Tag Archives: Quickbooks

How to Use QuickBooks Services for Your Small Business Accounting

In these days of COVID, (I’ll be so glad when I won’t have to use that term anymore!) it’s good practice for small business owners to do much of their accounting online using software designed specifically for them. It saves money, time, and protects them from exposure to others. 

QuickBooks *** is a popular and economical program for business owners and accountants. Its features, functionality, and ease of use are all strong reasons to use this program. 

If you are considering QuickBooks as a tool to manage your books, here are some ways you can use it:

  1. Invoice customers: QuickBooks lets you invoice your customers to decrease accounts receivable and increase cash flow.
  2. Manage bills and accounts payable: Keep updated on your bills to your vendors and suppliers by using the enter bills and pay bills function. Keeping your vendors and suppliers happy is important as well.  You don’t want to fall behind on your outstanding bills with vendors. You just enter the payment and due date. No longer do you have to write and print checks. QuickBooks online pay function is easy and efficient. Plus, it saves you money from having to buy checks.    
  3. Employee time management: Enter the employee time data on the home screen. It can be a one-time event or a weekly payroll period. QuickBooks measures employee productivity and job costing, if applicable.
  4. Payroll management: QuickBooks lets you process payroll directly or you can integrate a third party for it. You will record your outsourced payroll in QuickBooks. You can also import your payroll data from QuickBooks to the accounting firm. 
  5. Memorized transactions: You should use QuickBooks memorized transactions to automatically enter transactions that occur on a regular and predictable basis.  This can include invoices, bills, journal entries, and payments.  The idea is to boost efficiency and have certain items be entered automatically into QuickBooks.  One example of good use of a memorized transaction is a bill that you have set up to be automatically deducted from your checking account like the monthly internet payment.  By memorizing a check you can have the payment automatically post to your checking account a certain number of days in advance. 
  6. Online banking: Major banks are now integrated into the QuickBooks software. So, you can set up your business to do all its online banking through it. 
  7. Printed checks: If you do need to print checks, you can keep cash flow analysis updated. Then you can print from it. It is extremely efficient!
  8. Journal entries: You may need to correct bookkeeping issues and create year-end entries per with your CPA so it matches your tax return. These detailed entries may be necessary when you file your tax return. 
  9. Online payments: The QuickBooks Intuit Payment Network gives your customer a convenient way to pay your invoices online. 
  10. Financial reporting: QuickBooks allows you to run reports to help get a snapshot of where your small business is at the moment. Your bookkeeping will be enhanced by its financial reporting.

If you are not using QuickBooks services, you may want to consider it. For the reasons listed above it may benefit your business to look into purchasing and using a software such as QuickBooks.

At A.K. Burton, PC, we help our small business clients with their taxes. We are familiar with QuickBooks as it is one of the many software that we use to serve our clients. Call us at (301) 365-1974 for a consultation. Our office is open! We serve the Bethesda, Rockville, and Montgomery County. MD area.

*** For more about QuickBooks Small Business Services, click here.  

How QuickBooks Can Change Your Small Business Accounting

Online accounting has been around awhile. In fact, most accounting is done online now in a cryptic, password-protected program.  

 One of the most popular programs is Quickbooks. It is used by millions of subscribers for business, small and big. Quickbooks accounting programs have led the way in innovative bookkeeping and easy functionality. 

 If you are feeling overwhelmed trying to organize your books, consider using Quickbooks. Here are some ways Quickbooks can change your small business accounting:

1.    Invoicing: You can create and send your own invoices. You can now increase your cash flow and decrease your accounts receivable.

2.    Cash flow control: By keeping your Quickbooks file updated, you can use it then to manage your cash flow. You have to enter your financial transactions regularly and do daily reconciliations. It is done by sorting the Quickbooks bank accounts by sing cleared status.

3.    Manage employee time: On the home screen, employee time can be entered (either a single time event or a weekly timesheet). This tracking system measures employee productivity. 

4.     Memorized Transactions: Regular transactions can be automatically entered on a regular basis. Quickbooks memorized transactions may include invoices, bills, journal entries, and payments.  Thus, your accounting should be much more efficient. 

5.    Accept Online Payments – The “Intuit payment network services” allows customers to pay your invoices online. It costs only $0.50 per transaction with no percentage of the invoice being charged as a fee.  

6.    Payroll Management – Payroll can be processed directly in QuickBooks. Your outsourced payroll can be recorded directly in Quickbooks. All payroll companies can import your outsourced payroll data into QuickBooks.  

7.    Financial Reporting: Small business financial reporting is a critical part of your small business bookkeeping.  

8.    Email Invoices and Statements – All of your small business invoices and statements can be emailed directly from Quickbooks. It reduces the time it takes for your customers to pay you. 

9.    Accounting questions listed: There may be some transactions that you may not know how to handle and could keep you from reconciling and closing out your financials.  The “Quickbooks Ask My Accountant” code on your chart of accounts lets you enter the transaction in question then reconcile all of them while keeping your questions organized in one spot.  

Quickbooks can become an essential part of your small business accounting and bookkeeping. The software can help organize your business and centralize multiple business functions. However, just understanding where to begin with Quickbooks can seem impossible. At A.K. Burton, PC we use QuickBooks as a tool to help our small business clients manage their businesses. If you don’t know where to begin with your small business accounting, we are here to help. We specialize in small business accounting services. 

A.K. Burton, PC, has Quickbooks accountants experts on staff who can help you set up and use this exciting accounting program for your business. Contact our friendly and experienced staff at (301) 365-1974 or email info@cpa-maryland.com. A.K. Burton, PC serves the Bethesda, Rockville, and Montgomery County areas.

Wake up and smell the coffee!: Small business accounting services that your accountant has-and you should be using

“Shoot, if I had only known!”

How many times have you said that to yourself. If you had only known that your favorite restaurant had a free dessert Wednesday night or that suit you wanted was half price, yesterday, or that the radio station was giving away tickets to your favorite singer’s concert.

Oh, if only…

It’s a familiar lament but, sometimes, there are second chances to great opportunities. Those opportunities missed are aggravating because you realize that you’ve lost out on something beneficial to your life. However, there is a much more important opportunity that exceeds any dessert, suit or concert ticket. We are speaking of small business accounting, of course.

Your business pays the bills and may even be the main source of income for your employees. It is crucial to your life. Don’t take the accounting and bookkeeping services your accountant has to offer for granted.

As any accountant will tell you, you may understand a lot about bookkeeping, but no one knows everything. Leave that to the professionals.   

So, here is a list of small business accounting services your accountant has and you should be using:

  1. Quickbooks Advice: Quickbooks is always updating, changing and upping its game. It is still the premiere business accounting program. Sometimes, keeping up with those changes can be a chore, if not impossible, during your long work weeks. Your accountant must keep up with the updates as they are probably using it themselves! Utilize their knowledge and expertise on this program and all you have to do is call.
  2. Setting up an Accounting System and Structure: Starting a business is a huge challenge and getting the correct accounting system for your business can be agonizing. There are many choices and many different fees. Do you know which accounting system is best? Most business owners and managers are not accountants plus they have too much on their plate, already. So, contact your accountant. They will analyze your business according to volume of business, number of employees and other factors to help you figure out which accounting system is best for your business. Then, your accountant can help you install it and set it up.
  3. Startup/New Business Consultation: You’ve got a great idea for a new business. You’ve done the research and even chosen a storefront. But, how do you get the financing? Hire employees? Set up payroll? Purchase inventory? Those and many important questions need to be answered. Your accountant can help you make all of these crucial, business startup decisions and get the launch of your dream off right.
  4. Record-keeping techniques: It is imperative that your business keep accurate accounting records. You have to deal with suppliers, employees, vendors, landlords, travel agents, garages, the IRS. That’s no small list of people and agencies who depend on your company to pay them. So, use the best accounting record-keeping methods you can find. Your accountant can advise you on what you can use that will be efficient, affordable and can be used by everyone in your company.
  5. Assistance with registering your company with all the appropriate tax authorities: What is an LLC and should your company be one? Which tax authorities do I register with in Washington, D.C., Maryland or Virginia? Or, should I register with all three? Do I need any licenses and permits to run my business? All good questions and they need to be answered. Your accountant can help you register, apply for the correct permits and licenses.

Did you know that these are just some of the services that your local accountant can provide for you and your company, no matter what its size or if it hasn’t even opened its doors, yet?! Like most business owners, you probably didn’t know it.

Running a business is hard work. Don’t make it even harder. Contact your accountant and have them be a partner in your success.      

A.K. Burton, PC, which serves the Washington, D.C. and Bethesda, MD area, provides all these services and more. Contact us at (301) 365-1974 for more information or email us at info@cpa-maryland.com.

 

New Quickbooks Services Upgrades in 2018

Just when you thought it was safe to figure that you have Quickbooks down, they change it again. Changes, however, can be a good thing and Quickbooks upgrades for 2018 are more than good-they are stellar.

In fact, the Quickbooks upgrades will make your accounting life for your business a bit easier, even for those erstwhile accountants who begrudgingly do it on a monthly basis (or less).

Here are a number of the Quickbooks Services Upgrades in 2018:

  1. Cash accurate toggle on reports: You will be able to get quicker assessment and management using the 1-clickthat changes from cash based accounting and accrual based accounting on a per-report basis. All in just one click!
  2. Merge vendors: This is so much easier now as you can go from manual duplicate vendor look-up, to leveraging QB search. Then, sort sort tools to identify vendors that need to be merged. You now can merge four vendors at a timeinstead of just You can also move account information from duplicate vendors under the master vendor account option.
  3. Portable bar code scanner: It enables the choosing process which improves accuracy. It also allows users to track thestatus of inventory movements. You have three options: Sent for Pick, Pick in progress, and Picked/Partially Picked. The efficiency of this upgrade is quite incredible, too.
  4. Payroll liability reminder: Penalties are a killer. You can void them by identifying alerts on QBDT home page. Then you can create an automated reminder display on the payroll setup. This version also has new alerts displayed on the homepagea week before the
  5. Past due stamp/payroll badge reminder: Payments arrive faster when you use the past due stamp tool to tag past due open invoices.Past due stamp labels are added on the PDF This option can be turned off.
  6. Secure web mail: Yes, your work is even more secure now! Oauth 2.0, the new security standard in emails, is now available.

These are just a few of the upgrades to the Quickbooks accounting and bookkeeping system, but we are impressed. We highly recommend if for your small business. It truly has all the tools you need to do your work efficiently.

A.K. Burton, PC, which serves the Washington, D.C. and Bethesda, MD area, works with Quickbooks every day and can provide all the Quickbooks Services you and your small business needs. Contact us at (301) 365-1974 for more information or email us at info@cpa-maryland.com.