Business owners know their accounting software provides historic numbers on reports called balance sheets, and profit and loss or income statements. These reports are used to:
Did you know that your financial accounting software can also help you make informed business decisions? Here are five ways your accounting software can help you run your business.
Memorizing a report allows you to save it with its current customization settings. Because the report is memorized, you can quickly adjust the date and send the report to users without taking the time to format.
Dashboards combine multiple pieces of information from various individual financial reports, along with other key data, and place it in one location.
Class accounting allows you to report on distinct economic activities, locations or departments. Class tracking lets you track general ledger account balances by department, business office or location. This also lets you separate properties or create any other meaningful breakdown of your business.
Job costing allows you to determine the overall price and profitability of a particular job. Job costing uses detailed revenue and expense information relating to a specific job to assess the profitability of that job.
Note that job costing can be very time consuming and can require complex calculations. Discuss the implementation of this tool with your CPA or tax consultant.
Access the feature in your accounting software that tracks sales leads. This will allow you to identify where your sales are coming from. In QuickBooks Online, the tag function will allow you to obtain information about where your sales originated.
Save time and valuable effort by using your accounting software to its maximum potential.
Let us know if you have any questions about your accounting software, and its current capabilities. Associate director Peggy Prall is here to help.
Looking for more specific QuickBooks information? Here is a blog on how to use QuickBooks Online for bank reconciliations.