The following information should help you maximize the value of your QuickBooks system.
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There’s no denying that in this day and age a successful business requires a strong IT (Information Technology) budget. From upgrading computers to purchasing software to IT consultants for problem solving…computing and technology dollars can become a significant investment very quickly. But there’s a reliable choice that sidesteps both the heavy-duty costs and major risks. It’s called “hosted computing”. It’s a high-tech alternative that is growing in popularity and is providing many business owners an attractive option.
Is business slow? Think it’s a good time to slack off and take a vacation? Better think again! This is the time to roll up your sleeves and really go to work on the economic side of your business!
One of the most popular board games of all times is Monopoly – a game of money. But in this case, as the head of your company, you are the one who defines the rules of your company’s “money game”. Your goal should be to become as skillful a player in this real-life sport as possible. Rather than just reacting to what other players are doing, you can add new levels of enjoyment and reward to the game by developing detailed money plans, strategies, and contingency positions.
If you ever feel like “Judge Amy” when you have to determine who gets 1099s and who doesn’t, just think of it this way: you’re upholding your part in the legal system to be sure that everyone else pays their “fair share” of the tax burden. And that’s what creating 1099s in QuickBooks is all about; tracking payments to people who don’t receive W-2s but who are, typically, subject to self-employment and/or income taxes.
Ever wished you could see more, less, or different information when you’re viewing your QuickBooks Lists? In the 2005 (and subsequent) versions of QuickBooks there is a feature which allows you to customize exactly what you see in your Lists.
This article was published in the July 2006 issue of Remodeling Magazine.
Who says that just because you are an accountant or bookkeeper that you have to live in a black and white world? QuickBooks offers you a variety of ways to use color for more fun, greater efficiency, and enhanced productivity!
This article was published in Michigan Builder Magazine in April 05.
This accounting technique provides you with a stable, reliable way of matching each job’s life-to-date revenue against its life-to-date expenses so that you can know how this month’s or quarter’s profit “lines up” against last month’s, last quarter’s or last year’s numbers.
Percentage of Completion entries act much like the bubble in a common level. Learn why and how these entries provide a way to “level” your financial results across accounting periods and more accurately view and understand your true profitability.
Article published on Intuit Professional Accounting Solutions Website.
Do you ever wonder how much credit is left (or available from) your credit cards, your construction, land or development loans, or from your Line of Credit? For example:
- “Where are we on our construction draws?”
- “How much is still available on that credit card?”
- “Which loan should I pay off first?”
One of the primary benefits of an accounting system is that you can store and categorize LOTS of information. On the other hand – one of the primary problems with an accounting system is that you can store and categorize LOTS of information! But, where did it go? If you’ve had any difficulty in searching for a specific piece of data, or a specific transaction, I believe that I have some extremely helpful information for you!
On more than one occasion, I’ve heard of builders who fell behind on documenting the change order documentation process. Then, if and when they finally get all of their paperwork under control at the end of the job, the client either wouldn’t or couldn’t pay. The result? A direct hit to the bottom line!
Here’s how to use your QuickBooks to track every single change order for every job as it progresses. Use a variety of reports to stay on top of these potentially profitable modifications. Learn how to keep your client up to speed and informed. Then, accelerate your cash flow and increase your profits by starting to get paid on a timely basis for all of those major and minor add-ons, change orders, and extra work and cost that many builders are currently financing out their own pockets!
Are you using specific processes to finalize your accounting each month? If not, you’re in the “BAD DATA” danger zone! This article explores the important elements of month-end closing procedures and the types of problems you can avoid by implementing the right kinds of month-end wrap up controls.
When I begin working with new QuickBooks clients, one of the first things I check is the size of their current data file. Larger data files are at a higher risk for:
- Data loss and/or corruption
- Slower transaction entry and report processing
- Faulty backups
As with most things in life, preventing (or postponing) the problem is much easier and less costly than handling it after it has occurred, so here are three “preventive health care” concepts regarding your file size. Once you have obtained an understanding of how you arrived in your current condition, here are five alternatives to dealing with an overgrown QuickBooks file.
As more and more companies bring their accounting systems in house, the opportunities for errors and/or fraud increase correspondingly. Here are some fairly simple steps you can take in the comfort of your office to help protect your company’s QuickBooks® accounting system from both of these unpleasant and regrettable circumstances…
When working with new QuickBooks clients, I often find that many are not using the Credit Card feature. This is a unique, valuable, no-additional-cost feature included with your QuickBooks accounting software.
If you use credit cards for your business expenditures and want accurate, uhttps://www.infoplusaccounting.com/wp-content/uploads/2017/05/CreditCardEntriesinQuickBooks.pdfp-to-date records regarding purchases, deductible interest, late fees, or outstanding balances, here’s how to enter those transactions using the Credit Card feature. It’s fast, it’s easy, and utilizing this tool will provide you with valuable and useful information.
From Hanley Wood – Remodeling Magazine Online Expert Q&A
- New Wireless Time-Tracking for Field Workers
A new Intuit program offers a solution to the challenge of getting field crews to turn in detailed, accurate timesheets. It is wireless, GPS-enabled, and affordable, says QuickBooks expert Diane Gilson.
- Making Money on Remodeling Jobs? Track Your Financial Data to Find Out
Take control of your daily financial information. Even if someone else will be handling your day-to-day entries, learn how to make basic entries into your QuickBooks file and how to run basic reports to see how those entries show up.
- Assigning and Tracking Warranty Costs in QuickBooks
Learn how remodelers can assign warranty costs after a job has been closed out.
- With Wireless Computers, Avoid Wireless Corruption
Why laptops can compromise the integrity of QuickBooks files & tips for keeping them safe.
- Regular Server Backups Are No Guarantee for QuickBooks
Automatic server backups won’t necessarily protect your QuickBooks files. Diane Gilson offers tips for keeping your files safe and up to date.
- Assigning Payroll Costs to Different Accounts in QuickBooks
Diane Gilson explains how to attribute payroll costs to various accounts in QuickBooks.
- Estimating: Markups vs. Gross Profit for Large & Small Jobs
- What costs should be included when estimating a project?
- What percent should be used for markup?
- Should smaller jobs be marked up more than large jobs?
- Cost of Goods Sold Accounts: The Secret to Measuring Gross Profit
I’m a contractor, not a retail store, so I don’t really sell “goods”. Do I need to use that type of account?
- Price is Right (by Stacey Freed)
Not a Game, pricing a remodeling project is serious business.
If you’d like to further test yourself on your QuickBooks expertise, visit our Great QuickBooks Challenge page.