Basic QuickBooks Online seems to be a popular topic and class interest here at Nashville Community Education. Our instructor Ricky Hayes shared some information with us about Accurate Financial Information and answered a few questions about using QuickBooks.
They say the devil is in the details. And that is oh so true when reviewing a business' financial information. While the bottom line profitability is important, other issues require attention. Cash management: will there be enough cash available to cover future expenses? Inventory management: How fast is inventory turning over? Is there stale inventory, meaning a product that does not sell, Does the business have enough internal controls to prevent theft? These and many other areas require attention. Areas that business owners may not be aware of.
Business owners have a reputation for being hard workers. One Gallup poll indicates that 39% of small business owners work at least 60 hours per week.
However, that also means that business owners tend to overwork—particularly because they’re always setting moving targets for themselves. They tell themselves that if they just get a little more done or make a little more money, then they’ll finally celebrate their success.
It’s a big part of the reason why a reported 25% of small business owners have fallen ill due to stress and overwork.
Setting and then sticking to your goals is motivating. But, don’t neglect to take the time to celebrate when you achieve them—rather than continuing to move the finish line a little further forward.
Overworking is an easy trap to fall into, which is why you need to set boundaries (in the form of literal time limits). For example, perhaps you’ll no longer allow yourself to work when it’s past 6 PM. Another example would be to leverage technology to improve bookkeeping and maintain timely, accurate financial information. Once you’ve established that limit, enlist the help of others to stick to it. Your colleagues or even your family members will probably be more than happy to hold you accountable.
Tell our students more about yourself and your upcoming class Basic QuickBooks Online?
I am a former Controller and CFO who brings over 25 years of finance and accounting experience. I have helped business owners make sense of their financial data and advised them on a course of action to maximize profitability.
What is QuickBooks?
QuickBooks or more specifically QuickBooks Online (QBO) is a small business accounting cloud-based platform business use to manage sales and expenses and keep track of daily transactions. You can use it to invoice customers, pay bills, generate reports for planning, tax filing, and more.
Why do you believe small business owners should embrace QuickBooks?
Bookkeeping and accounting software platforms are migrating to the cloud. QBO has the capability to effectively and efficiently track income and expenses from virtually anywhere there is an internet connection. It won't be long before CD's and software downloads to a personal computer will go by way of the 8-track tape. Cloud-based applications are here to stay.
What are the features of QuickBooks that are beneficial for small businesses?
1. Better shared access to data with employees and your accountant
2. No software or local data to manage – no upgrades or release updates
3. Robust assistance center with online chat
4. Easier app sync with nightly automatic downloads
5. No backups and your data are secure on Intuit servers
6. You can automatically send invoices and statements
7. You can automatically send reports
8. Bank and credit card transactions download nightly
9. Track inventory first-in-first-out (FIFO)
10. You can have multiple windows open at the same time
11. iPad and iPhone apps are free with automatic sync
12. Option to receive payments by credit card and ACH electronic payments
What type of reports can you create with QuickBooks?
• Income statement
• Balance Sheet
• Cashflow statement
• Vendor lists
• Customer lists
• Receivables and Payable reports
What are the most important features that business owners should use on QuickBooks?
The ability to access financial information virtually, AND in real time. Once all transactions are posted, Reports are available. QBO also can grow and your business grows.
We’ve added a new daytime Basic QuickBooks online class! Register here to take the class!