Question: What is the difference between cash and accrual accounting? Answer: Cash or accrual accounting refers to the timing of when income and expense events are officially recorded. Cash basis means income is included in your income statement when you actually receive payment from your customer. Similarly, the expenses are recorded the date you actually…
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Question: I wanted to know if I could have an employee off site do some entering of invoices without having full access to the other financial parts of QuickBooks. Answer: When you set up users in QuickBooks Premier, you can set up certain restrictions that limit the access of each user. This is a helpful…
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I love the saying, “success begins at the edge of your comfort zone.” I’m all for pushing oneself to the edge of their comfort zone, but not beyond. This is especially true when prospecting for new customers. It’s natural for most sales folks to want to reach for the stars and secure large marquee accounts.…
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Well, it’s another January, and that means for many of us, it’s a time to reflect and build upon on the prior year. Many will be gathered together at the Mandalay Convention Center, and surrounding areas, for the PPAI Expo this week. For the thousands attending this year, it’s a place to reconnect with old…
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Question: I am new to the business and to QuickBooks. Do I have to enter all of the data each time with each order? Answer: QuickBooks runs on lists. The major lists are Customer, Vendor and Item lists. There are a few others, too. True to all QB lists, once you create a list entry,…
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It’s safe to say that most business professionals should know about customer business reviews. Whether you know a little about what it is or the benefits of doing it, customer business reviews will form the foundation of your business relationships, and help position you as a trusted business advisor and valued partner to your customers.…
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It’s that time of year again when business folks start to think about New Year goals, resolutions and planning. This year I’m suggesting you add another topic to the mix—internal and external account analysis. Let’s start with the importance of internal account analysis. If you have been in this business more than a few years,…
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In my last blog, I mentioned that a million dollar mindset is about more than money. It’s about experiencing and sharing the love and joy in our lives to make the world a better place. Here are three easy steps to put more love in your life: 1. LOVE what you do. It would have…
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My blog is titled “Million Dollar Mindset,” and many times I write about ideas to help my readers make more money. But having a million dollar mindset is about much more than just money. Let’s face it, we all know some very wealthy people who don’t seem very happy, right? Clearly money isn’t the only…
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Question: I have been working for a Distributor for a few years, but am thinking of leaving them and starting out on my own. What steps should I take? Answer: Starting a business from scratch has many variables to be addressed, here are four from the accountant’s perspective. 1. Be sure you are free of…
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