Bookkeeping errors can have a big impact on your business and can cause over payment of taxes. Learn how to spot potential problems in your business's QuickBooks file by viewing reports.

QUICKBOOKS .... DID YOU KNOW?

 

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"QuickBooks .... Did you know?"

Automating Recurring Bills

If you have bills that are the same amount each month, you can memorize the bills and schedule them to be entered automatically every month. Expenses like rent and business vehicle car payments are some examples. To memorize a bill:

1. Enter the bill or open one that you previously used

2. Click Edit from the Menu list, and Memorize

3. Set up your preferences in the memorize transaction window

REDUCING COSTS IN YOUR BUSINESS

Have you ever looked into it?  The day to day expenditures on simple things – coffee, maintenance, and supplies, for example, all add up. Cutting expenses only means one thing: more profit for you and your business. By looking at these areas and others, you’ll be able to increase your profits.

• Consider bundled services - Some companies offer bundled services that include phone service, cable, internet, fax, and web hosting. Bundling two or more services from the same company can save your business hundreds of dollars per year.
   
• Review your insurance coverage – Whether it’s your medical insurance or liability insurance, discuss the policy with your agent to see if there are ways you can save. Perhaps there are discounts for trade associations you belong to or an umbrella plan may be more cost effective.
   
• Switch banks – Do everything possible to avoid fees like an ATM surcharge, bounced check fees, and debit card fees. If you can cut significant costs by switching to another bank, then it may be just what you need to save your company money.
   
• Seek at least three bids on everything – Even mundane purchases merit shopping around. If you quote a competitor’s lower price, a current supplier or vendor will often match that price to keep your business.
   
• Ask for a discount – Ask suppliers if they give discounts for early payment. Find out if they offer discounts for bulk orders on items you purchase often.
   
• Join an association – Many trade and business associations have reasonable membership fees and offer discounts on everything from insurance, travel and car rental.
   
• Never let your merchant account sit idle – Merchant processing rates change all the time and it’s not to your benefit! It’s important to shop annually for competitive rates. Depending on the type business, this expense could be a huge hit on your budget. Also, be aware that it costs you more money to lease your merchant equipment than buy it outright. Be sure to get the price of both options and compare or better yet get the equipment for free! Do the research!!
   
• Barter for services and for products used in your business – Although it may sound old fashioned, the barter system still exists and can save a significant amount of money. Barter.net and similar sites show you how you can exchange goods and services with other organizations.
   
• Printer ink can often be an extremely high line item in your budget. Review different ways to save, whether it is buying in bulk, using recycled printer cartridges, or having workers share printers.
   
• Eliminate subscriptions and memberships – Over time, many companies add subscriptions and memberships due to their industry and the small expense involved for a single affiliation. However, these expenses can rapidly build up and go unnoticed. Review all your social and business affiliations to ensure they are necessary and benefiting your business and eliminate those that are not.
   
• Outsource wherever possible – Studies show that it costs about $4,000 to find and hire a new employee. And once you’ve hired them, you’ll have to spend time and money on training, sick leave, vacation time, and insurance. Employees are one of the biggest expenses in your business. Try outsourcing to qualified professionals instead for a fraction of the cost of traditional employees.
   
• Be responsible – Many small business owners spend hundreds of dollars on unnecessary expenses like late payments on loans and interest on credit cards. By actively staying on top of bills and paying them promptly, you’ll save your business a good amount of money each year.
   
• Create a budget and track expenses – Keeping track of your finances by creating a budget allows you to identify the best areas to allocate money.
   
• Build positive relationships with your suppliers – Positive supplier relationships can result in better service and pricing. It’s a great way to make sure you’re saving money.
   
• Don’t overpay on taxes – Entrepreneurs lose tons of money because they’re overpaying on their taxes. Be sure to have a good bookkeeping system in place so you are assured your income and expenses are recorded correctly.
   
• Don’t waste time – Wasting time can cut into your sales and hurt your bottom line. As a general rule, anything that can be done to save time will also save you money in the long run. You can’t do it all so find the room in your budget and consider outsourcing some of the tasks that take up your time.

QUICKBOOKS .... DID YOU KNOW?

 

Check back for more in our series
"QuickBooks .... Did you know?"

When the cursor is on a date field, you can change the date with just a key stroke.

+ (plus key) Advance to the next day
– (minus key) Previous day
T Today
W First day of the Week
K Last day of the weeK
M First day of the Month
H Last day of the montH
Y First day of the Year
R Last day of the yearR
[ (left bracket) Same day in previous week
] (right bracket) Same day in next week
; Same date last month
‘ (apostrophe) Same date next month
Alt-down arrow Opens the calendar for date selection (the small date calendar, not the “Calendar” feature)

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