How to Stay Connected to Your Finances… Remotely

Staying in control of your business and finances even when you are not onsite is important to business owners. The summer is a time when you especially want to be able to take time off and not be at your desk 24-7. In order to do this as a business owner, you need to be able to stay on the pulse of your cash flow and other financial accounting information for your business.

If you are using an accounting tool like QuickBooks to run your business what are your options?

Depending on your accounting needs for your business you may be using either a Desktop or Online version of QuickBooks.

Accessing your QuickBooks files remotely- QuickBooks Online

Since QuickBooks Online (QBO) is a cloud-based program, users can access their QuickBooks files from anywhere they have internet access.  It doesn’t matter whether you are using a MAC or PC.  What is better and easier than that? No access to your MAC or PC?  Downloading QuickBooks mobile app will enable you to be able to do some of your most important QuickBooks activities like create, view and email estimates, invoices and sales receipts; access customer information, convert estimates to invoices, receive payments, track expenses and download and reconcile bank transactions from your phone.  While the QBO mobile app works with iPhone, iPad and Android phones and tablets be aware not all features are available.  The best part is the app is included with your QBO subscription so there is no additional cost.

You say that sounds great but for my business I need to use the QuickBooks Desktop software, what can I do to be able to have remote access?

Remote access is also available for Desktop users via use of authorized hosting of QuickBooks Desktop software on third- party servers.

Accessing your QuickBooks files remotely- QuickBooks Desktop

QuickBooks Desktop installed on the server of hosting providers can be accessed via the cloud also.  The difference from QBO is you are logging into the server of the provider to access your QuickBooks software.  Using a hosted solution for your QuickBooks Desktop software allows the user to have full access to all the features of the desktop software and even supports cross device operation with a PC, MAC, smartphone and others.

Since QuickBooks Online and QuickBooks Desktop can be accessed remotely, you have the freedom to be away from your office and to keep on top of pulse of your financial information and business needs.  While user experiences are different, depending on which version you are using as noted above, either software will allow you to be able to work when you want and where you want.

Is Your QuickBooks Due for an Upgrade?

What’s in an Upgrade?  Do you need to plan for an upgrade with your QuickBooks Pro/Premier or Enterprise software?

We encounter this question time and time again.

If my QuickBooks Desktop Software is working, why would I upgrade?  Frequently businesses would purchase a version of QuickBooks Desktop Software and would stay on it for years, if not forever, if it wasn’t “broken”, and only consider upgrading to the latest version if they liked the newest features being offered.

There are several reasons a business should review their QuickBooks software regularly and decide when an upgrade is needed.

• Older versions have a hard time keeping up on new computers being purchased by the business.

As technology is constantly changing, many have found that the older versions can’t keep up, especially with the new operating systems.

• Intuit stopped supporting the version that you have

QuickBooks desktop versions are supported by Intuit for three years.

Every year on May 31st, Intuit “sunsets” which means retires and no longer supports the oldest version three years prior to the current version.  This means as of May 31st, 2019, Intuit will sunset the 2016 version of QuickBooks Pro, Premier (General Business, Contractor, Manufacturing & Wholesale, Nonprofit, Professional Services and Retail), Enterprise Solutions*, Mac, Accountant Edition and Point of Sale.

*will have access until expiration of your Full-Service Plan.

• Live Support services Customer support will no longer be available.

• Add-on services QuickBooks desktop versions have several add-ons features available that like the support services will not be available after May 31st. Add-on features are those that integrate with the software.

  • Online banking

  • Multi-currency features

  • Online backup service

  • The Accountant’s Copy File Transfer (ACFT) service

  • Critical security updates

  • QuickBooks Desktop payroll services

  • QuickBooks payments services such as credit card and check (ACH) processing

  • Bill Pay

• Your business may have outgrown the current version of QuickBooks

As a business grows, so does its accounting software needs.  It may be time to upgrade from QuickBooks Pro or Premier to Enterprise

• System becomes sluggish and has performance issues- may mean the current version can no longer support the amount of data that is being processed

• Need to further limit user permissions- additional internal controls needed

• Limitation on user access- have more than 5 users

• Advanced reporting needs- typically for business that maintain inventory

Whether it’s time to upgrade your existing QuickBooks Desktop software to the latest version or make a change in versions being used, we can help you evaluate based on your current accounting needs and expected future growth for your business.

Is Hosted QuickBooks Right For You?

If you are currently using the popular QuickBooks desktop software, you now have a fairly new option available to you:  hosted QuickBooks.  In this article, we’ll talk about what it is, what type of businesses it’s right for, and how to get started if you decide it’s for you.

A Host of Opportunities

Hosted QuickBooks changes the location of your QuickBooks company file from your local computer to one of the dozen authorized QuickBooks hosting companies.  You then access your QuickBooks file through a secure Internet connection.  The good news is you continue using the exact same QuickBooks software, screens, forms, and reports that you are comfortably familiar with, so the additional learning curve is extremely low.   The two biggest differences are:

• You access your QuickBooks differently; instead of accessing your local software, you will access the same version of QuickBooks software via the cloud on a secure server provided by a hosting vendor.  You will most likely access your QuickBooks by clicking on a desktop icon or accessing a screen and entering your login information.

• The pricing is different.  Instead of paying a large software fee at the beginning and then optionally paying for annual upgrades, you pay monthly, like a lease.

There are a few other very minor differences, such as how you back up your file, how you print checks, invoices, and other forms, and how you interface with other software such as Microsoft Outlook® or Word®.  At most, the learning curve for each of these minor changes is five minutes top for any user.

Who Benefits

You will benefit from hosted QuickBooks if any of the following are true:

• You, your team, your bookkeeper, or your CPA needs to be able to access your QuickBooks files from multiple locations.

• You are spending at least one hour per month restoring the file from one location to another.

• You have experienced errors in the past from backing up and restoring the company file or the Accountant’s Copy because of passing it back and forth among people who need to update it or to get information from it.

• You prefer to save the time it takes installing QuickBooks and applying the upgrades to QuickBooks software.  With hosted QuickBooks, the hosting vendor takes care of all of that.

• You do not have a recent backup of QuickBooks and forget to take backups on a regular basis.  With hosted QuickBooks, backups are a routine part of the process.

• You’re great at working on the core items of your business, but want to reduce time spent on IT-related tasks.

• You dislike or feel inadequate when it comes to technology, and you agree it makes sense to outsource as much as possible.

Any Concerns

Hosted QuickBooks is great, but it’s not right for everyone.  If you feel “safer” with no one having access to your QuickBooks, then hosting it may not be right for you.  Although the data centers are far more secure than the PCs in most people’s homes and offices because they have to undergo a rigorous security audit to become a hosting vendor, some people are simply uncomfortable passing their financial data to others.  If you want to consider hosted QuickBooks and wonder about security, we’ll be happy to have a conversation with you about that.

Hosted QuickBooks is also not right for people that are using very old software versions because you may be forced to upgrade to a newer version.

Hosted QuickBooks is also not right for people who have much more free time than budget.  Although hosted QuickBooks is not particularly expensive, there is a cost outlay that will buy you time savings.  If the free time you gain (that you can apply to completing more important priorities in your business) is not valuable to you, then hosted QuickBooks may not be right for you.

Getting Started

Before moving to a hosted QuickBooks solution, your accounting professional will want to ask you questions about how you are using QuickBooks, if they aren’t already familiar with your requirements.  Selecting the right hosting solution means evaluating:

• What version and line of QuickBooks you are currently using because this has to be exactly matched with the hosting vendor.

• What other applications access QuickBooks, such as online banking and payroll.

• What add-ons you are using with QuickBooks, if any.

• What printers, Microsoft software, email software, and other peripheral needs you have when using QuickBooks.

Once those answers are gathered, your accounting professional can provide you with some hosting solutions, costs, and implementation plans.  Most accounting professionals partner with one or more hosting companies so that you can get a seamless one-stop shop experience.  You may also be able to benefit from volume or package pricing through your accounting professional.

If you are thinking that hosted QuickBooks might be right for your business, please email us or give us a call so we can talk more about it.

Cutting Expenses Key To Profitability, But How? Some Tips

It may seem like a no-brainer – cut expenses to make more money – but many small changes can result in significant savings.

It looks like the economy may finally be looking up. Still, this is no time to loosen the purse strings in terms of your business expenses. Rather, why not re-double your efforts to cut costs and boost your profitability?

Excessive expenses cause debt, which in itself can be very costly. So any money-saving actions you take will be doubly rewarding.

 More Effective Money Management

 To cut expenses significantly, poke into every corner of your company’s finances. Inventory is a good place to start. If you sell multiple units of the same item and reorder regularly, you should be using QuickBooks’ inventory-tracking tools. Go to Edit | Preferences | Items & Inventory | Company Preferences.

You should be stocking your inventory to match the pace of sales. You don’t want to be caught short, nor do you want to be sitting on too much and tying up money unnecessarily. QuickBooks can help, but you’ll need to calculate the sweet spot for each item. Several built-in reports can help, including:

• Inventory Valuation Summary. Displays the current asset and retail value of each item and inventory as a whole

• Inventory Valuation Detail. Shows how individual transactions have affected the value of your inventory

• Inventory Stock Status By Item. Helps you set up smart reordering procedures

• Open Purchase Orders

• Outlines each purchase order and its expected delivery date

Ratio reports, like profit over sales, can also be very telling. QuickBooks does not supply these, but we can help you create them in Excel.

Using Available Tools

The efforts you make toward reducing expenses in other ways can result in more savings than you might think. Here are some actions you can take that will accelerate your cash flow:

Use QuickBooks’ budgeting tools

. This doesn’t need to be as onerous as you might expect – you can start by pulling in your real data from the previous year as a base. Build in line items for ongoing accounting support like QuickBooks maintenance. Click on Company | Planning & Budgeting | Set Up Budget

Minimize your April 15 obligation with year-round tax planning. Work with us throughout the year on the next year’s taxes to, for example, make smarter quarterly payments, and we’ll help you reduce your tax bill by making better decisions every day.

 Get discounts by paying invoices early. Set up a custom field in vendor records to track this.

Analyze the cost-effectiveness of your transportation. Can you replace some in-person sales calls with web-based communication? Make sure that your delivery routes and sales call paths are efficient.

Change product/service prices to build in your own cost increases. Do it across the board, in small increments. It may not even be that noticeable to customers.

Talk to us about establishing a line of credit. We’ll help you determine if this is a viable option for emergencies. It’s cheaper than using credit cards.

Cross-train employees. Have employees train each other on their tasks where it makes sense. You can avoid costly temp help and relieve overworked departments.

 Don’t try to change everything at once. Establishing these new procedures will require some extra work. And you may not notice a reduction in expenses immediately. But over time, you will see a positive change – one that will give you extra dollars and hours to invest in making your company flourish.