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Benefit Greatly from Your QuickBooks Accounting Software by Bimol Bee
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Benefit Greatly from Your QuickBooks Accounting Software |
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Education
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In the times of economic instability there is a tendency for the financial management and controls of businesses and not for profit organizations to come in the spotlight. When the business’s competitiveness is increasingly growing and the cash-flow is becoming tighter, it is very important to ensure that your investment is made the best use of in your accounting system. A lot of businesses treat their accounting software as a tool of creation of invoices and a way of providing information for the accountant. Little, if there is some use made of the information on a day to day basis to be is step with the Financial Control and Financial Planning. Because of the business environment is constantly changing, there now becomes an increase in the number of requests for help in optimizing the investment that is made in QuickBooks. The request for help can provide assistance in the following spheres: - creating new reports for management (management reporting is not already a one in a month activity); - refining already existing reports which do not fit into the requirements given by the organizations. - Giving the information from QuickBooks to replace information created by other systems (consolidating systems to increase the efficiency and reduce the cost to the minimum). 1. Creating New Reports The function of reporting in QuickBooks has always been a strong point. His software provides 120+ standard reports that you may get acquainted with only by clicking a button. The users who are new to QuickBooks will face the question of which reports to concentrate on. As a good starting point the following reports are usually cited: The Standard Profit & Loss Report, Standard Balance Sheet report, A/R (Debtor) summary report and A/R (Debtor) detail reports. Of course these are not the only options QuickBooks can provide. You will not only focus on the question of which report to center. You may find a report that will answer the following questions: - Who of the customers have not recently given the order from me? - Who of the customers are most profitable for me? - What is my turnover this month/quarter as compared to to the same month/quarter of the last year? - What is my performance against budget? - Who is my best salesman? - Whom did I invoice this month? It goes without saying, that you can come up with a lot more questions concerning your business. 2. Refining Already Existing Reports Simply refining standard reports can give a lot of important information to the owners of the business. The Profit and Loss standard report can be amended by ticking the needed option from the columns box (that is situated to the right of the date field) for the reports to be transformed. To see what your Profit & Loss Report is per month for your current year, choose a date range of 'This financial year' and column 'Monthly'. If this is too much detail for you, maybe you would prefer to choose the 'Quarterly' option. Other of the popular refined reports can allow you look through such data as: - Invoice in sequential numbers; - Purchase Orders / Sales Orders with the brilliant detailed balances. 3. Consolidating Systems Working in Order to Improve Efficiency QuickBooks is mainly an Accounting package so a lot of businesses use some other systems for performing non accounting tasks. Sometimes they perform accounting tasks as well. Reviewing of the usage of the systems may result in an increased usage of the functions of QuickBooks and thus improve efficiency. Those businesses that have somewhat before produced an invoice in any of the systems e.g. word may turn out to be more efficient in generating invoices in QuickBooks (that are printed on letter headed paper or with an added logo). QuickBooks may use customer data to make standard letters that may later on replace that mail merge worldwide. QuickBooks may also take hold of the excel data or even access detailing customers by group or type. Depending on what are the requirements for the data, the duplication of it can be deleted with operational efficiencies as a result. However, QuickBooks do not possess all the functions of a true CRM (Customer Relationship Management) system the possessed data in the QuickBooks file can be taken to be used in non accounting areas. e.g. sending out marketing letter or creating address labels. Conclusion If you do not possess enough financial data to take care of your business and make plans for the future, there is a big chance that you are not using your investment in QuickBooks fully. Financial Management & Financial Planning are the points that are critical for business success or even surviving on the business arena. So now it is high time to reconsider the potential of your QuickBooks software in order to get the needed information and improve the efficiency of your data management. quickbooks courses
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