In May I successfully completed the requirements to recertify as a QBO (QuickBooks Online) ProAdvisor. Some of the new features include: data can be imported from Google Sheets as well as .csv and Excel; “client requests” can be entered in notes; and Amazon Business and Square imports can now be connected and activated.

Additionally changes in functionality include: period end reviews; clean-ups and wrap-ups with a transaction review tab for open issues; the renaming of “Undeposited Funds” to “Payments to Deposit”; auto pay feature for recurring payments; and more flexible customized reports. And Preferred Pricing is available for the first year!

I don’t think there are many people who were sad to see 2020 go. 2021 is a fresh new year and the perfect time for getting organized. It seems I’m always talking about organization. There is no substitute for good organization. The earlier in the year you put good recordkeeping practices in place, the less there is to do at the end of the year. Here at TomKat Business Solutions we are ready and able to help you start 2021 on the right foot.

One of the important first things is a chart of accounts that is right for your business. It is the foundation of good recordkeeping. There are “canned” charts of accounts for many types of businesses but that is only the start. Your business has things that are specific to you. They may have accounts you don’t need or not have accounts you do need. We ask you about your business and use our experience to make recommendations on what chart of accounts would serve you well. Once this is in place, the revenue you generate and the expenses you incur to generate that income, all become correctly reported on your financial statements and eventually on your taxes. You will be able to distinguish expenses directly related to your cost of goods sold differ from the cost of operating your business. There are benchmarks for many businesses that can be used to see how your business is doing in relation to other similar businesses. Here at TomKat Business Solutions we can help you utilize the information gleened from your financial statements to become a management tool and enhance your business decision making process.

Kathleen

 

 

 

Organization and accuracy are two primary reasons to utilize our services.

Organization comes in many forms, from sorting receipts into categories to a well organized chart of accounts that sends data to the best categories for meaningful financial statements, which become a management tool. One area that provides satisfaction is not-for-profits that have had many willing volunteers. Often the chart of accounts becomes too granular and disorganized. Combining accounts where applicable, and separating administrative costs from operating costs provides a better picture of the financial activity. But it all starts with organization.

The benefits of accuracy in recordkeeping are to keep your books in balance and to be sure the best information available goes to your CPA or tax preparer. We will be asking lots of questions because we want to get it right. Those records also provide you with information that will help you to reach your targets, and insights to make better decisions. Organization and accuracy throughout the year can help you meet bank covenants, achieve on-time tax deposits and
give you peace of mind by knowing you have a handle on your operation.

There are various ways to achieve these goals and we can help you to decide what works best for you, helping you to spend less time recordkeeping and more time pursuing your passion. If you decide to choose QuickBooks, as a QuickBooks Online Certified ProAdvisor I can help you get QuickBooks Online or Desktop set up in a manner that is best for your particular type of business or not for profit organization. Part of the certification process includes knowledge to point out the best fit (again, I’ll be asking lots of questions), get you up and running, recommend best practice workflows and train you. If you have a question I cannot readily answer I will get back to you with the answer, because I have the entire QuickBooks support network available to me.

Kathleen