QuickBooks Problem Solving, Training, Support, And Sales

1500087Have you purchased QuickBooks Software?  Are you having problems? Would you like training and QuickBooks Consultation?

As QuickBooks ProAdvisors, we have two on staff; problem solving is where we usually begin with a new client relationship; answering QuickBooks Questions and providing QuickBooks Training and Tutorials.

Why is it important to have In Balance Books involved in the set up or the sorting out of your QuickBooks set up, activities, and applications?  With our versatility and experience of working with many different industries we have had the opportunity to work out many kinds of challenges; and provide a wide variety of QuickBooks solutions.  Once we have determine what kind of outcome you would like and how you are planning to use your QuickBooks reports we can then help you get the most efficient use of your work day; and help you maximize your profit potential.  Additionally, we can provide any additional QuickBooks programs you may need for specialized reporting.

Strategic Workflow Designs;
What is Strategic Workflow Design?  We have found that the proper workflow can be invaluable.  QuickBooks is the perfect vehicle to record, categorize, and report the data you need. We bring a trained fresh look at the procedures and processes that have become part of your everyday work habits. Our goal is not to completely overhaul every detail and function.  Our responsibility is to tweak the things that will make a noticeable improvement in your office efficiency and overall profitability.

Bookkeeping Services;
Here is where the In Balance Book’s QuickBooks history, experience, and tradition pay big dividends for our clients. We draw upon our years of CPA training and representation while working for and being mentored by Fort Wayne CPA Rex Harris of Harris and Associates Inc. The combination of fifteen years of multifaceted CPA level bookkeeping for both Public and Private Clients combined with our Enrolled Agent tax specialist training and insights provides a formidable combination of expertise.
This expertise enables us to give a CPA type scrutiny to your circumstances. And, then prepare financial and tax statements with the trained eyes of an Enrolled Agent (Enrolled to practice before the IRS); thus exploring all the tax benefits available to you.

Record Keeping:
The QuickBooks software and process is designed for the busy owner who is not quite ready to hire an in house, full time bookkeeping professional. Because of our expertise in processes, we are able to accomplish your needs at a fraction of the time. When you have grown to need an in house full time bookkeeping professional, we will help you interview, hire, and train the right candidate.

QuickBooks Overview
Why does InBalance Books recommend QuickBooks?  Simply because QuickBooks offers flexibility that accommodates a wide variety of business needs and requirements.  Whether we are only using QuickBooks to take care of the customer needs of Invoicing, Accounts Receivable, Receiving Payments and Deposits, or utilizing the more in depth power of Job Costing and Customized Reports, the ease of use is the same.

Intuit, the maker of QuickBooks, has done an excellent job in meeting the user’s needs.  They have spent many hours really studying the flow of information and have incorporated many of their customer’s suggestions on how to continually improve the intuitiveness of the software. Additionally, the QuickBooks ProAdvisor program offers extensive training and in depth knowledge of how the software was designed to handle the everyday events of recording and accurately reporting a client’s business.

In Balance Books has two QuickBooks ProAdvisors on staff with over 10 years of combined experience.

How does the invoicing flow throughout the QuickBooks program?  We have stated in other areas, QuickBooks works like a funnel.  Raw information goes in the top of the funnel; and if done correctly, meaningful, helpful reports come out the bottom.

Invoices are one of the things at the top of the funnel.  When the user creates an invoice, what they see on the screen can be specific to your company without compromising the bookkeeping side.  What do we mean by that?  You may have a widget named “Alexander”; this may mean something to you, your production team, and/or your customer. However “Alexander” is not a standard for General Accepted Accounting Principles (GAAP).  QuickBooks handles this with a system called “Items”. This allows the user to name an item whatever they want and attach this to a sales account that makes sense to the accountants; weaving the two concepts together seamlessly.  Intuit calls this “Behind the Scene”.

Invoicing does several things “Behind the Scene”.  Not only does it post to the sales account, it also posts to the accounts receivable account, by customer.  And if the inventory portion is active, it also appropriately posts to the inventory and cost of goods sold account.  These steps are in the middle of the funnel at this point.  Another function in the middle of the funnel is receiving payments from your customer. This function not only reveals the customer’s outstanding balance; but also puts the amounts in a “Bucket” called “Non-deposited” funds.  This allows the user to deposit the customer receipts into whichever cash account(s) they choose.  There are many other useful tools:  Sales Volume by Item, Sales by Customer, Sales by Time Frame, to name a few.

This is the least flexible portion of QuickBooks.  Intuit has again worked hard to keep the user as protected as possible.  The Federal Tax Tables are updated as needed, as well as many common pre-tax and after tax items are set up “Behind the Scene” to make their use as easy as a click of the mouse.  Intuit offers many different payroll options from Do-it- yourself, assisted, or you may choose to allow In Balance Books to handle all portions of your payroll for you.

What happens to customers in QuickBooks?  As we have explained in invoicing, the customer activity usually begins with the invoice.  There are several things that can be gleaned from the customer information.  A few examples would be: Sales by Customer, Sales by Time Frame, Average Days to Pay, Outstanding Balance Monitoring, etc. Additionally, you may integrate with Microsoft Word to either create your own letters to all and/or selected customers or to use one of the many prewritten letter templates .

Payments are also in the middle of the funnel.  This function is also multifaceted.  When a customer’s payment is received, not only is the customer’s outstanding balance reduced; but the special QuickBooks account of “Non-deposited Funds” is increased.  As we mentioned in invoicing, this allows you to the deposit these payments to the cash account(s) you would like.  This activity also aids in the “Average Days to Pay” and the “Cash Flow” reports at the bottom of the funnel.

In our opinion, when properly set up, QuickBooks is invaluable to tax planning.  We have repeatedly found that when a business has the correct tools to tax plan, the outcome can be startling.
Because many tax advantage opportunities are time sensitive, timing is imperative. For instance, a purchase that is made in December of one year versus January of the following year can have a noticeable effect on your business’s tax liability.   If your business uses QuickBooks correctly the tools to see your financial information using the “Cash Basis” or “Accrual Basis” (Whichever fits your tax status) are at your fingertips.  You will be able to make educated decisions on whether to take advantage of tax incentives, issue yearend bonuses, etc.  Another useful tool many small business owner’s use is determining the amount of the quarterly estimated tax deposit.

Journal Entries and Accounting Tasks
Journal entries are quite flexible.  Not only is this the most comfortable place for a lot of accountants; but this area can be helpful to adjust customers and vendors, as well as the general ledger. Even though we personally would suggest using another method to adjust customers and vendors, journal entries are effective in adjusting individual accounts.

A few helpful Accounting Tasks that are offered inside QuickBooks are bank reconciliations, the ability to prepare an “accountant’s copy backup”, and an audit trail.

The bank reconciliation is often completed by bookkeepers who are fulltime staff members.  Again, if used correctly, this function can be completed easily by the outside accountant during the period review.  The accountant’s copy backup allows the business to select a date to divide access of data.  The accountant works before the date and the business works on dates after the dividing date.  Once the accountant is completed with the review and making adjustments, this special backup is sent back to the business, which incorporates (syncs) the changes.  This allows the accountant to thoroughly review the data and the business to continue doing business.

Also in the middle of the funnel, banking happens as the monies are collected and the bills are paid.  When the monies are collected, they are held in the non-deposited funds account mentioned earlier.  This allows the user to select which monies go to which bank account.  This is done by opening the “Make deposit” function, selecting the checks, cash &/or credit card payments that are deposited into the particular bank account, print your deposit ticket or a summary (whichever fits your system), and saving the selections.

The above process updates the check register for this account so you have your bank balance in real time.

The check writing works in very much the same way.  As you go about your day to day operations of receiving products (bills) and paying your vendors (bill payments), the check register is also updated.  What about those checks a business owner has to write while away from the office?  This is handled by directly writing checks which updates the check register.  As you can see, QuickBooks is flexible to meet the demand of busy business owners.  Many banks allow users to download information directly into QuickBooks check register. Please check with your bank to see if they offer this service.

Beyond the preparation of paychecks, QuickBooks may assist in HR requirements and keep employee birthdate’s at your fingertips.  There is also many note fields throughout QuickBooks and the employee portion is no different.  Here many business owners will keep information like the last pay raise, family names, etc.  A business may also keep track of vacation and/or sick time in these areas. This can be calculated as an amount per year beginning in January or anniversary date, etc. or per hour throughout the year.

Even though there are many 3rd party inventory solutions offered to integrate with QuickBooks, QuickBooks has a great inventory solution already built in for the business owner.  At the very minimum, the inventory portion allows the user to set up an inventory parts list. The parts can then be tracked by manufacturer, set reorder points, and calculate average cost.  By using inventory parts, the general ledger posts to inventory asset and accounts payable when purchase orders are received; and sales and cost of goods sold when invoices are prepared.

If your business requires items to be tracked by serial number and/or barcode, our QuickBooks ProAdvisors can assist you.

Reports and Report Center
The reports you need, require, and/or desire come out the bottom of our QuickBooks proverbial funnel.

Many of the prebuilt reports In Balance Books recommends are Accounts Receivable Summary report, Accounts Payable Summary report, Unpaid Bills detail, Profit & Loss Standard, Profit and Loss previous year comparison, Balance Sheet, and Cash Flow statement.

Recently, QuickBooks has added “Contributed Reports” to its offerings.  This allows users to share their favorite reports that they have built “memorized” and find helpful with day-to-day operations. In Balance Books has helped many businesses with “memorized” or custom built reports to satisfy a desire that has been described as “If only this report could look like . . . “  We can help you build this report and save or “memorize” it , so you can use it over and over again.

Job Costing
One function we at In Balance Books believe in and highly recommend is the job costing ability found inside QuickBooks.

When jobs are set up within the customer list to track costs and sales, businesses can see real gross profit job by job.  This allows the bidding process to be honed, the payroll per job monitored, and the costs per job tracked as you progress.

QuickBooks updates reports as information is entered.  This allows you to monitor adjustments, so you can make necessary adjustments before it is too late.

Return to Top