I am using CiviCRM on Joomla. I wanted to know if there is a way to customize how I view the contributions on the admin side (in the back-end). I honestly have no need to see time of donation or premiums (we don't use any right now). Are there any ways to hide these fields to clean up the view?
What you're asking for isn't possible without coding, unfortunately. It's a major focus of CiviCRM 5.0 to be able to have user-definable forms in this way.
If you're a coder, or you can hire/borrow one, you can use hook_civicrm_searchColumns to change which fields show on the Contributions tab. There's an example in this blog post. Finally, I just uploaded an extension I wrote to Github, which replaces the Premium column on the contributions tab with info on soft credits: https://github.com/PalanteJon/coop.palantetech.showsoftcreditsinsummary
If you are talking about setting up contribution pages for end-users of your website, you can do quite a bit to customize your contribution pages, both in initial setup and in the profiles used in conjunction with them. A good place to start is Set-up | Contributions and Profiles here, profiles there, profiles everywhere! (video of CiviCon Denver session)