Kickstart Your Success with QuickBooks Online

Are you thinking about using QuickBooks Online but don’t know where to start? Here are a few great tips to kickstart your success with QuickBooks Online

  • First understand whether QuickBooks Desktop or QuickBooks Online is going to be your best option. I use both and love them equally but there are certain features that work best for certain  industries and specific business needs. Click here to see the full comparison chart.

 

  • Take time to do some training. Often times we underestimate the need to hone our skills and truly understand the tool we are using. There are great resources available for you to utilize including personal training by your accountant, group QuickBooks training courses, YouTube videos, various blog resources online including the following:
  • Once you have determine that QuickBooks Online is the one for you, here are some great tips on what you’ll need to set up your Company. Success starts from the beginning in ensuring you have a proper set up.
  • Have someone review your setup and data entry until you feel comfortable that data is being entered correctly. Don’t wait until tax time to find out that you’ve been missing some key steps. It’s worth the time and investment to have a partner who will review your information and give you tips on keeping good data!
  • Utilize the information. Don’t forget that the most important person needing this information isn’t your tax person…it is you, the business owner or manager. Take full advantage of the valuable information that your QuickBooks file can provide about your business including cash flow, profitability, and more!
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Price Levels in QuickBooks Desktop

Price levels in QuickBooks Desktop can be a great solution for those who are wanting to bill different customers different default rates. 

Here are some tips to working with Price Levels in QuickBooks Desktop:

  • You can find the price level list under QuickBooks’ List drop down menu
  • You can select the price level name you want to give your new price level.
  • You can select the type of price level (Per Item or a Fixed Percentage)

  • You can select one, multiple or all your items for any particular price level you are working with. 
  • You can adjust the price level up or down from your standard default price you have set for each item. 
  • You can also select for the price level to round up to the nearest cent, dollar, etc.

  • Once you have the price level set up, you can select the customer(s) that you want assigned to any particular price level.

  • Be cautious about how many price levels you set up as when you need to readjust, it is easier if you have been able to group your customers in to price level groups versus giving each customer their own price level. 
  • Using price levels allows you to have default prices populate on invoices and sales receipts to ensure consistency in billing your customers. 

Please feel free to reach out to us if we can assist you in ensuring QuickBooks works most ideally for you!

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Small Business Advice: The Best Services to Help You Manage Your Company

Small Business Advice:

The Best Services to Help You Manage Your Company

Small businesses often suffer from slumps at certain points; many times, it’s a symptom of not having the right services or the best resources to make the company stand out and attract customers. When this happens, sales can fall off dramatically, leaving business owners scrambling to find relief. Whether you need to find a larger customer base or a service that will get packages to your current customers on time, there are several things you can do to ensure that your business runs smoothly without suffering a slump.

The key is to think about your business model. What’s your budget like? How do you interact with your customers on a daily basis? What are some things that could be streamlined? If your payment system is outdated, spending a little money now to get it in shape will pay off in the long run. If you don’t have the space to keep inventory — and many small businesses don’t — consider utilizing a dropshipping service, which allows you to ship through a third-party instead of having to make room for stock.

Here are a few tips for small business owners on how to find the best resources for your needs.

Update Your Payment Methods

Most small businesses are on a tight budget, which means paying for credit card services and banking fees can make things difficult. With an all-in-one payment system, you can easily accept just about any type of card and finish a transaction in seconds, which will help you streamline your customer’s experience at checkout. When it’s portable, you can also use it at conventions and other events away from your business’s home base.

Keep Track of Your Finances

The way you keep track of your company’s finances is crucial since one mistake can lead to a whole lot of misery come tax time. While it’s important to make sure you’re on top of all the spending and revenue within your company, it’s also imperative not to make it a full-time job. After all, you have other things to focus on! That’s where online services like FreshBooks or QuickBooks come in. These handy accounting programs offer inexpensive monthly fees but will help you master the fine art of your finances.

Learn More About Security

Cybersecurity is something every business owner should be aware of. Not only can outside hackers gain vital information about your company through your computer system, but that information can also be made vulnerable by employees who aren’t well-trained or by former employees who have access to certain programs. You can take a course on how to make sure your business — and your customer’s — info remains safe.

Consider Dropshipping

You might consider utilizing dropshipping to get items to your customers without having to keep them on hand. This is a method often used by small businesses to save money since it involves purchasing products from a third party and having them shipped to a customer; you don’t need to have inventory, and you only ship if you’ve already made a sale.

According to Shopify, “Because you don’t have to deal with purchasing inventory or managing a warehouse, your overhead expenses are quite low. In fact, many successful dropshipping businesses are run from a home office with a laptop for less than $100 per month.”

Small businesses can be very successful with the right services and resources to help guide them, and yours is no exception. Think about the areas where your company could use some improvement, and create a plan for changes that will work best for your needs. With some careful planning, you can manage your business with minimal stress.

Photo via Pixabay

Guest post blog by Lucy Reed at Gigmine.co

 

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Journal Entries in QuickBooks

Understanding when you should and should not do journal entries in QuickBooks is important for the overall success of your QuickBooks file.

Journal entries and QuickBooks – are they friends or foes? It’s not a clear cut answer. There are times where it makes perfect sense to do a journal entry in Quickbooks and there are times where a journal entry simply is not the best solution for you in QuickBooks. QuickBooks is designed that you should have minimal need for journal entries as the average person using it doesn’t understand the debit and credit process. Having worked with QuickBooks for more than 2 decades, I find that journal entries are often done unnecessarily by those who don’t take the time to really understand the inner workings of Quickbooks and try to quick fix things. 

Below I will highlight some of the times you will say yes to Journal Entries in Quickbooks and other times you want to say no and do use another function of QuickBooks!

Say Yes to Journal Entries:

  1. When you are accounting for depreciation amortization, then journal entries are the way to go.
  2. When you need to move amounts from one class to another and it involves multiple transactions or a lump sum amount.
  3. Year End Activities – there are just some times where you need to clean up various activities to have good year-end books and Journal Entries are an easy way to do that.
  4. If you need to transfer amounts from one income or expense account to another that involves more than one transaction or it is simply too difficult to change the original transaction then a journal entry may be your answer!
  5. When you need to make adjustments or move dollars from one asset, liability or equity account to an income or expense account.
  6. When you interface with certain 3rd party software, some of them import transactions as journal entries.

Just Say No…don’t do it!

  1. Journal entries don’t have access to items so any time you are needing to have a transaction impact the item list, you need to ensure you are using the functionality of invoices, bills, checks, etc.
  2. Do not do journal entries when it impacts your accounts receivable or accounts payable accounts as this creates a mess that never goes away until you correctly apply the credit/debit. Ever wonder why your AR and AP reports show those zero balance lines? Could very well be that there’s a Journal Entry that needs to be cleaned up. We’ll save that lengthy discussion for another blog and video!

How do you make a Journal Entry? Go to the QuickBooks Company menu and select Make General Journal Entries. Here’s a great reference for you!

Reach out to us if you have any questions or need help cleaning up previous journal entries that just won’t go away on your reports!

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Job Costing Tips in QuickBooks

Job Costing Tips in QuickBooks is made easy with a few simple steps.

Right-click the Payroll Item, then select Edit Payroll Item. Select Track Expenses by Job. (It’s important to follow the above steps to set up job costing preferences. If job costing isn’t set up in QuickBooks Desktop you won’t see the option to Track Expenses by Job when you edit the payroll item.)

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Working with Remote Accountants

Working with Remote Accountants is something a lot of business people do these days. Though a few still have questions about how it works and is it right for them. I wanted to share some tips on how you can assess whether working with a remote accountant is best for you and what you should be asking them and yourselves about the process. I do understand that it is very trendy approach but with the vast technology options available in today’s business world it really is quite simple to implement. Here are the most popular questions we encounter so we’ll just approach this through a simple Q&A format.

How do you define a remote accountant? That can be a broad spectrum as well. How I am defining it here in this post is that basically it encompasses any mode of working with your accounting professional other than side by side or face to face at the same physical location.

What are the ways that we work remotely with clients? Our services are customized to meet the individual needs of our clients so we utilize a variety of tools based on their specific needs. Some of the most popular tools that we utilize in working remote with our clients are:

  1. QuickBooks Online for their accounting software so that the customer and our staff are able to work on live data at any time.
  2. GoTo Assist allows us to share our desktop or the client’s desktop with or without them being at their computer at the same time. GoTo Assist has a couple of different options depending on the client’s comfort level and needs.
  3. Dropbox allows an easy way for sharing documents between clients and staff.

There are a variety of other tools we have used for specific clients including Join.Me, Google Docs, Google Calendar, Skype, Wunderlist, Basecamp, etc.  Here is a great resource list of tools available: Check these out

What are some aspects of working remotely that I need to consider? There are a few things to consider depending on the type of service you are needing. I think most of these questions pertain to your overall needs and wants regardless if it is face to face or remote. What are the top 3 pain points you are experiencing and how can these be resolved? Does that require one time training or ongoing services? What solutions can resolve the pain points?

What are the downsides to working remotely? We don’t personally feel that there is a downside to working remotely with our clients but we have had a few over the years that liked the option of being able to sit next to you and felt that having you in the same office with them was what they personally preferred. We completely understand that and for those clients we do realize that another solution provider may be a better fit for them.

We’ve been working remotely with our clients for over 5+ years and have found it to be a very successful way to work with clients all over the US and abroad. For most of our clients, they like the fact that the work can be done remotely without incurring any travel time or fees for either party. As well, we find that productivity increases because we are not spending hours of nonvalue added time commuting. It also allows us to provide our services to clients who can live and work anywhere while we do the same. You can work from wherever you want and we are still here to help you!

If you have specific questions about working remotely with your accountant or with RPPC Inc, please feel free to reach out to me at any time by emailing: pam@rppc.net

Photo Credit: Pexels

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What is the difference between a Bookkeeper, Accountant and Consultant

What is the difference between a Bookkeeper, Accountant and Consultant? There can be many varied lines and crossovers on the services that each offer and what a service provider refers to themselves as. So how do you know? The key is understanding what you need in addition to what the service provider can provide to you.

I want to start off with just giving some generalizations about each. Please understand this won’t be an Always or Never kind of situation as each service provider may tweak their offerings and the way they refer to the services they offer so I’ll just go with my 20+ years of experience and give you some generalizations. The key as always is to do your homework and find the best fit for you, regardless of their title.

According to Wikipedia:

A bookkeeper (or book-keeper) is a person who records the day-to-day financial transactions of a business. He or she is usually responsible for writing the daybooks, which contain records of purchases, sales, receipts, and payments. The bookkeeper is responsible for ensuring that all transactions are recorded in the correct daybook, supplier’s ledger, customer ledger, and general ledger; an accountant can then create reports from the information concerning the financial transactions recorded by the bookkeeper.

A consultant is usually an expert or an experienced professional in a specific field and has a wide knowledge of the subject matter…By hiring a consultant, clients have access to deeper levels of expertise than would be financially feasible for them to retain in-house on a long-term basis. As well, clients can control their expenditures on consulting services by only purchasing as much services from the outside consultant as desired.

Does this help you? Not sure? Here’s how I would expand upon it.

Typically bookkeepers are doing the initial data entry of the company’s transactions. They may or may not be doing analysis along with the data entry, depending on their knowledge and skill set. I have encountered bookkeepers with years of experience that are quite knowledgeable but don’t have the accounting degree and therefore do not refer to themselves as accountants. However, I’ve also been on the other side of the fence with people who refer to themselves as accountants and can’t really analyze their way out of a paper bag. They may be book smart but don’t have much real world experience. So don’t be attracted or deterred just by the title. As well, some states don’t let you say you are an accountant unless you are a CPA (for example Texas) and you don’t need to have a CPA to be an awesome accountant.

The key is looking for what you specifically need in the person(s) you are looking to work with.

Are you looking for someone to just do the daily entry of data?

Someone to prepare financials and be able to analyze how your company is doing compared to others in your industry?

Someone who can be able to encompass both these areas along with the ability to guide you through the upcoming waters and ensure you are able to navigate to your fullest potential?

Also realize the pay scale will be quite different for the professionals that you work with based on their skill set too. You don’t want to overpay for skills you don’t need, but even worse, you don’t want to underpay and not get the help you truly need. Typically in our experience, we will see our clients work with varying levels of these professionals as one size/person does not fit all.

An ideal situation is that businesses are having someone with bookkeeping skills do the initial data work who then works closely with an accountant who oversees this data entry and provides them guidance with certain areas that may be out of the normal every day business environment. That accountant then may work with their outside tax professional. The accountant may also be able to expand beyond just the creation and review of reports to help them with areas such as goal setting, budgets, business plan expansion, financial forecasting, etc. into more of a consultant role.

The reason we refer to ourselves here at RPPC Inc as Accounting and QuickBooks Consultants is that we not only know how to do the basic data entry, analyze financials and prepare reports and recommendations but we also work closely with our clients to assess the bigger picture. What is happening in our client’s industries, both local and national, as well as the general economy and what do we need to do to help ensure that we operate at our most profitable capacity with good cash flow. The additional frosting on the cupcake is that we have ran our own small businesses in a variety of industries and know that sometimes a “by the book” approach doesn’t always work. You have to have a little risk taking as an entrepreneur and be able to pull from the various experiences to navigate the tricky waters. Do you want to work with someone who does it only as they were taught or do you want someone who can take that education, personal and professional work experience and make it work for you? That’s why working with RPPC Inc makes a difference…we are so much more than “just” a bookkeeper or accountant.

Photo Credit: Pexels

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RPPC Inc – QuickBooks Enterprise V13 Manufacturing and Wholesale

RPPC Inc This QuickBooks Enterprice V13 Manufacturing and Wholesale video provides a few tips on why you would want to use this version of QuickBooks versus just a general business version. It provides insights on inventory assemblies, special manufacturing reports and more.

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RPPC Inc – QuickBooks Tips: Creating a New Company File in QuickBooks

RPPC Inc Our latest QuickBooks tips video is here! Are you brand new to QuickBooks or just wanting to create a new company file? Here are some great tips from RPPC Inc to show you how to go through the easy step interview and create a new file in any version of QuickBooks.

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RPPC Inc – QuickBooks Payroll Set Up

RPPC Inc QuickBooks how to video that shows you the steps you’ll go through in setting up QuickBooks Payroll in your file.

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