5 QuickBooks Online Reports You Should Run Regularly

5 QuickBooks Online Reports You Should Run Regularly

There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week.

QuickBooks Online’s Dashboard, the first screen you see when you log in, provides an effective overview of your company’s finances. It contains at-a-glance information about your recent expenses, your sales, and the status of your invoices. It displays a simple Profit and Loss graph and a list of your account balances. Scroll down and click the See all activity button in the lower right and your Audit Log opens, a list of everything that’s been done on the site and by whom.

You can actually get a lot of work done from this page. Click the bar on the Invoices graph, for example, and a list view opens, allowing you access to individual transactions. Click Expenses to see the related Transaction Report. Below the list of account balances, you can Go to registers and connect new accounts.

Other Pressing Questions

The Dashboard supplies enough information that you can spot potential problems with expenses and sales, accounts, and overdue invoices. But you’re likely to have other tasks that require attention. How’s your inventory holding up? Are you staying within your budget? How about your accounts payable – will you owe money to anyone soon?

QuickBooks Online offers dozens of report templates that answer these questions and many more. If you’ve never explored the list, we suggest that you do so. It’s impossible to make plans for your company’s future without understanding its financial history and current state.

QuickBooks Online reports
QuickBooks Online has many reports that can provide real-time, in-depth insight into your company’s financial health.

Comprehensive and Customizable

When you click Reports in your QuickBooks Online toolbar, the view defaults to All. The site divides its report content into 10 different sections, including Business Overview, Sales and Customers, Expenses and Vendors, and Payroll. Each has two buttons to the right of its name.

Click the star, and that report’s title will appear in your Favorites list at the top of the page. This will save time since you’ll be able to quickly find your most often-used reports. Click the three vertical dots and then Customize to view your customization options for that report (you’ll have access to this tool from the reports themselves).

Necessary Knowledge

You can, of course, run any report you’d like as often as you’d like. Most small businesses, though, don’t require this frequent intense scrutiny. But there are five reports that you do want to consult on a regular basis. They are:

  1. Accounts Receivable Aging Detail. Displays a list of invoices that haven’t yet been paid, divided into groups like 1-30 days past due, 31-60 days past due, etc.
  2. Budget vs. Actuals. Just what it sounds like: a comparison of your monthly budgeted amounts and your actual income and expenses.

 Warning: Some reports let you choose between cash and accrual basis. Do you know the difference and which you should choose? Ask us.

Settings for QuickBooks Online reports

You can customize QuickBooks Online reports in several ways.

  1. Unpaid Bills. Helps you avoid missing accounts payable due dates by displaying what’s due and when.
  2. Sales by Product/Service Detail. Tells you what’s selling and what’s not by displaying date, transaction type, quantity, rate, amount, and total.
  3. Product/Service List. An accounting of the products and/or services you sell, with columns for price, cost, and quantity on hand.

Customization, Complex QuickBooks Online Reports

Note that there’s a category of reports in QuickBooks Online named For My Accountant. That’s where we come in. The site includes templates for reports that you can run yourself, but that you’d have difficulty customizing and analyzing. These standard financial reports—which, by the way, you’ll need if you create a business plan or try to get funding for your business—include Balance Sheet, Statement of Cash Flows, and Trial Balance.

You don’t need to have these reports generated frequently, but you should be learning from the insight they provide monthly or quarterly. We can handle this part of your accounting tasks for you, as well as any other aspect of financial management where you need assistance. Contact us, and we’ll see where we might help provide the feedback and bookkeeping expertise that can help you make better decisions for the future of your business.

How does Financial Planning help with your Strategy for Your Company?

How does Financial Planning help with your Strategy for Your Company?

How does Financial Planning help with your Strategy for Your Company?

When it comes to accomplishing the goals, one of the most integral parts is financial planning.  It is planning that determines the future of a company – the better planning is, the more are the opportunities to succeed.

Companies deploy two types of planning; Strategic and financial planning. The principle of strategic planning is to assign a direction for the development/goal of your company.  To have a successful organization, you must be proficient in the way that you can terminate the major areas of inefficiency. With the help of financial planning, you can secure the future of your company and make its revenue to swell up. Financial planning not only enables you to meet your company’s needs but also assists you in devising a strategy for your business.

What is Financial Planning and how does it help?

Financial planning is the process of dealing/managing your accounts in a proper way that you can achieve your business goals without facing any/minimal loss. Financial planning assists in comparing various scenarios and enables a comprehensive understanding of the process of how revenues are generated and how cash is expended in the business. Eventually, it becomes an essential factor in determining the areas in which the company needs to improve.

Financial planning consists of 4 main points

  1. Prioritizing Expenditures
  2. Investment plan
  3. Taking debt or loan
  4. Savings

How is Financial Planning done?

There are 6 steps that play a pivotal role in financial planning.

  • Establishing the goal
  • Collecting data
  • Comprehensive data analysis
  • Developing a plan
  • Executing the plan
  • Complete monitoring of the plan

All these points, if followed correctly, lead to an impeccable financial plan for a company, and they all play an essential part in organizing a business. Without financial planning, a business cannot run profitably. It is because financial planning helps in comprehending the economics of a business by analyzing financial reports and collecting data periodically. This also means that financial planning assists in managing accounts and future investments if needed to be done. The statistics that are recorded enable a company to compute economic ratios such as having the status of some profit margin and yielding arranged investment. Statistic provides helpful information about a company’s liquidity, profitability, debt, operating performance, cash flow and investment evaluation.

The bottom line is that strategic and financial planning is always entangled in a business and they work together in a recurring way. Any change to your budget requires a reassessment of the existing strategy in place. Sometimes budget changes are significant enough that you have to change what you are doing administratively. If you want to change your strategy, you must first confirm that you have the means to do so or how you will get it. The company with strong financial hold performs efficiently in the long run and delivers as per the vision and the mission. A company with stable financial records enjoys stability in every department. Employees, investors, and clients are more likely to stay with the company which has a strong financial setup. Therefore, it can be said without a single doubt that financial planning helps a lot with your strategy for your business.

Looking for a QuickBooks Expert?

Working with a QuickBooks ProAdvisor is the best way to learn how to use QuickBooks to help your business grow and flourish. You won’t find a better way to get the support you need anywhere else.

As a small business owner, we realize that you may not have the budget to hire a QuickBooks expert. If you’re looking for a more economical way to get set up on QuickBooks, we provide cloud bookkeeping programs to match any business requirement. Here are our Quickbooks ServicesQuickBooks SetupQuickBooks Training, and QuickTune-up.

You can feel confident in knowing that our STAC Bizness Solutions team are Certified QuickBooks ProAdvisors. Meet Our Team.

If you would like to learn about all the benefits that STAC offers, just give us a call and we’ll provide you all the details. Call us at (844) 424-9637.

Hire a QuickBooks ProAdvisor

To schedule an initial consultation with us, please click the button below.

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Hire a Beauty Salon Bookkeeping Team to Manage Your Salon Business

Hire a Beauty Salon Bookkeeping Team to Manage Your Salon Business

Hiring a Beauty Salon Bookkeeping team to manage your bookkeeping, payroll, and tax preparation for your Salon business will give you more time to work on your salon business.  Running a successful salon requires more than pampering your customers.  It also requires careful financial planning, guidance, management, and tax strategies to reach a successful profitability.

Every small business owner questions outsourcing certain aspects of their business.  As any business owner, a salon owner best spends their time directly with their customers.  When unable to manage all of the financial responsibilities of their day-to-day business.  It’s obviously a good time to outsource the bookkeeping process.

Why Hiring a Beauty Salon Bookkeeping Team is the Right Choice?

Whatever type of salon you own, a bookkeeper can help you support your salon business by handling your bookkeeping tasks and back office procedures.  A bookkeeper will help you manage your salon books:

  • Provide a full review of your Salon business and manage your books.
  • Setup stylist and other employees status.
  • Determine percentages of sales and booth rental rates for independent contractors.
  • Setup your tax and payroll obligations.
  • Provide monthly finance reporting – balance sheets, profit and loss statements, bank reconciliation.
  • Help you determine between a cash method or accrual method of accounting for your business structure.
  • Support your expansion goals and help you secure financing.
  • Provide small business advice – including tax and audit support.

We will work to Maximize the profitability of your Salon Business based on the services, the products your salon business sells.

If you’re looking for help managing your books, we provide salon business cloud bookkeeping programs to match any salon or franchise salon business requirement.

Don’t ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.

~Tilman J. Fertitta

Your main goal is to get clients in the door and provide them with a great experience.  Let STAC Bizness Solutions help you with your Salon Bookkeeping obligations.  If you’re looking for help managing your books, we provide cloud bookkeeping services customized to match your business needs.  Here is more information on our salon business bookkeeping services.

Looking for a QuickBooks Expert?

Working with a QuickBooks ProAdvisor is the best way to learn how to use QuickBooks to help your business grow and flourish. You won’t find a better way to get the support you need anywhere else.

As a small business owner, we realize that you may not have the budget to hire a QuickBooks expert. If you’re looking for a more economical way to get set up on QuickBooks, we provide cloud bookkeeping programs to match any business requirement. Here are our Quickbooks ServicesQuickBooks SetupQuickBooks Training, and QuickTune-up.

You can feel confident in knowing that our STAC Bizness Solutions team are Certified QuickBooks ProAdvisors. Meet Our Team.

If you would like to learn about all the benefits that STAC offers, just give us a call and we’ll provide you all the details. Call us at (844) 424-9637.

Hire a QuickBooks ProAdvisor

To schedule an initial consultation with us, please click the button below.