Profit and Loss 101: Do you really understand your P & L?

An income statement (commonly known as a profit and loss statement or your [P&L]), is a critical tool to know as a business owner. It answers the most important question: Is your company profitable? Is it running efficiently? And what opportunities are there in identifying areas to focus on i.e. opportunities for increasing revenue and/or decreasing costs. Naturally, when you work closely with your BAS Agent, you have the peace of mind knowing that this is created accurately, however, as a business owner, it is also useful to know how to interpret this fundamental statement. This blog is your profit and loss 101 training document. Our aim to provide an… Read More

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Stop chasing late payments with this handy new tool

Chasing invoices can be time-consuming. QuickBooks Online now has the ability to send a reminder for an overdue invoice directly from the Customer Card, with your own tailored default message. The default message can be set from the Reminders section. This is found under the Gear icon > Settings > Company settings > Sales > Reminders. You can change the default message in QuickBooks Online to suit your business’s tone of voice. We suggest using something like this: “Just a reminder that we have not received a payment for this invoice yet. Please pay this immediately or, if you have any questions, please call us to discuss. Thanks for your business!” Options to send the… Read More

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Five Essential Bookkeeping Tips for Business Owners

Five Essential Bookkeeping Tips for Business Owners Maintaining your books is an imperative and essential part of running a business. Despite every business owner knowing this, it is quite easy to feel out of control when it comes to bookkeeping and accounting. By accurately monitoring accounts receivable, payable, profits, expenditures and losses as well as other crucial accounting details, professional bookkeeping services allow businesses to stay on top of their financial obligations. To assist you with your bookkeeping needs, we’ve compiled five essential tips that will help you with your bookkeeping woes. 1. Using the Right Software – With so many options out there, it is absolutely essential to choose… Read More

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QuickBooks Online is not Reckon and Reckon is not QuickBooks Online.

Prior to 2014, in Australia, QuickBooks was a desktop accounting and bookkeeping program republished and distributed licensed by Reckon. Following the release of Intuit’s cloud bookkeeping software in Australia, Reckon’s QuickBooks desktop financial products were renamed Reckon Accounts Personal. Despite the change in name, there is still confusion between the two accounting programs. We’ve heard stories of individuals enrolling in what they thought was QuickBooks Online course only to discover it was in fact on Reckon Accounts instead. It’s for this reason why as a leading expert on QuickBooks Online we started running training sessions exclusively on QBO.

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Get paid quicker thanks to PayPal and QuickBooks Online

Not being paid on time? Constantly having to chase debtors? Then integrating QuickBooks Online with PayPal could be the solution you are after. How does it work? Accept Payments with PayPal is a new app, developed by Intuit in partnership with PayPal, which extends online payment capabilities to your QuickBooks Online account as well as automatically imports data from your PayPal account into QuickBooks Online. The app syncs your PayPal transactions with QuickBooks Online. Once activated, this one-way integration monitors your PayPal accounts for sales, bank transfers, and expense transactions.

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What’s new in the world of QuickBooks Online?

Quickbooks Online is at the forefront of modern technology thanks to its innovative cloud bookkeeping software solutions. Did you know that Quickbooks Online can run on your desktop, tablet and mobile devices? Save time running your business and achieve that work/life balance you deserve Thanks to new updates to the Quickbooks Online app, you can see the same information on your tablet or smartphone as you do on your computer. This means you can do all your invoicing and quotation all from your mobile device.  Why download the app? It is free and available on both Apple and Android devices The interface is similar to the desktop version, ensuring no… Read More

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Why you need a bookkeeper from day one

As a business owner, I appreciate that spending money on services can be a daunting predicament. Sure, in the short term, it may seem like a good idea to do your own books. But what by doing it yourself you are actually missing out on uncovering opportunities that will result in growth, greater profitability and sales? How you might ask. It’s simple. A bookkeeper undertakes training and has the knowledge required to understand the laws relating to Goods and Services Tax (GST), Business Activity Statement (BAS), Superannuation and Pay As You Go (PAYG). A bookkeeper will also understand the latest advances in cloud bookkeeping technologies. Better yet, a skilled bookkeeper… Read More

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5 important security tips when using cloud software

The recent security breach that resulted in a popular cloud bookkeeping software’s security being compromised, has again shed light on the importance of having security protocols in place. Thankfully, no such breach is yet to occur with Intuit Quickbooks Online. With any software in the cloud, you have to be mindful that you should treat this software with the respect it deserves. Much like you wouldn’t leave your house unlocked or give anyone the keys to your house, you shouldn’t just save your username and password because it is easier than remembering it. You also shouldn’t give your username and password out to other staff. If other staff require access, they should be… Read More

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5 reasons why we love Quickbooks Online

At Quick Bizness Bookkeeping Solutions and our sister business Bookeeping Your Bizy Business, we specialise in Quickbooks Online (QBO). We’ve been using QBO since it launched in Australia in 2013. As a QuickBooks Online Certified Pro-Advisor and a member of the Trainer/Writer Network for Intuit Australia, QBBS represents Intuit as an official trainer for Quickbooks Online in Australia. As we know Quickbooks Online inside and out, we thought we would share our 5 top reasons why we love Quickbooks Online: 1. It’s the perfect solution for businesses of any size: It doesn’t matter if you are a sole trader, have hundreds or thousands of employees, Quickbooks Online can easily be adjusted to meet… Read More

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