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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, QuickBooks Bank Reconciliation, Financial Reports, Financial Forecasting, Reconciling QuickBooks

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 Reports, quickbooks reports, Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Profit and Loss

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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Topics: Financial Reports, learn QuickBooks, class tracking

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, QuickBooks Mistakes, Outsource Bookkeeping, Financial Reports