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QuickBooks Tips Blog

Joe Mazur

Recent Posts

Look Under QuickBooks' Hood Now, Don't Go Nuts Later

Posted by Joe Mazur on Nov 14, 2014 7:00:00 AM

Performing some routine maintenance on your QuickBooks company file might save some major time and loads of money down the road.  Ignoring pesky corrupt file warnings and incomplete rebuild errors might mean there is a deep rooted issue that can really screw you at any given time.  QuickBooks has been around for 20 years now and dozens of versions, releases, updates, etc. have been rolled out.  A QuickBooks Enterprise technician told me that it's like taking care of your car.  Routine maintenance is great, but every 100,000 miles a few extra steps are needed for keeping the car healthy, and this is the same for QuickBooks.

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Topics: Small Business Consulting

Downloading Transactions In QuickBooks Is Not Reconciling!

Posted by Joe Mazur on Oct 31, 2014 7:00:00 AM

Believe it or not, computers can make mistakes sometimes.  We live in an age where data entry for bookkeeping is getting faster and faster via downloading or importing transactions.  When the financial institutions communicate with QuickBooks a lot of information is exchanged and errors do occur.  This is why the reconciliation step is so important.  Every so often we will review a set of books and the credit card accounts are not reconciled.  'Why would they be off, I downloaded all the transactions' is the response we get when we point out the credit card balance is completely wrong.  This is when we always have to tell the client that downloading is not reconciling.  In addition to reconciling each time you download data you should look over renaming rules too.  

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Topics: QuickBooks Tips, Accounting Reconciliation

3 QuickBooks Reports That Might Surprise You

Posted by Joe Mazur on Sep 8, 2014 6:59:00 AM

Ever work so hard that you don't want to slow down to learn something new?  I hear this all the time "I'll look into that this evening or over the weekend."  That is usually the response when I ask a small business owner if they have explored all the reporting features in QuickBooks.  The response is a total blow off.  I get it, can't teach an old dog new tricks, right?  Hopefully pointing out a few reports that get overlooked can change that mantra.

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Topics: Bookkeeping Errors, QuickBooks Consultant, Financial Reporting

3 Cash Flow Nightmares In QuickBooks

Posted by Joe Mazur on May 28, 2014 6:45:00 AM

Any small business owner knows the pains that come from having little to no money in the bank.  Cash flow issues can cripple a small business overnight and ultimately shut the doors if not monitored properly.  We have encountered many cash flow nightmares over the years and hopefully these 3 pointers can help other small businesses avoid some of the disasters we have worked through recently.

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Topics: Learning QuickBooks, Accounting Reconciliation, Bookkeeping Errors

3 Reasons Bookkeepers Think QuickBooks Online Sucks

Posted by Joe Mazur on Apr 21, 2014 6:16:00 AM

Great bookkeeping is all about working efficiently, accurately, and swiftly.  A majority of this depends on the ease of access to transactions and the software provided.  QuickBooks is the prefer software for a majority of small businesses, but not all of the QuickBooks' products are the same.  Take QuickBooks Online for instance.  Is provides great benefits such as online access and multiple device interfacing but it doesn't provide great bookkeeping functionality.  As bookkeepers, most of our group discussions about crappy software tend to gravitate towards QB Online. Here are a few of the topics that seem to pop up again and again.  

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Topics: Independent Contractors, Small Business Management

How Do You Use QuickBooks?

Posted by Joe Mazur on Mar 19, 2014 6:50:00 AM

QuickBooks has so many great features but some small business owners may only buy this software for one or two main objectives.  For us, as outsourced bookkeepers, we always push our clients to use QuickBooks to its fullest capabilities.  Depending on how QuickBooks is used, we can sometimes gauge the level of bookkeeping sophistication your company may have. Either way, we excel at helping a small businesses harness all relevant features of QuickBooks so that goals are not only met, they are exceeded.  Here are a few examples of varying ways we have seen QuickBooks over the years. 

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Topics: QuickBooks efficiency, Certified QuickBooks ProAdvisor

Using Equity Accounts In QuickBooks

Posted by Joe Mazur on Jan 20, 2014 6:14:00 AM

It is extremely important for business owners and shareholders to properly track the money they may contribute to the business or draw from the business. QuickBooks makes tracking these transactions easy once the equity accounts are properly set up within the Chart of Accounts.  Whether someone is contributing money for a stake in the company or an owner is drawing funds out in lieu of payroll, equity transactions are important come tax time and for monitoring startup costs.

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Topics: Do It Yourself Bookkeeping, Starting A Business, Small Business Owner

Accounts Receivable - What A Mess!

Posted by Joe Mazur on Oct 9, 2013 7:00:00 AM

"My Profit & Loss report tells me that I'm making a lot of money, but where is it?"  This is a common question we get asked frequently.  I usually tell that person to open their Accounts Receivable report.  Accounts Receivable is one of those reports that can be scary the first time
it's opened.  This shows the amount of money that the company has invoiced its customers for whom have not paid yet.  In accrual based reporting, these amounts show up on the Profit & Loss and have a major impact on the bottom line.  Streamlining your invoicing process can eliminate having a wrong AR report.  Also, streamlining the process in which your customers pay your company can reduce your AR balance and make your cash flow much more predictable. 


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Topics: Cash Flow Management, Accounts Receivable, Bookkeeping Processes

QuickBooks Class Tracking And Small Business Marketing

Posted by Joe Mazur on Sep 30, 2013 7:30:00 AM

Class Tracking in QuickBooks is a great tool that can be used by small business owners to help them take their revenue tracking and marketing efforts to the next level.  If used correctly, it can
produce some eye opening moments.  There are various ways to use class tracking and one of those methods that I feel is highly relevant is revenue tracking.  Tracking the sources of your revenue can show a lot of valuable info and may shed some light on where marketing efforts should be focused.  Are networking efforts paying off, are inbound marketing campaigns resulting in revenue, or are word of mouth referrals producing a surprising amount of revenue?  These are questions that can easily be answered with a few clicks of a mouse if the proper bookkeeping techniques are put in place and Class Tracking is used in QuickBooks.

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Customize Your Small Business's Chart Of Accounts

Posted by Joe Mazur on Aug 5, 2013 7:00:00 AM

Nothing is worse than hearing a small business owner say their books were set up by a relative many years ago and no one has changed the bookkeeping system since.  Almost all small businesses need to take the initial step to set up their Chart of Accounts in QuickBooks for helping track their money, profits, expenses, and a number of other things.  Although it needs to be done, this doesn't always mean the chart of accounts was set up correctly.
Having the books set up the right way from the get go can save a lot of hassles down the road, and save some cash too.  Although QuickBooks has different industry choices, the customization doesn't go far enough.  This is where an experienced bookkeeper can come in really handy and set the Chart of Accounts up to fully fit your business.  This QuickBooks basic topic has been written about before, but this time let's look at it from a different angle; Owner Equity and the impact on tracking startup costs as well as Cost Of Goods Sold and break even analysis.

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Topics: Bookkeeping Errors, Business Efficiency