Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
There is no denying that managing the financial end of a business takes some effort. Thanks to Intuit and QuickBooks Online, this otherwise daunting task has been simplified by top accounting software. The most recent updates applied to the accounting site involve time-saving modifications. Whether you’re a fan of the brand or new to the QuickBooks world, you’ll likely benefit from these changes.
Friendlier Usability and Interface
One of the most basic adjustments to the service is the new keyboard shortcut. You can now tap the escape key when you want to close your transaction forms. This will close any expense pages or invoices so that you can view the screen you started with. A small tweak to the money bar adds to the convenience, allowing you to view a clear time frame for the presented data.
Other alterations include visual refinements that simply clean up the look of certain pages. Larger icons, a more prominent help button and subtle color changes improve the visibility of the menus. These seemingly minute details make navigation from task to task easier and more straightforward, which ultimately saves time as well.Read More
How well do you know your own business? Think about it.Read More
Now that you’ve been schooled a bit on TSheets Time Tracking already, you’re good to go for a second semester! The following information are some great insider scoops to the best ways to configure your TSheets account. Don’t worry; we start basic and move on up so feel free to join in at any point!
1. Beginner Level: Configuring Overtime CalculationsRead More
If you’re new to TSheets Time Tracking then chances are things might seem a little overwhelming right now! No need to worry; just like on your first day back to school things seem scary until you can focus on the fresh smell of book covers and brand new erasers, or how you managed to sharpen your pencils all to the exact length and sharpness. We are here to provide you with those security blankets; metaphorically of course.Read More
Many types of businesses provide estimates to customers before performing work. QuickBooks accounting software offers simple tools for generating and managing estimates for your customers.Read More
Job costing is an important function in the construction and service industry. To find the job cost, all costs for one specific job or a batch of manufactured goods are calculated. This includes materials, labor, and overhead costs. The costs carry forward through the life of the job or the batch.
Any industry can use job costing to make sure product and service pricing covers the actual costs and overhead and allows a profit to be earned. Long-term accountants generally know how to work out a job cost by hand, but these days there are plenty of accounting software options that will make the process easier.
If you are a veteran numbers cruncher, you remember the old calculator and stubby-pencil method when it came to keeping books. You may have since discovered the power and convenience of accounting software, but you may have noticed that having your own Excel spreadsheet files still helps. Check out the following accounting tips to put Excel accounting functions to work for you.Read More
We're proud to serve a wide range of clients, from SMBs just starting to find a strong foothold to those will burgeoning profitability. As such, we're used to fielding small business accounting questions at all stages of business development. From whether financial forecasts indicate a major business investment is in order to questions about whether to lease or buy to how to handle a looming financial event, our bookkeepers and controllers have considerable experience navigating "uncharted" waters for SMB owners.Read More
The ability to sort accounting transactions by user-defined divisions and classes in QuickBooks is a great way to track and analyze what areas of your business are the most profitable. Unfortunately, many businesses and bookkeepers aren’t taking full advantage of this option because they don’t clearly understand the difference between divisions and classes and how to use them. Hopefully the following examples will clear up some of the confusion.
Using Divisions in QuickBooks
If you want your accounting or outsourced bookkeeping services to provide separate profit and loss reports for different areas of your business, creating divisions will allow them to do that. Here are examples of divisions setups in QuickBooks for different industry models:
- Accounting Services: Payroll, Accounts Payable, Billing, Full Service
- Mechanical Contractor: Residential Service, Commercial Service, New Construction
- Construction Contractor: Bathrooms, Kitchens, Whole House, Repairs
As you can see with the mechanical contractor example, how you choose to divide your services is totally up to you and may be different from one business to another. By selecting a division when creating an invoice, the revenue from the invoice will be appropriately tagged for that division. Select a division when entering a vendor bill to log costs of materials or services specific to that task. With this process in place, a business can then run Division Profit & Loss Reports, showing the income, costs and gross profit on distinct roles within the company.Read More