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NCET Tech Bite - March 2015 - QuickBooks - Marie Gibson
- 1. Everything you always wantedto know about QuickBooks and were afraid to ask... Managing Your Business Finances Like a Pro
- 2. Marie Gibson • CFO,Speaker, Author and Instructor • Founder, Gibson, Gale & Associates • Advanced Certified QuickBooks ProAdvisor, QBO, Enterprise, Premier • National Trainer for Intuit Trainer/Writer Network for Accounting Professionals • Intuit Reseller • Founder of Smart-U Learning Center • Connect with me on LinkedIn, Twitter, YouTube and Facebook • Blogs at Smart-U.education and Gibson-Gale.com
- 3. 4 important take-aways 1.Understand why information is Powerful, and know if your business is financially healthy. Healthy Financial Information – Review of QB’s File: Balance Sheet, P&L, A/P, A/R, Undeposited funds, O/S (outstanding) checks/deposits in reconciliation 2. Identify key questions to ask yourself (Software Needs Assessment) 3. Familiar with similarities/differences in QB’s products – Technical drill-down into window shots 4. Recognize common mistakes made in QB’s
- 5. Happy business owner •Calm, confident, gracious • Sleeps at night Either: 1. Financially educated Accurate, timely information helping with your decision- making OR... 2. Abdicated his/her responsibility Uneducated and mis-placed confidence in others
- 6. Struggling Business Owner •Stressed • Abrupt, rude, impatient • Awake all night – Nightmares • Lacks confidence in decisions Either: 1. Financially educated • Not getting the accurate, timely information needed for decision-making OR.... 2. Becoming financially educated • realizing his mis-placed confidence in others
- 7. Nightmares.... Embezzlement Sales Tax andPayroll Tax Liabilities Cost Accounting
- 8. Healthy Lifestyle • Symptoms? –Cold – Flu – Pain – Chronic condition – Terminal condition – Just don’t feel good • Prescription – ‘magic pill’ OR... • Living positively – exercise, eating wholesome foods
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- 10. Cash Flow -Money In and Money Out Digital Checking Accounts, i.e: Quicken, Simple Start CUSTOMERS Sales Services / Products Out YOUR BUSINESS VENDORS Expenses Services / Products In Money In Money Out
- 11. INFORMATION is POWER! QuickBooksreporting functions 4. Compliance. Report your company’s incomes, expenses, and payroll accurately to the IRS. 5. Insight and Decision-Making. Make informed decisions – and price your product or service for profitability – with accurate and timely reports 6. Funding. To be considered for a loan or investment, you’ll need complete financial statements. 1. Cash Flow. Track the money going in and out of your business. 2. Manage Customers and Sales. Know and understand your customers through consolidated records. 3. Production. Obtain goods and services. Apply for and establish credit with your vendors. YOUR BUSINESS
- 12. Information is POWER! •Financial Accounting – External users • Compliance – Reports – Filings for taxes • Loans • Investors • Financial Statements • Managerial Accounting – Internal Users • Running your business • Decision-making • Cost accounting • Focus on Profitability • Financial Statements • Managerial Reports
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- 17. Basic Questions toask yourself • What is your industry? • What is your current accounting software? POS system? Franchise system? • Are you using additional software to enhance financial information? • Do you want to track Accounts Payable? • Do you want to track Accounts Receivable? • How many QB users do you need? Simultaneously? • Do you have employees? Payroll Service? • Do you accept credit cards? Merchant Services? • Do you need to track inventory? • Do you need multi-currency?
- 18. Your business –accounting is hub Accounting System Admin/IT: Cloud, Mobile, Docs Sales & A/R: Marketing Invoicing, POS/eCommerce Payments, CRM Purchases & Payables: Bills, Expenses, Approvals Operations: Inventory, Job Costing, Scheduling HR: Time, Payroll Financial: Reporting, KPIs, Tax
- 19. • Do youneed a departmental Profit and Loss? • Do you need job cost reports – Directly allocated costs only – Indirect costs (i.e. payroll) included • What reports are you using now from current software? • What reports are you generating outside your current software? i.e. Spreadsheets/notebooks • What reports do you wish you had? Basic Questions - Reports
- 20. Basic Questions -Mobility • Do you need 24/7 access? • Does your accountant need access? • Do you travel? • Do your employees need access remotely? • Available through web or phone?
- 21. Overview of QuickBooksDesktop Versions
- 22. QuickBooks Pro • Upto 3 users • Download bank and credit card transactions • Track inventory • Estimates & Purchase Orders • Memorized transactions
- 23. QuickBooks Premier Everything thatis in Pro – plus…. • Up to 5 users • Industry specific editions • Sales orders • Inventory Center • Inventory assemblies • Multiple units of measure • Batch invoicing for time & expenses • Reversing journal entries
- 24. QuickBooks Enterprise Solutions Everythingthat is in Premier – plus…. • Up to 30 users • Larger list limits • More granular user permissions • More inventory options • Batch enter transactions • Auto sales price markup • Assign default classes to names, accounts and items • Fixed Asset Manager • Open two QB companies at same time • Advanced Pricing – add-on • Advanced Inventory – add-on
- 25. QuickBooks Premier/Enterprise Accountant AccountantOnly Features • Accountants Copy • Client Collaborator • Client Data Review – Troubleshoot prior account balances – Batch reclassify – Auto apply customer & vendor credits – Troubleshoot inventory – Find and fix incorrectly paid sales tax • Send journal entries to client • File Manager
- 26. Find Freedom inthe Cloud… QuickBooks Online OR QuickBooks Desktop with Cloud Access (i.e.: Cloud 9), or remote access (i.e.: Log-me-in)
- 27. QuickBooks Online SimpleStart • Anywhere, anytime access from any device • Auto updates/backups • Same security & encryption as banks • Auto bank feeds • Estimates & invoices • Record transactions and print checks • Import from Excel (lists) • Integrate with apps • 20+ reports • 1 user + 2 accountant users
- 28. QuickBooks Online Essentials •All that is in Simple Start Plus….. • Can convert from QuickBooks Desktop • Automatic Invoicing • Accounts payable • Delayed Billing • Scorecard / industry trends • User permissions • 40+ business reports • 3 users + 2 accountant user
- 29. QuickBooks Online Plus •Class / Location Tracking • Purchase Orders • Inventory • 1099s • Billable expenses • Income by Customer (basic job costing) • Budgets • 65+ business reports • 5 users (up to 25) + 2 accountant users + unlimited reports only & time tracking users
- 30. Overview of QuickBooksAccountant Version QBOA is a portal to access your clients QBO files Still limited to your client’s subscription level
- 31. Pricing Important – startat the lowest level and upgrade if / when needed You can NOT downgrade QBO Version MSRP Simple Start $12.95 Essentials $26.95 Plus $39.95
- 32. Benefits of QuickBooksOnline • Anytime, anywhere online access • Data hosted & backed up by Intuit’s secure server • No software programs or local data to manage • Assistance center • Easy app sync to QBO server • Banking transactions automatically downloaded • Reports sent automatically via email • Scheduled transactions created and sent automatically • No need to upgrade; updates applied for you
- 33. QuickBooks Online FeaturesNot in Desktop • Automatic invoice / sales receipts (created & emailed) • Automatic emailing of reports • Multiple A/R or A/P in one JE (technical detail) • Multiple budgets • Service dates • Delayed Charges
- 34. QuickBooks Desktop FeaturesNot in Online • Inventory – units of measure, groups, assemblies, reorder points, etc. • Allocating labor/payroll to Jobs • Multiple templates and more customization of templates • Premier / Industry specific reports • Sales Orders (Premier) • Batch Invoicing • Progress Invoices • Price Levels • Lead Center • Mileage Tracking
- 35. • File size– must be less than 350,000 targets (F2 to check) limited to files less than 250 MB • Import within first 60 days • Cannot convert QB file with multiple currency turned on • Wouldn’t recommend converting file with inventory Limitations of importing into QBO
- 36. • Payroll • SalesTax items/agencies • Inventory & Inventory groups • Memorized transactions or reports • Price Levels • Budgets • Sales Form Templates • Estimates Data Not Imported into QBO
- 37. Payroll Options Client RunsPayroll Accountant + Client Collaborate Intuit Does it for Client Intuit QuickBooks Online Payroll Intuit Online Payroll For Accountants Intuit Full Service Payroll Pay by check or direct deposit Yes Yes Yes Free expert support Yes Yes Yes Get year-end W2 forms Yes Yes Yes Federal & State payroll tax forms automatically filled in Yes Yes Yes Separate accountant & client log-ins to access the same account Yes Yes Yes Intuit files and pays taxes for you Yes No tax penalties, guaranteed Yes Payroll setup completed for you Yes
- 38. Automation Goals • Maintainreporting integrity • Enter/Review data from external sources • Enter multiple transactions one time only • Use features in data automation to recall previous transaction assignments • Bank Feeds – i.e: renaming rules • Credit Card Feeds DESKTOP & ONLINE TRANSACTION ENTRY AUTOMATION
- 39. Proliferation of AppUse SMBs are using more and more apps to run, manage, and grow their business Top Business Apps used by QB Customers Lack of integration between apps causes pain: • Multiple points of data entry • Errors in data reconciliation • Customer info in different places • No ability to see consolidated view of customers’ profiles • No separation of duties
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- 41. Let’s take alook in the software...
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- 44. QB’s Desktop CompanySnapshots
- 46. QBO DashBoard • Providesa snapshot view of the company’s financial position • Customize the information displayed • Add a logo; print the details • Use the information to offer relevant suggestions for your client
- 47. TIME AND EXPENSESON INCOME TRACKER • View unbilled hours • Sort the unbilled hours to help determine which client to bill first • Takes the guesswork out of project time that has not yet been billed
- 48. DATA AUTOMATION TOOLS– Banking, Desktop • Useful Account Information window • View download status of all connected accounts • Access all download activity • Manage communications with each of your connected financial institutions
- 49. DATA AUTOMATION TOOLS– Banking, QBO Similar functionality to QuickBooks Desktop Bank Feeds Bank Feeds update automatically
- 51. Common Mistakes inall Versions – Desktop and QBO FOLLOW the “Blue Brick Trail”
- 52. Use the integratedmodules • Sales Tax payments • Payroll and payroll tax liabilities
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- 54. Understand Chart ofAccounts
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- 56. Items linked toCost and Income accounts
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- 58. Action Steps • Understandthat Information is Powerful! – Read your Reports regularly, understand the information on your reports • Prepare business software assessment before installing • Understand QuickBooks/software offerings – Determine the correct accounting solution – Evaluate additional tools in the QuickBooks ecosystem to extend functionality • Recognize common mistakes in QB’s – Professional help setting up – Trouble-shoot and fine-tune as needed • Makes loads of money!
- 59. Thank you! FREE TIPS! Signup for our valuable newsletter! Smart-U.education Gibson-Gale.com
Editor's Notes
- #11 Cash is King A healthy cash flow is critical to the viability of your business. The first step towards a positive cash flow is understanding your inflows and outflows: money in and money out. What does your business offer for sale? And then once your receive payment, what do you do with the money? Expenses. What type of products and services do you buy to keep your business running? Your money in from “sales” and money out from “expenses” create your cash flow. These are two main account categories.
- #12 Why take the time to learn and use financial management methods? Accounting is the language of business, so you and other parties (banks, IRS, etc.) should all speak the same language. Stay on top of your cash flow: Track money in and out of your business. Even a profitable business can go bankrupt if it doesn’t track cash flow. Manage your customers and sales: Track what they are buying, keep records up-to-date so you can contact them Production & Inventory: Know how to obtain goods and services from your vendors and establish credit Once your records are centralized, you can create reports for a variety of important activities: Filing with the IRS Understanding how your business is doing (this will help on pricing products and services) Sharing your financial picture with third parties (banks, SBA, etc.) to secure loans And then of course, tracking the money going in and out of your newly larger business. All companies, even huge established one’s with billions in revenue and tens of thousands of employees rely on financial management for these six areas. Whatever your business, sound financial practices are a toolset that can help you get the greatest return from your efforts.
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