Tag Archives: budget
Our last article discussed the benefits of using QuickBooks to help you in your “profit planning” by taking advantage of the budget tools in QuickBooks. So now you’re ready to use create your budget in QuickBooks – great! Select the … Continue reading
In previous articles, I’ve discussed reviewing your existing sales and profitability to see if you wanted to make any changes. Now it’s time to plan for your new year and profitability. Many of you may have already worked on a … Continue reading
Many businesses operate with seasonal peaks and valleys. Retail stores just completed their busy holiday season. Landscapers are at their slowest time of year (unless they live where there’s lots of snow). Construction contractors are busy when the weather is good. Accountants are very busy from January through April, but also experience a quarterly peak in July and October. Continue reading
You might have heard the terms “cash basis accounting” or “accrual accounting.” Your bottom-line net income can change depending on which method you use. Here’s a simple explanation of the difference, with a little help from one of the most … Continue reading
When you hear the word “budget,” do you think “Ugghh!”? If you would rather do just about anything besides create a budget, you’re not alone. The word “budget” brings up connotations of endless numbers, constraints, the opposite of freedom and creativity, and hard work, none of which are very desirable. Continue reading
For businesses with fiscal years that coincide with the calendar year, the slate of revenues and expenses will be wiped clean on New Year’s Day. Starting with a clean slate gives us a chance to reflect on our 2012 results before we enter 2013 and experience the hope that comes with a new year. Continue reading
If you do job or project costing, then it’s important to use the Estimate feature in QuickBooks. But that feature is often underutilized for a few reasons. Could be a lack of understanding on how to work with the estimate template in QuickBooks. Could be that a spreadsheet or other software is used to actually determine the estimate, so why bother entering it in QuickBooks? Isn’t that an unnecessary step? No!! Continue reading
An under-used tool in QuickBooks is the Budget and this is a good time of year to set it up. I know many businesses don’t even take the time to work on a budget. But your budget is a powerful feature that can help you in a few ways. First it helps you control your costs. I realize some costs are hard to estimate especially as we see gas prices going up. But it still helps give you some guidelines in operating your business. You can also use it as an incentive when you’re looking at certain goals that you’d like to achieve in your business. A phrase I like is you can’t hit a target you can’t see. So having a budget helps you view those goals. .. It can also be a jumping-off point for discussions about long-term planning. Continue reading
If you do job or project costing, then it’s important to use the Estimate feature in QuickBooks. But that feature is often underutilized for a few reasons. Could be lack of understanding how to work with the estimate template in QuickBooks. Could be that a spreadsheet or other software is used to actually determine the estimate, so why bother entering it in QuickBooks? Isn’t that an unnecessary step? No.
If your estimating is fairly simple, then usually the regular estimate form in QuickBooks works. You can enter your anticipated costs for the various items, mark it up and arrive at a number you want to charge your customer.