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5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks:

1. Look at the Income Tracker

Start each QuickBooks session by taking a look at the Income Tracker. Located under the Customers tab, the Income Tracker provides a quick overview of the status of your receivables. With colored bars indicating various transaction types and dollar totals, you can easily monitor unbilled sales orders, unpaid invoices, and overdue payments. Use the options to create invoices, receive payments, and perform batch actions to simplify customer billing and other payments you are owed.

2. Review Snapshots for Insights

Next, check QuickBooks' Snapshots feature to gain valuable insights into your company's financial health. Explore the Company and Payments Snapshots to analyze key metrics and identify trends. Additionally, charts and tables allow you to easily assess business performance over time and proactively address any issues you may not have previously noticed.

3. Monitor Inventory Levels

If your business involves selling products, monitoring inventory levels should be a major part of your day-to-day workflow. Utilize QuickBooks' Inventory Stock Status by Item report to track stock levels, set reorder points, and anticipate shortages. By adjusting reorder points as needed in real-time, you can avoid sellouts and ensure seamless operations.

4. Check Payments to Deposit

Regularly review the Undeposited Funds section in QuickBooks. This will help you identify any payments that need to be deposited. Navigate to the Company tab and select Chart of Accounts to access the Undeposited Funds account. From there, you can easily record deposits and reconcile payments, ensuring that your funds are properly accounted for.

5. Utilize Bill Tracker for Payables

Finally, it’s important to check QuickBooks' Bill Tracker each time you open the software. This feature is specifically for managing payables. To access it, navigate to the Vendors tab and select Bill Tracker to view outstanding bills and upcoming payment deadlines. You can avoid late fees and maintain positive relationships with your vendors by staying organized and managing your payables on a regular schedule.

By following these five essential steps each time you open QuickBooks, you can streamline your workflow, stay informed about your financial status, and make smarter decisions for your business. Whether tracking receivables, monitoring inventory, or managing payables, QuickBooks provides the small business accounting tools you need to keep your finances in order and achieve your dreams.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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