Annette Flanagan
Week Three Course Project
Evaluation of Quickbooks
Section I Overview:
I decided to evaluate Quickbooks Pro 2008 since I already have the program on my computer and the changes that have been made to the software since then are minimal. I have been using Quickbooks since 1994. It is a very good program for small business owners that are not familiar with the rules of accounting. To set up your business accounting records you just need to know the following information: company name, address, website, email, tax identification number, bank account numbers and balances in bank accounts. Quickbooks company set up runs through interview questions which allow you to select the options they feel best suit your needs or
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Now you are ready to start entering your data and you can personalize the forms for your business. Quickbooks gives you templates of forms for whether you are selling services or products. You have the ability to customize these forms with your company logo and the forms can be printed or you can email them directly to your vendors and customers.
Section II Transactional Processing and Data Management: a. Revenue Cycle:
One of the first things you should do after completing the company setup is to start entering your customer information. To accomplish this you click on customer center from the toolbar and then click on new. You fill in the data form with the customer’s name, billing and shipping addresses, email, phone numbers, contacts, if there is an existing balance and the date of the current balance, how the customer heard about you (which is great for tracking your advertising), payment terms, sales tax information, credit limits, and credit card information if they pay by credit card. You can set up different price levels for different customers which is beneficial if you have both wholesale and retail customers. If you have a customer that is no longer active you check the inactive box and they will not appear on any of your customer reports but their information is still saved in the system.
After entering all of your existing customers I would then recommend setting up your inventory list. This option is found under Vendors-Inventory
In order to ensure responsible accounting practices Peyton Approved will be investing in QuickBooks Pro; this accounting software will allow us to make sure all the steps are being followed correctly. We have also hired Fusion Group; Fusion Group is an accounting firm that specializes in new business owners to help with the accounting process. As a company we are also taking classes to get a better understanding of accounting, getting an understanding of why the accounting cycle is important, what the numbers mean for the company, whether or not we are in debt, we owe money, but also being able to get a true sense of the monthly profit (Scheid, J., (2011).
Cutting Edge should allocate a computer that will work well with QuickBooks’ Windows based software. Next, gather every transaction receipt that you have from this year for your business, as these items will help me gain more insight about how and with whom you do business. Please provide detailed notes on how you would like the services, inventory, and supplies at your business to be listed (item name or pt#), and an idea of your preferred wording for descriptions of these items in the system. Please contact me when you are ready to proceed with this project, and don’t hesitate to call if you have any
In QuickBooks all you need to do is enter the accounts receivable amount into the individual customers list in the receivable section. QuickBooks does the rest for you rather than having to write in the individual debits and credits yourself.
A business professional wants to use Microsoft® Excel® to organize data for the monthly expense report. He has never used Microsoft® Excel® and is inquiring about the functions that would support him with this task.
Gather information about its potential and current customers, this helps to understand the customer, improve their services and make more informed decisions hence reducing risk.
Intuit has built a very good "QuickBooks Year-End Guide/Checklist" and it 's included right in your QuickBooks program by going to the Help Menu and choosing Year-End Guide. Over the next few days, we 'll cover each topic listed in the Year-End Guide, and offer some additional tips on each of the three sections: Tasks to prepare for filing taxes, Tasks to do if you use subcontractors, Tasks to do if you have employees and some Tips for the upcoming year.
Simple to use: Is the tax software easy to use? You are already in a stressful situation with late tax filing so ask yourself the question and find out. There are free trials and you can check them. There are reviews about whether
QuickBooks and Sage 50 Accounting are both great options for small business accounting. These programs help manage business finances which can drastically save time that may have been spent creating Excel spreadsheets and more. However, while both programs are sufficient for small businesses, the programs differ based on what they can offer your company.
Good business accounting softwares do a few things well: Track income and expenses, manage estimates, invoices and customer payments, and give you a clear year-end financial reports. Really large accounting applications also allow you to create and manage inventory and track the cost of goods sold. FreshBooks excels in almost all these areas, but only has 19 reports. Although this is much less than you find in most office accounting
QuickBooks. Intuit utilizes a value-based pricing strategy with discounts for direct sales of the QuickBooks accounting software product line. Similar to the TurboTax lineup, QuickBooks has increased pricing for increased complexity of business needs and add-on features available at the time of purchase or later.
When I was going to close up every single of my transactions for my customers, I would have tried to ask them to be our membership if they are not become yet.The way is to let them know about the advantages of being our LaneCrawford's membership and it must be simple and crystal clear to make sure of every single of cusutomers understands that without any hestitation or concern, Even so, we can add them to our wechat provided by our company to stay connected with them in case if they got any questions of it. Everyone loves benefit, just be sure to let them know and they would be easy to drop the presentage down
It provides the most comprehensive tools for small business financial management. It is used to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, and many other jobs that small businesses must perform to stay successful. New versions like Simple Start for new businesses and Enterprise version for larger businesses is currently out on the market available to purchase. Besides the desktop software, QuickBooks is offering an online version which is hosted though the online edition.
QuickBooks is a software used by many small businesses and is designed to help manage payroll, inventory, sales and other needs of a small business. The new accounting software is more cost-effective than other existing ones and deters the need for a personal accountant. It’s simpler to use and will be of value for the business and the salesmen behind it. QuickBooks helps with everyday organization like keeping up and managing cash flow, invoicing, reports, taxes and payroll through your computer or phone screen. The software's main purpose is to alleviate the use of multiple tables and graphs, spreadsheets, and tracking sheets that are necessary to document and maintain accounting tasks for a business. You don’t necessarily need a
o Performance evaluations are formal review processes designed to encourage the informal day-to-day practice of performance management, while providing a framework in support of merit pay adjustments, promotion and employment decisions. Evaluating staff performance and helping employees develop their skills are important duties associated with performance management. Performance management begins with supervisors and employees collaboratively setting goals and standards, clearly communicating performance expectations and evaluating the results during the performance evaluation process.
PC accounting software is truly one of the great bargains in business because of its cost/benefit