The Supreme Court decision in June 2018 on South Dakota v. Wayfair is changing the business landscape all over the U.S., and while there are many winners and losers, small businesses definitely don’t fall into the winner’s column as they are now responsible for complying with a multitude of new sales and use tax concerns, [...]
Sometimes you will run your normal QuickBooks accounts receivable (AR) reports, see amounts that are drifting further and further into the right Unpaid columns, and realize that the erstwhile customer is just not going to pay – voluntarily. In this case small claims court may be a great alternative. What is Small Claims Court? Small [...]
Inventory, warehouse and manufacturing management are rarely named as top features of Intuit QuickBooks Desktop or QuickBooks Online products. Many clients find these advanced features as difficult to learn and almost impossible in keeping up to date. Management must often deal with nonsensical numbers such as a balance sheet showing negative inventory or colossal amounts [...]
And now, three more IMPORTANT techniques to use in dealing with collections and slow-pay customers. Today we'll talk about setting the right tempo, retainers, and being Mr. Nice Guy. In the final blog in this series we’ll discuss how to be “no more Mr. Nice Guy” when it's time to go legal. Then a word [...]
Invoice Collections: The Squeaky Wheel Gets the Oil For most small businesses, cash is oxygen. That’s why late-paying clients can be a time-consuming and frustrating challenge. It not only ties up money you needed to pay your own vendors and expand but getting clients to pay-up can become stressful and cause real dilemmas (should I [...]
QuickBooks Online Advanced is here! At least in limited release. This is a new offering for Intuit clients who need more extensive support beyond regular QBO offerings. QuickBooks Online Advanced offers to increase productivity for subscribers. Like many new product launches, cloud-based QB Online Advanced is being released to a limited group, and then will [...]
QuickBooks and MS Excel QuickBooks Desktop versions and QB Online are remarkably robust products for small business accounting and financial reporting. Most firms need nothing more. However just about all operations that I have seen over the years employ many MS Excel spreadsheets to assist in calculations or database functions beyond the reach of QB. [...]
Honest Taxpayers? A recently completed survey on taxes, honesty and cheating directed at individuals and small businesses finds that despite the complexities and ever-increasing types of taxes and rates, Americans are surprisingly honest and well-intentioned on their taxes, and typically step into only a few gray areas. Taxpayers more often cheat on boy-friends and [...]
Sales taxes are a pain for most businesses. Business owners must act as the unpaid agents of the government in deciding what and who gets taxed, collecting the tolls, and remitting to one of many state governments, while hoping that all is correct to avoid penalties and intrusive audits. I won’t tell you that [...]
Applies to QB Desktop, QuickBooks Enterprise and QuickBooks Online What is the “Undeposited Funds Account” in QB, and why use the "Banking > Make Deposits" option? (In QBO, “+” sign > Other column > Bank Deposit). These two features often work together and in certain situations can make your trail of accounting entries clearer, more [...]