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QuickBooks Tips Blog

Why Reconciling QuickBooks Is So Important

Posted by Matt Roberge on Dec 8, 2015 7:00:00 AM

Reconciling QuickBooks is the number one most important bookkeeping task that you can perform. One of the rookie bookkeeping questions we regularly get is why the QuickBooks' bank balance doesn’t match the actual online bank balance. It’s because you are not reconciling your QuickBooks file. Below, I will explain why reconciling QuickBooks is so important.

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Topics: QuickBooks Reconciliation, Financial Forecasting, Reconciling QuickBooks

Why I Reconcile QuickBooks On A Daily Basis

Posted by Matt Roberge on Sep 15, 2015 7:30:00 AM

I have been in the habit of reconciling QuickBooks on a daily basis for as long as I can remember. When I was a really small business (that is, working solo) it was easy to manage reconciling on a daily basis. As I grew, both I and my business found that maintaining the habit of reconciling every day became even more important.

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Topics: QuickBooks Reconciliation, Cash Flow Management, Financial Forecasting, Reconciling QuickBooks

QuickBooks Video Tip: How To Enter A Budget In QuickBooks

Posted by Matt Roberge on Aug 27, 2014 7:00:00 AM

Entering a budget in QuickBooks is an incredibly important bookkeeping step that many small businesses skip. Most small business owners analyze the QuickBooks profit and loss but tend to ignore their budget and forecast. I would find it difficult to run a business without a budget and forecast because I would have no measure of how the business is performing. Without creating a budget and doing some comparisons with your actual financial statements you have no idea of how your business is performing financially. Watch this QuickBooks video tip on how to enter a budget in QuickBooks and use it to manage your business. 

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Topics: QuickBooks Tips, QuickBooks Video Tips, Financial Forecasting, Financial Reporting, Business Budgeting

Powerful Looks at Your QuickBooks Profit and Loss

Posted by Matt Roberge on Jul 23, 2014 7:00:00 AM

There are some really powerful ways to customize your QuickBooks profit and loss. I see a lot of business owners run a standard profit and loss and race to the bottom of the report to look at net income. When they see a positive number they are thrilled thinking to themselves (or sometimes out loud): "we made money!" While it may be true that you turned a profit you are really missing out on some in depth and powerful ways to analyze your profit and loss. Today I'm going to dish and give you the goods on your QuickBooks profit and loss.

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Topics: QuickBooks, QuickBooks Tips, Financial Forecasting, Financial Reporting, Business Budgeting

Reviewing Your Small Business's Balance Sheet

Posted by Joe Mazur on Feb 25, 2013 7:30:00 AM

The Balance Sheet might not get the attention it needs, in fact some small business owners may never even look at it since it doesn't show their 'bottom line.'   When reviewing financials with an owner or manager, the attention seems to float towards Profit and Loss.  Within QuickBooks, a few clicks of the mouse can show profit margins, month to month trends, YTD comparisons, etc.  But utilizing the Balance Sheet can save that same owner or manager some stress down the road.  Do assets outweigh the liabilities?  Are the assets being depreciated properly?  Does the book balance of the loans tie to the actual statement balance?  Depending on the frequency of checking this report, you may be caught off guard by the balances.  Financial Goals vary from owner to owner; maybe it's having the books be investor ready, or possibly seeing how scalable your business could be, or maybe its knowing the amount of cash you would walk away with if you liquidated everything and moved on to the next part of your life.  In order to answer some of these questions, you need to understand the 3 components of the Balance Sheet; Assets, Liabilities, and Equity.


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Topics: Bookkeeping Tips, Financial Forecasting

Finding QuickBooks Mistakes With Financial Reporting

Posted by Joe Mazur on Jan 14, 2013 6:44:00 AM

It's football playoff season.  The time of year when die hard fans get even crazier and your average fair weather fans start to get into it.  So why not draw parallels between bookkeeping and end zone highlights or disasters, right?

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Topics: QuickBooks efficiency, Financial Forecasting