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Get financially Fit: Tips for Using QuickBooks

When you're running a business, the last thing you want to be worried about is wasting time trying to figure out how to do your accounting. Join a QuickBooks product expert as she shares best practices for simplifying your day-to-day accounting and truly getting the most out of QuickBooks as a small business owner.

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Get financially Fit: Tips for Using QuickBooks

  1. 1. Lielette Calleja | Director of All That Counts Get Financially Fit: Tips for Using QuickBooks WiFi: QBConnect Password: not required #QBConnect@QuickBooksAU
  2. 2. 2#QBConnect@QuickBooksAU • 25 Years experience in Accounting • 12 Years Consulting with SMB’s • Trainer, Writer & Speaker for Intuit • Business Person of the Year 2016 • Bookkeeping Firm of the Year Finalist 2017 • Small Business Owner x 2 About today’s speaker
  3. 3. 3#QBConnect@QuickBooksAU @lieletteATC @allthatcounts @allthatcountsAU @lielettecalleja Let’s get connected socially …
  4. 4. We help small business owners implement technology to manage their business better – Lielette Calleja SMB Cloud Accounting Advisor
  5. 5. Have an open mind The sky cloud is your limit Be inspired and learn something new today Rules for today …
  6. 6. Do focus on the things that count Don’t focus on the things that weigh you down Do things at the right time in the right order Rules for tomorrow …
  7. 7. Take a few moments to Connect with your neighbour on the left … Q. What was your biggest challenge when you first started in business, what were you afraid of and what stood in your way?
  8. 8. Take a few moments to Connect with your neighbour on the right … Q. Where are you now? Have those particular challenges gone and have new ones surfaced?
  9. 9. Challenges Are Part of Everyday Small Business
  10. 10. 10#QBConnect@QuickBooksAU 27% 24% 13% 9% 8% 8% 6% 3%1%1% Finding Customers Time & Fatigue Finding Staff Making Profit Marketing & Social Cashflow Bookkeeping Productivity Staying Current Regulation Top 10 Small Business Challenges Survey conducted with 100 plus business owners in Sydney
  11. 11. Simplifying The Challenges
  12. 12. 1. Simplify How You Spend Your Money
  13. 13. Set-up business debit or visa cards Don’t mix business with pleasure Cash is not king Transparency keeps life simple
  14. 14. 2. Start Connecting Your Bank Feeds
  15. 15. Get connected in 60 secs
  16. 16. Get connected in 60 secs
  17. 17. 3. Life Is Better With Bank Rules
  18. 18. Mastering bank rules
  19. 19. Mastering bank rules
  20. 20. 20#QBConnect@QuickBooksAU 4. Repetition is boring! Be Smart & Automate • Don’t repeat the same task • You’re just going round in circles
  21. 21. 21#QBConnect@QuickBooksAU 5. Automate Your Reminders/Alerts • Don’t rely on your memory bank • Practice Set and Forget • Put Your Business on Auto-Pilot
  22. 22. Make use of recurring transactions
  23. 23. Make use of recurring transactions
  24. 24. 24#QBConnect@QuickBooksAU Set up reminders/alerts TIP! Use Your Reminder List as a basis for Cashflow Forecasting
  25. 25. 25#QBConnect@QuickBooksAU 6. Capture Expenses On The Go QuickBooks is ideal for EFTPOS, Cash & Credit Card Payments Receipt Bank is ideal for supplier bills and all types of expenses
  26. 26. QuickBooks Receipt Bank
  27. 27. QuickBooks Receipt Bank
  28. 28. QuickBooks Receipt Bank
  29. 29. Auto matching expenses to bank feeds
  30. 30. Auto matching expenses to bank feeds
  31. 31. Expense Reimbursements
  32. 32. Involve your team, don’t create extra work for yourself. Document your policy & processes so your team understand what’s expected Adopt mobile solution & encourage staff to use the app 7. Self Service Staff Expense Reimbursements
  33. 33. 33#QBConnect@QuickBooksAU Logging your expenses
  34. 34. 34#QBConnect@QuickBooksAU Logging your expenses
  35. 35. Tracking Income & Getting Paid
  36. 36. “Instant Gratification” Demand for wanting and receiving things NOW is seeping into every corner of our lives! We Live in an IG World Big companies count on consumers impatience to sell their products and services faster online with same day delivery!
  37. 37. 37#QBConnect@QuickBooksAU Patience Is No Longer a Virtue
  38. 38. 8. Make it Simple for Customers to Pay NOW
  39. 39. 39#QBConnect@QuickBooksAU Some options you have available … • Works great if you are a brick-and-mortar company with an online presence • E-Commerce integration with most platforms – no need to checkout • 2 days settlement • Accept mobile payment with Charge App • Cheaper than PayPal • Works great if you are a services based business and you’re mobile or • Need a simple POS inventory system • Accept mobile payments • Next business day settlement • The old kid on the block • Needs to lift it’s game with pricing • Reliable • Need to checkout from website • Accept mobile payments • Next business day settlement
  40. 40. Invoicing and getting paid NOW
  41. 41. Invoicing and getting paid NOW
  42. 42. 9. Chasing Money is Painful This can jeopardize client relations Save yourself the hassle Automate your collection process Be top of mind every time
  43. 43. 43#QBConnect@QuickBooksAU Some options you have available …
  44. 44. The art of sending out reminders
  45. 45. The art of sending out reminders
  46. 46. Sending out statements keeps you top of mind
  47. 47. Sending out statements keeps you top of mind
  48. 48. Leveraging
  49. 49. Leverageoff technology to increase your profits, decision making, productivity, customer service and to give you back time
  50. 50. Business Insights (BI)
  51. 51. Informationis power! The bad thing is, we are buried with it. Without the right tools it’s just more noise you have to deal with.
  52. 52. Clean data makes good business decisions The 3 R’s of reporting: RELIABILITY READABILITY REGULARITY
  53. 53. many of us can relate Are you too exhausted to know your numbers?
  54. 54. Don’t be afraid to know your numbers
  55. 55. 55#QBConnect@QuickBooksAU Your monthly financial statement is like kale You know it’s good for you but it can be hard to digest
  56. 56. 56#QBConnect@QuickBooksAU What Ratio Formula Introduce Finance to Operations Sales Per Employee Gross Profit Per Employee Total Sales / No. of Hours Worked Gross Profit / No. of Operational Hours Worked Mix & Match (P&L & BS) Inventory Days Debtor Days Stock On Hand / COGS x Days in Month Accounts Receivable / Sales x Days in Month Look Forward by Working Backwards Pricing your Minimum Cost Per Hour or Breakeven Labour Costs in COGS + Fixed Cost / Man Hours How Can You Use Your Financial Reports
  57. 57. 57#QBConnect@QuickBooksAU Drivers How They Work Price Increase in price has the greatest impact on profit as every dollar goes straight to your bottom line. Price will always have an impact that is 2 or 3 times greater than any driver. Variable Cost An increase in sales volume will incur increase in variable costs, so the gain will be smaller. A decrease in your variable costs will increase the margin but will not increase overall revenue. Fixed Cost A reduction in fixed costs has no impact on revenue so will therefore, have the smallest impact of all. If you want to increase your profit but not alter your prices and attract more customers then you need to find ways to reduce your overheads. Sales Volume Sales volume determines if your business is expanding or not. Sales volume is measured by qty of product or services sold. Investors look at this figure. 10. Identify & Understand Your Key Profit Drivers If you want to increase profitability you need to work on these areas:
  58. 58. Creating and auto scheduling custom reports
  59. 59. Creating and auto scheduling custom reports
  60. 60. Creating monthly management reports
  61. 61. Creating monthly management reports
  62. 62. Let’s Recap … • Simplify your spending • Get connected with bank feeds • Life is better with bank rules • Repetition is boring – be smart and automate • Utilised reminders and alerts • Capture expenses on the go • Staff reimbursements - DIT • Get paid for the work you do now • Chasing money is painful – stay on top of it • Confront your numbers • Use financials to make better business decisions
  63. 63. We live in a fast pace world where speed to market, speed to providing a service is our only competitive advantage. – Tania Allen Business Growth Expert
  64. 64. Questions?
  65. 65. Missed something? Today’s presentations are available in the event mobile app and at Don’t forget to rate my session: Open up the event app, find my session title in the agenda and click on rate & review
  66. 66. 66#QBConnect@QuickBooksAU