Frequently Asked Questions
Click on a question to display its answer
If your question is not below, call us!
If your company is not growing and you are perfectly happy with the time you spend invoicing, receiving payments and paying your vendors plus you are getting all the information you want about your operations, don’t change to Quickbooks. That said, here are three reasons to implement Quickbooks:
• Quickbooks dramatically reduces the time and manual effort needed for transaction entry. See the next question, “What does Quickbooks do for me?” for more detail.
• All of the transactions are kept in a database. Quickbooks provides a powerful reporting system which provides the information you need to grow your company quickly and easily.
• Quickbooks is the standard for a small company accounting system. Millions of copies are installed. This means that when you are ready to hire clerical support, there is a pool of Quickbooks experienced people from whom you can choose. Spreadsheet systems are "one off" which means you have to train new employees.
• Saves Time:
o After entering customer information once, when creating a new invoice, credit memo, sales receipt, etc. all of the customer data is populated with a few keystrokes or clicks for selecting the customer.
o Product or Service information is entered once, then selected to create the sales document. Once in the sales document, any of the information can be changed as needed. Customer unique pricing plans can be defined to insure that each customer is given approved pricing.
o After entering vendor information once, when entering a new bill or creating a bill payment either by check or through on-line banking, all of the vendor data is populated with a few keystrokes or clicks for selecting the vendor.
o Paying bills is as simple as loading the check forms in the printer and selecting the vendors to be paid or if your bank provides the interface, paying vendors through bank online bill payment system from within QuickBooks.
• Aged Accounts Receivable helps manage revenue. Aged Accounts Payable helps manage cash flow. Both are created with a few clicks.
• Just a few mouse clicks is all that is required to generate customer statements and reminders.
• Creation of an invoice or sales receipt, entry of a vendor invoice, automatically updates inventory item count and dollar value balances.
• Profit and Loss (P&L) information is available as of the last transaction entered and is retrieved with a few clicks of the mouse. P&L reports are available for the whole company, by customer job, by project, by location, by product or service, etc. How you look at your business is customized to how you want to look at your business, helping you grow your business!
• This has been a long answer to the “What does QuickBooks do for me?” question, but it only scratches the surface.
First we talk. Your Back Office needs to understand both your company and your reasons for implementing QuickBooks. We will help you define your requirements by asking questions and making suggestions.
Once we know what you need and how your company information is currently stored, implementation decisions can be made and the best version of QuickBooks for your organization’s use can be determined. We will determine the start date for your QuickBooks system (see the next question). If customer, vendor and/or product-services information is stored in a computer file, like a spreadsheet, it can be loaded directly into QuickBooks. If this information is not in a computer file, it will be loaded while creating transactions.
Once the above planning is completed, QuickBooks software is installed. Company descriptive information is entered. The first cut at a chart of accounts and, if used, a class list is entered. Banking data is entered. Company assets (equipment, buildings, furniture, inventory, etc.) values are entered.
Finally, transactions from the start date are entered. This task has several purposes. It provides hands-on training for using QuickBooks. It tests and allows correction of the chart of accounts as well as other operational portions of Quickbooks to assure that the system is really configured to meet your organization’s needs. Finally, it gets the books current from the start date to today.
There are two reasonable options for setting the start date, as of the beginning of the year or as of about two months prior to the actual implementation date.
Starting the beginning of the year will capture all of the data needed for income tax preparation at the end of the year. This option is best if you are implementing early in the year or if the volume of transactions is light. If you are implementing later in the year and/or the transaction volume is significant, the two month prior to actual implementation date probably will be better.
Note that the first paragraph says, “as of about two months prior to the actual implementation date”, rather than a definite prior two months start date. The start date needs to be based on your organization’s monthly transaction volume. Enough transaction volume is required to test your QuickBooks configuration and to provide enough hands-on training. The minimum is a month prior to the actual implementation date. If there is light monthly volume, then three or more months may be required.
Using the steps outlined under the question, “What is the implementation process?” The first step, talking about your organizations operations and needs, takes roughly an hour. The more complex the organization, the longer this step can take. The simplest and shortest time span is for a brand new company.
The actual implementation time period, that is from the installation of the software through configuration and transaction entry training will take at least two hours and could range up to ten or more hours. Again, this is controlled by the complexity of the organization and the work required entering the organization’s data into QuickBooks. Again, for a brand new company, implementation could take less time.
As much as we would like to publish our rates, we know that our competition would be very interested. When we meet and talk, you will find that our rates are very reasonable and fair. Finally, if you are not reasonably satisfied with our services, we will adjust our charges.
Yes, certainly. The implementation steps outlined under the question, “What is the implementation process?” still have to be completed. The time required for these steps will be reduced because there is less need for training.
There are four desktop versions of QuickBooks: Pro, Premier, Enterprise and Mac. There are four online versions: Self Employeed, Simple Start, Essentials and Plus. All of the versions provide the same basic accounting components. However each of these versions have different implementations of features. While each version has a different cost, with the exception of Enterprise, the cost differences are not significant enough to be a major factor. The version choice is determined by the answer to questions like:
o How many users need access to QuickBooks either to process transactions or to review reports only?
o How important is maximum flexibility for invoice format design?
o Do you need to track profit and loss by sub-groups such as projects, locations, product families, etc.?
o What are the inventory management requirements?
o Is accepting electronic payments of value?
As we talk about your organization during the first implementation step, we will ask these questions and others. Your answers will determine which are the best versions for your consideration.
240 - 349 - 2545
Your Back Office LLC