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Is Quickbooks Online The Right Choice For Your Business?

As the owner or manager of a small business, likely you have faced or will face the challenge of selecting an accounting system to manage the financial side of the business and also to have as a useful tool for tracking and measuring the growth and profitability of the business. Many are now choosing to use the software QuickBooks, and often they choose the online version.

QuickBooks Online can be a very useful tool for small businesses and, in some cases, is required to interface with other useful programs such as a customer service management system. A customer service management system is intended to streamline tracking and operating systems whether cloud or desktop based.

In my experience of working with our clients, a company has to be sure to have sufficient understanding of accounting principles when using QuickBooks Online, or any other accounting software for that matter. QuickBooks Online tries to provide an accounting system that’s simple and usable for everyone, which it does regarding accessibility via the internet cloud. But the company staff still have to know what they are doing or entries are going to end up in the wrong place or be organized incorrectly to begin with. The issue to watch out for is that QB Online can fool you into thinking it is simple to do bookkeeping and anyone can do it.

The result could be confusion for your tax accountant (which will cost money to get sorted out) or misinformation for your company that could lead to problems like inaccurate sales tax reports or incorrect payroll liabilities, not to mention showing you misleading sales or cost information that leads you to false conclusions about how your business is doing. That can make an accounting nightmare. I had a recent case where a company was using QB Online and appeared to have good sales but no money in the bank – that is, the number of sales implied there should be money in the bank. It turned out the sales deposits weren’t being recorded properly in QB resulting in the double recording of a certain amount of sales. Oops! Sales weren’t what was thought, and that’s why there was less money in the bank.

So, bottom line (yes, pun intended), if you want or need to use QB Online, or any accounting software, to do your bookkeeping, be sure you have sufficient knowledge and/or take the classes offered by Intuit (QB), or whatever software provider you use, to ensure that you do it all correctly.

If we can help you here at CVC Coaching, we are as close as an email or a phone call.

By Steve Hall on February 16th, 2018 | Tagged with: Tags: , , , , , | Leave a Comment

Your Manual For Business Success

Wouldn’t it be great to have a small pocket-sized manual of gold nuggets for starting or growing a business to the level one dreams of? Business experts Jerry Isenhour, Ed Krow and Patricia Lawrence have joined forced as authors and just released this book on Amazon and other book outlets. Drawing on their business acumen of Jerry as a system and process expert, Ed as a Human Resources Expert and Patricia’s expertise as a CFO and designer of financial plans for success they have recently released The Small Business Owners Manual: How To Build Your Dream Business.

IN this book Jerry covers the steps for success in how to write and communicate system that not only will give you the method so that you can communicate them, so your people will buy into them. This is also detailed even more deeply in another of Jerry’s books Standardizing Standard Operating Procedures that details how to write them and communicate them where people will follow them.

Ed designs HR strategies that link employee behaviors to the operating and strategic plans so that business owners have employees motivated to help achieve business goals. He also eliminates the common HR headaches so owners can get the most out of their teams.

Patty focuses on the financial, budgeting and funding skills required to provide you the ways to build a powerhouse GPS that will provide you the methods that high-level experts use to fund and budget their business models. She is a builder of financial tools and systems that reveal the “story behind the numbers” that quickly skyrocket productivity and remove barriers to your company’s growth and profitability.

If you are just a person considering following the American dream of self-employment, or trying to get a business moving forward or even building you business towards exit and retirement, make The Small Business Owner’s Manual your manual for success. And put the expertise of Jerry Isenhour, Ed Krow and Patricia Lawrence to work on your team today.

Available at Amazon and other book selling sites.