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QuickBooks Tips For a Fresh Start In 2024

As the bustle of December fades, January is a transitional month for many small business owners. This time of year generally calls for wrapping up any remaining loose ends from the previous year while diving headfirst into the new one. Readying your QuickBooks software for the upcoming year is one way to make sure you are in full control of your business finances as 2024 begins. Taking proactive steps now will pave the way for you to reach your financial goals when January 1 rolls around.

1. Run Four Critical Reports

As the dust settles from the holiday rush, take a moment to run four essential reports in QuickBooks. This will ensure your financial records are up-to-date and you don’t have any unwanted New Year’s surprises:

  • A/R Aging Detail: Identify customers in arrears, understanding who owes you and when payments are due.

  • Open Invoices: Isolate unpaid transactions, focusing specifically on outstanding invoices.

  • A/P Aging Detail: Ensure you're current on outstanding payments to other entities.

  • Unpaid Bill Details: Highlight bills with unpaid balances, streamlining your payable management.

2. Create Statements For Past-Due Customers

Sending statements to past-due customers using QuickBooks is a discreet collection method. While you decide on the level of follow-up, statements provide a clear breakdown of financial activities, fostering communication with those who haven’t yet paid their bills. If statements yield no response within ten days, however, consider more direct communication.

3. Evaluate Inventory

For businesses managing inventory, a thorough evaluation is important, especially after the holiday season. Navigate to the “Inventory Center” under “Vendor Activities” in the “Vendors” menu. Assess each entry under “Active Inventory” or run related reports to make sure you have the appropriate stock levels of each item for this time of year. For adjustments, use the “Adjust Quantity/Value on Hand” feature.

4. Set Up Online Financial Connections

Improve your business’s QuickBooks efficiency by exploring two powerful tools:

  • Online Banking (Bank Feeds Center):Connect QuickBooks to financial institutions for daily transaction imports, providing real-time visibility into your financial activities.

  • Online Payments (QuickBooks Desktop Payments):Optimize cash flow by accepting credit cards, eChecks, and ACH payments, accelerating the payment process from your customers.

January is the opportune time to reflect on how you can maximize your usage of QuickBooks for a successful 2024. If you're confused about any of these tips or need assistance with anything in this blog post, contact us today. Your financial success is our priority, and we're here to help you embark on the new year with confidence.

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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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