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If you encounter a problem with your QuickBooks file, here is everything you need to know in order to rebuild it.  This can happen for a variety of different reasons such as getting an error while you are trying to save something, the balance sheet is not balanced, or you are trying to verify a file and it says that you should rebuild since there are errors in the concerned file.  Whatever the case, we’ve provided a simple set of instructions for you to rebuild that file with ease. 

Rebuilding a QuickBooks File

You need to log in as admin to the copy of your company in order to rebuild the test copy. After that, click File -> Utilities -> Rebuild Data

This will shut all the windows in QuickBooks that are open and will then help you generate a current backup of your data as a QBB file. (If you have set the back up to verify and the verification fails, you can select the “No verification” option from the backup window)

The rebuild immediately starts as soon as the backup is made. It takes a few minutes for a small file but it can take several hours if the file if big or badly damaged.

The older versions of QuickBooks would give a message at the end of the rebuild telling whether it was successful or failed, however, the 2017 version gives a message saying “Rebuild Completed”

Clicking on the view issue button will allow you to see what happened and will show a report of everything that it fixed or wasn’t able to fix.

Sometimes, rebuilding can significantly affect account balances or customer balances without warning. Therefore, even if the rebuild succeeded, it is necessary to print out a customer aging report, a balance sheet and a vendor aging report to see if any value has changed.

You can also run reports on this since the rebuild was run on the copy of the actual file and then open the original file and compare after running the same reports.

Also, check out P&Ls because, in some cases, rebuilding can also affect them too.

It might be that the balances were incorrect before and the rebuild fixed them but it is important to be aware of the changes since sometimes the rebuild makes changes that don’t align with the norm.

A rebuild can also disconnect transaction that is supposed to be linked. For example, a payment can get detached from the bill it was used to pay, leading to a vendor bill getting unpaid. This is why it is necessary to survey the aging reports and compare the numbers after the rebuild with the original numbers.

If you find that the rebuilt file conforms to the reality, you can make it your main working file and go forward.

Sometimes you might see an error saying “We couldn’t fix some of your errors”.

In that case, you can:

  1. Rebuild the test copy of your file again and again until it works out. Running the rebuild command a lot of times can sometimes fix the problems that didn’t get fixed previously.
  2. Make sure you create back up so you have the version of the file before the error occurred. This would ensure that your file gets verifies without any problems, the balances are correct and the transaction is not disconnected.
  3. Get the help of an experienced professional.
Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.


 

 

 

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Time is money. Hence, businesses are required to ensure that they value time as much as they value money. One of the primary objectives of most enterprises is to maximize profits – signifying that with higher profit goals, they must save crucial business hours that would otherwise be wasted. The Japanese concept of Lean Production calls for eliminating waste or ‘muda’. This waste can take various forms; one of which is unnecessary time taken to execute a certain task.  Lean principles dictate that lead time can be reduced by avoiding re-works. The task performed must be done to perfection in the first attempt so that no re-work is necessary. The more re-work a task demands, the higher the wastage, the lower the efficiency. It is, therefore, essential for businesses to save crucial business hours and implement lean production within their organization to inseminate an efficient work environment.

Rather than manual tasking, businesses can salvage time through implementation of accounting software – ERP (Enterprise Resource Planning). Using accounting software enables various benefits that can effectively save crucial business hours that would otherwise be wasted. 

Accounts Preparation

With the aid of an accounting software, such as QuickBooks, most of the account creation process can now be automated using the inbuilt analysis tools and templates. Rather than the manual creation of ledgers and financial statements in Excel, it is easier and time-saving to instead use an accounting software that includes the relevant templates. Bookkeeping was initially automated to avoid human error, but an automation such as this brings other laudable benefits along with it. Now, you don’t only eliminate error, you get to save time and any and all cost involved.  

Invoicing and Payments

Accounting software allows for automated invoice creation and updating. Moreover, payments can be processed in time for both the vendors and customers from within, systematically. Creating invoices can be a tedious task owing to its repetitive nature. This repetition may effectively be reduced through automatic invoice generation for the various vendors. Payment runs will highlight the accounts that require payment. The system will automatically make changes to these respective accounts without the need to manually post a debit and credit entry within the innumerable accounts of the General Ledger. Automated invoicing and payments is yet another way to cut down on crucial business hours that may now be allocated elsewhere.

Report Generation and Distribution

Accounting software may be configured such that daily, weekly, monthly and yearly reports can be processed and prepared at preset time intervals. Moreover, the accounts can be integrated in order to feed relevant data into the reports. So, for instance, the daily time-in procedure of each employee will transfer data into their weekly attendance report. This will save time in preparing the weekly and monthly attendance sheet of each employee. In addition to real-time reporting, these reports can also be distributed by integrating the email system with the accounting software being used. This allows for timely reports being sent to all authorized recipients.  If this had to be managed manually, imagine the time it would consume.

Inventory Management – Restocking

Stock-outs can be a nightmare for many businesses, especially ones that have a well-established repute in the market. For other, lesser-known ones, turning down customers for ‘out-of-stock’ products can be detrimental and may eventually lead to a diminishing customer base. To avoid stock falling below the safety margin or the Economic Order Point (EOC), automated refurbishment can be actualized through an accounting software. In addition to avoiding stock-outs, crucial business hours can be redeemed. This may as well be used by the business to set itself apart from its competitors. Stock-outs give a very poor first impression to all potential customers.

Conclusion

An accounting software such as Xero or QuickBooks can be used to save crucial business hours. Every second that you save may be utilized in performing other more productive duties, thereby reducing wastage and fostering efficiency. Moreover, resource allocation can be largely improved upon using accounting software. The redundant resource is an expense in itself.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

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QuickBooks 2018 has finally arrived! The release of the new QuickBooks for Windows desktop is found to include many new and fresh features along with developments and enhancements of the existing features.

The new QuickBooks brings quite an amount of small improvements that are bound to make your life easier. Users will be excited to know that the characteristic of QuickBooks Enterprise inventory will be present. This blog will provide the main variations and changes that you will find in the new QuickBooks 2018, along with user reviews.

Overview of QuickBooks 2018

Multiple Monitor Support

Intuit has added extra features which makes multiple monitor support much easier. There are three monitors that make the work simpler and faster. The reviews received on this feature showed that some people were very interested in this change and some were disappointed with the implementation. People have also reported that their productivity and efficiency has greatly improved.

We also found that employees ranked the #1 request for multiple monitors from QuickBooks customers.

Search in the Chart of Accounts

Those people that need to work with a lot of accounts will find this feature extremely useful. Although this is an old feature that was used, it has proved to be helpful for many.

Cash/Accrual Toggle on Reports

Another improvement that is worthy of being noted is the easiness in switching your financial report’s basis. Those that need to use Cash and Accrual more often will find the flip extremely useful and helpful. Those who work their reports on a cash basis and then measure it against the accrual basis reports will find that QuickBooks 2018 is a life changer. Reviews showed that before the release of the new QuickBooks, it wasn’t hard work to switch from an accrual report to cash report, but it sure was annoying.

Past Due Stamp

If one of your jobs is to resend duplicates of past-due invoices to your clients and customers, this QuickBooks 2018 feature will help you in finding those clients that are due in their payments. No one wants to land themselves in a situation where either they are not timely paid or not paid at all. The invoices mentioned “PAST DUE” in red, had to be sent out in the hopes that it would help in speeding up the payments. With the help of QuickBooks 2018, automatically “past due” overdue invoices are added for printing or emailing.

Brand New Keyboard Shortcuts

The new QuickBooks 2018 introduces brand new keyboard shortcuts that are useful in copying and pasting the lines into transactions.

Inventory Report Enhancements

In the previous QuickBooks, you would often be bothered by the fact that you could not modify the inventory reports by change filters or adding columns. Finally, the new QuickBooks 2018 has addressed this issue and now allows these modifications.

Enhanced Order Fulfillment with Mobile Barcode Scanning

The new QuickBooks 2018 will help to modernize and update the workflow by fulfilling open sales orders through “picking” inventory items. The main part required is the skill and capability to deal with remote devices. One of these devices is a barcode scanner. Now, you don’t have to worry about being fastened directly to a laptop or desktop when you scan the items. 

Merge Vendors

This added feature helps in merging four vendors at one time. Reviews show that this feature helps in saving a lot of effort and time for many accounting professionals that have to often work with merging multiple vendor records.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

QuickBooks
When you hear “small-business bookkeeping software,” you possibly think of QuickBooks. Since Intuit launched its leading product over 20 years ago, the financial management platform has conquered the accounting software marketplace. Presently, QuickBooks software holds more than 80 percent of the small-business market share. If you’re exploring small-business accounting solutions, clearly QuickBooks is on top of the list. QuickBooks has a product for nearly all of your bookkeeping needs, but sorting through the options can feel like an insurmountable task.

If QuickBooks is usually believed to streamline accounting, then QuickBooks Pro is thought to polish and perfect the procedure. There are two products available: QuickBooks Pro and QuickBooks Pro Plus, both full of advanced functions and perceptions. The Desktop Pro version simplifies accounting and helps companies stay organized despite of the large amount of data they have to collect and analyze.

Inter-Company Transactions

Once in a consolidated file, use journal accesses in QuickBooks to cancel out intercompany transactions that throw off the accuracy of the consolidated statements. These are transactions where related subsidiaries may sell inventory or services to each other. Each subsidiary’s balance sheet records the transaction accurately, but when consolidated, the transaction is double counted, throwing the consolidated balance sheet out of balance. Accountants use a journal entry to correct the imbalance.

QuickBooks Enterprise

QuickBooks Enterprise, an upgrade to standard and professional versions of QuickBooks, combines data from several company files and exports them into a Microsoft Excel file. Once in Excel, you consolidate the totals as needed. Access the feature by selecting “Combine Reports from Multiple Companies” under the “Reports” menu. Select the reports you wish to combine, including balance sheet, profit and loss, cash flow and trial balance.

Advantages of QuickBooks

No matter what the nature of your business, keeping an accurate set of books is essential. Without accurate business records, it will be difficult to attract the funding you need because business records are generally the first thing potential lenders and investors want to see. Inaccurate or disorganized business accounts can also make it difficult to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your business records lets you avoid those potential problems.

Ease of Usage

One problem with bookkeeping programs is that many of them are difficult to use and cumbersome to learn. QuickBooks, on the other hand, is intended to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.

Incorporation

The ability to assimilate with other programs is a big advantage of QuickBooks. After using the product to input all of their business income and expenses, business owners can easily export that data to their favorite tax preparation program to make filing income taxes at least a little less painful. QuickBooks also integrates well with Microsoft Excel, making it easy to import data from other sources and use it in QuickBooks.

Customization

QuickBooks provides a number of ready-to-use templates that business owners can use to create invoices, spreadsheets, charts and business plans. The software also makes it easy to customize the look and feel of those documents, giving them less of a cookie cutter appearance and helping them to stand out in the crowd. The ability to customize invoices can be particularly useful and business owners not only can add their company logo, but detailed information about each line item as well.

Check Signing

If you sign a lot of checks for your business, using QuickBooks can save you a lot of time. QuickBooks permits business owners to scan and upload their signatures and use those signatures to prepare the checks for the business. This automated process is much simpler and easier than writing hundreds of checks by hand each month.

Final Note

QuickBooks is the ideal business bookkeeping software for small to mid-sized business owners. You can save time on bookkeeping and paperwork because many simple bookkeeping tasks are handled automatically making it easier to run your business. You can easily generate the reports with the information you need and you save money because QuickBooks is so affordable.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

The man in the suit and the helmet holds the portable computer and shows up on the screen to the worker in overalls in an industrial building
Quickbooks Premier is the best software for a construction company’s accounting and financial management. It is the easiest and quickest software to use on the market, especially for construction companies. The software’s result will enhance company management and will lead to long-term financial improvement.

This article is going to cover each and every aspect of Quickbooks Premier to provide you with the knowledge of why and how this is perfect for your company.

Let’s start with the implementation of the software. You need to have a basic understanding of the class construction accounting and construction phase accounting. With these basics in construction, you can segregate between the parts that are performing well and that need improvement. Construction phase accounting allows you to break the project into nine cost groups which are affiliated with a phase. This also allows the constructor to segregate the areas needing improvement.

QuickBooks Premier: The perfect features to enhance your bookkeeping

A Number of Simultaneous Users:

One copy of Quickbooks can be used by a single user, but it allows up to 5 users to insert data in the same Quickbooks premier file at the same time.

Data File Size:

Quickbooks premier is great for SMEs as it works fast and accurately with 150-200MB reports. This can serve you for at least 10 years, so it is a good investment as it can store numerous amounts of invoices and estimates data.

Creating E-Mail Quotes, Sales Orders, Invoices And Purchase Orders

You are given 3 options for creating the above documents:

  1. Microsoft Outlook, the outbound e-mails are tracked through them
  2. Web-based emails (Microsoft, Gmail, Yahoo)
  3. Via the QuickBooks email servers provided by QuickBooks (extra fees apply)

Printing checks, paying bills, and managing expenses

With the Quickbooks checks stock, you can print them out. A voucher-style and a wallet style are also available.

Manage payroll, payroll taxes, and direct deposits

Payroll and their deductions are recorded in the payroll tables. If you need to use an automated service for payroll, you can subscribe to the QuickBooks services for extra charges.

One-Click Business Reports

After entering the complete business data and estimated data of the competitors, QuickBooks Premier enables you to get a complete business report on a single click. Something that is not possible with manual bookkeeping.

Import Data from Previous QuickBooks Premier Version

You can easily import data from a previous version of QuickBooks. With newer upgrades, this step becomes a snap of data.

Import Data from Excel

Quickbooks Premier has a feature called wizard import. This can help import all the data from your excel sheets (customer list, vendor list, item or accounts chart) into Quickbooks. This is an easy accounting solution software for companies.

Download Bank and Credit Card Transactions

If your bank account allows information to be downloaded into QuickBooks Premier, then the option exists in the software without any extra cost. You can easily download and save information in the spots fixed in the software. Remember to read the functionality for efficient use of this feature.

Creating a Budget

You can create a budget on QuickBooks premier with the budget tool. You can create a single budget for each year of business. This tool also creates a small spreadsheet and permits the copy of prior year numbers and posts them. You can compare actual reports vs. several budgets to observe business performance. For the advanced feature, an add-on program is available for purchase.

Inventory Tracking and setting Reorder Points/Creating Assemblies/Bills

QuickBooks also provides an awesome bookkeeping feature for tracking inventory using reports like “Stock Status by Item” and “Stock Status by Vendor” reports.

Conclusion

Efficient business reports and the creation of a feedback loop for companies with Quickbooks Premier allows you to identify  improvement zones. This results in creating the infinite loop of successes for your business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Team of consulting auditors auditing the financial report data of the company (balance sheet, income statement) on computer screen with business charts, fintech
It’s proves good for business when company players strike a pact to cooperate on a single mission, exchange technical proficiency, or advance their mutual profitable interests. However, governing organizations appreciate it even more when marketable bookkeeping alliances foster limpidity, compliance and accountability — fostering economic activity and financial statement consolidation along the way.

Accounting Statements

A company must print four financial data summaries at the end of a given period — such as a month, quarter or economic year. These comprise of a statement of financial situation, a declaration of profit and loss, a report of cash flows and a statement of changes in shareholders’ equity. If you review a company’s financial statements — especially its statement of profit and loss, year after year, you can see whether the industry has compensated for its operating transgressions and moved on from a profitability standpoint. A quick way to gauge that is going through its P&L and note profit trends over the years.

Consolidation

Consolidating accounting statements means adding up performance report data for two or more productions, depending on equity stakes and applicable guidelines. Think of it as totaling each financial item and ensuring the final bookkeeping result corresponds to the underlying percentage ownership — the other name for an equity stake.

When a company owns less than 20 percent of another entity’s equity, it uses the cost method — under which the investment value doesn’t fluctuate, unless the affiliate files for bankruptcy or copes with insolvency. If the investment business has a stake ranging from 20 to 50 percent, it uses the equity method.

Consolidated Accounting Statements

These declarations are useful for appraising the financial position and results of an entire group of commonly-owned businesses. Otherwise, reviewing the results of individual businesses in the group does not give an indication of the financial bookkeeping health of the group as a whole.

The key entities used in the construction of consolidated statements are:

· A group is a parent entity and all of its divisions.

· A subsidiary is an entity that is controlled by a parent company.

Therefore, consolidated financial statements are the collective financial for a parent company and its subsidiaries. It is also possible to have consolidated financial statements for a portion of a group of companies, such as for a subsidiary and those other entities owned by the subsidiary.

These statements require substantial effort to construct since they must exclude the impact of any transactions between the entities being reported on. So, if there is a sale of goods between the subsidiaries of a parent company, this inter-company sale must be eliminated from the consolidated financial statements. Another common inter-company elimination is when the parent company pays interest income to the subsidiaries whose cash it is using to make investments; this interest income must be eliminated from the consolidated financial statements.

Consolidated Accounting Statements with QuickBooks

If your business has numerous divisions or wholly owned subsidiaries, consolidating accounting statements from all of them gives you a complete picture of the parent company’s financial health. You can use QuickBooks to amalgamate statements, but it involves careful bookkeeping. Under some conditions, you’ll need an exaltation or use of third-party software to import the financial data into QuickBooks.

QuickBooks lets you categorize transactions by class, giving the user great flexibility in how to define class. If your business has several divisions but is still a single legal entity, elect a class to report profit and loss by division. Be certain to identify each operation by its class, however, to keep the reports accurate. Beginning with QuickBooks, you can produce a new balance sheet report by class, displaying assets, equity and liability, and a consolidated balance sheet for the company.

Final Note

With QuickBooks, small businesses can reduce monthly costs while optimizing productivity. The key benefits are to eliminate many expenses and connect to financial institutions for free instead of paying a monthly fee. It can also provide access to more users, store data for free and includes many more benefits.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Businesswoman check data in smartphone and tablet
Compliance means adherence to or obeying a certain set of laws and regulations. Compliance in a corporate sector or business means that the company is obeying all legal regulations and laws required to manage the business, consumers, and employees. Compliance is an indicator of how responsible a company is.

Compliance regulations are categorized into two types:

  • Internal compliance regulations are imposed by government on certain entities.
  • External compliance requirements are imposed by state authorities.

Internal compliance requires that records of business dealings, transactions, sales, profits, inventory, loans, investors and lenders are well maintained, transparent, and updated.

External compliance requirements include annual reports and franchise tax.

Importance of compliance in a business:

  • The compliance of a business depicts that it is corruption free and well integrated.
  • Legal problems and penalties are prevented.
  • Operations and processes are improved.
  • Better image and public relations.
  • Less employee turnover.

Compliance and QuickBooks:

Following are the few important and significant compliance regulations required that can be perfectly managed by using QuickBooks.

Payroll taxes:

Regarding payroll, there are a few legal requirements.  The first is withholding payroll taxes from employees’ paychecks. Second, is that the business owner must pay half of the FICA taxes of employees. Third, and lastly, is severance pay which is also included in taxable FICA wages according to recent affirmations of the supreme court.

With a paycheck calculator paycheck withholdings can be estimated with great ease and in a simple way using QuickBooks.

Employee classification:

Classification of employees is one of the most important compliance regulations.  In July 2015, the Department of Labor issued an interpretation of an administrator. In this interpretation, it was explained that most workers are categorized as employees and should not be considered as independent contractors.

The high degree of adherence, compliance, and regulations is required for employees. Withholding of taxes from employee paychecks are needed.  And, they are entitled to benefits.

In contrast, contractors are not entitled to any kind of employee benefits. No withholding from their paychecks is required. Less regulation is implemented on them.

QuickBooks an easy and perfect solution to classify paycheck withholders by using W-2S, while using 1099 Wizard for use with contractors.

Wrong classification of employees can result in steep fines, but QuickBook is the perfect remedy.

Credit card Fraud:

The complete guide to EMW regulations of QuickBooks are used to replace old structures with new ones, i.e. EMW. EMW chips are implemented to impose more responsibility on business owners for fraud prevention. This EMW chip system is implemented by the authorities who issue credit cards and process payments. If equipment is not upgraded to scan EMW chips, then your liability to prevent fraud on credit cards is increased. QuickBooks is perfectly equipped with this innovation.

State regulations:

Regulations of every state are different. Every business owner must be well aware of their particular state’s regulations so that fines and penalties can be avoided. Few examples of regulations are:

  • Many states have increased minimum employee wages.
  • Paid sick leave is granted in some states.
  • Few states require to file employee paperwork early. This paper work should match federal regulations and requirements.

QuickBooks is a great tool to handle these accounting regulations.

Overtime regulations:

QuickBooks helps in compliance with overtime regulations. Overtime regulations differ with each state. Just enter information on the QuickBooks app and calculate employee overtime and also track working hours of employees.

Stay tax ready:

Various types of taxes are required to be paid by the business owners. All expenses are categorized in QuickBooks and easily converted to taxable sheets. Just take pictures of receipts or scan them and attached with expenses via the QuickBooks mobile app. By using QuickBooks, your data is well organized and well prepared to file for taxes. Tax savings can be increased due to better compliance.

Affordable care Act:

Affordable care act states that a business with more than fifty full time workers is required to grant health benefits. A full time employee is one who works thirty or more hours in a week. QuickBooks is used to track the working hours of an employee. By accurate calculation of working hours, you can follow government regulations effectively.

Conclusion:

QuickBooks has apps and software which are used to calculate and maintain the data required for perfect compliance.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Financial Planning Accounting Report Spreadsheet Concept
QuickBooks Software is a software package for accounting. Intuit developed and marketed it for accounting operations. QuickBooks is specially designed for small and medium businesses and offers many accounting applications and versions. Based on “the cloud”, these applications are used for managing payroll, inventory management, sales, billing, and payment management of the business.

Basically, QuickBooks structure includes 5 items which include employees, vendors, company, customers, and banking. From monitoring expenses to managing vendors, customers and employees are accomplished in an excellent way by QuickBooks software solutions. This program is updated each year.

Value of QuickBooks in accounting operations

QuickBooks accurately maintains all kinds of management records of the business dealings, transactions, and cash flow. The first thing most potential investors will see is the business record of that firm. Accurate and proper bookkeeping shows that you are a serious, honest, and transparent businessperson.

Bad bookkeeping practices as well as inaccurate and disorganized records of your business make you suspicious in front of the public, investors, auditors, tax department, and the internal revenue service. All above-mentioned targets can be achieved efficiently and effectively by using QuickBooks. Many problems and issues can be avoided by using QuickBooks.

Easy to use

There are many accounting software available in the market but most accounting programs are very difficult to learn and use. QuickBooks is easy to learn, understand, and use. Entrepreneurs who don’t have financial education and have no knowledge of accounting can also use and learn QuickBooks with ease.

Integration

QuickBooks is easily integrated with other programs. This is one of the biggest advantages of QuickBooks and also saves time and energy by making the export of data more comfortable and handy. Data can be exported easily to other software like Microsoft Excel. After getting the input from all business expenses and income from QuickBooks, all data is exported to any tax preparation software for making filing taxes a breeze. 

Customization

QuickBooks is used in most accounting operations such as making spreadsheets, charts, invoices, and business plans by many business owners. In addition to making accounting operations easy, QuickBooks can be customized according to the specific requirements of the company.  The logo of the company can be added to invoices. All required information in details can be put on invoices. On invoices, a detailed description of all items can be mentioned. This information is useful for both businesspersons and customers. It makes reconciliation of invoices easy for customers and they can pay on time.

 

Check signing

Check signing can become extremely burdensome if you sign hundreds of checks in a month. Time can be easily saved by using QuickBooks to sign checks. Just scan your signatures and upload onto QuickBooks.  All the business checks will be signed by QuickBooks. This is a time-saving, simple, and automated service provided by QuickBooks.

Improved accuracy

“Human is to err” is a common proverb. Manual bookkeeping can have mistakes in digits and entries. QuickBooks makes accounting near to perfect. Accuracy in digits and entries is minimized. Calculation errors are reduced. Disastrous situations due to any calculating errors in transactions can be best avoided by QuickBooks.

Reporting system

QuickBooks can instantly generate hundreds of reports of accounting processes. These reports are used to see yearly trends in income and expenses. Top customers can also be tracked via QuickBooks.

Alleviation of huge sheets

The use of QuickBooks can rid you of multiple tables, tracking sheets, balance sheets, and spreadsheets. All of these are alleviated with this software, making accounting processes easy.

Functions of QuickBooks in accounting operations

Following are the most important functions of QuickBooks in accounting operations:

  • Expenses, income, and outstanding invoices and all business finances are easily accessible for an overview.
  • All reports of loss, profit, balance sheets are available in one click.
  • Payments of expenses, including taxes are made by using QuickBooks.
  • Makes invoicing easy and prompt.

Conclusion

QuickBooks software is highly user-friendly and maintains records of expenses as well as lists of vendors and customers. Efficient bookkeeping is key to attract potential lenders and investors to fund you in your new business ventures.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Small Business Owner using QuickBooks

QuickBooks is a software for accountants and companies to increase accounting efficiency in a business.

Efficiency indicates a level of performance through a process which involves the lowest amount of inputs to generate the greatest amount of outputs, including your time and energy.

Accounting Efficiency may mean accurate and up to date financial statements and that your bookkeeping is done with less time and energy.

Accounting efficiency is greatly enhanced by using specific software.

Benefits of Accounting Software

The introduction of accounting software was a blessing for trades and corporations. Time is saved which was previously used in manual bookkeeping and accounting tasks. The software can come with high prices, but the benefits are most certainly worth their price. Any business owner / entrepreneur who wants to grow their business must rely on purchasing valuable accounting software.

Accounting software reduces the time it takes for bookkeeping tasks and promotes proficiency in business accounting and bookkeeping. With the passage of time, the softwares have become very advanced and secure. Giant firms require complicated features in their accounting software, while small and medium size businesses require less features in their accounting software.

Accounting softwares have special features to ensure up-to-date financial statements from all entities and keeps them accurate.

One of such software is QuickBooks software. QuickBooks is designed for small to medium size firms and businesses.

QuickBooks Online is a brilliant accounting software for small to medium-sized businesses.  It can be customized according to the needs of the business. It saves time in accounting functions.

Features of QuickBooks accounting software

There are so many important features in QuickBooks accounting software.

  1. QuickBooks is an easy to use software.
  2. This software does not replace a full time accountant in a business.
  3. Customization in the software according to the work that needs to be done.
  4. This software can share data with other applications like Microsoft word, Microsoft excel, Outlook and other programs in the computer. This feature eliminates errors.
  5. There is a feature of online payments in QuickBooks Software. This feature allows it’s users to speed up billing and payments through credit cards and also by bank transfer. Bank statements can be directly downloaded through this software and an immediate settlement can be made.
  6. QuickBooks allows its user to easily track the cash in and cash out data.
  7. Invoices can easily be made using this software.
  8. Unpaid charges are separated from the customer and the job in the software.
  9. Any invoice can be double clicked to get a detail of that account’s activity. By this feature, it can trace the money owed to you by the customer.
  10. During tax time, there is a read only login and it’s access can be given to an accountant to get data and prepare the forms.
  11. QuickBooks is compatible with ‘TurboTax’ software to generate tax reports.
  12. QuickBooks analysis and Report options make it easier to view important accounting statements and financial reports. The three important reports are:
    1. The Profit and Loss Report (income statement)
    2. The Cash Flow Statement
    3. The Balance Sheet
  1. A QuickBooks Balance Sheet provides a complete summary of financial status of the business.
  2. The QuickBooks Balance Sheet provides all of the following information:
    1. Assets: All assets in a business including physically present assets like inventory, property, office objects, cash and intangible ones like patents, brand value, registered trademarks.
    2. Liabilities: Liabilities are the debts that have to be paid by the company / business to the banks, vendors and taxes.
    3. Equity:When assets and liabilities are subtracted,then equity is got. Equity is the money invested in the business added to any earnings that is not yet withdrawn from the business. If business has suffered any loss then loss during that period also has to be subtracted from the equity.

CONCLUSION

QuickBooks is an essential and a brilliant software for small and medium size firms. It covers all of the features that are essential for accounting in a medium size firm / business. QuickBooks is worthy of its price as it will enhance the accounting efficiency in any business.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.