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12 Things Every QuickBooks User Needs to Know Presented by:  Scott Gregory, Your Trusted CFO QuickBooks Expert
12 Things Every QuickBooks User… <ul><li>Complete Slide Deck is Available at </li></ul><ul><li>www.SlideShare.net </li></u...
12 Things Every QuickBooks User… <ul><li>Ever said: </li></ul><ul><li>“ I wish someone had told me…” </li></ul><ul><li>…  ...
12 Things Every QuickBooks User… <ul><li>A question to ponder… </li></ul><ul><li>“ Would more small businesses survive if ...
12 Things Every QuickBooks User… Crappy Bookkeeping : The Silent Killer of Thousands Of Businesses Each and Every Year! Th...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #1 : </li></ul><ul><li>Just Because You Can… </li></ul><ul><li>… ....
12 Things Every QuickBooks User… <ul><li>Do You Change Your Own Oil? </li></ul><ul><li>Messy </li></ul><ul><li>Don’t Have ...
12 Things Every QuickBooks User… <ul><li>Then Why Do You Keep Your Own Books? </li></ul><ul><li>Same issues as oil change,...
12 Things Every QuickBooks User… <ul><li>The decision you make to keep your own books today… </li></ul><ul><li>May be the ...
12 Things Every QuickBooks User… <ul><li>Universal Accounting Equation: Bad Books = Bad Business Decisions! Are your banke...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #2 : </li></ul><ul><li>Set the Right  </li></ul><ul><li>Expectatio...
12 Things Every QuickBooks User… <ul><li>Installing QuickBooks is the easy part </li></ul><ul><li>If you dislike tracking ...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #3 : </li></ul><ul><li>Get Qualified Help </li></ul><ul><li>to Set...
12 Things Every QuickBooks User… <ul><li>Your accountant may NOT be the best option! </li></ul><ul><li>Getting it WRONG in...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #4 : </li></ul><ul><li>Unless You Are </li></ul><ul><li>A Payroll ...
12 Things Every QuickBooks User… <ul><li>“ But my payroll is simple…” </li></ul><ul><li>“ I already have staff to take car...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #5 : </li></ul><ul><li>Don’t Complicate.. </li></ul><ul><li>Simpli...
12 Things Every QuickBooks User… <ul><li>Keep a simple chart of accounts </li></ul><ul><li>Document accounting procedures ...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #6 : </li></ul><ul><li>Never Assume </li></ul><ul><li>the Data is ...
12 Things Every QuickBooks User… <ul><li>Running the report is easy </li></ul><ul><li>Getting accurate data into it is not...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #7 : </li></ul><ul><li>Walk First.. Then Jog… and then Run… </li><...
12 Things Every QuickBooks User… <ul><li>Should refer to this as “Downloading Your Way to Disaster” </li></ul><ul><li>Unde...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #8 : </li></ul><ul><li>Run a  </li></ul><ul><li>Profit and Loss </...
12 Things Every QuickBooks User… <ul><li>Provides a meaningful recap of income and expenses </li></ul><ul><li>When viewed ...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #9 : </li></ul><ul><li>Run an Accounts Receivable </li></ul><ul><l...
12 Things Every QuickBooks User… <ul><li>Who owes? </li></ul><ul><li>How long? </li></ul><ul><li>How much? </li></ul><ul><...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #10 : </li></ul><ul><li>Run Sales by Customer and by Item </li></u...
12 Things Every QuickBooks User… <ul><li>What you sold </li></ul><ul><li>Who you sold it to </li></ul><ul><li>How much you...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #11 : </li></ul><ul><li>Don’t Let Your </li></ul><ul><li>QuickBook...
12 Things Every QuickBooks User… <ul><li>F2 key tells it all </li></ul><ul><li>How big? </li></ul><ul><li>How disorganized...
12 Things Every QuickBooks User… <ul><li>Needs To Know  #12 : </li></ul><ul><li>You Can NEVER </li></ul><ul><li>Have Too  ...
12 Things Every QuickBooks User… <ul><li>You do all the hard work – why risk it? </li></ul><ul><li>Must be: </li></ul><ul>...
12 Things Every QuickBooks User… <ul><li>Needs To Know  Bonus  #1 : </li></ul><ul><li>YES! The IRS  CAN Request a  Copy of...
12 Things Every QuickBooks User… <ul><li>Needs To Know  Bonus  #2 : </li></ul><ul><li>Don’t Fall for  </li></ul><ul><li>th...
12 Things Every QuickBooks User… <ul><li>Needs To Know  Bonus  #3 : </li></ul><ul><li>Voice Your Opinion! </li></ul><ul><l...
12 Things Every QuickBooks User… <ul><li>And Now You Know!… </li></ul><ul><li>Scott Gregory </li></ul><ul><li>[email_addre...
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QuickBooks: 12 Things Every User Should Know

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An overview of what small businesses need to know to get the most out of their investment in QuickBooks accounting software.

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Transcript of "QuickBooks: 12 Things Every User Should Know"

  1. 1. 12 Things Every QuickBooks User Needs to Know Presented by: Scott Gregory, Your Trusted CFO QuickBooks Expert
  2. 2. 12 Things Every QuickBooks User… <ul><li>Complete Slide Deck is Available at </li></ul><ul><li>www.SlideShare.net </li></ul><ul><li>Search for QuickBooks </li></ul>
  3. 3. 12 Things Every QuickBooks User… <ul><li>Ever said: </li></ul><ul><li>“ I wish someone had told me…” </li></ul><ul><li>… once you found out something important after the fact? </li></ul>
  4. 4. 12 Things Every QuickBooks User… <ul><li>A question to ponder… </li></ul><ul><li>“ Would more small businesses survive if QuickBooks had never been invented?” </li></ul>
  5. 5. 12 Things Every QuickBooks User… Crappy Bookkeeping : The Silent Killer of Thousands Of Businesses Each and Every Year! The SBA estimates that….
  6. 6. 12 Things Every QuickBooks User… <ul><li>Needs To Know #1 : </li></ul><ul><li>Just Because You Can… </li></ul><ul><li>… .Doesn’t Mean You Should! </li></ul>
  7. 7. 12 Things Every QuickBooks User… <ul><li>Do You Change Your Own Oil? </li></ul><ul><li>Messy </li></ul><ul><li>Don’t Have Time </li></ul><ul><li>Don’t Have Skill </li></ul>
  8. 8. 12 Things Every QuickBooks User… <ul><li>Then Why Do You Keep Your Own Books? </li></ul><ul><li>Same issues as oil change, right? </li></ul><ul><li>But wait – the QuickBooks marketing is alluring!! </li></ul>
  9. 9. 12 Things Every QuickBooks User… <ul><li>The decision you make to keep your own books today… </li></ul><ul><li>May be the one that kills your business tomorrow… </li></ul><ul><li>There is always time to change direction! </li></ul>
  10. 10. 12 Things Every QuickBooks User… <ul><li>Universal Accounting Equation: Bad Books = Bad Business Decisions! Are your bankers laughing at you? </li></ul>
  11. 11. 12 Things Every QuickBooks User… <ul><li>Needs To Know #2 : </li></ul><ul><li>Set the Right </li></ul><ul><li>Expectations BEFORE Using QuickBooks </li></ul>
  12. 12. 12 Things Every QuickBooks User… <ul><li>Installing QuickBooks is the easy part </li></ul><ul><li>If you dislike tracking your personal finances… </li></ul><ul><li>There is no magic “bookkeeping dust” in the box </li></ul>
  13. 13. 12 Things Every QuickBooks User… <ul><li>Needs To Know #3 : </li></ul><ul><li>Get Qualified Help </li></ul><ul><li>to Set Up QuickBooks (or review it if already in place) </li></ul>
  14. 14. 12 Things Every QuickBooks User… <ul><li>Your accountant may NOT be the best option! </li></ul><ul><li>Getting it WRONG in the beginning costs far more in the long run </li></ul><ul><li>Get an X-Ray if you have been using for a while (or if it was handed to you…) </li></ul>
  15. 15. 12 Things Every QuickBooks User… <ul><li>Needs To Know #4 : </li></ul><ul><li>Unless You Are </li></ul><ul><li>A Payroll Genius.. </li></ul><ul><li>Outsource It! </li></ul>
  16. 16. 12 Things Every QuickBooks User… <ul><li>“ But my payroll is simple…” </li></ul><ul><li>“ I already have staff to take care of it…” </li></ul><ul><li>Writing the paycheck is the easy part </li></ul><ul><li>Filings and deposits are the hard part </li></ul><ul><li>IRS doesn’t accept “well, I didn’t know…” </li></ul><ul><li>OUTSOURCE IT! </li></ul>
  17. 17. 12 Things Every QuickBooks User… <ul><li>Needs To Know #5 : </li></ul><ul><li>Don’t Complicate.. </li></ul><ul><li>Simplify! </li></ul>“ QuickBooks is Making My Head Hurt!”
  18. 18. 12 Things Every QuickBooks User… <ul><li>Keep a simple chart of accounts </li></ul><ul><li>Document accounting procedures and keep them simple to start </li></ul><ul><li>Make sure to create an “Ask My Accountant” account </li></ul><ul><li>Reduce paper and automate wherever possible – ex: SmartVault </li></ul>
  19. 19. 12 Things Every QuickBooks User… <ul><li>Needs To Know #6 : </li></ul><ul><li>Never Assume </li></ul><ul><li>the Data is Right </li></ul>
  20. 20. 12 Things Every QuickBooks User… <ul><li>Running the report is easy </li></ul><ul><li>Getting accurate data into it is not </li></ul><ul><li>“ I just ran the 1099 report and gave it to our accountant…” </li></ul>
  21. 21. 12 Things Every QuickBooks User… <ul><li>Needs To Know #7 : </li></ul><ul><li>Walk First.. Then Jog… and then Run… </li></ul><ul><li>into Online Banking </li></ul>
  22. 22. 12 Things Every QuickBooks User… <ul><li>Should refer to this as “Downloading Your Way to Disaster” </li></ul><ul><li>Understand how QuickBooks works manually first… </li></ul><ul><li>Applicable to both bank and credit card information </li></ul>
  23. 23. 12 Things Every QuickBooks User… <ul><li>Needs To Know #8 : </li></ul><ul><li>Run a </li></ul><ul><li>Profit and Loss </li></ul><ul><li>Report Every Month ! </li></ul>
  24. 24. 12 Things Every QuickBooks User… <ul><li>Provides a meaningful recap of income and expenses </li></ul><ul><li>When viewed across periods, provides excellent trending tool. </li></ul><ul><li>Goal: Within 5 days of month-end </li></ul><ul><li>Do NOT wait until quarter or year-end to prepare! </li></ul>
  25. 25. 12 Things Every QuickBooks User… <ul><li>Needs To Know #9 : </li></ul><ul><li>Run an Accounts Receivable </li></ul><ul><li>Aging Summary Every 2 Weeks ! </li></ul>
  26. 26. 12 Things Every QuickBooks User… <ul><li>Who owes? </li></ul><ul><li>How long? </li></ul><ul><li>How much? </li></ul><ul><li>Incoming cash is lifeblood of your business! </li></ul><ul><li>What systems do you have in place to manage overdue accounts? </li></ul>
  27. 27. 12 Things Every QuickBooks User… <ul><li>Needs To Know #10 : </li></ul><ul><li>Run Sales by Customer and by Item </li></ul><ul><li>Reports Every Quarter </li></ul>
  28. 28. 12 Things Every QuickBooks User… <ul><li>What you sold </li></ul><ul><li>Who you sold it to </li></ul><ul><li>How much you sold them </li></ul><ul><li>Very helpful for marketing and planning </li></ul><ul><li>Excellent opportunity to step back and review </li></ul>
  29. 29. 12 Things Every QuickBooks User… <ul><li>Needs To Know #11 : </li></ul><ul><li>Don’t Let Your </li></ul><ul><li>QuickBooks File </li></ul><ul><li>Implode! </li></ul>
  30. 30. 12 Things Every QuickBooks User… <ul><li>F2 key tells it all </li></ul><ul><li>How big? </li></ul><ul><li>How disorganized? </li></ul>
  31. 31. 12 Things Every QuickBooks User… <ul><li>Needs To Know #12 : </li></ul><ul><li>You Can NEVER </li></ul><ul><li>Have Too </li></ul><ul><li>Many Backups! </li></ul>
  32. 32. 12 Things Every QuickBooks User… <ul><li>You do all the hard work – why risk it? </li></ul><ul><li>Must be: </li></ul><ul><ul><li>Offsite AND Online </li></ul></ul><ul><li>Suggestions: </li></ul><ul><ul><li>Carbonite or Mozy </li></ul></ul><ul><li>Avoid: Intuit Data Protect </li></ul>
  33. 33. 12 Things Every QuickBooks User… <ul><li>Needs To Know Bonus #1 : </li></ul><ul><li>YES! The IRS CAN Request a Copy of Your QuickBooks File! </li></ul>
  34. 34. 12 Things Every QuickBooks User… <ul><li>Needs To Know Bonus #2 : </li></ul><ul><li>Don’t Fall for </li></ul><ul><li>the Hype: </li></ul><ul><li>Upgrade Every 3 Yrs </li></ul>
  35. 35. 12 Things Every QuickBooks User… <ul><li>Needs To Know Bonus #3 : </li></ul><ul><li>Voice Your Opinion! </li></ul><ul><li>It Carries More Weight than Mine! </li></ul><ul><li>(Help > Send Feedback) </li></ul>
  36. 36. 12 Things Every QuickBooks User… <ul><li>And Now You Know!… </li></ul><ul><li>Scott Gregory </li></ul><ul><li>[email_address] </li></ul><ul><li>(440) 527-5696 </li></ul><ul><li>www.BetterBottomLine.com </li></ul>
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