks automates a great deal, manual bank reconciliation is still essential for checking data consistency.
4. Delete or modify transactions already categorized
This can distort your reports and create duplicates.
5. Do not regularly back up data
Although everything is in the cloud, a periodic local backup is still good practice.
7. QuickBooks and cloud accounting: a winning duo
QuickBooks is based on the cloud accounting model, a modern approach where your data is hosted in a secure environment, accessible from anywhere.
The advantages of cloud accounting :
Enhanced security: encrypted data stored on certified servers.
Real-time access: consult your reports from your computer, tablet or phone.
Simplified collaboration: accountants, managers and teams can work simultaneously.
Automatic updates: no need to install software versions.
Discover our full article on cloud accounting and its benefits.
8. Frequently asked questions: QuickBooks for beginners
1. Is QuickBooks suitable for the self-employed?
Yes, QuickBooks is designed for both SMEs and the self-employed. You can easily manage your income, expenses and tax returns.
2. Can I connect several bank accounts?
Yes, QuickBooks lets you connect multiple accounts and credit cards, with automatic synchronization.
3. Is it safe to use QuickBooks in the cloud?
Absolutely. Data is encrypted and stored on highly secure servers that comply with Canadian standards.
4. How long does it take to master QuickBooks?
Just a few hours are enough for the basics. With professional guidance, complete mastery can be achieved in less than a week.
5. Does QuickBooks replace an accountant?
No. QuickBooks automates data entry and reporting, but a CPA is still essential for validating compliance, interpreting data and planning taxation.
Conclusion: a simple, powerful and strategic tool
Properly configured, QuickBooks becomes a true financial dashboard for your business.
It lets you track revenues, automate invoicing, reduce errors and collaborate efficiently with your accountant.
At Athmane CPA Conseils, we support our clients in :
setting up QuickBooks,
training in its use,
and ongoing management of their cloud accounting.
Find out more about our cloud accounting and QuickBooks services for SMEs and self-employed workers in Quebec.
