In our last blog post we went over the crucial first step of reconciling your accounts in Quickbooks. Once you’ve selected the checking account to reconcile in QuickBooks Online (QBO), the next step is troubleshooting the beginning balance to verify that what is shown on screen matches the beginning balance on your bank statement. This […]
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Closing the books is a fundamental part of the accounting cycle. It ensures that your financial records are not only complete, but are accurate, and even compliant. It also sets you up for timely reporting and thorough analysis. In this blog post, we’ll guide you through the key steps, focusing on reconciling the balance sheet
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How AI in Accounting is Redefining the C-suite AI in accounting is unavoidable. Some tasks are time-consuming and low-value, taking time away from accountants that is better spent on high-value tasks. A few areas where AI penetration is undeniable are: Communication, because 64% of accounting pros are using it to refine emails. Task automation, where
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Law Firm Cash Flow: Why Clients Pay Late and How to Fix It Cash flow is the lifeblood of your law firm. It ensures your bills are paid and your clients receive the service they expect. Yet many firms struggle to manage theirs properly. In fact, an estimated 82% of small businesses, including law firms,
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Add Transactions in QuickBooks Online Now that you’ve carefully worked through your unmatched and uncategorized bank feed activity, it’s time to add the remaining transactions to your General Ledger (GL). This final step ensures your financial data is complete, accurate, and organized, all without manual data entry. Let’s dive into this important step and everything
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Mastering Automation in Your QuickBooks Online Bank Feed: How to Harness the Power of Bank Rules When you’re working through the transactions in your QuickBooks Online (QBO) bank feed, you’ll notice that not every transaction will automatically match or fit a rule you’ve created previously. This is where the real opportunity for automation lies. As
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Top Accounting Problems IT Companies Face (And How to Fix Them) Streamlining your workflows, systems, and workforce is part of being a cutting-edge tech company that focuses on efficiency and profitability. Accounting problems can strain your business, causing: Poor cash flow Disorganization Potential costly oversights Avoiding accounting problems as a tech company is crucial at
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QuickBooks for Lawyers: CRM Integration Accounting is complicated, especially for law firms. But client relationships can be just as complex. Fortunately, QuickBooks can help you manage both of these things. There are many advantages to using QuickBooks for lawyers (time savings, improved accuracy, automation, etc.), but one often overlooked advantage is CRM integration. Customer relationship
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In our last blog post, we explored how to use banking filters in QuickBooks Online (QBO) to categorize transactions efficiently by leveraging matches, rules, and suggestions. However, once these automated features have done their job, we’re often left with some transactions that still need to be addressed. In this post, we’ll walk through the next
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Don’t Let “Naked” Expenses Cost You During an IRS Audit When it comes to IRS audits, one of the most common reasons taxpayers lose out on deductions is simple but avoidable: lack of documentation. You might think that a bank or credit card statement is enough to prove business expenses, but the IRS sees
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