Understanding Profit & Loss Statements The profit & loss statement (P&L) is one of the three main financial statements that companies use to analyze business performance. It provides a snapshot of a business’ profit and loss by summarizing its revenue, cost of goods sold, and expenses during a specific time period (usually monthly, quarterly or annually). Below we’ll briefly summarize the different types of P&L’s, the general components that make a P&L, and why P&L’s are important. Cash Vs. Accrual Methods The cash method is a simple approach to composing a P&L ..read more

How Digital Wallets Are Changing Business In recent years, you’ve probably become more and more comfortable with the idea of online banking. Some banks and companies have even begun offering fully digital checking accounts. The success of Paypal, Venmo, and Apple Pay isn’t a coincidence. Those services provide people with the easiest experience to both send, store and receive money. Digital wallets are tools that help widen payment accessibility and increase the number of opportunities for business to occur. Here’s a few ways that incorporating digital payments/wallets can help grow your bus ..read more

Quickbooks App Store QuickBooks is one of the most widely used accounting software solutions for small businesses. One reason for that is the range of features it offers right out of the box. However, sometimes businesses may need it to do more. Luckily, the huge user base for Quickbooks draws the interest of third-party app developers who create solutions that help customize Quickbooks to do more of what you need. We suggest looking through the dedicated App Store on Intuit’s website to help find tools to optimize your bookkeeping.  Check out our video for a basic walkthrough of ..read more

Bank Feed Basics As we mentioned in a previous blog, Bank Feeds are one of the best tools in Quickbooks online. It alleviates a lot of the stress and time it takes to hand key transactions in Quickbooks. When utilized, business owners can click on the “Banking” tab on their Quickbooks Online company and see the lists of transactions that have cleared their business’ bank and credit card accounts. Below we’ll summarize some bank feed basics: Understanding the Bank Feed It’s best to think of the transactions in the bank feed as a checklist. Transactions are not posted to your Quickbooks u ..read more

Benefits of Quickbooks Online QuickBooks Online has grown to be the most widely used accounting software by small businesses. But how do you know if QuickBooks Online is right for your business? To help with your decision, we’ve outlined the top benefits business owners appreciate about QuickBooks Online. Top 5 Benefits to Using QuickBooks Online for Your Business: Accessibility Your books are available on any computer with an internet connection. This allows your business to be much more flexible and dynamic. Since it is cloud-based your QuickBooks software is always up to date. Th ..read more

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Quickbooks Online Help: Retained Earnings The post Quickbooks Online Help: Retained Earnings appeared first on QBCure ..read more

Job cost accounting tips. Can QuickBooks Job Costing Be Done? Yes! Can it be done incorrectly? Yes! Here are some helpful job cost accounting tips. What does Job Costing actually mean? It means you are assigning specific costs to a certain job or customer. You want the ability to track that job and see how profitable it is. Here are my 12 tips when incorporating job costing. If you are using jobs or sub-jobs, each one should have its own Estimate; the Estimate that you create at the Job level should be for the Original Contract, whereas the Estimate that you create at the Sub-Job level shou ..read more

12 Job Costing Tips for Quickbooks Job Costing QuickBooks Style Can QuickBooks Job Costing Be Done? Yes! Can it be done incorrectly? Yes! Here are some helpful tips when setting up Job Costing. What does Job Costing actually mean? It means you are assigning specific costs to a certain job or customer. You want the ability to track that job and see how profitable it is. Here are my 12 tips when incorporating job costing. If you are using jobs or sub-jobs, each one should have its own Estimate; the Estimate that you create at theJoblevel should be for the Original Contract, whereas the Esti ..read more

HOT TIPS THAT I HAVE LEARNED USING QUICKBOOKS ONLINE The desktop and on-line versions are vastly different so if you’re moving to the cloud base version you need to understand the capabilities, entering transactions and reporting are completely new. QuickBooks as a company is moving customers more and more to the cloud. Just have a conversation upfront with your accountant prior to diving in to discuss pros/cons. QuickBooks online has a cool feature to open up a second tab by pressing on the first tab you are already in, right click and press Duplicate or Add duplicate.” This will enable ..read more