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Category: Bookkeeping

October 5, 2018

Are You Creating a Moving Target for Your Accountant?

Unlike many accounting systems, QuickBooks does not require you to close your books at the end of an accounting period. But is that a good thing? Most accountants would argue that it is not! At a minimum, you should update the QuickBooks closing date annually to ensure that the data will continue to match the tax return prepared by your accountant. But even when using this feature, it’s often deployed way too late in the game. Generally, when you are… Read more ›

September 24, 2018

4 Reasons Your Contracting or Subcontracting Business Should Consider Working with an Outsourced Accounting Team

To ensure success, contracting and subcontracting companies need accounting professionals responsible for managing cash flow, budgeting, bank reconciliation, payroll, financial reporting, and other accounting functions. For many small and medium companies, the workload may not require full-time staffing or competent professionals may be too expensive. An alternative to hiring in-house staff is to outsource all or a portion of the accounting department, which offers a variety of benefits you may not even have considered. Here are some of the top… Read more ›

July 15, 2018

Five Tips for Dynamic Strategic Planning

Is your not-for-profit the same organization it was three years ago? Are your stakeholders the same now as then? Is your community and its support of your not-for-profit the same? It’s been said that the only thing certain in life is change, so you likely answered “no” to each of these questions. Change is a key reason why your not-for-profit needs to revisit and revise its strategic plan regularly. And you can make your strategic planning process as dynamic as… Read more ›

July 13, 2018

Cash In – Cash Out

When referring to Accounts Receivable or Accounts Payable, terms relates to the time frame in which you expect to receive payment from a customer or your vendor expects to receive a payment from you. Some terms even allow for a discount for early payment. A list of commonly used terms is automatically supplied when you create a new QuickBooks company file. You can easily edit or add new terms to the list as necessary. To access the terms list, choose Customer & Vendor… Read more ›

November 28, 2017

Using Income Tracker in QuickBooks

As a business owner you have at least two goals: Find new customers, and Get paid for your products or services QuickBooks made it easier for you to see the status and dollar value of customer-related transactions with a new tool called Income Tracker. With one click (choose Income Tracker from the Customers menu), a color-coded ribbon appears at the top of the QuickBooks screen, which displays three statuses — Unbilled, Unpaid and Paid. You can also drill into the underlying data… Read more ›

November 10, 2017

QuickBooks Online? QuickBooks Desktop Version?

QuickBooks® Online offers the business owner certain advantages such as: Those pluses are appealing but let’s dig a little deeper and see some more differences between QuickBooks Desktop and QuickBooks Online. Users QuickBooks Online offers anytime, anywhere access to QuickBooks for up to 25 simultaneous users, while the desktop version offers WebEx Remote Access (or similar technology) as a solution for accessing QuickBooks from a remote location, but does not allow simultaneous access for multiple remote users. As an alternative, there… Read more ›

September 11, 2017

Make Your Life Easier with ‘Period Copy’ in QuickBooks

The “Period Copy” in QuickBooks Premier Accountant Edition and QuickBooks Enterprise Solutions allows you to share data for a specific time period with others, such as banks, investors or the Internal Revenue Service. Until this new feature, businesses had to hand over a copy of the entire QuickBooks file to interested parties. Not a first choice for many business owners. The Period Copy now makes it possible to drill down into your file and choose a specific time period to share. Here’s an… Read more ›

August 6, 2017

Benchmarking Accounts Receivables – How Do They Compare?

Accounts receivable represents a major asset for many companies. But how do your company’s receivables compare to others? Here’s the skinny on receivables ratios, including how they’re computed and sources of potential benchmarking data. Starting point A logical starting point for evaluating the quality of receivables is the days sales outstanding (DSO) ratio. This represents the average number of days you take to collect money after booking sales. It can be computed by dividing the average accounts receivable balance by annual… Read more ›