Using QuickBooks as a small business owner
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Using QuickBooks as a small business owner
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Using QuickBooks as a small business owner
- 1. Julie Robinson, Accountant, Entrepreneur, Growth Coach Using QuickBooks as a small business owner WiFi: QBConnect No password required#QBConnect
- 2. Take a few moments to Connect with your neighour
- 3. 3 2, 10, Ex, 30, Growth, 7, 3 Today’s speaker Julie Robinson Accountant, Entrepreneur and Growth Coach
- 5. Get organized Automate everything Develop insights
- 6. 6 Managing Expenses Simplify how you spend your money Simplify how you spend your money Automate recurring expenses Save your receipts electronically
- 7. 7 Tracking Income Effectively Deliver your invoices more efficiently Get paid electronically whenever possible If you need to accept cheques… Tracking income effectively
- 8. 8 Set up alerts – always know what’s going on financially, act as if you might want to borrow!!! Identify your Key Performance Indicators (KPIs) Create reports that deliver value for you Data driven insights
- 9. 9 Optimizing and Automating Data Collection Data-driven business decisions Getting paid
- 10. 10 Get organised The moment when you finally reconcile that account
- 11. 11 Get organised
- 12. 12 Managing Your Customers Effectively Importance of knowing your customer Housing all business tools to manage customers under one roof Closed loop on sales and marketing – measuring ROI Managing your customers effectively
- 15. 15
- 19. 19 What does it take? 34% 33% 33% Quickbooks Drive & Determination Knowledge
- 20. 20 Footprints Accountancy Property Portfolio Other Businesses Every client Or know why??? Every service • Accountancy • Growth • Training Every property CSA: Every night, every location AG: Manufacturing, every product CYV: Service, every project CYVI: Manufacturing, International, Online, every product TMH: Every project Me and mine
- 21. 21 Automate all the financial processes you can to save time and money Manage your customer relationships with your finances in mind for better ROI Create checklists of everything you need to do to run your business – and trust them Use data to your advantage – identify mistakes or short falls and course correct In summary – a checklist to get organized and save time
- 22. Questions?
- 23. 3 Things?
- 24. Access the presentation materials via: The QuickBooks Connect 2017 Conference App or Slideshare at: http://www.slideshare.com/tag/QBCUK17
Editor's Notes
- Slide 1: Financial Fitness – Welcome and Introductions (1:40) Welcome to How to use QuickBooks as a small business owner! Julie Introduction Today’s session is going to be focused on tips and tricks to help you more effectively manage your businesses finances. Each component of today’s talk will include one or more of the following themes: Getting Organized – this is the most fundamental building block of financial fitness – everything else depends on this! So why isn’t every business well organized? Because it can be a huge pain! Which leads to the next key theme: Automation! Automating business processes that lead to financial data is the key to getting organized with minimal ongoing pain. Now, what does this organization get you? This leads to our third and final theme – insights. Once you have everything organized, it becomes much easier to analyze your business and uncover the insights needed to improve your business outcomes.
- Slide 2: Get organized, automate everything, develop insights (Audience Questions/Answers) (2:20) Before we get started, let’s see where this group is at with regards to these key themes. First, how organized are you? (Low, Medium, High) Next, how efficient are you? How time consuming is it to stay organized? (Low effort, medium effort, high effort) Finally, how confident are you that you are getting the insights you need to make awesome business decisions? (low, medium, high) Hear from a low Hear from a high OK lets jump in, and those of you that rated yourself high, we’ll be looking for you to jump in and share your best practices as well
- Slide 3: Managing expenses (6:00) <CLICK> Simplify how you spend your money Use a dedicated business-only credit card for all expenses When you can’t use a credit card, use your bank’s bill pay function to send the check Because all of your transactions are now electronic, they are easily categorized by your bank software, or by free tools like Mint.com. Thus, just by going to your banks website, you can see categorized summaries of your spending over time! Although not perfect, this can provide you with good-enough insights about your spending and focus you on the biggest opportunities to streamline. <CLICK> Automate recurring expenses Many recurring expenses can be automated simply by visiting the billers website, entering a credit card, and setting up autopay. In many other cases, you can have bills delivered directly to your banks bill pay service. Now, visiting your banks bill pay site will give you an imperfect but helpful view of your near term cashflow. You can see how much is going out, when it’s going out, and compare to your expected income which we’ll talk about in a minute. Side note: I’ve mentioned lots of great features that banks are offering – if you aren’t getting these with your bank, it could be worth shopping around. <CLICK> Save your receipts electronically write what you want to remember about the transaction right on the receipt take a picture of it with your phone use dropbox, box, google drive, icloud, etc. to automatically sync your receipt photos to the cloud because each receipt is tagged with a date, you’ll find it relatively easy to find the receipt that matches an expense you are seeing on your credit card by browsing the right date. This is a great example of quick, good enough organization – not perfect, but easy enough to do consistently. Now, if you are using online accounting software like QuickBooks Online, all of these tips still apply with a few tweaks. If you follow the above, all you need to do in your accounting software is set it up to automatically sync w/ your bank and all of the information about your spending is automatically added to the accounting package with more or less zero data entry. One tweak – use the mobile app that comes with your accounting software to capture the receipts – this way you have everything in one place.
- Slide 4: Tracking Income Effectively (6:00) <CLICK> Deliver your invoices more effectively First, be sure to invoice right away. Waiting a week or more to invoice delays payment and hurts your cash flow. Instead of sending printed invoices or PDFs via email, send your customers a link to an invoice stored on a cloud storage provider, like Google Drive, Box, Etc. Advantage – now you can see when they view your invoice! Most cloud storage systems will show you a history of when the file was viewed, and by whom. This helps prevent the “I never saw the invoice” excuse for paying late. Advantage – you can now view, edit, and search all of your invoices anywhere, anytime – this can make it easier for you to invoice fast no matter where you are when you deliver the service. <CLICK> Get paid electronically wherever possible Just like we talked about with expenses, the more electronic you are, the less data entry you have to do, and the more data you have at your fingertips to develop insights Many payment services offer links that you can paste into your invoice – this makes it easy for your customers to pay with just a click. <CLICK> If you need to use checks… If you only accept checks occasionally, no problem. Just use your banks mobile app to deposit the checks. If your bank supports it, add a note that includes information you want to track about that payment. If you receive a large number of checks, consider using a lockbox service at your bank. Your customers will actually send checks directly to your bank who will then instantly deposit them for you. This effectively takes a paper process and makes it electronic from your perspective. The one thing to avoid – showing up at your bank with a bunch of checks to deposit. Most banks will take the deposit and show it as one lump sum, which eliminates your ability to analyze your income and develop insights about your business. If you are using accounting software like QBO much larger time savings are possible. All of the tips we just went through are largely replaced with the accounting software creating and sending invoices, receiving payment, automatically sending recurring invoices, etc. When set up correctly, managing your income becomes highly automated, and the pool of data for insights grows dramatically.
- Slide 5: Data Driven Insights (6:00) So far we’ve talked about how to get your financial data organized as efficiently as possible. Now that we’ve got some good granular data, we can jump in and dig for insights. <CLICK> Set up alerts – always know what’s going on financially Identify the events that matter to you – low bank balance, money received, automatic payment about to be sent, etc. Set up alerts at your banks website, or using a free tool like Mint Alerts help you relax – you know you will be notified if anything requiring action happens <CLICK> Identify your critical KPIs What are the key metrics that tell you if your business is doing well? What metrics help you make decisions on a day to day basis? This is tricky, and it varies from business type to business type. If you are struggling with this, it’s a great time to spend a few hours with your accountant or another expert to gain a better understanding of what metrics are critical for YOUR business. <CLICK> Create reports that deliver value for you Now we get to take advantage of the data we’ve organized at your banks website, or in your accounting software By following all of the tips above that help you fill your banks website with granular expense and income information, your banks website becomes a valuable tool! Use it to analyze your spending by category over time, or to identify your best customers by looking at your incoming payments. To track other KPIs, create a spreadsheet using formulas that only requires you to paste in key numbers from your bank each month to calculate the KPI. With just a few minutes a month, you can have a basic view of how your key metrics are moving. If you are using accounting software like QBO, you’ll now have a tremendous amount of power at your fingertips with zero data entry. Create the perfect custom reports that help you manage your business, and set them up to be automatically emailed to you monthly. So far, we’ve talked at a high level about how to get organized, how to automate the most time consuming tasks, and how this organization enables you to develop the insights you need to run your business. Now, I’m going to dive deeper into getting paid and managing your customers.
- Slide 3: Managing expenses (6:00) <CLICK> Simplify how you spend your money Use a dedicated business-only credit card for all expenses When you can’t use a credit card, use your bank’s bill pay function to send the check Because all of your transactions are now electronic, they are easily categorized by your bank software, or by free tools like Mint.com. Thus, just by going to your banks website, you can see categorized summaries of your spending over time! Although not perfect, this can provide you with good-enough insights about your spending and focus you on the biggest opportunities to streamline. <CLICK> Automate recurring expenses Many recurring expenses can be automated simply by visiting the billers website, entering a credit card, and setting up autopay. In many other cases, you can have bills delivered directly to your banks bill pay service. Now, visiting your banks bill pay site will give you an imperfect but helpful view of your near term cashflow. You can see how much is going out, when it’s going out, and compare to your expected income which we’ll talk about in a minute. Side note: I’ve mentioned lots of great features that banks are offering – if you aren’t getting these with your bank, it could be worth shopping around. <CLICK> Save your receipts electronically write what you want to remember about the transaction right on the receipt take a picture of it with your phone use dropbox, box, google drive, icloud, etc. to automatically sync your receipt photos to the cloud because each receipt is tagged with a date, you’ll find it relatively easy to find the receipt that matches an expense you are seeing on your credit card by browsing the right date. This is a great example of quick, good enough organization – not perfect, but easy enough to do consistently. Now, if you are using online accounting software like QuickBooks Online, all of these tips still apply with a few tweaks. If you follow the above, all you need to do in your accounting software is set it up to automatically sync w/ your bank and all of the information about your spending is automatically added to the accounting package with more or less zero data entry. One tweak – use the mobile app that comes with your accounting software to capture the receipts – this way you have everything in one place.
- Slide 4: Tracking Income Effectively (6:00) <CLICK> Deliver your invoices more effectively First, be sure to invoice right away. Waiting a week or more to invoice delays payment and hurts your cash flow. Instead of sending printed invoices or PDFs via email, send your customers a link to an invoice stored on a cloud storage provider, like Google Drive, Box, Etc. Advantage – now you can see when they view your invoice! Most cloud storage systems will show you a history of when the file was viewed, and by whom. This helps prevent the “I never saw the invoice” excuse for paying late. Advantage – you can now view, edit, and search all of your invoices anywhere, anytime – this can make it easier for you to invoice fast no matter where you are when you deliver the service. <CLICK> Get paid electronically wherever possible Just like we talked about with expenses, the more electronic you are, the less data entry you have to do, and the more data you have at your fingertips to develop insights Many payment services offer links that you can paste into your invoice – this makes it easy for your customers to pay with just a click. <CLICK> If you need to use checks… If you only accept checks occasionally, no problem. Just use your banks mobile app to deposit the checks. If your bank supports it, add a note that includes information you want to track about that payment. If you receive a large number of checks, consider using a lockbox service at your bank. Your customers will actually send checks directly to your bank who will then instantly deposit them for you. This effectively takes a paper process and makes it electronic from your perspective. The one thing to avoid – showing up at your bank with a bunch of checks to deposit. Most banks will take the deposit and show it as one lump sum, which eliminates your ability to analyze your income and develop insights about your business. If you are using accounting software like QBO much larger time savings are possible. All of the tips we just went through are largely replaced with the accounting software creating and sending invoices, receiving payment, automatically sending recurring invoices, etc. When set up correctly, managing your income becomes highly automated, and the pool of data for insights grows dramatically.
- Slide 1: Financial Fitness – Welcome and Introductions (1:40) Welcome to How to use QuickBooks as a small business owner! Julie Introduction Today’s session is going to be focused on tips and tricks to help you more effectively manage your businesses finances. Each component of today’s talk will include one or more of the following themes: Getting Organized – this is the most fundamental building block of financial fitness – everything else depends on this! So why isn’t every business well organized? Because it can be a huge pain! Which leads to the next key theme: Automation! Automating business processes that lead to financial data is the key to getting organized with minimal ongoing pain. Now, what does this organization get you? This leads to our third and final theme – insights. Once you have everything organized, it becomes much easier to analyze your business and uncover the insights needed to improve your business outcomes.
- Slide 10: Summary To sum up, lets review the big things you can do to get organized, save time, and get the insights you need to run your business Automate all of the financial processes you can to save time and money Manage customer relationships… Create checklists of everything you need to do to run your business – and trust them to remove that burden from your back Use data to your advantage…