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A Quick Look at QuickBooks


SBM Nov 2014 logoQuickBooks is a fantastic resource for small businesses, and as with most quality software, it has gone through updates through the years. Karen Stern, partner in charge of BSW Small Business Services, discusses some of the tools that are available through QuickBooks 2015 in this month’s “Financial Fitness,” as featured in Small Business Monthly.

It’s no secret that tax and accounting software, such as QuickBooks, can drastically improve how a small business maintains its books, but there’s so much more to it than invoices and checks.

If you haven’t explored the options made available to you in previous editions, now is as good a time as any to discover what QuickBooks 2015 has in store for you and your small business:

  • Ability to post comments on your reports. A new clean design, paired with the ability to provide insights and context to your data, will make interpreting reports much easier.
  • More inclusive filter options. You can now filter “Other 1” and “Other 2” data sets. These data sets are typically used to capture “other information” on transactions and work as a custom field but do not need to be predefined. This new filter option will allow you to use this data to produce reports based on this “other information.”
  • Ability to send company file to accountant. This is not a new feature but merely a more streamlined version of a process that had previously been overly complex in terms of selecting the right kind of copy to send, the right file and the right method to send the data. Now you can send a copy of your company file directly from QuickBooks to your accountant by saving it on any Internet-based shared folder. Once you set it up, you have a one-click send option for future files.
  • Enhanced Income Tracker. This tool is great for viewing graphical representations of your “money-in” transactions, letting you see what payments you’ve collected and what transactions you’re behind on. New for 2015, you can see your unbilled time and expenses and control which of those details you want to show in the tracker.
  • Prevention of negative inventory. This new preference you can set prevents you from posting transactions that would result in a negative quantity. A new Negative Item Listing Report allows you to see which of your items currently have negative quantities. Both of these features will prevent the long-term ramifications incurred on an item’s average cost when an item’s quantity goes negative


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