Quickbooks Reconciliations: Not Just for Banking

Most Quickbooks users are familiar with doing monthly bank reconciliations and the importance of doing so. Some reconcile credit cards on a regular basis as well (good job!). That’s where most reconciliations end, but don’t have to.  The bank reconciliation feature in Quickbooks (both Desktop and On-line) can be used to reconcile any balance sheet account,Continue reading “Quickbooks Reconciliations: Not Just for Banking”

Top 7 Budgeting Pitfalls

“If you can’t measure it, you can’t improve it.” – Peter Drucker   A lot of businesses are starting their 2017 budgeting process right now. A budget is a critical tool for all successful businesses. However, many budgets fall short of providing the financial guidance that managers and owners desperately need. Having prepared numerous budgets,Continue reading “Top 7 Budgeting Pitfalls”

Not Just the Numbers

I believe that every decision a business owner makes affects the bottom line. Therefore I employ a holistic approach to finance. Everything in an organization is interrelated. Accounting is just the method to report how well (or poorly) the business is performing. Understanding the relationship between management decisions and financial results is key to improvingContinue reading “Not Just the Numbers”

Stop the Money Leaks in Your Business

It’s almost winter time. That means you have to be careful about frozen pipes and water leaks. What about “money leaks”?  They can be just as detrimental to your business as a water leak can be to your home. Examples of money leaks include: Overpayments in insurance due to incorrect classifications Vendor overpayments Employee time overpaymentsContinue reading “Stop the Money Leaks in Your Business”

20 Reasons your business will fail and 10 why it may not. Reason #2: Trying to do everything yourself.

Reason #2 Your small business will fail: Trying to do everything yourself. What can you do about it? Leverage your time: Sure you can do it all, but what are your opportunity costs? Let’s say you are spending 5 hours a week maintaining your website and social media, but if you hired someone they couldContinue reading “20 Reasons your business will fail and 10 why it may not. Reason #2: Trying to do everything yourself.”

20 Reasons your business will fail and 10 why it may not: #1 Cash Flow

This is the first in a series of posts that are designed to help business owner’s make better decisions. I truly believe that everything decision you make impacts the company’s success. Reason #1 Your small business will fail: Not having enough cash to make it through the start-up period, a downturn or to handle aContinue reading “20 Reasons your business will fail and 10 why it may not: #1 Cash Flow”

Managing Customer Deposits or Retainers

I get frequent Quickbooks questions and I believe that many users have similar questions. I will start posting answers to these questions in my blog for everyone. This week I received the following question: Hi Tirena, Please tell me if you know how to manage this issue. Often times, I get a retainer for aContinue reading “Managing Customer Deposits or Retainers”

Reducing Credit Card Bill Confusion in Quickbooks

One of the biggest Quickbooks mistakes that I’ve seen throughout the last 18 years is the way credit card bills are handled. Quickbooks has one of the best credit card functions that I’ve used; however, many users struggle with entering their credit card payments every month.  Some users enter a check for the payment andContinue reading “Reducing Credit Card Bill Confusion in Quickbooks”