Your Questions Inspired this Bookkeeping Tip

I created this video tip after hearing a few questions and comments generated by various clients. Learn how QuickBooks reports can help you become a more “empowered” business owner.

At the end of the video, I reference two clients’ comments. In a future blog post, I will “spotlight” one of those client success stories.

As you know, our purpose at Cummings, Keegan & Co., P.L.L.P. is “Making Your Success Our Business.” If you’d like to be featured in a future client spotlight highlighting how you’ve benefited from our ideas, let us know.

Feeling More Empowered with QuickBooks TM

Quite often, I hear these questions from my clients:

  1. Do I need to cut back on spending, or should I accelerate some expenses?
  2. Have I received all the expected payments from my customers?
  3. My books show I made all this profit, but the cash isn’t there to show it. Why don’t they match?

If your accounting files are updated regularly, it will be easy to answer these – and other big – questions. When the books aren’t updated regularly, a business owner can feel very uneasy. It’s like having an investment and not knowing whether it’s making or losing money. Just as business owners need their tools of the trade, they also need other tools to operate more efficiently and effectively. Here are 3 tips on how QuickBooks can be one of those management tools.

  1. Reconcile your bank and credit card statements to your QuickBooks accounts
    • Make sure all expenses are entered, no duplicate entries, and the books are accurately update
  2. Run the basic reports – Balance Sheet, Profit & Loss Statement, etc.
    • Look for negative A/R and A/P accounts, or large non-deposited funds, which can be warning signs
  3. Run your specific business and industry reports for benchmarking purposes
    • A/R Aging and A/P Aging Reports, and specific reports that track your Key Performance Indicators you monitor

After a period of consistent use, you’ll want to explore some of the other advanced reports. We can even help you create custom reports that produce the metrics you need. Let me and my team help empower you!

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