Have you ever purchased and used software that someone recommended to you, only to find out that, you were not using it correctly or to its full potential? I think that today, where computers and software basically run every facet of our lives, that we all have experienced this.
Now it might be easy for someone with formal experience with a certain software program to say, "Just read the manual and figure it out ". But in reality, if you have no experience with the software and no experience with the functions of the software, then the task of "reading a manual and figuring it out" can be very cumbersome.
Many business owners have invested considerable amounts on software to run their business only to find out that they were not using it correctly or to its full potential. In my opinion, one of the most important software programs that a business should utilize correctly and to its full potential is its accounting software.
Honestly, what could be more important to a business owner than keeping track of the business's profitability and or bottom line? This brings me to my point which is the significance of Quickbooks clean up. Quickbooks clean up is extremely significant for several reasons but there are two primary reasons that I feel are more significant than the others. These reasons are credibility and cost efficiency.
1st Primary Reason: Credibility After all, a non credible financial statement is basically a piece of paper with a group of numbers on it with no meaning at all. What makes a business's financial statements credible? There are several aspects, but in the essence of time I will cover what I think are the 2 major aspects:
No matter how accurate your financial statements may be, if you are using a liability account as an expense account or an asset account as a liability account, you are going to lose credibility to whomever may be examining your company's financials. Having a professional look through your chart of accounts to make sure that you are using the appropriate accounts and that they in their suitable place might sound immaterial, but proper presentation goes a long way.
Accurate financials can help a company in various ways. When a company is looking to increase their capital, the 2 major ways of accomplishing this, is by looking for investors or by applying for a loan at a financial institution. Either way, the investor or the financial institution is going to want to examine your company's financials. These financials will be scrutinized to no end because no one is going to just give you their money. Having a professional look through your Quickbooks file to make sure that your transactions are recorded accurately and properly will insure that no matter how vigorous anyone's dissection of your financials may be, you will be confident in the fact that what you have provided is a proper presentation of the transactions that took place.
2nd Primary Reason: Cost efficiency As stated above, the main reason why a business owner wants to keep track of what happens in his or her day-to-day transactions is to increase his or her bottom line. Cost efficiency is assisted principally by accuracy. The "bottom line" can be affected through:
Budgeting & Tax Planning
No one can see into the future to know with 100% accuracy what the performance of their company will be. However, budgeting is a way of anticipating the performance of your company in the future and tax planning is a way of anticipating future tax consequences. Observing trends from accurate financial information can create budgets and tax plans that a business owner can rely on to make decisions to increase its profitability and decrease its future tax liabilities.
Ease of professional services preformed
Fees for services such as Tax preparation or Audits and Reviews of company financials can be significantly decreased. By having a professional clean up your Quickbooks file there is a good chance that the there will be less time spent by the tax preparer or auditor/reviewer to perform his or her respective services. He or she will spend less time having to clean up the file, will feel more secure with the accuracy of the recorded transactions, and will be able to spend additional time on the more important issues of the services that you hired them to perform. This in turn may decrease the amount that you will be billed for these services.
In conclusion even if you're not an expert at accounting or with Quickbooks accounting software, having a professional analyze your Quickbooks file annually or semi-annually, can ease any frustrations and inaccuracies that come about. I hope that these points were informative and bring to light the importance of Quickbooks clean up and accurate accounting records.
1. Ever wonder why after very nicely downloading transactions from your bank account or Credit Card Company the balances never seem right? Of course there are uncleared items in your register; but sometimes the download gets confused about where it left off the last time you downloaded. This can cause duplicate transactions. Review your registers and see if you have duplicates (hint: check the register around the last download date) and just delete them.
2. Why does my sales tax have such a large balance even though I pay it right on time? You probably did not use the "manage sales tax" button on the home page; then select pay sales tax (Hint: make sure you edit the dates for the period end you are paying).
3. Can I add my logo or customize my invoices/estimates/sales orders? Yes you can. In QuickBooks 2012 and prior open an invoice and in the upper right hand corner select the "customize" button. In 2013 go to the menu bar and select formatting; from here you can copy a template, edit the current one or import already created templates. You can have multiple templates for various uses. To add your logo, in the customize window, select the basic customization button at the bottom of the screen. Not enough customization? Go to Layout Designer; here you can add text boxes, move things around, etc. Just remember that whenever you use this template every invoice/estimate/sales order will have the customizations.
4. What is the undeposited funds account? QuickBooks is designed to mirror real life. You probably don't deposit checks one at a time. You probably go to the bank with multiple checks. When your bank statement comes you don't see the detail of the deposit, you only see the deposit total. It can be difficult to reconcile if you have individual checks in your register. What to do? When you receive in payments from customers in the receive payment window the money should be going to undeposited funds. When you finally do get to the bank go to "make deposits" and the list of undeposited funds will come up; from here select the checks you are depositing, select OK and there is your total deposit.
5. How do I customize the homepage? Select edit/preferences/desktop view/company preferences; from here you can select functionality to turn on or off. Hint: you can also customize the icon bar by right clicking the bar and selecting "customizing the icon bar" Here you can add/remove/move around, etc.
When it comes to being a landlord there are several beneficial tools that can assist you when it comes to your real estate accounting. One of the best tools you can use to save you money at tax time is using QuickBooks. This software helps in keeping track of finances and can make your job as a landlord much easier.
Save Time & Make it Simple
When it comes to bookkeeping, QuickBooks will handle most of this automatically. It assists in saving time and things such as time consuming paperwork. You can simply run reports and any required information as it pertains to your rental properties. You will always have a good idea of where you stand as far as profits. With the QuickBooks program landlords are assured a stable and reliable product. Used by many businesses worldwide it can benefit landlords as well. Set up is simple and so is the maintenance. With this software you are able to share information with excel, Word and Outlook. Easily you may e-mail and pay invoices. You can now accept credit cards from your renters because with this feature no additional hardware is needed. It may take sometime in getting used to this new system but once you become familiar it becomes a breeze.
Setting Up With QuickBooks
Others who use QuickBooks to assist them in their rental properties will set up their tenants as a customer. They're different properties are defined in classes and you are able to link assets to each class. You are able to charge the tenants for repairs, cleaning and other liabilities. Landlords also run into things such as prepaid rent, refunding of security deposits, bounced checks and such. With QuickBooks you can manage all of these factors.
Tax Time With QuickBooks
Gathering all this information into one system also makes taxes much easier. Landlords have deductions which include things such as repairs, mortgage interest, travel, employees and independent contractors, losses from theft, insurance, professional services and more. All of these can be entered into the QuickBooks system allowing landlords to take advantage and properly calculate their deductions.
Professionals & QuickBooks
With using the QuickBooks program professionals have a overall positive review of the software. This is because they can conveniently keep track of cash flow such as accounts receivable and accounts payable. They can customize various reports and use the system anyway as it pertains to their business. Overall, it makes running their business a lot smoother and can do the same for landlords.
The lead centre is all new in QuickBooks and I'm expecting quite a lot from it,
It brings some CRM changes into QuickBooks 2012 which I'm thinking is going
Replace the really nice and neat paper and white board system. The same review was posted on our site: http://finallyreviewed.net/quickbooks-pro-2012-review/
QuickBooks is the ideal business accounting software for small to mid-sized business owners. Here's 10 reasons why you should be using QuickBooks.
1. You save time on bookkeeping and paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business.
2. You can easily generate the reports with the information you need, so you always know where your business stands. You instantly know whether you're making money and whether your business is healthy.
3. You save money because QuickBooks is so affordable. You can use it to run a $5 million or a $25 million business for a few hundred bucks. PC accounting software is truly one of the great bargains in business.
4. Your business can grow with QuickBooks. QuickBooks will help you design a business plan to use when trying to secure a small business loan or line of credit or to plan for the future. QuickBooks will create a projected balance sheet, profit and loss statement and statement of cash flows in the format recommended by the U.S. Small Business Administration.
5. You can customize QuickBooks to work the way you want. QuickBooks is specifically designed to be flexible and adaptable to a wide range of small businesses. To broaden its appeal, QuickBooks has recently added customized accounting packages for Contractors, Retailers, Health Care Professionals, and Non-Profit organizations.
6. You can rest assured knowing that QuickBooks is a stable, reliable and proven product. Hundreds of thousands of small businesses throughout the world have chosen QuickBooks as their accounting software. You can't go wrong with a software program with such an extensive installed user base.
7. You save typing time and errors by sharing data between QuickBooks and over 100 business applications. You can even share data with popular programs, such as Microsoft Excel, Word, Outlook and ACT.
8. You will get paid faster with QuickBooks online payments. E-mail an invoice or statement and with QuickBooks Online Billing, your customer can easily pay you with a credit card or bank account transfer. No more waiting for the check in the mail!
9. You can easily accept Credit Cards. With QuickBooks Merchant Account Service, you can accept credit cards with ease. QuickBooks Merchant Account Service is the only credit card acceptance service integrated with QuickBooks software, which means you don't have to enter the same data twice. No additional software or hardware is required. Your customers can use Visa, MasterCard, or American Express.
10. You can pay your bills and bank online. Setup your current bank account in QuickBooks, and you're ready to pay your bills without licking envelopes, sticking stamps, or printing paper checks. Just write checks in QuickBooks as you normally would, then click a button and your participating bank does the rest! Pay anyone in the U.S. from your credit card companies to your pizza service. Online Banking also lets you download your monthly statement from your participating bank directly into QuickBooks for easier reconciliation.
Tax season is just around the corner and it is a good time to start thinking about preparing to file your income tax returns. It may be difficult to think about taxes when you have the holiday season on your mind but you will thank yourself later when filing your taxes is a cinch. People who are more prepared for tax season likely save themselves from making costly errors that can come back to haunt them later down the road.
While the logical thing to do would be to prepare yourself throughout the year for tax time this is hardly the route that most people take. If you are one of those people do not fret because you can quickly get prepared by doing five simple things.
Gather Income Information - The first thing to do in order to be better prepared for tax time is to gather all of the information you have that pertains to any income you earned throughout the year. Not only does this include paystubs and/or w-2 forms but also information having to do with any investment income you may have made as well.
Locate a Tax Preparer - Another important step to take before tax season is fully underway is finding a tax preparer, that is if you do not plan to prepare your own taxes in which case you will want to gather all of the books and forms that you will need. There are many choices in tax preparation professionals so you should determine what you are looking for rather it is low cost, a quick refund, or somebody local.
Tally Up Your Write-Offs - For many individuals write-offs make up for some of the taxes that they owe and can greatly reduce tax debt. If you are going to be claiming any write-offs now is the time to start tallying them up so that your tax preparer can include them in your tax forms.
Pay-off Any IRS Balance That Could Prevent You from Getting a Return - You should also consider paying of any balance that you may own to the IRS that may interfere with a return. If you are unable to pay the full amount you may still be able to prevent this from happening by signing a payment agreement so be sure to look into that option as well.
Hold a Teleconference with Your Accountant and Tax Preparer - Finally, in order to be sure that everything is in order you should hold a conference call with both your accountant and your tax preparer if they are not the same person. Teleconferencing is a great way to be sure that no write-offs or income were overlooked. Conference calling programs are often free online and easy to use so you will not even have to fork over any money for your conference call.
Discuss when a good time would be for everyone to do a conference call and before you start the conference call make a list of any questions or comments you may have. If you gather all the important information you need, utilize teleconferencing, and use some good old common sense you could end up not only not paying the IRS any money this year but maybe even getting some back from them which is something anyone can appreciate.
When you are attempting to run a company you must possess the right tools which will make it possible. With each of those tools you'll improve the efficiency at which you can work and save yourself time and money. One tool that's great to utilize in any business would be the Quickbooks.
Quickbooks is really a computer program which has been popular for a few years now. There are really different types which are being made. This helps you to utilize it in several areas in the company. Before you run out and purchase it you should know all of the advantages that it has to offer.
A lot of people will recognize this system as one way to help the accounting department. If you are a small business owner than you require something that may allow you to maintain track of your investments you have made and the money you are making. With this program you are able to do this and a lot more.
This is easy to use and it has step-by-step instructions for those of us not familiar with it. You can utilize it to create spreadsheets. Fill in these sheets telling you what payments have to be paid every month and also the sum of money which is coming in. All this info is needed for when taxes comes around and to aid you see how your organization is growing.
Additionally it is great to have for larger businesses. The Quickbooks Time Tracker is a great employee scheduling software to use. This can assist you to know the shifts that everyone will be working and to maintain track of the days that everyone takes off.
Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, you'll be prepared with a QuickBooks Tune-up. In four (4) hours, a QuickBooks Professional Advisor will help you clean up and organize your bookkeeping system.
Reviewing your transactions for the year
Cleaning up stray entries
Balancing general ledger to subsidiary records
Additional personalized training
A QuickBooks Tune-up is a smart and affordable way to get a handle on your books. Accurate records allow you to make educated decisions for your business and will save you money! Call Today!