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Easy Tips for Small Business Owners
QuickBooks Introduction:
As the hustle and bustle of December fades away, 2024 emerges as a pivotal month for small business owners. It's a time for tying up loose ends from the previous year and diving headfirst into the new one. One crucial aspect of preparing for the year ahead is ensuring your QuickBooks software is in top shape. By taking proactive steps now, you can set yourself up for financial success in 2024.
1. Run Four Critical Reports
Once the holiday rush subsides, it's time to focus on your financial records. Running four essential reports in QuickBooks can help you stay on top of your finances and avoid any unwelcome surprises in the new year:
- A/R Aging Detail: Identify customers who owe you money and when payments are due.
- Open Invoices: Keep track of outstanding invoices that need attention.
- A/P Aging Detail: Ensure you're up to date on payments owed to other entities.
- Unpaid Bill Details: Streamline your payable management by highlighting bills with unpaid balances.
2. Create Statements for Past-Due Customers
Sending statements to past-due customers through QuickBooks is an effective way to gently remind them of their outstanding balances. These statements provide a clear breakdown of financial activities and encourage communication with customers who haven't yet paid. If there's no response within ten days, consider reaching out directly for further follow-up.
3. Evaluate Inventory
For businesses managing inventory, a thorough evaluation is crucial, especially after the holiday season. Navigate to the "Inventory Center" in QuickBooks and assess each entry under "Active Inventory" to ensure you have the right stock levels for the new year. Use the "Adjust Quantity/Value on Hand" feature for any necessary adjustments.
4. Set Up Online Financial Connections
Maximize your QuickBooks efficiency by exploring two powerful tools:
- Online Banking (Bank Feeds Center): Connect QuickBooks to your financial institutions for daily transaction imports, providing real-time visibility into your financial activities.
- Online Payments (QuickBooks Desktop Payments): Streamline your cash flow by accepting various payment methods like credit cards, eChecks, and ACH payments from your customers.
Conclusion
2024 offers a prime opportunity to reflect on your QuickBooks usage and optimize it for a successful year ahead. If you find any of these tips confusing or need assistance, don't hesitate to reach out to us. Your financial success is our top priority, and we're here to help you start the new year with confidence.
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