QuickBooks Can Improve Business Resources
Author: Keith Huggett
Maintaining good cash flow is important for all companies, but particularly for small businesses that struggle to make ends meet each month. Doing a QuickBooks cleanup can help you use the resources you already have to improve cash flow and ensure that you have enough money in the bank to cover expenses.
Follow these five QuickBooks cleanup tips to boost your cash flow:
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Merchant services: If you do not already accept credit cards, adding Intuit's Merchant Services will allow you to accept immediate payment from clients who prefer to pay with credit cards. This gets you cash faster and reduces late payments from customers.
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Online bill pay: Reduce labor, postage and materials costs by paying your vendors online. You can also set up automatic payments to avoid late fees and keep your vendors happy. Online payments are also immediately posted to your account, so you don't have to wait for checks to arrive in the mail and be cashed by the vendor, enabling more accurate cash flow reporting.
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Use electronic statements: Most banks and credit card providers allow you to download transaction information directly into QuickBooks. This allows you to keep real-time records and get accurate cash flow information whenever you need it. Data entry errors are also reduced, ensuring that your financial information is correct.
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Forecasting tools: Predicting and planning for future expenses can be challenging, but QuickBooks has built-in tools to help. You can create cash flow forecasting reports for any period of time that include your receivables, payables and recurring expenses. Running these reports regularly will help you flag potential cash flow problems and keep your budgeting on track.
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Dun & Bradstreet: QuickBooks allows small businesses to report financial data to D&B in exchange for a free credit report and invoice stickers that indicate your participation in the program. These stickers promote faster payment and add credibility to your business.
For more QuickBooks cleanup tips or expert advice on any tax or bookkeeping issue, contact the professionals at The Tax Office Inc. We can help your small business with all of your tax and accounting needs.
