You can choose to allow yourself and your Newtown Square, PA business to get distracted by all of the mess surrounding our national political scene … or, you can put it aside, and get busy doing what you know you need to do — grow your Newtown Square, PA business.
Now, I’m not advocating you stick your head in the sand about what’s happening, but there is a reason why some Newtown Square, PA businesses and leaders shoot to the top of their respective marketplaces … and others don’t.
They understand their limitations.
It pays to have Newtown Square, PA-based partners and vendors who work alongside you and your business who can pay attention to these details on your behalf — insurance brokers, human resources, accountants, marketing advisors, etc — all so YOU can focus in on growth and management of that very growth.
[And, as an aside, and speaking of accounting: On October 31st, the Treasury Department announced that employers now can offer FSA holders the option of rolling over up to $500 left in their spending accounts at the end of the benefit year.
What this means is that if your employees have $500 left in your FSA on Dec. 31st (the end of the benefit year for most employer-sponsored plans), then that amount can go into their FSA for the next benefit year, along with whatever new money they plan to put into their account via pretax payroll deductions. This is nice news to be able to share with your staff — though as it currently stands, any money left in FSA’s at the end of the benefit year currently goes into your Newtown Square, PA business’ coffers! So, up to you how you want to spin it. Either way, a nice perk at a small price.]
Last week I shared with you some other accounting reports — specifically in QuickBooks — that you should be taking advantage of. This week, I’m rounding out the series…
Stephen Venuti Tackles Quickbooks — Part 2: Ten Overlooked and Useful Reports
“The world has the habit of making room for the man whose words and actions show that he knows where he is going.” -Napoleon Hill
Last week, we discussed these reports, here on the ol’ Newtown Square, PA accountant blog:
1) Profit & Loss Summary Prev Year Comparison
2) Balance Sheet Prev Year Comparison
3) Statement of Cash Flows
4) Collections Report
5) A/P Aging Summary
Here are the rest of the reports you should be looking at, as well as how you can find them…
6) Trial Balance: Many business owners overlook the Trial Balance report, since it’s one of the few reports in QuickBooks that uses the terms Debit and Credit. However, it’s a helpful report, as it shows you all account balances in a concise format. If anything looks out of order, simply double-click on the amount, to view the underlying detail.
[Choose Reports, Accountant & Taxes, and then Trial Balance to view this report.]
7) Voided/Deleted Transactions Summary: It’s no surprise that small businesses are much more prone to fraud than large businesses. Small business employees usually wear multiple hats, so it’s often impossible to separate financial duties (bigger businesses can do this with ease). Fortunately QuickBooks makes it hard for perpetrators to cover their tracks–you’ll be able quickly identify any transactions that have been deleted from QuickBooks. Granted, this isn’t an end-all solution by any means, but it is a helpful management tool. Plus, if a transaction ends up “vanishing” from QuickBooks, you can use this report to see who deleted it!
[Choose Reports, Accountant & Taxes, and then Voided/Deleted Transactions Summary.]
8) Audit Trail: This provides a complete record of every entry made in QuickBooks–the downside to that is that you can end up with a massive report. Don’t worry, as it’s easy to filter this report and narrow your search; you can filter by date range, amount, or dozens more fields.
[Choose Reports, Accountant & Taxes, and then Audit Trail. Once the report appears, click the Modify button, and then click on the Filters tab.]
9) Previous Reconciliation: It’s a good practice to always print at least the summary report once you’ve reconciled a bank or credit card account. Someone else could edit a reconciled transaction, which could cause the reconciliation to be out of balance. A printed copy of the report shows that the account reconciled as of the report date, although you will still have to untangle the edited transaction.
[If you close out the reconciliation screen, you still have a second chance to print your report: choose Reports, Banking, and then Previous Reconciliation.]
10) Transaction History: QuickBooks will display a report that shows the entire history for a given transaction. Think of this as a “report within a report”, as you can only run it in certain circumstances.
[You must have a transaction open on the screen or single-click on a transaction within a report. You can then choose Reports, and then Transaction History.]
And don’t forget — we’re right here for you, if you need us: 610-353-0686
And, don’t miss what’s just below…
I would ask that you forward this article to a [BEGINBLOG]Newtown Square, PA business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
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FREE Quickbooks Strategy SessionWith Stephen Venuti’s Team
Print this out and bring it to our office for a special strategy session for how you are utilizing your cashflow reporting and accounting strategies. We’ll identify the BEST ways for you to streamline your reporting — AND your decision-making.
Limit: Next TEN FOUR respondents only (we’re limited by capacity)
Email or call us (610-353-0686) now to claim your spot!
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Warmly (and until next week),
Stephen Venuti
610-353-0686
