Frequently Asked Questions
- My bookkeeping system is a mess. Will I have to start all over?
- Do I need to find an accounting professional with experience in a specific industry?
- Does QuickBooks® work for every business?
- Will I still need a bookkeeper?
- Will I still need a tax professional?
- I’m really struggling with my budget. Is this something that QuickBooks can help with?
- My costs seem out of control, and I’m constantly trying to get a handle on them. Can QuickBooks help?
- Is there a general rule of thumb for how much money a small business should keep in reserve?
1) My bookkeeping system is a mess. Will I have to start all over?
It may look that way to you right now, but don’t forget—I deal with bookkeeping systems every day. I’m not fazed by what you might consider a “mess.” And the reality is your system is probably not as bad as you think. Keep in mind that QuickBooks® is extremely flexible if you know how to customize it for your business.
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2) Do I need to find an accounting professional with experience in a specific industry?
The accounting functions of 90% of all businesses are fairly standard, so the principles can be applied across industries. It’s helpful for your accounting professional to have some knowledge of a particular industry, but what’s more important is that he or she has a deep knowledge and extensive experience in accounting.
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3) Does QuickBooks® work for every business?
Some think QuickBooks® indicates “small business.” But QuickBooks® software users are defined by the volume and complexity of transactions, not by the size and revenues of the business. For example, you could be a QuickBooks® user with a twenty-million dollar company that maybe only issues three to four invoices a month.
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4) Will I still need a bookkeeper?
Your bookkeeper is the "keeper of the books". He or she doesn’t set up and customize systems. You need a professional to do the set up and customization and a bookkeeper to maintain it.
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5) Will I still need a tax professional?
A tax professional is a must: he or she analyzes data, prepares taxes, and monitors compliance issues-all of which are vital to overall business success.
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6) I’m really struggling with my budget. Is this something that QuickBooks can help with?
Understanding your company’s budget is essential—how much money is going in and out every month? What revenue can you expect? What’s your profit margin? Yes, QuickBooks®, when customized correctly for your business, can provide you with the information you need to understand the bigger financial picture, such as your budget.
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7) My costs seem out of control, and I’m constantly trying to get a handle on them. Can QuickBooks help?
For every dollar you bring in, you need to know how many pennies go out the door in overhead, insurance, salaries, supplies, etc. Yes, QuickBooks®, when customized properly for your business, can provide the information in the format you need to monitor your company’s costs.
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8) Is there a general rule of thumb for how much money a small business should keep in reserve?
Good question! What might you need at a moment’s notice? What size security blanket will keep your business afloat through hard times? These are the sorts of questions you need to ask.
Again, QuickBooks®, when customized for your business, can give you the information you need to answer these questions.and manage and grow your business better.
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