QuickBooks provides numerous ways to learn about your company's health. Income Tracker is one of the most effective. You can get an enormous amount of useful information from QuickBooks' reports - especially if you customize them to isolate the precise data you want. Reports included with the software range from the very simple, like Open Invoices, to output that's exceptionally complex, like Trial Balance and Profit & … [Read more...]
7 Best Practices for QuickBooks Online
Even if you've been using QuickBooks Online for a long time, it's good to step back and evaluate your actions. "Best practices" aren't enforceable rules. They're simply guidelines businesses commonly follow in one area or another. If you're in retail, for example, one best practice might be to always ask customers checking out if they found everything they were looking for. This serves two purposes: It conveys a feeling of … [Read more...]
Could Your Business Survive a Disaster?
As business owners, we want to remain optimistic about our business's future. But life can happen, and we need to be prepared. A good business owner thinks about all the risks to their business and has a plan in place to reduce or eliminate them. In 2017, we've already had floods in the Midwest and California, a healthy dose of tornadoes, and an ice storm earlier in the year. And those are just the weather disasters. Are … [Read more...]
What Is Reasonable Compensation?
For small businesses formed as an S Corporation and with plenty of profits, "reasonable compensation" is a term you may want to be familiar with. Many small businesses have organized as an S Corporation form of entity. In many cases, the S Corp election allows a business owner to save money on self-employment taxes, especially if they are operating as a sole proprietor. S Corp profits, or distributions, are not subject to … [Read more...]
What Sales Orders Are and When to Use Them
They're not as commonly used as invoices. But if you need them, they're there. When you want to document sales that you can't (or won't) fulfill immediately, but you plan to do so in the future, you can't create an invoice just yet.This is where sales orders come in. You may never need to create a sales order for a customer. Perhaps you have a service-based business, or you never run out of inventory. Or you simply don't … [Read more...]
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