& Revitalizing the Community
On March 9, 2017, LAEDA hosted a seminar/workshop, attended by dedicated entrepreneurs, to learn the usage of QuickBooks, how to maintain it, how to keep track of payables/receivables accounts, planning business budget and much more. Christina McNamara, President of Emperor Accounting LLC, shared her expertise on the features of QuickBooks, the essentials of putting data onto your QuickBooks, how to use it to manage your small business in all aspects, and much more.
QuickBooks can do the following and much more: invoice customers, keep track of and let you check expenses, track inventory, retail sales, keep track of your accounts, manage your bills, payroll, track time for employees and customers for a project. There are different versions of QuickBooks and each one is really customized. “When you set up QuickBooks, it will ask you ‘what kind of business is this?’ It will give you a chart of accounts in accordance to the type of business that you have,” Christina McNamara explained, “You can use QuickBooks to figure out the flow of your business and there is just so much information you can get out of QuickBooks if you utilize it.” Thereupon, it is important to use QuickBooks accurately, because then the business owner can see the key elements of his or her business and can make decisions accordingly.
When using QuickBooks it really depends on how you want to present to your customers because there are generic templates that you can edit or you can come up with a whole new form. You can stand out from the crowd from the way you use your QuickBooks and did you know you could email all of your forms online as well? You can email forms such as estimates, purchases, orders, and much more along with customizing your email address. There are many ready to use templates for business owners to make essential documents for their business and even their business plan. “You can store attachments in QuickBooks so you have all of your materials together and when you need it,” expressed Christina McNamara. A crucial aspect of QuickBooks is that all of the fields are reportable. Also, it has sticky settings, which means that it remembers things that were done previously so you can always go back to what you did.
“There is so much information you can get out of QuickBooks if you utilize it,” combined Christina McNamara, “One of the beneficial advantages of having QuickBooks is that you can connect your bank and your credit cards to it.” You can use QuickBooks to see your profits, your losses, and also to know where your money is going. Thus, you can keep track of your customers and who pays you and who owes you money. QuickBooks allows you to change your date format and your currency, but remember once you change your currency you cannot unchange it.
The less you spend cash for your business; the easier it is to keep a track of your expenses. However, if you miss any expenses you will over way on your taxes. QuickBooks helps business owners keep an accurate and organized business records. “You need to invest money in accounting and infrastructure of your business and QuickBooks is a lot more than just balancing your checkbook,” explained Christina McNamara. If you want to know where your business is heading it is of essence to use QuickBooks because along with managing your business, keeping track of your data, planning your business elements and much more; QuickBooks also helps you to see the performance of your business. Business owners can also organize customer and employee data and increase productivity because business owners have or can have everything on their fingertips when using their QuickBooks. Christina McNamara mentioned a couple of significant pieces of information such as your business is generally associated with your tax ID number, so if you have many businesses you need to have several subscriptions for QuickBooks because each business has its own tax ID number. Also, she mentioned a tool called Quicken, which helps keep track of your personal expenses for about $80 and another tool called waveapps.com for keeping in track for your personal expenses for free. “For every business in your room you can use QuickBooks to run your business and remember it is a powerful and resourceful tool once you see how much you can get out of it,” stated Christina McNamara, “It puts a lot of utilization in your hands for a decent price.” Are you ready to use QuickBooks today and if so, how will you use your QuickBooks to help benefit your small business and have a successful entrepreneurial journey?
For more information and or help in using QuickBooks for your business no matter what size contact Christina McNamara at Christina@emperoraccounting.com and or call 856-270-6158.
LAEDA and LAEDA WBC host numerous seminars on a wide range of business topics. Seminars coming up include: LAEDA’s WBC Jump Start Series- Session 5 Credit Management for Entrepreneurs on April 11, 2017 at 6:00 PM and LAEDA's Quick Start Program- Credit Management for Entrepreneurs on April 13, 2017 at 6:00 PM. For details visit our calendar of events.
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