Know Your Numbers: 3 Quickbooks Tools to Grow Your Business

June 6, 2022June 6, 2022 by Michelle Mitchell

Know Your Numbers: 3 Quickbooks Tools to Grow Your Business

Quickbooks Online bookkeeping software is a powerful tool. I’m kind of a QuickBooks nerd and have been for as long as I’ve been an entrepreneur because I’ve seen firsthand how transformative it can be for a business. If you’re using it, you’ve probably already experienced how much easier it’s made your bookkeeping and business accounting. But, you’re probably just scratching the surface of its capabilities.

Quickbooks does more than make your bookkeeping easier. With built in Quickbooks reports and tools, you can develop a better understanding of your business finances so you can grow your business. The information that’s easily available to you within QuickBooks reports is invaluable for scaling your business. That’s because diving deeper into your data can give you guidance on how to run your small business more efficiently and effectively. Read more about digging deeper into your data here.

If you are working to get a better handle on your finances and grow your business, there are three essential tools you need to being using: the budgeting tool, projects, and the cash flow report.

Quickbooks Budgeting Tool

The Budgeting Tool helps you make decisions in your business that you can feel good about. You can spend minimally or you can leverage your debt, but no matter what, there needs to be a balance. Enter: your budget.

In QuickBooks Online Plus, you can use the budgeting tool to determine how much money you can expect to bring home after taxes and expenses. Learn that number and you can budget for everything else! You can also run reports against others to compare data and get even more in-depth information.

Quickbooks Project Tool

Quickbooks Online Plus also has a Project tool. This tool comes in handy when you’re auditing the services you offer and the way you’ve packaged them.

So what does it do? The Projects tool lets you record and view your transactions by project. From there, you can see which projects are bringing in the most revenue, which are racking up more expenses than what they’re bringing, and which projects have the highest amount of interest.

Quickbooks Cash Flow Report

Last but not least is the Quickbooks Cash Flow report, available in all versions of Quickbooks Online. This report is auto-generated from your transactions and lets you keep track of where all your money is going.

Good cash flow is a high priority for business success, especially as you’re scaling up, so you want to be able to keep track of it. Learn more about how you can improve your cash flow here. If you’ve ever looked at your bank statement and asked, “where did my money go?” this feature is for you.

Using QuickBooks tool and reports beyond your basic bookkeeping and invoicing might seem overwhelming at first, but once you start using these features, you’ll begin to build confidence in your ability to understand your business finances and use your numbers to make decisions that grow your business.

Want more help managing your finances? Mitchell Consulting offers bookkeeping, accounting, and virtual CFO services for businesses. Complete this questionnaire to book call with us!

Are you frustrated with your QuickBooks Online file?

August 14, 2019August 12, 2019 by Michelle Mitchell

Are you frustrated with your QuickBooks Online file?

Does not balancing your reconciliation every month cause you anxiety?

Or are you not looking at the status of your QuickBooks Online account because you feel like “I have plenty of time before the end of the year to catch up” ?

Well, NOW is the time to resolve all of those headaches that you have been dealing with. See, we are almost at the end of the summer, and I know you didn’t want to think about your financial situation or the daunting task of dealing with your QuickBooks Online account.

I know and I get it.

I have clients come to me all the time with these same issues and I sympathize with them because they didn’t start their business to do bookkeeping, but it’s an essential part of of the profitability of your business.

I have a solution for you!

Here at Mitchell Consulting, we help busy business owners like you get over these issues and setup a workflow to solve these problems.

First step in the process is acknowledging that you may need help with this
Second step is to seek out a professional who can help you get on the right track
Third step is to get a plan of action

Mitchell Consulting has been helping the small business community with these issues for 9 years and we have a team in place that will walk you through these steps. We offer free consultations and the first step in working with us is to do an 15-point analysis of your current QuickBooks Online account.

We look at:
Company setup
Bank reconciliation
Credit card reconciliation
Chart of accounts
Undeposited funds
Billable time
Sales tax (if applicable)
Item list
Vendor list
Customer list
Accounts payable
Accounts receivable
Payroll
Financial statements
Noting any personal expenses going through the business account

We document any problem areas and write up a report for you. Then we meet with you for an hour to explain the findings and give you our recommendation.

From there, the ball is in your court. You get to decide what direction you would like to go in to solve your frustration and anxiety using Quickbooks Online.

This is an affordable option at less than $25 per point, plus an hour with a professional to help get your business finances on the right track!

If this sounds like something that your business needs, then click the button below to schedule a call to learn more or to purchase your QuickBooks Online 15-Point Review TODAY!

Tuesday Tips: How to create a sales receipt in Quickbooks Online

July 6, 2018October 24, 2017 by Michelle Mitchell

In today’s episode of Tuesday Tips we are talking about the difference between a customer invoice and a sales receipt.

We are getting paid faster from our customer by creating a sales receipt at the time of service. When you issue a customer an invoice, you usually will get paid at a later date. When you issue a customer a sales receipt, you are receiving payment at the time of service therefore, you are getting paid faster. Let us know if this tip was helpful and share it with your business friends.

How to Create a Recurring Expense in Quickbooks Online

July 6, 2018October 19, 2017 by Michelle Mitchell

This is a time saver tip.

If you have an expense that reoccurs every month, why not create a transaction in Quickbooks Online that will automatically record the transaction for you. You would use this type of recurring transactions for things like: rent, car note, mortgage, loan payments. You can set these transactions once and it will save you a lot of time each much.