5 Steps to Increasing Your Profitability with QuickBooks 1 5 Steps to Increasing Your Profitability with QuickBooks Monica Mitchell Muir 5 Steps 1. Setup 2. Skill 3. Streamline 4. Scrutinize 5. Strategize
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5 Steps to Increasing Your Profitability with QuickBooks
1
5 Steps to Increasing Your Profitability with
QuickBooks
Monica Mitchell Muir
5 Steps
1. Setup
2. Skill
3. Streamline
4. Scrutinize
5. Strategize
5 Steps to Increasing Your Profitability with QuickBooks
2
1. Setup
Common Mistakes
Needs & Wishes
QuickBooks Version
Setup Recommendations
Common Mistakes
Version of QuickBooks
Not taking advantage of Classes
Job Costing in the Chart of Accounts
Job Costs, including labor, not in Cost of Goods
Jobs not setup
Not understanding how Items work for job costing
Needs and Wishes
Needs WishesRemote access
Job Costing
Estimating
Scheduling
Time Tracking
Sales Reports (be specific)
Inventory
Marketing information
3rd Party Software
5 Steps to Increasing Your Profitability with QuickBooks
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Version of QuickBooks
http://muirassoc.com/inlagreenexpo/
3 LevelsJob Costing
Remote Access
QBO v QBDTComparison Chart New in 2018Videos
ES Plan
Contractor’s Edition
Contractor’s Edition
5 Steps to Increasing Your Profitability with QuickBooks
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Setup RecommendationsClasses
Often: profit center, department, state, customer type…
Classes simplify
Provide side‐by‐side comparison
Setup Recommendations
Side‐by‐side comparison
Setup Recommendations
Side‐by‐side comparison
5 Steps to Increasing Your Profitability with QuickBooks
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Setup Recommendations
Job costs including labor belong in
Cost of Goods,
NOT Expenses
Setup Recommendations
Jobs
Create Jobs in Customer List (Customer:Job)
QBDT QBO
Setup Recommendations
QBO Projects
5 Steps to Increasing Your Profitability with QuickBooks
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Setup RecommendationsItems
Key to job costing in Desktop QB
Use Items for job costs
Setup to capture cost
Setup RecommendationsItems
Setup RecommendationsItems
(Products/Services)
5 Steps to Increasing Your Profitability with QuickBooks
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Setup RecommendationsItems
(Products/Services)
2. Skill (Training)
Business Owner
Bookkeeper
2. Skill (Training)
• Business Owner –
– Possibilities & limitations of software
– How to view reports/results
– Understand your reports
5 Steps to Increasing Your Profitability with QuickBooks
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2. Skill (Training)Business Owner –
2. Skill (Training)Business Owner –
2. Skill (Training)
Bookkeeper
• Basic accounting
• Which features to use and how
• Proper sequence
• Job costing in QuickBooks
• Efficient workflow
5 Steps to Increasing Your Profitability with QuickBooks
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Go with the QuickBooks Flow
3. Streamline workflow
Benefits
Save time & money (reduces overhead)
Cut down on errors (saves time & money)
3. Streamline workflowQBDT QBO
• Batch
– Timesheets
– Invoicing
• Duplicate transactions
• Memorize transactions
• Groups
– Items
– Memorized transactions
– Reports
• Automate
5 Steps to Increasing Your Profitability with QuickBooks
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3. Streamline workflowGroup Item (QBDT)
3. Streamline workflowGroup Item
3. Streamline workflowMemorized Transaction Group
5 Steps to Increasing Your Profitability with QuickBooks
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3. Streamline workflowMemorized Transaction Group
3. Streamline workflowMemorized Report Group
Add‐on Products/Services
Benefits
• Does what you need/want more easily
• Cuts down on double‐entry
– Saves time
– Fewer errors
– Can save money
5 Steps to Increasing Your Profitability with QuickBooks
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Add‐on Products/Services
Task Specific
Payments: Intuit, PayPal
Receivables: Bill & Pay, FundBox
Payroll: Intuit, NetSpend
Time: TSheets
Add‐on Products/ServicesIndustry Specific
Understands your needs
Does more than 1 task
CLIP
Exaktime
HindSite
Jobber (QBO)
LMN
Service AutoPilot
4‐ Scrutinize
Types of Reports
Check Points
Make it easy
5 Steps to Increasing Your Profitability with QuickBooks
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– Profitability
– Job/Job Status
– Cash Flow
– Net Worth
Reports to Monitor/Analyze
ProfitabilityBusiness
Budget vs Actual
Division
Job/Job Type
Product/service
Customer Type
Reports to Monitor/Analyze
Profitability
Reports to Monitor/Analyze
5 Steps to Increasing Your Profitability with QuickBooks
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Profitability
Reports to Monitor/Analyze
Profitability
Reports to Monitor/Analyze
Profitability
Reports to Monitor/Analyze
5 Steps to Increasing Your Profitability with QuickBooks
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Job/Job Status
Reports to Monitor/Analyze
Job/Job Status
Reports to Monitor/Analyze
Cash FlowReceivables (inclu retainage)
PayablesPayrollLoans
Customer depositsStatement of Cash Flows
Reports to Monitor/Analyze
5 Steps to Increasing Your Profitability with QuickBooks
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Cash Flow
Net Worth
• During job
• After job
• Weekly, monthly, quarterly, annually
Check Points
5 Steps to Increasing Your Profitability with QuickBooks
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• Company Snapshot
• Dashboards
• Income Tracker/Bill Tracker
•Memorize
• Group
•On Toolbar
Make it Easy
Company Snapshot (QBDT)
Company Snapshot (QBO)
5 Steps to Increasing Your Profitability with QuickBooks
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4‐ ScrutinizeTrackers
Toolbar (QBDT)
5. Strategize
• What changes will you make?– Distribution between divisions– Type of customer– Type of job– Type of service– Employees– Tools/software– Workflow– ….
5 Steps to Increasing Your Profitability with QuickBooks
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Make Changes
http://muirassoc.com/WinterGreen/ PowerPoint
Report articlesVideos
Customizing QB DesktopQB Info Products & Add-ons
Resources
Q &A and More…
Drawings QB Premier 2018
4 Keys To Growing Your Landscape Profits
30 minute QuickBooks Strategy Session
FREE
Intuit Product Review
Free QB Package of Your Choice
Monica Mitchell Muir301-696-1303
http://muirassoc.com/WinterGreen/
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