Make 2019 the year that you and QuickBooks become the “complete team.” How? By using QuickBooks to help you reach your business goals (offense!) while also avoiding accounting/IT catastrophes (defense!)
- Make more money: Find out what parts of your business are most profitable and target that area more in 2019. Use P&L by Class, or inventory reports to determine where you are most profitable. Don’t know how? Get a QuickBooks Pro Advisor who is strong in managerial accounting, or a CPA who is strong in QuickBooks, to help you.
- Make even more money: The flip side: Find out where you are unprofitable and scale that area back or out in 2019. Same strategy as above, but looking for the weak areas.
- Gain efficiencies by using the cloud. This, of course, is one of QuickBooks Online’s strongest suits. You can distribute your QuickBooks operations geographically when your data is centrally located on Intuit’s server.But if you can’t do without the special functionalities of Desktop editions, you can still take advantage of accounting in the cloud. Use a hosting company (like Right Networks) to get your data into the cloud on their server, while still maintaining all the functionality of the Desktop editions of QuickBooks.
- Protect from data loss. Make sure your backups are being done right.
- Protect from fraud. Initiate an accounting audit using an outside auditor. I frequently read news stories about bookkeepers embezzling hundreds of thousands of dollars from their employers by doing tricky, hidden things in QuickBooks. An external audit can expose this and potentially save the business.
- Protect from IT disasters. Small office IT is something that is often ignored until something really bad happens. Most small business owners don’t prioritize a proactive IT audit, but they should.
- Protect against accounting vulnerabilities. Do payroll and taxes right. If you have an in-house CPA, experienced in-house payroll clerk, and experienced in-house IT guru, consider yourself fortunate. If you lack any of these, consider bringing in a an outside resource in 2019 to do the heavy lifting. Payroll and sales tax liability are tricky, and many small businesses are not equipped to know all the ins and outs. Why fight it?
- Stay within the limits of QuickBooks. If you are using Pro, Premier, or Accountant (Desktop editions), then make sure you’re not about to bump into the 14,500 names/items limit. If your file is getting so big that it’s starting to feel sluggish, consider getting your file worked on so that it performs well again.
How else can you play offense or defense in your business using QuickBooks? Share your comments below.