QuickBooks

Not Using QuickBooks Online? What You’re Missing Out On

Roe CPA Firm DuluthIf you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.

How long would it take you to determine:

  • What your total expenses for this quarter are?
  • Whether or not your business is profitable as of today?
  • How much you’ve sold every month this year?
  • Which invoices are overdue?

If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.
That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balances that provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.

Your First Hours with QBO

QuickBooks Online is not one-size-fits-all. Its setup tools help you customize it to meet your own company’s needs.

QuickBooks Online works like other online productivity applications you may have used. It uses toolbars and buttons for navigation, drop-down lists and blank fields for data entry, and clickable links to open new related screens to trigger actions. Which is to say, the site is easy to use once you understand its structure. We can walk you through the early steps that are required, which involves tasks like: Using the provided setup tools to customize the site. Connecting QuickBooks Online to your bank and credit card company websites so you can work with transactions. Creating records for your customers, vendors, and the products and services you sell (you’ll be able to add new ones as your business grows). Learning about QuickBooks Online’s pre-built reports. Familiarizing yourself with the site’s workflow. Making the transition from your current accounting system.

How You’ll Benefit

Once you’re comfortable using QuickBooks Online, you’ll discover what millions of small businesses have already learned, that the site helps you:
Get paid faster. You can sign up with a payment processor to accept credit cards and direct bank withdrawals, which can speed up your customers’ responses to invoices. You’ll also be able to accept payments when you’re out of the office on your mobile devices.

Minimize errors. Once you enter data, QuickBooks Online remembers it. No more duplicate data entry that can cause costly mistakes.

Find any detail in seconds. QuickBooks Online has powerful search tools that allow you to find what you’re looking for quickly.
Better service customers. Because your customer profiles include transaction histories, you’ll be able to deal with questions and problems quickly and accurately.

Bill time as well as invoice products. QuickBooks Online supports sales of time-based services with capable time-tracking tools.

Improve your customers’ and vendors’ perception of you. Your business associates will know that you’re using state-of-the-art technology by the forms you share and the customer service you provide.

Save money and time. It does take some time to make the transition to QuickBooks Online. But you’ll quickly make that up with the hours you’ll save on accounting tasks, and be able to concentrate on tasks that improve your bottom line.

Be prepared to grow. Because all of your financial data is organized and easily accessible, you’ll be able to quickly generate reports that help you plan for a more profitable future. Banks and investors will need some of these if you decide to seek financing.

Mobile Access

Although you may do the bulk of your accounting work on your desktop or laptop, you’ll have access to many of the site’s features on your smartphone. Your home page displays both an abbreviated version of your browser-based dashboard and a list of recent transactions. You can view, edit, and build new customer, vendor, and product or service records. Snap a photo of a receipt to document an expense and look up or create invoices, estimates, and sales receipts. Record payments, view critical reports, and add notes. Of course, your mobile data is always synchronized with the site itself.

QuickBooks Online lets you do much of your accounting work when you’re away from the office with its mobile app.

Happy to Help

QuickBooks Online was designed for small businesspeople, not accountants. But it includes features that are best used in conjunction with our consulting services, like advanced reports, payroll, and the Chart of Accounts. In fact, the site makes it easy for us to have access to your data so we have the ability to monitor and troubleshoot.

We’ve helped countless sole proprietors and small businesses move their accounting operations to QuickBooks Online, and we’ve seen the difference it’s made in their productivity as well as their attitude toward financial management. Contact us, and we’ll be happy to do the same for you.

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Still doing your accounting manually? You’re spending unnecessary hours and experiencing needless frustration. Talk to us about QuickBooks Online.

Did you know you can do much of your accounting work and accept customer payments on your smartphone? Let us introduce you to QuickBooks Online.

Are you often away from the office? QuickBooks Online lets you handle accounting tasks from anywhere there’s an internet connection. We can tell you how.

Does your manual accounting system make it hard to keep track of customers and inventory? QuickBooks Online can organize and manage both. Contact us.

Call Roe CPA, P.C. today at 404-504-7051 and learn why our clients would not think of using another Atlanta CPA firm for QuickBooks training and support.

5 QuickBooks Online Add-On Apps You May Need in Add

quickbooks accountant atlanta gaNot finding quite everything you need in QuickBooks Online? Here are some handy add-on apps available.

QuickBooks Online may work for you just fine as is. After all, it was designed to meet the needs of the millions of small businesses that want to manage and track their income and expenses, create records and transactions, and run reports to gauge their financial health. QuickBooks Online was also designed to grow along with your business. But there’s no need for Intuit to add internal features to do so. In fact, that would make it too expensive and unwieldy for many companies.

Instead, Intuit has partnered with other small business websites to provides add-ons–applications that extend the usefulness of QuickBooks Online in one or more areas, like accounts receivable and payable, inventory, and expense-tracking. They integrate easily to share data and do the extra work you need. Here are some of them to consider.

Bill.com

Bill.com automates your accounts receivable and payable processes. It supports electronic billing and payment, as well as multiple approval levels.

You can certainly enter and pay bills using QuickBooks Online. And you can send invoices to customers and receive payments. But adding a connection to Bill.com gives you more advanced options for accounts receivable and payable. Simply send your bills to Bill.com by scanning, emailing, faxing, or taking a picture with your smartphone. The site’s automation tools turn them into digital records and route them through your specified approvers. Once approved, they’re paid electronically or by paper check. Invoices are just as easy to process; customers can pay by using PayPal, credit card, or ACH. Bill.com’s mobile app makes it possible to keep up with invoices and bills while you’re out of the office.

Expensify

Are your employees still paper-clipping receipts to handwritten expense reports? This method is unnecessarily time-consuming – and often inaccurate. Expensify solves both problems. Your staff can take photos of receipts with their smartphones. Expensify then converts the expense information into coded digital records and submits them for approval based on your company’s policies. Credit card purchases can be automatically imported, too. All data is synchronized with QuickBooks Online in real-time and coded to reflect your preference of QBO’s expense accounts, customers/jobs, etc. Once you’ve approved a report, you can have the money deposited in the employee’s bank account the next day.

TSheets Time Tracking

TSheets employee scheduling software automates tasks that QuickBooks Online doesn’t do: scheduling and remote time-tracking for your hourly employees. Your staff no longer has to fill in paper timesheets. Instead, they can use their smartphones to track their hours and GPS location points. And while Excel is certainly better for creating schedules than paper, TSheets takes over that task, too. After you’ve approved timesheets, that information is sent over to QuickBooks, ready for use in your payroll processing.

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Your employees can easily “punch” in and out using their smartphones. TSheets also uses GPS technology so that your staff members’ locations are always known to you.

SOS Inventory

QuickBooks Online performs some basic inventory management tasks. You can create records for items and use them in transactions, and keep track of the number of items in stock so you know when to reorder (or have a sale). SOS Inventory goes well beyond those capabilities. You can create sales orders, track cost history and serial numbers, and document work-in-progress (WIP). SOS Inventory supports multiple locations and the entire pick/pack/ship process.

Insightly CRM

You can create thorough customer records in QuickBooks Online and document some of your interaction. But it doesn’t facilitate true Customer Relationship Management (CRM) nor project management. Insightly CRM does both. It lets you build exceptionally thorough customer profiles so that you can view social streams, email history, and any events, opportunities, or events related to them. Its project management features include the ability to track by pipelines or milestones, define contact roles and custom fields, and generate advanced project reporting.

QuickBooks Online Integration Key

All of these apps can work in standalone settings, but their integration with QuickBooks Online and their mobile capabilities create powerful partnerships that help you serve both your customers and your employees in ways that QuickBooks Online alone can’t.

We’re not trying to sell you applications here. Our concern is that you’re getting as much out of QuickBooks itself as you can. We can steer you toward add-on solutions if that seems necessary, but we’re always happy to work with you on getting to know QuickBooks Online better and matching its capabilities to your company’s needs.

Call Roe CPA, P.C. today at 404-504-7051 and learn why our clients would not think of using another Atlanta CPA firm for QuickBooks training and support.

Using Purchase Orders in QuickBooks Online

QuickBooks Online Plus offers the ability to create purchase orders. But they require knowledge that may be foreign to you.

If your business purchases products from vendors that you then sell, you may have occasion to use purchase orders. These forms simply tell your suppliers what items you want to buy from them.

Not all companies that you buy from will require purchase orders. However, if you place an order without one and the wrong items are delivered, you won’t be able to prove that your order was filled incorrectly.

Purchase orders add an additional layer to your bookkeeping – one that can improve accuracy and accountability, but that’s also complex. If you want to take them on, we’d like to introduce you to the concepts you’ll need to learn. You can, though, begin the process on your own to start familiarizing yourself with purchase orders.

Readying QuickBooks Online

QuickBooks Online Plus contains purchase order templates. You’ll fill these out much like you complete an invoice. And like invoices, purchase orders should include as much detail as is possible to ensure accuracy.

Before you can begin, though, you need to make sure that purchase orders are turned on. Click the + sign at the top of the screen and look at the Vendors list. If Purchase Order is there, click on it to open a blank template.

If not, click on the gear icon next to your company name in the upper right corner, then click Settings | Company Settings. Click the Expenses tab on the left. Click in the box to the left of Use purchase orders.

Figure 1: You may have to go to the Company Settings page to turn on purchase orders and define custom fields in QuickBooks Online.

Now the Purchase Order link will appear when you click the + sign at the top of the screen. You’ll also be able to create purchase orders by clicking Vendors in the left navigational pane, and then clicking the drop-down arrow in the ACTION column.

QuickBooks Online lets you define up to three custom fields for these forms. That is, you can add additional fields that will appear on all of your purchase orders. Consider your entries here carefully.

If you want to create your own transaction numbers, click in the box in front of Custom transaction numbers. If you don’t, QuickBooks Online will automatically assign them. When you’ve finished by entering a default message for these forms (optional), click Save.

Creating a Purchase Order

If you’re not already there, click on the + sign at the top of the page and select Vendors | Purchase Order. QuickBooks Online’s Purchase Order form will open without any fields filled in. In the upper left corner of the screen, click on the small up/down arrow to the right of the first field to open your list of vendors. Select the one you want.

Figure 2: QuickBooks Online’s Purchase Order form resembles the invoice form, except you’re ordering rather than selling here.

Directly below that, you’ll see the word Open, with a drop-down arrow next to it. A purchase order is considered Open until you pay for it, at which point the status changes to Closed.

If you want the item(s) shipped directly to a customer, click the up/down arrow to the right of the field under Ship to, and select the right one. If this remains blank, the shipment will be delivered to your business mailing address.

The date should fill in automatically, but you can change it. Enter a courier name in the Ship via box, and fill in any custom fields you’ve created.

That’s the easy part. You’ll notice in the screen shot above that there are two sections below the information you just entered, Account details and Item details. Knowing when to fill in one or the other – or both – takes some advanced understanding of purchase orders. This is where you’ll need some guidance from us.

Paying for the Goods

When you receive the items you ordered and are ready to pay for them, your purchase order information will be available. If you select the vendor from the screen shot above and want to write a check, for example, this box will appear in the right vertical pane when you select his name.

Figure 3: Purchase order information will be displayed when you pay the vendor.

The purchasing process is second only to payroll in terms of bookkeeping complexity. QuickBooks Online provides the tools you’ll need, and we can help you gain the understanding required.

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Has a vendor asked you for a purchase order? QuickBooks Online can create them, but you’ll need our help to understand the process.

Do you regularly transfer money between two accounts? QuickBooks Online now lets you create a rule to manage this process.

There are multiple styles for QBO invoices, sales receipts, and estimates. Click the gear icon in the upper right, then Custom Form Styles.

If you’re only running sales, expense, and purchases reports, you’re missing the big picture. Let us analyze critical financial reports.

Customize QuickBooks Forms for a More Professional Image

Want an easy, free way to make your business look more professional and polished? Customize your forms. QuickBooks has the tools.

You probably don’t get as many paper forms in the U.S. Mail as you used to. But when you do, do you draw conclusions about the business that sent them based on what their forms look like?

Whether or not you think you do, most people make judgements on businesses based on collateral materials. You might notice that there’s no company logo, or that there are unnecessary blank fields. Maybe the print is very light or blurry, and there’s no message at the bottom thanking you for your business and your payment.

How you present yourself on paper does matter. There’s a lot of competition out there, and you need to use all of the tools available to you to stand out. QuickBooks provides one way to do so with its simple forms customization features.

Getting Started

To see what forms are available for customization, open the Lists menu and select Templates to open this window:

Figure 1: QuickBooks’ Templates window shows you what forms can be customized and provides tools for working with them.

Before you try your hand at customizing a form, make a copy to work with first. Highlight Intuit Product Invoice. Click the down arrow next to Templates in the lower left, and select Duplicate. A small window will open, displaying your options. Select Invoice and click OK.

QuickBooks will then take you back to the Templates window, and you’ll see a new entry labeled Copy of: Intuit Product Invoice. Right-click on it and select Edit Template from the menu that opens. This will open the Basic Customization window.

There are two parts to this screen. The editing options for the template you selected will appear on the left, and a preview of your invoice will display on the right. As you make modifications to the template, the preview will change to reflect them.

The best, most noticeable thing you can do to customize your invoice is to add a logo. Click the box in front of Use logo, and locate the file in the computer directory that opens. Double-click it. You logo will appear to the left of your company name and address in the upper left corner of the preview.

Figure 2: The Basic Customization window displays options for modifying your copy of the Intuit Product Invoice template.

You can make numerous changes to your template in this window, like:

  • Selecting a new color scheme,
  • Changing fonts,
  • Deciding how much of your contact information should appear, and
  • Indicating whether the Print Status Stamp (PAID, PENDING, etc.) should appear where appropriate on your invoices.

Note: You can choose to use the same modified design on multiple types of forms. This is a little complicated; let us help you.

More Customizing Options

 

The changes you just made were fairly superficial. However, QuickBooks offers tools that let you go much further, modifying the actual content of the invoice itself, its columns, and its fields. To get started on this, click the Additional Customization button at the bottom of the screen. The window that opens displays a preview of your invoice on the right side, just like in the previous window.

Your customization options appear on the left side, divided into five different sections. You’ll work primarily with three of them for your invoice:

Header. This includes all of the information that appears on about the top third of the form, like Bill To, Terms, Due Date, and Project/Job.

Columns. What are you billing the customer for? Item, Description, Quantity, Rate, etc.

Footer. What information will you want to enter after you’ve completed the invoice’s product or service content? You’ll likely want fields like Total, Balance Due, and Payments/Credits, perhaps a Message.

Need more QuickBooks assistance? Contact our Atlanta CPA Firm and our QuickBooks professionals for more information at 404-504-7051 or request a free cosultation online.

5 QuickBooks Reports You Need to Run in January

The new year has begun. Does your accounting to-do list look like a clean slate, or are critical tasks from last year still nagging?

Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects.

How did you do last month? Were you ready to move forward when you got back to the office in January? Or did you run out of time and have to leave some accounting chores undone?

Besides paying bills and chasing payments, submitting taxes and counting inventory in December, there’s another item that should have been on your to-do list: creating end-of-year reports. If you didn’t get this done, it’s not too late. It’s important to have this information as you begin the New Year. QuickBooks can provide it.

A Report Dashboard

You may be using the Reports menu to access the pre-built frameworks that QuickBooks offers. Have you ever explored the Report Center, though? You can get there by clicking Reports in the navigation toolbar or Reports | Report Center on the drop-down menu at the top of the screen.

QuickBooks’ Report Center introduces you to all of the software’s report templates and helps you access them quickly.

As you can see in the image above, the Report Center divides QuickBooks’ reports into categories and displays samples of each. Click on one of the tabs at the top if you want to:

  • Memorize a report using any customization you applied.
  • Designate a report as a Favorite
  • See a list of the most Recent reports you ran.
  • Explore reports beyond those included with QuickBooks, Contributed by Intuit or other parties.

Recommended Reports

Here are the reports we think you should run as soon as possible if you didn’t have a chance to in December:

Budget vs Actual

We hope that by now you’ve at least started to create a budget for this coming year. If not, the best way to begin is by looking at how close you came to your numbers last year. QuickBooks actually offers four budget-related reports, but Budget vs Actual is the most important; it tells you how your actual income and expenses compare to what was budgeted.

Budget Overview is just what it sounds like: a comprehensive accounting of your budget for a given period. Profit & Loss Budget Performance is similar to Budget vs Actual. It compares actual to budget amounts for the month, fiscal year-to-date, and annual. Budget vs Actual Graph provides a visual representation of your income and expenses, giving you a quick look at whether you were over or under budget during specific periods.

Income & Expense Graph

You’ve probably been watching your income and expenses all year in one way or another. But you need to look at the whole year in total to see where you stand. This graph shows you both how income compares to expenses and what the largest sources of each are. It doesn’t have the wealth of customization options that other reports due, but you can view it by date, account, customer, and class.

A/R Aging Detail

QuickBooks’ report templates offer generous customization options.

Which customers still owe you money from last year? How much? How far past the due date are they? This is a report you should be running frequently throughout the year. Right now, though, you want to clean up all of the open invoices from last year. A/R Aging Detail will show you who is current and who is 31-60, 61-90, and 91+ days old. You might consider sending Statements to those customers who are way past due.

A/P Aging Detail

Are you current on all of your bills? If so, this report will tell you so. If some bills slipped through the cracks in December, contact your vendors to let them know you’re on it.

Sales by Item Detail

January is a good time to take a good look at what sold and what didn’t before you start placing orders for this coming year. We hope you’re watching this closely throughout the year, but looking at monthly and annual totals will help you identify trends – as well as winners and losers.

QuickBooks offers some reports in the Company & Financial and Accountant & Taxes categories that you can create, but which really require expert analysis. These include Balance Sheet, Trial Balance, and Statement of Cash Flows. You need the insight they can offer on at least a quarterly basis, if not monthly. Connect with us, and we can set up a schedule for looking at these.

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January is a good time to run reports you didn’t have time to in December. Talk to us about which are most important.

QuickBooks provides templates for some reports that you probably need help analyzing, like Balance Sheet. We can help with these.

Have you explored QuickBooks’ Report Center? It offers a variety of tools and guidance for managing reports.

Did you create a budget last year? Now’s the time to run QuickBooks’ Budget vs Actual report.

Need more help with setting up QuickBooks or staff training to use the software. Contact our Atlanta CPA Firm at 404-504-7051 to learn more about our QuickBooks support and training services.