QuickBooks is not just for organizing your data for tax preparation, but can provide valuable information to manage your business. Tools such as Profit & Loss reports, budgeting and customer payment tracking can assist you in managing your income and expenses on a daily basis. This can aid you in increasing collections and decreasing expenses, making your profit margin higher.
- Profit & Loss Reports – In a time when everyone is looking for ways to save money, you can use QuickBooks to track how your business is spending money and may discover areas that you could cut costs. Using reports such as Profit & Loss YTD Comparison and Profit & Loss Prev Year Comparison can show you how your income and expenses are comparing to the current year as well as previous years. This will provide insight into what your largest expenses are and where you can reduce costs.
- Budget Feature – Another valuable tool QuickBooks provides for managing your business, is the budgeting feature. You can input an annual budget or budget by month and print reports that compare your actual expenses to your budget. This will allow you to identify where expenses maybe more or less than expected. Reviewing the budget vs. actual reports on a frequent basis will help keep costs in line with your expectations.
- Customer Payment Tracking – QuickBooks has several different reports that you can use for tracking customer payments and balances due. Reports such as the accounts receivable aging summary report are generated from using the QuickBooks customer features. Under the customer features you can create invoices, enter sales receipts, enter customer payments, and create customer statements. Tracking this information will allow you to be confident that you are being paid for all the hard work you are doing for your customers.
These are just some of the valuable tools that QuickBooks can bring to your business. The key for any of these tools to work for you is to properly set them up and maintain the data on a frequent basis. If you would like any additional information or need training in any area of QuickBooks, our office has QuickBooks Certified Proadvisors that would be happy to assist you.
About Blackman & Sloop CPAs, P.A.:
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA cpa@blackmansloop.com
Toll Free: 1-877-854-7530 The Exchange West 1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517