QuickBooks: 12 Things Every User Should Know
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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.

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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QuickBooks: 12 Things Every User Should Know QuickBooks: 12 Things Every User Should Know Presentation Transcript

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