Category Archives: QuickBooks

Are you a small business owner wearing many hats with little time for accounting? This quick tip guide will focus in on two key reports available to small business owners when utilizing QuickBooks Online. These reports will assist you in running your business more effectively.

1. Profit & Loss Statement

The Profit & Loss report is also known as the Income Statement. It consists of Sales (revenue, income) minus costs (expenses) resulting in either a profit or loss (net income).

QuickBooks Online allows you to break down both income and expense accounts into categories. As you can see in the example statement, Craig’s Design and Landscaping Services has chosen to include 5 different income categories to track income. These categories can be customized to suit the needs of your business.

The Profit & Loss Statement is a summary of revenues and expenses during a certain period of time. Knowledge of these numbers can really help small businesses make better decisions.

QuickBooks Online will also generate a Profit & Loss Comparison report. This report summarizes your income and expenses for both this month and this month last year. You can tell whether you’re operating at a profit or loss, and you can compare this month’s performance against your profit or loss for the same month one year ago.

2. A/R Aging Detail Report

The Accounts Receivable Aging Detail Report is a summary of all amounts owed your company. These amounts are categorized by length of time the invoice has been outstanding. Once an invoice is sent in QuickBooks Online, the amount is recorded in the accounts receivable and revenue accounts.

The report gives you information on which customers are slow to pay. It will allow you to evaluate how much credit risk your business is taking with certain customers. The report will also be sure you are asking yourself the right questions. Does your business need to evaluate payment terms?

QuickBooks Online allows business owners to analyze this data in real-time and make informed decisions.

Proper bookkeeping and accounting are vital when it comes to the health and success of your business. There are more productive ways to spend your time than filing receipts, reconciling statements and processing payroll. This is where we come in! We can focus on the books so you can focus on what you are best at, which is running and growing your business. We’ll even give you a free month! Sign up here.

By using cloud-based technology, we have created streamlined accounting processes.Technology is always changing so we are constantly reviewing new technologies and application for our client’s success.

Why hire and maintain a fully staffed accounting department, when you can skip the interviews, training, and financial burden? Partner with us and you will gain peace of mind knowing that two CPAs are doing their best to let you do your best!

Outsourcing of bookkeeping and other professional needs are gaining a foothold among today’s small business owners.  Whether you have been thinking about outsourcing your accounting needs for a while or considering it for the first time, you may be reluctant to take the leap; especially where your finances are concerned.  There are many myths in regards to outsourced bookkeeping services.  We will attempt to shine a light on some of the most common myths about outsourcing in order to show how incorrect they are and how Clark Sclater is here to help!

1. Loss of control

No small business owner wants to entertain the idea of losing control of their business, and this particular outsourcing misconception preys on one of the small business owner’s biggest fears. The fact is that rather than losing command of your enterprise, offloading your bookkeeping to Clark Sclater will actually give you a much better handle on your company’s goals and overall financial position. By allowing you to make better business decisions, regular access to timely and accurate accounting information will keep you firmly in the driver’s seat of your cherished business.

2. Lack of affordability

When it comes to running a business, time is money! Rather than looking at outsourced bookkeeping services as just another recurring expense, remember that the time and energy you’ll save by letting someone else take care of your books is likely to pay significant dividends elsewhere. You’re in business because you’re good at something. Unless that something happens to be bookkeeping, you’ll get far more bang for your buck when you spend more of your valuable time doing what you do best.  We love accounting so you don’t have to!

3. Security concerns

Because of the confidential nature of a company’s accounts, it’s only natural for business owners to worry about the security of their financial information when they share their books with an outside accounting company. Especially when the information is stored on the cloud with companies like Sync.com. It’s important to keep in mind, however, that no data is technically 100% safe – whether it’s online, offline, or jotted down in a notebook. The security measures employed by Clark Sclater are based on the most up-to-date technology available, and the bottom line is that you’re as likely to experience a security breach within your own home or office environment, as you are when doing business with us.

4. Trust concerns

While there’s a tendency to believe that no one could possibly care as much about your business as you do, remember that the same applies to the professionals who provide your outsourced assistance. We are just like you, and we are just as concerned with maintaining the highest level of client service possible, as you are. At the same time, the naturally objective approach we have taken means that we far more likely to spot any unusual business activity within your firm, and that they’ll be better equipped to suggest more effective ways of running your financial affairs.

5. Time management concerns

We are in business to relieve you of the brunt of your bookkeeping work, freeing up both you and your employees’ time. Clark Sclater utilizes outside bookkeeping services, like QuickBooks Online, that operates electronically. We take advantage of cloud-based solutions, like Sync.com and Slack channels, to quickly and conveniently store and exchange financial data and other relevant information between us and you. Today’s technology makes it easy for even the least tech-savvy among us to outsource with confidence. And by eliminating the need for regular in-house staff, outsourcing your bookkeeping offers complete flexibility, letting you make use of such services as they’re needed.

6. Do-it-Yourself Software

There is no denying that QuickBooks and other software packages are a great bookkeeping tool. However, just because you use the program, doesn’t necessarily mean you know how to get the most out of it.  Many small business owners fail to use their accounting programs to their full potential, and those who do are probably far more of their time keeping the books than they should be. The more business growth you experience, the more complex your finances are likely to become. Rather than trying to guess at what you’re doing, consider relying on experts who have both the time and the advanced skills necessary to keep your finances in order.

Proper bookkeeping and accounting are vital when it comes to the health and success of your business. There are more productive ways to spend your time than filing receipts, reconciling statements and processing payroll. This is where we come in! We can focus on the books so you can focus on what you are best at, which is running and growing your business. We’ll even give you a free month! Sign up here.

By using cloud-based technology, we have created streamlined accounting processes.Technology is always changing so we are constantly reviewing new technologies and application for our client’s success.

Why hire and maintain a fully staffed accounting department, when you can skip the interviews, training, and financial burden? Partner with us and you will gain peace of mind knowing that two CPAs are doing their best to let you do your best!

Cloud accounting and cloud-based services have become popular recently.  Businesses of all sizes can benefit from switching from the traditional accounting software to cloud based accounting software.

There are many problems with traditional accounting software.  Some examples include:

• Financial data is not up to date.
• The software typically works on one computer. If data needs to be moved, it is not secure or reliable, i.e. USB Drive
• Only one person has access. Key people cannot access financial or customer information when needed.
• It can become costly and time consuming to keep up with data backups and upgrades to the software.

Here are just a few ways cloud accounting can benefit your business:

Easy access

Cloud based accounting systems give their users instant, easy access to their financial information.  QuickBooks Online is available anywhere you have an internet connection, on any device and presents data in ways that is easy to digest.

Security

The security of your business’s financial information is extremely important.  This may be a surprise but cloud servers, like Intuit’s server, is more secure that business-based services.  All of your financial information is backed up every day.  No need to worry about your information being destroyed by accident or malicious intent.  QuickBooks Online also an Audit Trail Report.  This report keep track of who is doing what on your system.

Efficiency

Instead of having your bookkeeper or accountant on site going over your books, all parties can access the information via a secure log in and discuss in real time.  QuickBooks can integrate with all of your financial accounts, where time savings is huge.

Set Up

Setting up or transferring your information is easy to do.  No need for that IT team as software does not need to be installed or configured.   QuickBooks Online is hosted remotely which means you do not have to worry about time-consuming downloads or updates.

Cost effective

QuickBooks Online can be a more cost-effective option than buying and installing your own accounting software package.  The cost of setting up is minimal and the monthly service charge would be an overhead expense instead of a capital cost.

Learn About Partnering with Clark Sclater, LC

Full Service CPA Bookkeeping
Partnering with a professional to assist you with the initial set-up and ongoing bookkeeping is recommended. The Certified Public Accountants at Clark Sclater, LC offer these services for only $99-$299 a month including the software. Not only do we strive to provide maximum value to our clients, we will even give you the First Month Free!