By Ben Kinsey
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While it’s true that the American Dream is still alive and well, when it comes to realizing your dreams by owning a small business, you sometimes have to wear a lot of hats. If one of those hats you are forced to wear is as the company bookkeeper, let me show you how QuickBooks can help make the task not more efficient, but more profitable.
1. Job #1 for successful business owners is getting paid. – But when it comes to sending and tracking invoices, it’s not always such an easy job. That’s one of the first ways QuickBooks can come to the rescue. If you’re still mailing invoices to clients, there’s a much better way. QuickBooks lets you create invoices that you can email to clients. Better still, it allows them to pay you via credit card or eCheck with a simple point and click of their mouse. Last but not least, the system automatically keeps track of who has paid and who has not, which makes keeping tabs on customers a snap.
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3. Do you work harder for your employees then they work for you? – QuickBooks can help you schedule and monitor employee activity by creating calendar events or timesheets. Then it provides in-depth reports that will measures employee productivity and job costs that help you make your business more profitable.
4. Manage your payroll in-house. – If you’re currently paying a third party to manage your payroll, did you know you can process your payroll directly in QuickBooks? Even if you choose to keep your current payroll provider, QuickBooks makes it a snap for your provider to export files to your computer to properly record all payroll transactions for tax purposes. Think of how much time and trouble that could save you every month.
5. How would you like another way to get paid? If you aren’t already accepting online payments, QuickBooks is one of the easiest ways to access Intuit’s payment network. With it, you can give customers the option of paying online for as little as fifty cents per transaction, no matter how high the invoice amount. If you’re currently paying through the nose for credit card transactions, this could save you a bundle.
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6. Would quick, accurate financial reports help you get a bead on the bottom line? Of course, they would. The problem is, if you’re forced to wait until you next see your accountant to see your financials, you could wind up out of business. QuickBooks is a demon when it comes to crunching numbers and creating financial reports, flowcharts and graphs that can show you the metrics of your business in real time. Want to know cashflow, profit & loss or sales figures? Need to get a bead on expenditures and payroll? QuickBooks makes generating a report as simple as point and click. Not only are these reports a great way to keep tabs on the pulse of your business, they are invaluable when it comes time to pursue a business loan, woo an investor, or sell your business.
7. Does keeping track of inventory wake you up in the dead of night in a cold sweat? – If your business relies on keeping track of inventory, the manual method is a lot like manual labor. QuickBooks can help you automate your inventory much more efficiently than either the manual method or an Excel spreadsheet. You’ll be able to automatically track and update inventory on hand in real time every time you make a transaction. You will save tons of time every month by eliminating the time-consuming task of manually auditing your inventory. Best of all, keeping the right amount of inventory on your shelves at the right time will no longer be a hit or miss guessing game, since you’ll be able to view past sales trends by creating an instant report.
8. Is the IRS your best friend? – They aren’t if you’re receiving notices from them warning you of fines, penalties or a dreaded audit. QuickBooks can help make sure you keep the IRS happy by making your accountant’s job a lot easier and more accurate while saving you the cost of hiring a bookkeeper. If your idea of keeping track of expenses is to have a shoe box full of receipts, QuickBooks could change your life by allowing you to scan and organize receipts. While QuickBooks won’t make you love tax time, it can simplify tax preparation.
9. You don’t have to be a bookkeeper to use QuickBooks. – It was designed from the ground up to be user-friendly. This includes an easy to navigate interface that’s easy for business owners to understand. It’s also easy to customize the interface to your liking without having to hire a programmer.
10. Does the thought of learning a new accounting system make your head spin? – It shouldn’t. Because the learning curve on QuickBooks is short and simple. Aside from online tutorials and videos, we at Small Business Group offer QuickBooks training that’s designed to help you maximize its uses while minimize the time it takes to learn and use this outstanding accounting package.
Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.