What You Don't Know About QuickBooks May Cost You

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This slide show is part of my presentation at the Lakeland Community College Small Business Symposium. …

This slide show is part of my presentation at the Lakeland Community College Small Business Symposium.

The intent is to help viewers understand exactly what they are getting when they make the decision to do their own bookkeeping for their business.

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  • QuickBooks: What You Don't Know May Cost You Presented by Scott Gregory, Bottom Line Accounting Solutions

Transcript

  • 1. QuickBooks: What You Don’t Know May Cost You!! Presented by: Scott Gregory, Your Trusted CFO & QuickBooks Expert
  • 2. Copies of Slides?
    • Visit www.SlideShare.net and search for Scott Gregory QuickBooks OR
    • Leave me a business card with your e-mail on it and I will make sure you get a copy of them!
  • 3. QuickBooks: Their Marketing is Working!
      • BUT - how many installations are correct?
    • 4.2 million+ installations
    • 87-92% market share
    • New version every fall
  • 4. QuickBooks: Busting The Marketing Myths
    • Let’s have some fun and poke a few holes in the myths of QuickBooks marketing (before they lure you in)
  • 5. QuickBooks: What You Don’t Know…
    • Myth #1: “We know accounting sounds hard, but QuickBooks is easy – plain and simple.”
  • 6. QuickBooks: What You Don’t Know
    • Myth #1: QuickBooks is Easy EASY?
      • It is if you are an accountant! If not….
  • 7. QuickBooks: What You Don’t Know…
    • Myth #2: “If you can write a check, you can use QuickBooks”
  • 8. QuickBooks: What You Don’t Know…
    • Myth #2: If you can write a check REALLY?
      • Oops! They forgot one important word…
  • 9. QuickBooks: What You Don’t Know…
    • Myth #2: If you can write a check They forgot the word:
      • C-O-R-R-E-C-T-L-Y
      • As in, if you can write a check, you can use QuickBooks correctly.
  • 10. QuickBooks: What You Don’t Know…
    • Myth #3: “I am not an accountant. I just play one for my business…”
  • 11. QuickBooks: What You Don’t Know…
    • Myth #3: I’m not an accountant Just because you can doesn’t mean you should…
      • Do you want to be like this? (OR is your time much more productive elsewhere?)
  • 12. QuickBooks: What You Don’t Know…
    • Myth #4: “Save Time. Stay Organized. Get Paid Faster!”
  • 13. QuickBooks: What You Don’t Know…
    • Myth #4: Save time. Stay organized. Not from what I’ve seen…
  • 14. QuickBooks: What You Don’t Know…
    • Myth #5: “QuickBooks comes with expert support – so you are not alone”
  • 15. QuickBooks: What You Don’t Know…
    • Myth #5: QuickBooks expert support Bet you have an opinion on that!
  • 16. QuickBooks: What You Don’t Know…
    • Myth #6: “Built for butchers, bakers and candlestick makers. No accounting experience required whatsoever”
  • 17. QuickBooks: What You Don’t Know…
    • Myth #6: Built for butchers and bakers This idea scares accountants everywhere!
  • 18. QuickBooks: What You Don’t Know…
    • Myth #7: “Payday. Done in 3 easy steps”
  • 19. QuickBooks: What You Don’t Know…
    • Myth #7: Payroll in 3 easy steps Not so fast…
    • This is a leading cause of problems (and penalties)!
  • 20. QuickBooks: What You Don’t Know…
    • OK. OK. Enough fun at Intuit’s expense…
      • What am I trying to say by busting these myths?
  • 21. QuickBooks: What You Don’t Know…
    • As you approach the bookkeeping and finances of your business, you have a choice…
  • 22. QuickBooks: What You Don’t Know…
    • Choices:
    • The “Intuit way”
    • A more thoughtful (and better)approach…
  • 23. QuickBooks: What You Don’t Know…
    • Some Real-Life Feedback on the Intuit Way
    • “ Ugh. QuickBooks confuses the crap out of me!”
    • “ I don’t love you QuickBooks”
    • “ QuickBooks is making me pull my hair out. Soon = bald”
    • “ QuickBooks – you are killing me slowly”
  • 24. QuickBooks: What You Don’t Know…
    • The Real and Hidden Costs of QuickBooks
    • #1 - Bad use of your time
  • 25. QuickBooks: What You Don’t Know…
    • The Real and Hidden Costs of QuickBooks
    • #2 - Support costs/b ad data going in
  • 26. QuickBooks: What You Don’t Know…
    • The Real and Hidden Costs of QuickBooks
    • #3 - Bad results spewing out
  • 27. QuickBooks: What You Don’t Know…
    • The Real and Hidden Costs of QuickBooks
    • #4 - Bad decisions. In some
    • cases, REALLY bad decisions!
  • 28. QuickBooks: What You Don’t Know…
    • The Real and Hidden Costs of QuickBooks
    • Bad use of your time
    • Bad data going into the software
    • Bad results spewing out
    • Bad decisions being made
  • 29. QuickBooks: What You Don’t Know…
    • A Better Way:
    • QuickBooks really can be an AWESOME and POWERFUL tool for small businesses – when it is used correctly.
  • 30. QuickBooks: What You Don’t Know…
    • QuickBooks, when set up and used correctly , can help you “ keep score ” and know exactly where your business stands every day, week or month.
  • 31. QuickBooks: What You Don’t Know…
    • It’s NOT all mythology – QuickBooks can provide you with:
    • Profit and Loss (how’d we do?)
    • Balance Sheet (what we own and owe)
    • Accounts Receivable (who owes us?)
    • Accounts Payable (who do we owe?)
  • 32. QuickBooks: What You Don’t Know…
    • QuickBooks can also:
    • Create estimates and/or sales orders
    • Track inventory
    • Track time and expenses
    • Figure job costs
    • Handle credit card processing
  • 33. QuickBooks: What You Don’t Know…
    • And if QuickBooks can’t, the eco-system built around it probably can…
    • Document management
    • Bar coding
    • CRM
    • 450+ selections
  • 34. QuickBooks: What You Don’t Know…
    • If you are just starting out :
    • Invest in yourself and your business and get your QuickBooks professionally set up.
    • This will pay dividends for years to come
  • 35. QuickBooks: What You Don’t Know…
    • Your CPA will absolutely love you!
  • 36. QuickBooks: What You Don’t Know…
    • If you have been using QuickBooks a while :
    • Invest in yourself and your business and consider getting:
      • An X-ray done on your QuickBooks and/or
      • A quarterly review of your QuickBooks and/or
      • Someone to take over the books for you
  • 37. QuickBooks: What You Don’t Know…
    • BE AWARE: Your accountant may not know QuickBooks!
    • BE SURE: To choose your QuickBooks assistance carefully. Check references and resources.
  • 38. QuickBooks: What You Don’t Know…
    • By the way…
    • The Intuit marketing never said that it was going to be FUN.
    • It is ACCOUNTING after all!
  • 39. QuickBooks: What You Don’t Know…
    • However, if we do it right, we can have you looking like this in short order…
  • 40. QuickBooks: What You Don’t Know…
    • Questions? Comments?
    • Personal Stories to Share?
    • Scott Gregory, Your Trusted CFO and QuickBooks Expert
    • www.BetterBottomLine.com
    • (440) 527-5696