So here’s the deal.
I work with entrepreneurs who aren’t exactly jumping for joy at the thought of updating their books. I’m told (but can’t imagine why) that it’s not the most exciting task to do. So instead of making it part of the daily routine, receipts pile up and left undone until another tax year.
But you know what? It’s like the old saying goes. The way you do one thing is how you do everything. So if you slack on keeping the books in order, there’s a good chance that you’ll slack on keeping more of your profits.
There are many reasons that people tell me they got into business. Some say they started to be able to make ends meet. Some say they wanted to make real money. But making money takes more than having a vision. It takes commitment to grow it and managing your business well. That includes your finances. So, I’d like to share some ways to help you be more efficient with this and put more free time in your day.
Quick Access to Information
First, as a business owner, both time and money is a commodity. There are far too many things to do to build and grow your business and many of them require timely access to how finances are working. With QuickBooks Online, you can get answers about the financial side of business at any moment using your laptop, tablet or smartphone. I’m a productivity geek so I especially like being able to update invoices and add transactions when I”m on the road. So no more boredom while waiting for my kids to get out of school or waiting to be serviced at the salon (wink wink).
When I first started out, a mentor once told me that it takes money to make money. Being a newbie (over fifteen years ago), I didn’t really grasp the depth of what he was saying. Today, his wisdom is clear.
There will always be some event vying for a portion of your sales. It may be an asset purchase or cash out to cover expenses that you have everyday. What’s important to note here is to stay on top of your accounts so that you will make the best decisions possible from the information that you have.
The insights feature in QuickBooks Online can help you to see how well your business is doing, if it is reaching, exceeding or falling short of it’s goal. The nice part about it is you get to do it all without having to make a call or being physically in your office.
O.k and if all of the other features aren’t total awesomeness, here’s another that’s sure to blow you away (at least that’s what happened with me).
When I started using the platform years ago, the invoicing tool was a great selling feature but now Intuit has taken it up a notch by adding smart features. These include being able to send invoices right from your phone and get paid on the spot. It’s even enriched the experience by allowing you to see when customers receive and open the bills that you’ve sent. No more wondering if reached the customer. Simply email them and QuickBooks sends you a confirmation.
Receipt snap is another time saving feature and I have to admit that I am a big fan. Here’s why.
As an accountant working with self-employed entrepreneurs (many of whom are do-it-yourself financial managers), I am responsible for making sure that entries are accurate on the books so that you (the owner) have access to stellar reports.
By having receipts already stored in QuickBooks creates a more streamlined workflow. No more back and forth with questions (a huge time wasters!). With this updated feature, you simply take a photo using the app and voila! It’s in. Then all the accountant has to do is make sure that it’s coded in the right expense buckets.
One of the most often overlooked expenses that I come across in small business is the capture of auto expenses. If you own or lease a vehicle you are legally entitled to book the costs that pertain to business usage. Some examples of vehicle related costs include gas, repairs, maintenance, insurance, registration and depreciation.
Since your costs may be limited, be sure to speak with your accountant before including the expenses.
Another related item for vehicle expenses is mileage. QuickBooks makes it easy to capture the miles that you drive for business.
There’s plenty more juicy good features and benefits but these are the highlights that just about every entrepreneur should know.
Have you been putting off getting started? Do you think QuickBooks Online would be a good fit? Check out their promotion this month offering up to 50% off regular monthly subscriptions by clicking this link.