New Business Direction LLCGreetings!
When your goods come rolling in, be sure to document them correctly.
You’re probably happy to see couriers delivering inventory items you’ve ordered since it means you can ship to customers, but recording the new stock means yet another repetitive task.
QuickBooks’ tools can help with this, but you need to be sure you’re using the right forms. There are two different ones that you’ll use, depending on whether or not you’ve received a bill.
Bill in Hand
Either way, you’ll get started by opening the Vendors menu (or clicking the arrow next to Receive Inventory on the home page). If you do have a bill, select Receive Items and Enter Bill (Receive Inventory with Bill on the home page). The Enter Bills screen opens; select your vendor from the drop-down list. If you had entered a purchase order, you’ll see something like this:
Now the PO item information has been entered in the window. Check the form for accuracy, then save it.
Of course, if there was no purchase order, you’ll enter the information about the items you received (descriptions, prices, etc.) in the Enter Bills screen.
If you receive items without a bill, you still need to document the shipment. Open the Vendors menu and select Receive Items (or click the arrow next to the Receive Inventory icon on the home page and select Receive Inventory without Bill).
The Create Item Receipts window opens. Select the vendor by clicking the down arrow next to that field. If a message about existing purchase orders for that vendor appears, click Yes or No, and either select the appropriate POs or enter the information about what you received.
If the items were already earmarked for a specific customer on the purchase order, the Customer column will have an entry in it, and there will be a check mark in the Billable column. If there was no purchase order and you’re entering the information, you can complete those two fields manually
Figure 2: If a purchase order was already assigned to a customer and is billable, that information should appear in this windowEnter a reference number if you’d like. The Memo field should already be filled in with Received items (bill to follow), and the Bill Received box should not be checked.Warning: Be sure that the Items tab is highlighted when you’re recording physical inventory. If there are related costs like freight charges or sales tax, click the Expenses tab and enter them there.
When the bill comes in for merchandise that you’ve already recorded on an Item Receipt, you’ll use this procedure to pay it:
* Click Vendors | Enter Bill for Received Items, which opens the Select Item Receipt window.
* Select the vendor, then the correct Item Receipt.
Note: If the bill corresponds to more than one Item Receipt, you’ll need to convert each into a bill separately. You can create a new bill if some items received were not accounted for on Item Receipts.
* Click the box next to Use the item receipt date for the bill date if you want to match it to the inventory availability date.
* Click OK. The Enter Bills screen opens, which can be processed like you’d handle any bill.
Though it may seem like extra work, this last procedure is important, since it prevents you from recording the same inventory items twice.
It’s easy to get tangled up on these procedures. We hope you’ll consult us when you begin implementing inventory management in QuickBooks, or when you’re taking on a new task there. It’s a lot easier to prevent errors than to go back and fix them.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
Cash flow improvement is a hot issue for small businesses; in many businesses, it seems like there is never enough cash when you need it. The last thing a business owner wants is to reduce their cash balance unnecessarily. To help you preserve or increase your cash, here are five cash management leaks to avoid.
1. Bloated Bank Fees
Some banks are more business-friendly than others. We recommend you assess the fees you are currently being charged to see if you can discontinue any unnecessary services.
- Could you maintain a cash balance to avoid monthly fees?
- Are you being charged online banking fees and bill pay fees, and are these still necessary?
- Are you being charged for a high volume of transactions or cash drawer services, and are these competitive with other banks?
Banks, including national brands, that have not kept up with technology and have not automated a significant amount of their transactions are inefficient and must charge higher fees to cover their processing costs. If your accounts are located at one of these costlier banks, you do have a choice.
2. Overtaxed
Are you sure that you are paying the lowest amount of taxes you legally owe? There are several places to look to make sure you have not overpaid taxes anywhere in your business or personally:
Payroll taxes- Sales and use tax
- Franchise taxes
- State and local income taxes
- Property taxes
- Federal income taxes
- Taxes that are specific to your industry
In preparing income taxes, a few of the easiest items to overlook include carryovers from prior years and new deductions you become eligible for. If you received a large refund this year, congratulations, but that means you gave Uncle Sam an interest-free loan on your money. You can do better next year by estimating your tax payments and paying only what’s due.
3. The Check Is in the Mail 
Customers who take too long to pay you are big cash drains in your business. Consider changing your terms, asking for deposits, or becoming more aggressive with collections to bring your DSO (days sales outstanding) down. When you do, you’ll get an instant, permanent cash flow improvement.
4. Sweat the Small Stuff
You may have an eagle eye on your largest bank account, but what about your other cash stashes? PayPal, petty cash, and business savings accounts are among the places that may not get daily scrutiny. Make sure those accounts are properly reconciled and have the proper controls in place so funds don’t go missing.
5. It’s in Your Interest
A nice problem to have is when your bank balances get too large and you don’t need the money immediately. Make 
sure that money is still working hard for you by putting the excess in an interest-bearing account. It’s not much these days, but every little bit helps.
Make a Dash to the Cash
If we can help you plug any of these cash leaks in your business, please don’t hesitate to reach out and let us know.
Not using progress invoices? Maybe you should be.
Greetings!
The U.S. economy may be picking up, but your customers are probably still being very careful with expenditures. If your company’s finances will allow it, you can help them out on sizable jobs by using progress invoicing, also known as partial billing or progress billing.
You could, of course, simply create invoices for smaller chunks of the job as they come. A smarter way is to build estimates for the entire job or sequential phases so your customer can see the big picture. You can still use progress invoicing to start collecting funds one segment at a time.
How to Proceed
First, be sure you have progress invoicing turned on. Go to Edit | Preferences | Jobs & Estimates | Company Preferences and make sure the Yes button is filled in next to the questions about estimates and progress invoicing.
Now create your estimate (these instructions are for QuickBooks Premier 2013; your steps may vary slightly). Go to Customers | Create Estimates. When you’ve entered all of the items you want to include in this phase of your project, click the Create Invoice button. This window will open:
By clicking one of these buttons, you can bill the customer 100 percent of what’s due on the invoice or just a percentage. But let’s say you and your customer have agreed that payment will be due in pre-defined stages, so click the third button and select one or more of the line items. Click OK. QuickBooks will display a new window that lets you select items and/or percentages of amounts due.
In our example here, we’re going to invoice the customer for two items, the blueprints and floor plans. So we selected the button next to Show Quantity and Rate and entered the full estimated quantity for each item in the QTY columns (if you chose Show Percentage, new columns would appear). It would look like this:
Click OK. QuickBooks will return to your progress invoice, which you can save and print or email to your customer. Your original estimate will remain unchanged.
Tip: If you don’t want any of the zero amounts to appear on the progress invoice, go to Edit | Preferences | Jobs & Estimates | Company Preferences and make sure there’s a check mark in the box next to Don’t print items that have zero amount.
Following Up
When you want to bill for another set of items on this estimate, simply repeat these steps.
Here’s an easy way to determine how much (if any) of the estimate has been invoiced. Go to the Customer Center and select the customer. Click the arrow next to the Show field and select Estimates. Any estimate that has a zero in the OPEN BALANCE column has been completely billed.
QuickBooks provides a report that tells you where you are with all of your progress invoices. Go to Reports | Jobs, Time & Mileage | Job Progress Invoices vs. Estimates. Your report will include the progress invoice you just created:
More Options
What if you determine that you won’t have one or more of the items on the estimate? QuickBooks lets you quickly generate a purchase order. With your estimate open, click Create Purchase Order to select the item(s) needed and generate the form. You can also click Create Sales Order if one is necessary.
Estimates provide a useful way to fine-tune your bookkeeping and inform your customers about impending costs. They can also be confusing if you don’t keep up with them. We can help you determine when they’re a good idea and how to keep them organized. QuickBooks provides good tools here, but they require some administrative control.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
It’s generally a good idea to keep overhead costs low so that your business profits will be higher. This is especially true with items that are easily commoditized and fairly standardized, such as utilities and rent. But there are times when increasing expenses pays off nicely, and here are five areas to consider so you can reap the rewards.
1. Training
Whether it’s for you or your staff, good training can pay back for years to come. Learning new skills, no matter what our crafts are, will keep our businesses from becoming stagnant. Implementing what we learn will help us grow.
You might get training to increase the mastery of your chosen profession. You might also want to consider general business skills, including technology, marketing, finance, and leadership. Just about everyone can benefit from learning more about project management, communications, and negotiations, to name a few more.
You might also want to consider “human performance” skills such as public speaking. Whatever you choose, training is always a great investment that pays back big dividends.
2. T
ools
Without the right tools, the same task can take double the time. It’s a great idea to provide your employees with the most powerful computers and software on the market. The cost of labor outweighs the costs of the computers, so it makes sense to load employees up with the best tools you can. An employee with a slow computer, through no fault of their own, is not giving you their best, and that will cost money in lost productivity.
The same thing goes for owners. You can spend your time fighting with a machine or getting a ton of work done. I’m pretty sure the latter is more profitable.
3. Accounting
The most successful companies we work with invest in accounting services in five areas: accounting technology, accurate bookkeeping, thorough reporting, tax minimization, and professional consulting. When we see business owners cutting corners in any of these areas, it usually costs them more money in the long run to clean up the problems that result.
An up-to-date accounting system minimizes maintenance and troubleshooting costs. Making sure the bookkeeping and reconciliations are done properly is essential for compliance reporting and decision-making. A robust set of reports allows a business owner to make smart decisions about running their business, and minimizing taxes helps you keep more of what you make.
Since accountants see thousands of financial reports in their careers, they have developed an eye for opportunities that a business owner may not see. Bringing an outside perspective into your business is a good investment that can help you discover great opportunities in your business.
4. Marketing
Whatever you do in your business, you are helping others. You are sharing a skill you have that your clients either don’t have or don’t choose to do for themselves. Being a best-kept secret doesn’t help you share your gifts and talents.
Marketing can help you get the word out to people who need your services but might not know about you. Developing great marketing materials will help you communicate what you do as well as receive fair compensation for what you do. It almost always makes sense to invest in this area of your business.
5. Employee Perks and Benefits
Keeping employees passionate about your vision and motivated to be productive is a continuing task. One way to do that is to provide employee benefits and perks that make it attractive for employees to work for you.
There are many ways to invest in your employees. Good health insurance, personal time off, extra vacation time, education reimbursement, flex time, and working from home are just a few of the many options you can choose from to enhance employees’ working environments.
Measuring the Payoff
We can help you measure your return in any of these areas; as always, please let us know how we can help.
If you used small business accounting products in the early days, you know how frustrating it was to print checks correctly from your software. Pre-printed checks weren’t cheap, and you probably printed at least a few that didn’t line up right or were otherwise unusable.
Figure 1: The Write Checks window in QuickBooks 2013.
Printing checks from QuickBooks has gotten easier, and online banking has made this task less of a necessity for many businesses. But when you do print checks, precision is still required.
So to minimize frustration, save time and money, and ensure that everything will be in order when your checks are processed at the bank, it’s important that you use the tools that QuickBooks offers appropriately. If you’ve been having trouble with check-printing or you’re considering attempting it, keep these tips in mind:
- First, be sure you are creating standard checks, not paychecks. Go to Banking | Write Checks or click the Write Checks icon on the home page.
- QuickBooks offers a few options for check creation. Click Edit | Preferences | Checking | My Preferences. Here, you can specify a default account for the Write Checks function. Click Company Preferences for additional options.
Figure 2: Check the boxes here to activate options.
3. You can customize the appearance of your checks. Click File | Printer Setup |Check/PayCheck. Specify printer options and check style, change the fonts in some fields, designate a partial page printing style (using the envelope feed) and add your company’s name and address, logo and a signature image.
Figure 3: The Printer Setup window provides access to your output options.
4. Be sure that your printer has enough toner before you begin a job.
5. If you print a lot of checks, consider dedicating one printer to that task. But secure your blank checks. Don’t leave them in the printer.
6. Does your printer process pages in reverse order, last page first? This can cause problems when you’re printing multiple checks. You have several options here. You can:
- Modify your printer’s property settings in Windows and/or consult your printer documentation
- Load the paper to accommodate reverse printing or
- Alter the check numbers in QuickBooks. Go to Lists | Chart of Accounts and open the correct checkbook register to change them. (This option is the least elegant and most risky, and not something you want to do on a regular basis. Let us help you with your printer setup if you can’t resolve the problem.)
7. QuickBooks supports batch printing. If you’re writing multiple checks that you’ll want to print later, click the Print Later or To be printed link (depending on yourversion of QuickBooks). When you’re ready, you can either select File | Print Forms | Checks or click the Print Checks link on the home page. Both will open this window:
Figure 4: Uncheck any items you don’t want printed to remove them from the batch job.
- Printing a batch of checks and realize that you’ve set something up wrong? Hit the
Esc key to halt it.
- Double-check to make sure that your numbers match before you launch a print job. Compare the number in the First Check Number field to the number of thefirst check queued up in the printer.
- Ruin a check or an entire page of them? If your accounting protocol allows you toskip check numbers, just start over by changing the First Check Number so thatit corresponds with the starting number on a fresh batch of check blanks. If not, you’ll have to create a check for each one that was ruined, choosing a name and account and an amount of $0.00. Then void the check(s). (Click Banking | Use Register and select the account. Highlight the transaction(s), select the editoption and void. Do not delete them.
Check-printing can be tricky, but it must absolutely follow the rules. Let us know if you get stuck or want some guidance upfront – or if you want to switch to online banking and bill-pay.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
Depending on your location, you’re probably starting to see early signs of spring. The nicer 
weather and signs of new life seem to make people want to spruce up their surroundings.
Now would be a good time, too, to clean up your accounting environment. Some of your screens may be unnecessarily cluttered. And your QuickBooks® company file probably needs attention, too.
So here are some suggestions for streamlining QuickBooks®. You’ll have a tidier workspace, and you’ll save time and frustration.
Make a Clean Start
Intuit did a great job of giving QuickBooks’ home page a fresher, more “open” look in its 2013 versions. But does everything really need to be there? Could you simplify it a bit? There are several things you can do, including:
- Minimize icons. That pretty graphical process map on the home page is great for quick access to frequently-used actions. Some of them must remain there if they’re related to activities you do (i.e., Invoices has to stay if you use Estimates), but you can remove some of the ones you don’t use. Go to Preferences | Desktop View | Company Preferences. You’ll see this:
Figure 1: You can turn off some of the feature icons on your home page.
Some of the options have been grayed out because they support other processes. To remove an active feature icon like Inventory, click on it. In the window that opens, uncheck the box next to Inventory and purchase orders are active (you can also modify options here).
Figure 2: Clicking the checkbox next to Inventory and purchase orders are active grays out the other options and removed related feature icons from the home page.
To reduce the number of feature icons even more, go to the Finance Charge, Jobs & Estimates, Payroll & Employees, Sales & Customers, Sales Tax and Time & Expenses. QuickBooks® removes the related icons and reroutes the process map on the home page.
More Time-Saving Tweaks
- Don’t allow multiple windows to open in your work area. Tired of seeing all of those overlapping open windows on your desktop? Open the View menu and select One Window. All of your open windows remain active in the background. To return to one of them, open the Window menu and select the one you want to move to the front (Window | Close All returns you to a blank work area).
Figure 3: Your Icon bar can be your fastest route to often needed screens – if you modify it to only contain the functions you use, in order of importance. You can also change the labels to make them more meaningful to you.
- Trim down your icon bar. Seems like a minimal change, but it’s one of those things that can add unnecessary moments of frustration throughout the day (“Where’s the Calendar!“). Click View | Customize Icon Bar.
- Customize columns in Lists. You probably work in QuickBooks’ Lists often, but are you spending too much time tracking down the right information? Customize their columns so your registers contain only what you usually need (and add additional ones if it’s helpful). Open a list, right-click anywhere within it and select Customize Columns to modify the display (resize column widths by placing your cursor on the vertical set of dots between labels and dragging).
Figure 4: When you customize your columns in Lists, you’ll find what you’re looking for faster.
- Hide inactive names and items. Highlight an item, right-click and select Make Item Inactive. Open the Item menu in the lower left and click Hide Inactive Items (this action won’t delete them). This should be done with Customers, Vendors, Employees and Items to keep them manageable.
Internal Cleaning
These may all seem like cosmetic changes, but you will save time and frustration over the long run. The most critical spring cleaning task is company file analysis and maintenance. We can handle this for you. QuickBooks® can slow down and start generating error messages when the data file becomes unwieldy. Preventing file corruption before it crashes your system is a lot faster and less expensive than a reconstruction project.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
What is Cloud Computing? 
By now, we’ve all heard about the subject of Cloud Computing. Working in the Cloud simply means that you are accessing servers, software and technology via the internet.
It’s something that most of us are already using on a daily basis when we access our bank accounts and pay our credit card bills online; or when we use Facebook and other social media websites.
That’s the infamous Cloud – you access it with a browser from any computer or mobile device with an internet connection and you log in to use applications that you do not own and that are stored elsewhere to retrieve your data.
Hosting QuickBooks®
Many businesses are looking for an online solution for their QuickBooks® software but are hesitant to move to QuickBooks® Online because it does not have the full functionality of the Desktop versions of the software that we’ve all become familiar with.
A great option for those who want to move to the cloud but don’t want to change everything all at once is to have their licensed QuickBooks® Desktop software hosted by an Intuit Authorized Hosting Provider.
The average cost of hosting is approximately $50/month/user for basic setup and storage space, plus the cost of the software. The following is a list of certified secure data centers with proven reliable up-times:
Many of these providers are also licensed to rent QuickBooks® licenses for currently supported versions of the software which is quite cost-effective.
Benefits 
The hosting service provider installs and manages the QuickBooks® software and the company data files on their cloud-based servers. They install the software, update it and maintain it and provide system maintenance, redundant servers, improved security, virus protection and managed data backups.
It’s the full version of your licensed QuickBooks® software hosted on a secure server that users can access anytime, anywhere – remotely and simultaneously with proper licensing. There’s no data conversion and no retraining of users because it’s the same software that they have already been using.
There is no more dealing with Accountant’s Copies and Transfer Files at year end for your tax preparer, as access can be provided to outside professionals to seamlessly share data and collaborate with the business.
You are not required to upgrade to the newest version of the software each year in order to use hosted services, as long as the version is still supported by QuickBooks®, you do not have to upgrade.
If you aren’t satisfied with the hosting service, you can move to a different hosting vendor or you can move back to your desktop – you’re not tied in – it’s your data and your software.
Challenges
There are a number of areas of the QuickBooks® application which are designed directly in conflict with the concept of a hosted, shared application service model, making QuickBooks® hosting a fairly complicated business.
Installing the correct application licensing levels and multiple editions of the product, allowing individual user settings for printers and forms, and even providing multi-user access are areas where some service providers fall short.
In addition, not all hosting service providers support additional third party applications that integrate with the QuickBooks® software and there may be issues with hardware integration, e.g. scanners, bar code readers and so forth.The biggest drawback of all – no internet, no access.
Conclusion
Hosting QuickBooks® can be a great solution for many businesses. It is best to spend some time in advance choosing the right hosting provider; one that best fits your business needs. If you need help, please call us.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
Modifying the default template makes tracking easier, more accurate.
Part of the reason for QuickBooks’ success is its exceptional flexibility. By allowing users to turn features and preferences on and off, the same software can be used by a wide variety of business types and sizes.
In some cases, the default settings that QuickBooks supplies will work fine for your company. This is not necessarily true in the case of purchase orders, since the whole inventory procurement process is so complex, and users can have such a diverse range of needs.
Figure 1: QuickBooks® 2013’s default Create Purchase Orders screen. You can see that formatting options are available when you click the Formatting tab.
So before you order your first widget, make sure that your purchase order form is designed to accommodate all of the information you want to record and track, with no unnecessary data fields to confuse staff.
Working With Templates
There aren’t many program preferences to check. If you can open a purchase order, you’re set. If not, go to Edit | Preferences | Items & Inventory | Company Preferences and be sure that the box next to Inventory and purchase orders are active is checked.
What you want to find first is the Additional Customization screen for the Custom Purchase Order Template. This is easily accessed from the Create Purchase Order screen itself in QuickBooks 2013, simply choose the Formatting tab and select Customize Data Layout.
If you’re using an earlier edition of QuickBooks, go to Lists | Templates | Custom Purchase Order Template. Double-click on it to open the Basic Customization page. Here, you can add a logo, change fonts and colors, etc. Then go ahead and click on the Additional Customization button at the bottom of the screen. This window opens:
Figure 2: The left pane of the Additional Customization window contains additional fields that you might want on your purchase orders, like Ship Via and Terms.
(Tip: If you want to design multiple purchase order templates, click Manage Templates on the Basic Customization screen, then Copy on the Manage Templates page. In QuickBooks® 2013, the Manage Templates option is also on the Formatting tab of the Purchase Order screen. Rename the form and make your modifications. This new version will be available as an option when you create purchase orders.)
Making It Yours
Each of this window’s four tabs opens a new screen that gives you customization control over a different element of the purchase order form: the top, bottom and midsection, and printing options. You simply check the boxes next to the fields that you want to add to the current form (be sure to check both columns if you want the fields to appear both onscreen and in your printed versions; sometimes, one is not an option) and uncheck any you want to delete.
In the right pane of this window, a dynamic preview changes to reflect each addition or deletion. And when you’ve finished altering the set of fields, you can see an actual print preview. Close that and keep clicking OK until you get back to the Templates window.
This simplicity and ease carries over into the more cosmetic elements of your purchase order. Make sure the template you want to redesign is highlighted and click Templates | Create Form Design, at the bottom of the screen. QuickBooks® walks you through the process of adding a logo and background, colors and fonts, and a grid style, and it lets you apply this same theme automatically to all of your forms. (You can modify your design similarly on the Basic Customization page, minus the wizard-like approach and the background options.)
Simple But Complicated
One more comment about the QuickBooks 2013 purchase order screen. Beyond making your formatting options available in the “ribbon,” it also moves you through purchasing to the receiving process. With the appropriate purchase order open, click Create Item Receipts in the ribbon. This window opens, with the correct vendor name selected. When you click in the Item field, this small window appears:
Figure 3: Click Yes here and select the correct PO, and QuickBooks® fills in the data. If you check the Bill Received box, the Enter Bills window opens.
QuickBooks’ purchasing and receiving tools makes your inventory-tracking job easier, but you still need to understand the workflow. We encourage you to let us work with you as you begin managing inventory – or to contact us if you’re tangled up in what can be a very challenging element of QuickBooks.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
You work hard for your money. Strong internal controls can keep it from disappearing unnecessarily.
You trust your employees or you wouldn’t have
hired them. That’s what everyone says as they watch a valued staff member being hauled off in handcuffs. But I trusted him.
Whether your accounting tasks are done on one PC or you have multiple users working on different screens, it’s critical that you make use of all that QuickBooks offers in terms of internal controls. You’ll also need to establish some common-sense rules.
First Stop: Audit Trail
An audit trail is a very large report that displays every addition, deletion and modification of every transaction. In older versions of QuickBooks you could turn it on and off, but it’s permanently on now.
Because of its size, you’ll probably have to use QuickBooks’ filtering tools to zero in on the user and/or date(s) you’re looking for. Go to Reports | Accountant & Taxes | Audit Trail. Click Customize Report | Filters to set up your search.
Your audit trail won’t alert you when someone tries to enter a prohibited area, and it won’t detect changes to lists. Setting up permissions will help (Company | Set Up Users and Passwords | Set Up Users), but you need more than that.
Figure 1: Be especially careful when granting user access to areas that contain customer, vendor and employee information.
Run the Right Reports
Other QuickBooks features can help prevent fraud. Review these reports regularly:
- Closing Date Exception. Why were those changes necessary?
- Voided/Deleted Transactions. Is there supporting documentation? Should you be reviewing these daily?
- Expenses by Vendor Detail. Look for irregularities, especially multiple payments made to a vendor in a short period of time.
- Check registers. Use the Balance Sheet for this. Go to Reports | Company & Financial | Balance Sheet Standard and customize the report for the correct period and – if necessary – for specific customers, vendors and/or jobs.
Adhere to Best Practices
You undoubtedly implement financial best practices in your personal life. You reconcile your accounts. You don’t give your online banking password to anyone. And you glance through your recently-posted transactions on your financial institutions’ websites.
If your company is large enough that you have multiple accounting employees, you probably can’t be as hands-on as you are at home. But you can still set up internal control procedures.
Figure 2: Debit? Credit? Reverse the transaction? No one should be making General Journal entries but you. It’s easy to err here; talk to us before using this feature.
For example, if your company has grown to the point where you’re removed from the daily workflow, you may still want to have approval rights for some procedures, like bank balance adjustments, refunds and credits, printed checks (you should still be signing them), timesheets and expense reports.
It goes without saying that you should password-protect your QuickBooks company file and change the password regularly, even – and especially – if you’re the entire accounting department. And protect yourself from external fraud. We can do a review of your security procedures and make suggestions.
Reinforce the rules
Know who your employees are (consider running background checks) and, if you can, rotate the duties assigned to accounting staff. If you have only one person managing all of your bookkeeping work, conduct an even more thorough background search: credit, references, criminal activity, etc.
Finally, make sure that all employees understand the definition and consequences of fraud. Let them know about the steps being taken to prevent it, but do some unannounced auditing on your own. Include a session on fraud in orientation and get current staff up to speed. Explain that this is necessary for their protection, too. Make it easy to report fraud anonymously, with no fear of repercussions.
This may seem like a lot of extra tasks in your workday, but imagine the time you’ll lose tracking down fraudulent activity if it occurs. So spend a fraction of that time upfront.
If you have questions on this subject, or anything else Accounting or QuickBooks related, give us a call or email. We’re here to help.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
When deciding between QuickBooks Online and QuickBooks Desktop accounting solutions, you will need to consider the pros and cons of each platform, the various features available, as well as how you use the software and what works best for your particular situation.
QuickBooks Desktop:
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Positive:
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Negative:
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QuickBooks Online:
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Positive:
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Negative:|
Features in Desktop Only:
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Features in Online Only:
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It is best to spend some time in advance choosing the software that best fits your business needs. If you need help with choosing the right software, please call us. It’s what we do.
This article of QuickBooks Tips and Tricks was based on the 2013 version of QuickBooks.
