Taking the next step

You've purchased new accounting software, you may even have integrated estimating software and may be sending your bids from the estimating package to the accounting package. Wonderful, you have done well. Now you are ready for the next step. Some of the setup procedures that sometimes take a back seat to be done later may need to be reviewed. Now is a good time to choose one more task to get you closer to your goals:

• General Ledger Budgets - set up projections for income and expense accounts to keep the numbers in check and make it easy to review on a monthly basis.
• Statement of Cash Flow - is it set up, do you know how to read it?
• Fine tune your Chart of Accounts - get rid of accounts that were ".. in your software" and are not used by your company, summarize some accounts so that your income statement is clean, or your balance sheet includes totals of all vehicle loans allowing you to refer to supporting schedules for a detailed list.
• Do you have a remote data backup procedure in place? Put the responsibility in a reliable companies hands to be sure you have a good backup on a daily basis. The benefit far outweighs the cost.
• Is your equipment in good shape and up to par? RAM is very inexpensive these days, good network cards are worth their weight in gold and also inexpensive.
• Is it time to review jobs that need to be closed? Set up procedures for reviewing closed jobs and mark them closed in your software.
• Are you current in your monthly closings? Are procedures written down? Does everyone know their duties as it relates to this important task?
• If you are using QuickBooks, are your items clean and directed to the proper GL accounts.
• Have you scanned your logo and are you using it on your reports? Do your reports look like you want them to look?

Keeping up with Technology

Recently one of my on-going customers called asking for assistance. I hadn't talked to them in several months and was happy to hear from them, not just for business, but because I enjoy their friendship. Their question could not be defined as just software assistance or accounting assistance, it is sometimes a blurred distinction between the two because one leads into the other.

What intrigued me was when she said "Sarah, will there ever be a time when I will not have to learn new things?". My response was of course "no, that's what keeps us young and keeps our mind active".

As much as we don't want to sometimes, learning is the livelihood of our lives.

We are learning as babies, playing with our toys. We have to change the toys babies play with every 6 weeks because they get bored with the ones they have mastered.

We move through our school years being challenged to learn more, sometimes feeling overwhelmed but always trying to do our best, then moving on to another level, grade, certification or degree.

Some of us learn pottery, sports or to challenge our bodies with physical fitness.

We become parents and most times, are not taught how to be a parent. We learn from others who are parents, maybe learning not to do what they have done, but more often, modeling those who we respect and have raised children we would love to have as our own. Then, we become grandparents, we learn to be quiet until asked, we learn to watch our children learn and we look upon learning in a different way, as one of the many circles of life.

We retire and take pride in hobbies we have had , like woodworking or golfing until we become challenged with physical limitations, then we learn to adapt to those hobbies that our bodies will allow us to tackle. We learn, that limitations are just another challenge to overcome.

So, why in our work would we expect learning to be any different? We learn our jobs, then the tax rules change, the software is updated, the economy requires we manage our business differently.

Always, we are learning and as long as we take on the challenge as something positive, we will be rewarded with a sharp mind and a positive role model for others who just might be watching silently from a distance.

Adjusting Journal Entries from your CPA

As a consultant for many small businesses, it really bothers me when a CPA does not make sure after the tax return has been done that the client’s books match the tax return. Most small businesses don’t understand or realize the importance of this. Many small businesses rely on their CPA for accurate numbers, not realizing that they should and could have financials that match their CPA records at their fingertips, on their own computer.

Adjusting journal entries are entries that are done once your CPA reviews your books and makes any changes before filing your tax return. These adjusting journal entries should be given to you along with your tax return. They will include depreciation (if not previously posted), may include changes to fixed assets and prepaid expenses as well as loans if the interest expense had to be adjusted. If any personal expenses were paid from the business the adjustments will also include changes to the owners equity.

Your CPA works for you, ask for your adjusting journal entries and post them in your books if the CPA hasn’t done that for you. If you need help, we can help at Success In-Formation LLC.

QuickBooks Question & Answer Session

Anyone interested in a QuickBooks Question & Answer Session on a Saturday or an evening, please email me at info@successif.biz. Remember to tell me your time zone when you tell me your preferred time.

Our most recent Q & A sessions have only drawn one person. I'd like to pool some people together for a group session. There are always good questions when there is a group.

The session is free for 90 minutes.

Communicating accross Generations

You can see here, why I have been amiss about posting on this blog. I am a new Grandmother. Here, my granddaughter is less than a week old and for a few minutes, we communicated in our own way.

I spent just over two weeks with my daughter and her husband before, during and after the delivery of Victoria Tate. I learned just how much things change through the years. I remember my mother being with me when I was having children and she must have been thinking the same thing. You'd think that things like having babies and nursing would be so natural that they would be done the same across generations. But this is not the case, innovations in baby care, clothes, toys, re-discovered (by me at least) herbs, salves, diapers (no pins anymore even for cloth diapers). It didn't take long for me to realize that the old school way was my way and I suddenly felt my age, I guess I should, I'm a grandma.

So many times we want to do things because we know they work. Because we are used to doing something a certain way. It doesn't always mean it's the right way and it might not be the wrong way, but there might be a better way if we are open to listening, watching and learning.

Blog Block

I have been experiencing a combination of a busy schedule, a new grand baby on the way and a new found dilemma called "blog block". I feel a change coming. For any of you who have followed my blog, I apologize and will be posting very soon.

Mastering the task - one bite at a time

One of my favorite mentors in my life used to remind me when I was overwhelmed with a task at hand: "How do you eat an elephant Sarah? One bite at a time".

I'm sure that quote belongs to another person and forgive me please for not citing the correct author, but I do relate to the quote. I get overwhelmed as often as my clients do, but I try to pick the most important tasks and concentrate on the task at hand instead of something I "should be" doing. There will always be lots of work to do and we are all very busy people. One way to keep moving forward is to continue to master our software to learn easier ways to do the tasks at hand.

How to you master your software? One new task at a time, for example:

QuickBooks:

• Begin adding or organizing items - one hour per week
• Begin using just one additional billing method - this month
• Merge vendors (customers, items, accounts) that are duplicates - 4 per week
• Attend Success in-Formation http://www.successif.biz/ Free On line Q & A Session each month with a list of questions to ask - 90 min per month.

American Contractor:

• Begin using T & M Invoicing for one job this month - read help next Tuesday.
• Begin using Info Center by scanning in AP Invoices for just one job - starting on the 15th.
• Add your daily/weekly tasks to Fast Access in Command Center - one time, next Friday morning
• Schedule Night Auditor this month to reindex every Tuesday night - Schedule it tomorrow (takes 5 minutes to schedule it - read help for more info)

Windows:

• Name your saved files in a consistent fashion - begin today as often as you can.
• Organize your folders on a shared folder/eliminate duplicates in just one folder - 15 minutes each Wednesday after lunch.
• Schedule an automatic backup or contact a remote backup company this month so you don't have to worry about loosing data.
• Learn to connect to the office remotely - this month.

Microsoft Word:

• Make your tables attractive using Styles - one table at a time as you need them.
• Learn about QuickParts by reading help and creating one. - Next Friday afternoon.
• Add a commonly used document to your templates - this week.

Microsoft Outlook:

• Add a tag line about your business to your signature line - change monthly on the 10th of each month
• Delete your junk mail folder- once per week, glance at the emails quickly for non-junk, then delete.
• Categorize your contacts into logical categories to find contacts quickly-create or clean up one category per week.
• Add above tasks to Outlook to remind you, over time, you will be happy you did them, they will make your life easier in the long run.