How to Use the Same Name on Different Lists in QuickBooks Learn How to Use the Same Name on Different Lists in QuickBooks with Rhonda Rosand, CPA of New Business Directions, LLC.

How to Back Up Your QuickBooks File   Learn how to back up your QuickBooks file with Rhonda Rosand, CPA of New Business Directions, LLC.

One of the ways to impact your marketing is by adding stories. Everyone loves a story, and stories are more memorable compared to almost any marketing copy. Here are a couple of tips on how to use and place stories to share with prospects and customers.

What a Story Is

All stories need to be personal and evoke an emotional response. They can be about the company, the employees, the founder, the customers, or each individual product. Many stories revolve around why the company was started. Others focus on what you can achieve with the product.

Here are some ideas for stories for yourself:

  • Is there a story about why you started the company?
  • Have you seen a transformation in customers you work with that you can craft a story around?
  • Do your employees have a great story about why they love working for you?
  • Is there a story about how your products are created?
  • Is there anything you overcame to start or grow your company?

To be most impactful, a story should be far more than a history lesson or a mission statement. The best stories describe an inspirational transformation.

Stories can be told in a video or in text and graphics. Two things make a story powerful. First, use details rather than general descriptions. This means going through your story and making sure you have a lot of descriptive adjectives. Second, use all five senses. The reader or video watcher should be able to feel like they are right with you in the scene, knowing what you felt, saw, heard, smelled, and even tasted.

Here are some examples to get you inspired:

Nike’s The Chance: https://vimeo.com/40035962

Warby Parker’s Why: https://www.warbyparker.com/history

SoulCycle Who We Are: https://www.soul-cycle.com/our-story/

Every Product Has a Story – Jewelry: http://www.ephas.com.au/our-products/jewellery/necklaces

Think about your story, and share it with the world.

Learn How to Navigate the Homepage of QuickBooks with Rhonda Rosand of New Business Directions, LLC.

Your “Chart of Accounts” is the list of accounts in your accounting software and forms the basis for all reports.  It is the foundation of your accounting system.  The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account.

It’s essential to create a list of accounts that you need in order to make better business decisions.  Your chart of accounts needs to be designed intentionally.  It needs to be short, sweet, and to the point.  You don’t need a million accounts.  If it hasn’t been, it’s never too late.

Two Types of Accounts

There are two major types of accounts:

  1. Balance sheet accounts that tell what you own and owe.  These are determined by your checking accounts, inventory, and credit cards.
  2. Income statement accounts that tell you about current period operating results.  These, in turn, have two major categories, income and expenses.  For companies with inventory, expenses are further broken out into cost of goods sold and other expenses.

Three Purposes

A chart of accounts should meet three needs:

  • Make it really fast for you to do your taxes
  • Give you all sorts of “Aha’s”
  • Allow you to spend far more time on revenue analysis than expense analysis because that’s where success lies for small businesses

Taxes

Your accounts should be the same as (or be able to be grouped into) the lines on your tax return.  You can find a copy of the tax form you fill out. For example, a sole proprietor will use a Schedule C of the 1040, and a corporation will complete an 1120.

There are a few special needs, such as meals and entertainment which are only partially deductible, that you need to pay special attention to. We can help you with that.

Aha

As small business owners, we work with a gut feel, but when you see what you’ve made or spent in black and white, it takes on a whole new level of meaning.  Your income statement and other reports should do that for you.  If they don’t you may not have your accounts set up right.

Revenue

Think about how you want to see your revenue:

  • By product line
  • By major supplier
  • By category of solution to the customer
  • By customer type
  • By service type
  • By location (you can also use Class for this)
  • By job
  • By distribution method

We can help you brainstorm based on your industry and type of business.

Actionable Intelligence

If you’ve been putting all your revenue into one revenue account, it will be exciting the first time you see your new Profit and Loss statement.

If you’ve been breaking out your revenue but it hasn’t led to any actionable change in your business, then there may be a better way to break it out.

If you’re happy with the way your revenue is broken out, then think about how you can take it to the next level.

Once you see your new chart of accounts, you will likely have even more questions.  The chart of accounts can be an evolving entity, designed to serve your business needs.