How Digital Wallets Are Changing Business

February 12, 2023February 12, 2023
by QuickBook

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 business.

Co-existing with Cash
1. There will always be a need for physical currency like cash. Credit and debit cards showed that people aren’t looking for ways to eliminate cash, but to complement it in places that make sense.
More Buying, Less “Selling”
1. Digital wallets decrease the steps in the purchase process. Which allows a streamlined way to purchase what they want, when they want it.
2. Automating transaction calculations help both buyers and sellers to feel like their time is being valued. Increasing the positivity of the overall experience.
The New Normal
1. There will always be a balance between the physical and digital marketplace. It makes sense to incorporate a payment method that works seamlessly in both.
2. More stores and services are integrating these payment options as the world has adjusted to contactless payments.
3. There will continue to be advances in payment technologies. Observing trends and adapting to them will help give your business much needed flexibility in a fast-changing modern economy.

If you have any questions about accounting in QuickBooks or are looking for business advisory services, feel free to reach out! We are happy to assist your business in any way we can!

Thanks for reading!

The QBcure Team

Blog

Quickbooks App Store

August 5, 2022February 12, 2023
by QuickBook

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 the QuickBooks App Store: QuickBooks Online Help: QBO Apps

Below we’ve listed a few benefits and tips for finding the right QuickBooks App to help with accounting for your business:

Integrating services you already use
1. Most popular service providers have integrations within QuickBooks. Shopify, Stripe, Square, and Amazon are just a few examples of service providers that are able to sync directly with Quickbooks via an app.
2. Search by name to see if your service provider has an app available in the store.
Finding new solutions to old problems
1. Taking a moment to assess how app automation can save time in the long run.
2. Most common app suggestions include timesheets, bill pay, and inventory management.
3. Searching the store by category or keyword is the quickest way to find new apps.
Strength in numbers
1. Reviews are the best way to gain insight into an app. Reading more reviews can help you understand the range of user satisfaction.
2. Another good sign is the number of years the app’s developer has been in business. Clicking through to an app’s company website can help you determine the age of the company. Generally, an older app will have more reviews/users and software updates. Knowing that an app is consistently updated gives peace of mind that the developers are invested in its continued success.

If you have any questions about accounting using QuickBooks, feel free to check out our Youtube channel for more tutorials or reach out to us! We specialize in QuickBooks Online, Migrating from QuickBooks Desktop to QuickBooks Online, and QuickBooks Training.

Thanks for reading!
The QBcure Team

Blog

Bank Feed Basics

June 1, 2022February 12, 2023
by QuickBook

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 until you “add” or “match” them.
- “Adding” means that you’re posting a completely new transaction into your books.
- “Matching” means that you’re connecting a transaction that appears in your bank feed with an existing transaction that has been posted in Quickbooks.
How to Get Transactions
- Upload/Download – With this method, you can download a list of transactions from a specific date range from your bank. To upload, select the drop down arrow next to “Link Transactions” at the top of the “Banking” Page. Click “Upload from file” and follow instructions.
- Direct Connection – This method creates a secure connection between your bank and Quickbooks. Transactions are automatically updated as they clear the bank.
Use “Rules” With Caution
- Rules can be a great way to automate and expedite posting transactions. Business owners can create custom rules based on bank description or amount. Unique names can be given to any rule that is created.
- The word “Rule” will show in green next to any transaction in the bank feed where it applies. The name of the rule applied will be listed at the bottom of each line.
- Recommendation: We recommend scrolling all the way to the bottom of the rule you’re creating and disabling “auto-add”. This allows there to still be a final review before posting.
Customization
- Bank feeds in Quickbooks Online allow business owners to customize the amount of detail included with each transaction. Attachments, receipts, and memos are just a few examples of how the bank feed can help ease the manual input of accounting for small businesses.

If you have any questions about accounting in QuickBooks feel free to check out our Youtube for more tutorials or reach out to us! We specialize in QuickBooks Online, Migrating from QuickBooks Desktop to QuickBooks Online, and QuickBooks Training.

Thanks for reading!
The QBcure Team

Blog

Benefits of Quickbooks Online

April 17, 2022February 12, 2023
by QuickBook

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. That means that the version of QuickBooks you are using will have user support.
Instant Backups
It also alleviates the hassle of backing up your company file. In Quickbooks Online, everything is getting backed up as soon as you post it. You can rest assured that as soon as you hit save, your work is synced to the cloud.
Sharing and Collaboration
QuickBooks Online has a function to add accountants so that they can access your file. This solves the problem of sending your CPA a different file than what you’re working on now. Accountants can access the same set of books in real-time.
Integration with Bank Feeds
Bank Feeds are one of the best tools in QuickBooks Online. Businesses can create a secure connection with the bank to pull all their transactions as they post at the bank. Instead of hand-keying every transaction, bank feeds help expedite the process of posting your business transactions.
Third Party Apps
Third Party Apps help take your software to the next level. The QuickBooks App Store contains apps that fit your specific needs. With reviews integrated into the store, you can find the best and most trusted solution to the issue you’re facing.

Thanks for reading!
The QBcure Team

Quickbooks

Job cost accounting tips.

January 17, 2022April 18, 2022
by QuickBook

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 should only be for the items that are specific to the change order/extra work order. This helps for accurate reporting.
When adding change orders, never change the original estimate, you lose all tracking and documentation.
Check your chart of accounts to make sure you have direct costs under “costs of goods sold” category and your general and administrative expenses listed under “expenses.” For job costing purposes, we are only concerned with costs that are specific to a job.
Compare your “Item Lists” to ensure cost codes are set-up double-sided, having a Purchase and a Sales Price.
When entering a bill or writing a check use the “Item” tab and not the “Expense” tab.
If you are not using QuickBooks payroll, you will need it for job costing to be accurate and efficient. Otherwise, using an outside payroll company will be very labor intensive to import all the transactions and details you need.
Using the weekly timesheet feature in QuickBooks it be a big time saver and will automatically transfer time into the payroll portion.
Do you have Equipment Costs? Make sure you are accounting for this in the job-costing part.
If you are not using QuickBooks Purchase Orders, review this option to track committed costs, material purchases, and subcontracts.
Create Estimates that reflect the Schedule of Values using the Cost Codes you create in your Items List and then use the Progress Invoicing feature to generate the base billing.
There is a little-known way inside QuickBooks to track automatically by job your liability insurance and worker’s compensation expenses. If interested please contact me.
Get everyone trained and on board with job costing. This can be the one financial report that will be vital to your organization.

Job Costing is an ongoing process, review and monitor on a regular basis to ensure successful reportingJob Cost Accounting Tips

Quickbooks

12 Job Costing Tips for Quickbooks

December 10, 2021January 17, 2022
by QuickBook

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 Estimate that you create at the Sub-Job level should only be for the items that are specific to the change order/extra work order. This helps for accurate reporting.
When adding change orders, never change the original estimate, you lose all tracking and documentation.
Check your chart of accounts to make sure you have direct costs under “costs of goods sold” category and your general and administrative expenses listed under “expenses.” For job costing purposes, we are only concerned with costs that are specific to a job.
Compare your “Item Lists” to ensure cost codes are set-up double-sided, having a Purchase and a Sales Price.
When entering a bill or writing a check use the “Item” tab and not the “Expense” tab.
If you are not using QuickBooks payroll, you will need it for job costing to be accurate and efficient. Otherwise, using an outside payroll company will be very labor intensive to import all the transactions and details you need.
Using the weekly timesheet feature in QuickBooks it be a big time saver and will automatically transfer time into the payroll portion.
Do you have Equipment Costs? Make sure you are accounting for this in the job-costing part.
If you are not using QuickBooks Purchase Orders, review this option to track committed costs, material purchases, and subcontracts.
Create Estimates that reflect the Schedule of Values using the Cost Codes you create in your Items List and then use the Progress Invoicing feature to generate the base billing.
There is a little-known way inside QuickBooks to track automatically by job your liability insurance and worker’s compensation expenses. If interested please contact me!
Get everyone trained and on board with job costing. This can be the one financial report that will be vital to your organization.

Job Costing is an ongoing process, review and monitor on a regular basis to ensure successful reporting.

Interested in setting up Job Costing for your business? Contact me today.