Newton CPA offers QuickBooks tips that are essential to small business

Keep the cash flowing. Many people do their QuickBooks bookkeeping once a week or have someone coming in once a week or at some fixed interval. Don’t wait until you have recorded the customers' payments in QuickBooks before you actually make the deposit. Make copies of your customers' checks and of the deposit slip. File them in a three ring binder and head right down to your bank to make that deposit. The copies should be adequate for when the time comes to record the activity. It is never a bad idea, whether you have QuickBooks or not, to follow this practice. It gives you an excellent audit trail of customer payment activity and may come in handy when you have a dispute with a customer over their balance.

Check that spelling. Spelling errors can be embarrassing in business. Of course they happen, but if you send out a document with more than one, it definitely does not leave a good impression. On the Edit menu, check your Preferences and be sure that you have checked the option to have QuickBooks always check for spelling errors before printing forms. QuickBooks is a terrific program because it allows even the smallest of businesses look professional. Don't let that be compromised with spelling errors.

Make estimating easier. In some businesses, it is necessary to generate estimates. Most QuickBooks users know the program can do this for you. What some don't know is that you don't have to do each estimate from scratch. If your estimates are similar, or if different types of estimates fall into certain categories, and within those categories the estimates are similar, you can use an estimate shortcut. Keep a list of estimates you have done that are typical for your business. When a new estimate is needed, simply open the existing estimate that closely resembles it. Right click anywhere in the estimate field and select Duplicate Estimate. A new estimate (with a new estimate #) will be created and you’ll be able to make any necessary changes to it.

Backup and storage. So, you're a stickler for backing up QuickBooks. But, where are you storing that back-up? Far too often I am finding that the back-up is kept on a CD in the drawer near the computer. That is fine if something goes wrong with the computer, but you haven't done anything to protect yourself in case of fire, flood, theft or similar events. Be sure to keep your back-up in a separate physical location. That can be a relative's home, your spouse's office, anywhere but the same location as your computer. There are also a number of online solutions that permit you to store these files on the web for a relatively small cost. The cost to re-create QuickBooks files that have been permanently lost can be prohibitive. Do not make the mistake that can cost you your business. Commit to a schedule of back-ups, keep those back-ups somewhere else and consider them as critical as anything else in your business.

Rodman & Rodman, P.C.
Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth. The firm has been designated as one of the top 50 firms by the Boston Business Journal.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton, Mass. For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.