Small Business Solutions

 

In the last bookkeeping business advice article, we agreed that tracking your time with QuickBooks Timesheets or QuickBooks Pro Timer is the first step to becoming successful in your bookkeeping business. When you start tracking all of your daily time – and detailing what you did in the “note” section of the timesheet – it is easier to put value to your time. 

 

In my own QuickBooks file, I set my own business mentoring company up as a customer with sub-accounts.  Some of those sub-accounts are Marketing, Paid Time Off, Education, Administration Time, Letters/Contracts and Bookkeeping – to use when I work on my own company’s bookkeeping.  Breaking it out this way has helped me with my hiring process by calculating the administrative cost to run my company. It has helped me determine how many new clients I can take on, and the value of my unpaid time.

 

If you are an individual bookkeeper like many of my business mentoring clients, you can enable the timesheets in QuickBooks and use them to keep track of your time and run reports.  If you have more than one person in the office, as in my firm, use the QuickBooks Time Tracker, which comes on your QuickBooks Installation CD.  

 

So now what do you do with the information after it is entered?  How many of you actually know what your profitability is per client?  One of the common practices that I see as a bookkeeping business coach is bookkeeping service owners do not attach a value to their time.  Most bookkeeping business owners are ‘dba’s or ‘LLC’s.  As you know, owners of these types of business do not take paychecks, they take draws.  So how do you put the value to your time? 

 

Before we get started setting this up in QuickBooks, you need to think of how much money you want to make this year in your bookkeeping service business and break it down to an hourly rate. Then you want to set yourself up as a vendor in the list and set a rate and code in the item field for each service you provide. Next, link the expense side to a payroll account or an owner’s wage account. 

 

From this window in QuickBooks create a check and allow it to pull your time from your timesheets. If you notice that all the details post to the “item” tab, just keep in mind that we are not going to pay this entire amount.

 

Next click on the “expense” tab and post a negative dollar amount to the payroll account.

Save and close the transaction. You have now put value to your time with a zero dollar check. 

 

Now, when you run your ‘Job Profitability Summary’ you have actual cost for your time and you can see if your margins are within 70% of what you billed. If they are not, your pricing is not high enough. I tell my business mentoring clients to always keep in mind that 1/3 of cost goes to overhead, 1/3 of cost goes toward direct cost and the remainder 1/3 goes to the owner.

 

By using QuickBooks, bookkeeping service owners can put a value to their time, analyze their pricing and manage their time more efficiently. 

 

Stay tuned. In the next bookkeeping business coaching article we will go over how to streamline your invoicing process by pulling data from your time records.

 



By: Laurie O’Neil

About the Author:

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Bookkeeping is one of the most important things which businesses should think about. This is because finances are better handled when the right type of accounting system is adapted. However, accounting cannot be done just by anybody else. The whole system involves reconciling expenses and invoices. Bookkeeping is often done by a certified public accountant. But if you really like to save up on some expenses, opting for an outsource Quickbooks bookkeeping will be a better choice for you.

Although you are sure of the whole process if it will be handled by a certified public accountant, you should also bear in mind that you will need to provide the person a monthly salary. The duration of bookkeeping can be a long engagement and as popular or as experienced the CPA gets, chances are he’ll charge higher for his expertise. The same efficiency of CPA’s can be experienced with outsource Quickbooks bookkeeping. But the difference is that this will have a one time payment system which can already last you months or years even.

Small business is the expertise of outsource Quickbooks bookkeeping system. It is simple to understand and therefore very easy to use. The outsource Quickbooks bookkeeping software is also available in different updated versions and there are also other applications which can be availed if one wishes to engage a third party in the whole bookkeeping routine.

Among the general features of the outsource Quickbooks bookkeeping software is the time tracking device. This helps especially when tracking down transactions being made in and out of the business. Activity logs help track all action done within the software. Moreover, the logs recorded also help the business owner to hold members liable for the faulty and questionable transactions which have been initiated under the company’s responsibility.

Another feature of the outsource Quickbooks bookkeeping is the variety of report generating wizards which it offers. People no longer have to fuss about how entries will be made into specific financial reports as they can help trim down options through installed themes in the software. If the person wishes to customize his reports, the software can also help aid in that. The reports which can be generated ranges from payroll, sale taxes, vouchers, invoices, payable, and fees required from various account ledgers.

Detailed presentation of taxes and precise estimates can also be done through the use of outsource Quickbooks bookkeeping. Assisting in making specific taxes for various purchases is one of the best features of the said software. Tax varies from one amount to another and if purchases are also to be itemized according to state, other tax laws and rates may also apply. Making financial estimates is also another grueling task to accomplish without the said software. One has to be able to meet the projected needs of each department without having actual figures to back him up. But with the help of the software, options are trimmed down so that estimates are geared towards more practical costs fitted within the budget.



By: Amitaabh Saboo

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Do you want to look for a company that offers Quickbooks bookkeeping service? Then you’re definitely in luck. After all, there are already several companies that can provide them to companies, regardless if it’s small or large. But then again, not all are basically aware of what they can possibly expect from a Quickbooks bookkeeping service. If you’re one of them, then it’s high time that you get yourself educated.

 

Bookkeeping Services. You can make use of the Quickbooks bookkeeping service for your bookkeeping needs. A company may help you set up your Quickbooks account, if you don’t know how. Subsequently, you can tie up other bookkeeping functions with the Quickbooks bookkeeping service. For instance, you can create a database of your suppliers, so you can monitor the accounts payable that you have to pay. You can also keep track of your expenses with the help of your own ledger. Most of all, you can check your accounts receivable and when you need to collect them.

 

Accounting Services. The Quickbooks service may also be in tie-up with your accounting services. For example, you can utilize the information that you can generate from the Quickbooks software to produce the most ideal budget for your company either monthly, quarterly, or yearly. You can also create a cash flow statement, so you can have an idea of the real financial status of your business. Of course, it will be a breeze for you to come up with your end review every month or quarterly with the help of Quickbooks service.

 

Kinds of Quickbooks Bookkeeping Service You Can Choose From

 

The Quickbooks bookkeeping service has been regarded to be the answer of all business-small or large-for their financial and other important operations. You can use it so you can keep track of your audit trails. You can also customize templates and reports to reflect the real status of the business. Most of all, it can be accessed even when you’re not really in front of your PC.

 

Nevertheless, if there’s one thing that you have to keep in mind when it comes to Quickbooks bookkeeping service is to choose the one that truly fits your enterprise. So far, there are three kinds of Quickbooks program that you can pick. Though majority of those that offer the Quickbooks service will be able to work on all three, it’s still essential that you can ask their opinion as to which one is the best for you.

 

The Quickbooks Pro will help you create reports and invoices to over 100 styles. You can also generate different types of reports and statements out of it. Moreover, the Quickbooks bookkeeping service will also make it easy for you to keep track of all your financial information such as your loans, expenses, and your daily revenues. On the other hand, you have the Quickbooks Premier, which can perform the basic functions of Pro with the addition of income and expense forecast. This is ideal as you can create your budget properly.



By: Amitaabh Saboo

About the Author:

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The advent of efficient bookkeeping software has revolutionized the way Bookkeeping Services is performed in organizations. With large volumes of accounts receivables, account payables, billing and Payroll Services to handle, organizations found it difficult to manage the different segments of bookkeeping. Competent bookkeeping software has enabled companies to work better and save on time and effort.

There is a wide range of bookkeeping software that bookkeepers can use today. The following is a list of the different bookkeeping software available and the benefits that each offer:

QuickBooks

Quickbooks Bookkeeping Software is one of the easiest to use financial software. It has an easy to use interface, simple navigation toolbars and a user-friendly graphic menu. The Quickbooks software is divided into various sections, such as the help section, customer section and vendor section. There is a help button on every option and users can go through FAQs in the quick help menu. The Quickbooks software gives users flexibility on a variety of tasks related to accounts receivable, accounts payable, payroll, inventory and banking. Other features include a general ledger and job costing tools.

Quicken

The advanced features of Quicken make it the software favorite software among accountants. In the latest version of Quicken enables users to see more of workspaces and reports at the same time. Financial data can also be viewed more easily. The tabs in Quicken enable users to easily access different functions at the same time. Summarized versions of critical information can be seen on the home page and activity center. With features such as, financial overview, cash flow center, investment centers, Quicken Billminder Gadget and Quicken account bar, Quicken is a good choice.

Peachtree

The latest version of Peachtree is packed with advanced options to enable bookkeepers to maintain accurate records efficiently. It has an easy-to-use interface, an informative business status page, input screens for (billing, payroll & invoicing), advanced reporting tools and high-end options. Bookkeepers can synchronize contact information with ACT and set up this software without any difficulty. All these advantages make the Peachtree accounting software a favorite among bookkeepers.

NetSuite

The NetSuite Accounting Software is a single, integrated suite that has advanced accounting, ERP, CRM and e-commerce abilities. With the NetSuite accounting software, bookkeepers can competently mange accounts receivables, accounts payables, general ledgers, billing and payroll amongst others. NetSuite has efficient tools for sales force automation, support management, marketing automation, global CRM, productivity management, e-commerce, partner relationship management, financial management and employee resource. With its flexibility, real-time decision making and seamless integration bookkeepers find this an easy-to-use software.

Business Works

The business works accounting software is simple yet powerful accounting software. It is flexible, easy-to-use and has integrated modules. With business works, bookkeepers can provide extensive reports and even share data with other users. Business works enables bookkeepers to manage the entire operation flawlessly.

Advantages of using bookkeeping software

o Saves time and effort

o Saves on manpower

o Enables bookkeepers to work more efficiently

o Different segments of bookkeeping can be handled with ease

o Data can be shared easily

o Errors can be minimized

Use bookkeeping software and watch your bookkeepers work more efficiently.



By: Outsource India

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Whether your business is small or huge, you need a good bookkeeping software in order to keep it running smoothly. Do not risk your sales by opting for an accounting and bookkeeping software which lets you down during a time when the customers keep on coming in. If you are not able to handle your business well, there is a huge possibility that you will not be able to cater to the needs of your clients as well. When your clients are not satisfied with your services, you might end up losing your business. There are various ways for you to cope up with the demand of providing services and merchandise to people. One of these is hiring more staff to meet with the endless demands of your customers. But the more you hire other personnel, the more you will have to spend for their salary. On the other hand, when you opt to use dependable software, business management reporting will be really easy.

There are a lot of software which are used for accounting and bookkeeping purposes. One of these aimed at owners of small businesses is QuickBooks. When you are running a small firm, the outsourcing QuickBooks bookkeeping using Books2Taxes is the perfect solution for easy management. This software is relatively easy and simple to use. There are several versions which you can avail of. What is more, there are add-on software applications for third parties.

The outsourcing QuickBooks bookkeeping of Books2Taxes provides business owners various benefits. It has a feature which tracks time; allowing you and your workers to be bill the clients by the hour. This bookkeeping software has activity logs and audit trails which allow you to keep each of your transactions properly tracked. What is more, these features keep each of your workers accountable for every transaction that has been made. Through more than 65 customizable business reports, you will be able to gain a clear image of the things that you need to do. Lastly, you can remotely access controlled information from anywhere you are in the world.

When you want help with your reports, outsourcing QuickBooks bookkeeping software will be able to offer you with various types. You can get a report on income statements. This software is also capable of customizing reports for your sales and receivable accounts. You can also get reports on various purchases, the payable accounts, account registers, and sales tax. When your employee is located within multiple sites, it may be difficult for your current accounting software to handle the payroll report. This is due to the difference of tax withholdings within various states. But when you are operating within one state only, you can process payroll reports with the help of outsourcing QuickBooks bookkeeping.

Books2Taxes.Com offers various versions of this outsourcing QuickBooks bookkeeping. These are the QuickBooks Enterprise, the QuickBooks Premier, and the QuickBooks Pro. All of these different types of QuickBooks bookkeeping software provide you with great features which will surely allow you to handle your business well.



By: Amitaabh Saboo

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