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
Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
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
Now that fall is in full swing, many small businesses are dealing with wrapping up the final details of their seasonal summer labor. While accounting for summer employees in general isn't difficult, it can leave employers scratching their heads when it comes to getting information right on the books.Read More
We often find ourselves presented with a common question--"How do I know when it is time to switch to an accounting services provider?"--in fact, it is the most common question we get when we're out on the road meeting with business owners and entrepreneurs. Used to doing it themselves or with the help of a single bookkeeper, it can be difficult to pinpoint that exact moment when business needs outgrow current resources.
As we wrap up the last week of our Accounting Education Back to School Series, we're taking a close look at a subject near and dear to our virtual accounting hearts: Outsourcing. As a leading provider of outsourced accounting and bookkeeping services, we know firsthand the benefits of outsourcing business processes--and we also have an intimate understanding of many of the concerns that SMB owners have when considering whether or not to outsource.
Our clients don't worry about tips for using QuickBooks because they know we're on top of it for them. However, since we know there are still a few companies out there that have yet to sign up as our clients--and are trying to go it alone wit their QuickBooks files, we've gone ahead and prepared a short list of "QuickTips for QuickBooks". If you're using QuickBooks yourself... or maybe working with a local bookkeeper in your area... hopefully these tips will help you out until you're ready to become our client!