Accounting Archives
Many businesses operate on a project-by-project basis and require a system to track revenue, costs, and profitability for each project. QuickBooks Online’s Projects feature is a great tool that enables businesses to consolidate all project-related activities into one central location – the Projects Dashboard, also known as the Project Center. Let’s dive into the features, […]
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How to Use KPIs to Improve Financial Health Key performance indicators (KPIs) can help you improve your financial health through strategic monitoring of metrics that help you understand the underlying stability of your business. Let’s dive in! What are KPIs and How Can They Improve Financial Health? KPIs help you monitor an intended result. We
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When working in QuickBooks Online (QBO), it’s essential to understand the difference between sales vs. income. These terms have specific meanings within the QuickBooks ecosystem that does not necessarily align with their broader real-world definitions. This blog post will help clarify these distinctions, explain their implications, and guide you through proper configuration and usage in
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Tracking Business Expenses: Why You Can’t Afford to Be Lax Tracking business expenses is often the last thing small business owners want to do. We see it all of the time: You’re making sales, revenue is up and while you used to monitor every dime that you spent when first opening your doors, you now
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How Profitability Analysis Helps Businesses Understand Financial Performance You run a business. Sales are coming in, and it can be easy to assume that since you can pay your bills, you’re in good financial health. But that may not be the case. A profitability analysis can provide some answers and help you better identify: Trends
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Class tracking is a powerful feature in QuickBooks Online (QBO) that allows businesses to categorize income and expenses according to different parts of their operations. This feature is useful for analyzing profitability across different areas within each account, such as departments, properties, product lines, service lines, or even manufacturers. Here’s an in-depth look at how
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How to Create a Smart Business Budget for 2025 Inadequate management and financial hurdles are two of the most common reasons over 595,000 small businesses close each year. A smart business budget can mean the difference between meeting KPIs and goals and being unable to cover overhead expenses. What is a smart business budget and
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Foundational Knowledge in QuickBooks Online QuickBooks Online (QBO) is one of the most popular accounting software platforms available today. It’s widely used by many businesses to manage financial transactions, track expenses, and generate reports that offer insights into the business’s financial health. In prior blogs, you have seen what it can do, but let’s take
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The Importance of Workflow Management in Accounting Effective management of an accounting department involves more than simply tracking finances; it requires a robust workflow management system to ensure tasks are completed on time, correctly, and efficiently. A key strategy in achieving this is scheduling work at regular intervals. By scheduling tasks, organizing workflows, and using
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Strengthening Financial Controls Through Separation of Duties One of the most critical components of financial control in any business is the separation of financial duties. This practice not only reduces the risk of fraud but also ensures that no one employee has control over the entire financial process. By dividing accounting functions into smaller tasks
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