QuickBooks Online (QBO) provides business owners with a convenient remote access option. This platform gives you powerful access to financial information on the go. This online service is a great fit for service-based businesses. LDG Accounting provides:
QuickBooks Accounting & Bookkeeping Services
QuickBooks Set Up
QuickBooks Clean Up
QuickBooks Maintenance
QuickBooks Instruction, Training, & Consulting (private or groups)
QuickBooks for Small Business
View QuickBooks Scenarios for Businesses Below
Automatic Payments Using QuickBooks
A small business owner manually created invoices for her clients each month, emailing them out to the client. With QBO, she now sends them automatically, with QuickBooks Payments turned on. Now, instead of waiting to receive checks in the mail, she can have her funds literally the next day, cash flow is greatly improved, and she now can focus more on the service to her clients.
QuickBooks Online Access
Another small business owner runs a family-owned pet store. It was running just fine on QuickBooks Desktop, but the owner thought having online access might be helpful so she could work from home periodically. A couple of months later, she found out that her daughter was having a baby and was able to spend as much time as she wanted with her new granddaughter instead of sitting in front of her computer at the pet store. She was able to do things when and where she wanted and needed.
What Types of Businesses Benefit From QuickBooks Online?
Small businesses with moderate volume are great candidates for QBO. Contact usto discuss your accounting needs and we can help you determine if QuickBooks Online is right for you.
QuickBooks Tips
Tip 1 - Adding a Customer to QuickBooks On-line
Tip 2 - Importing Customer Lists in QuickBooks On-line
Tip 3 - Creating Invoices
Tip 4 - Adding a Vendor
Tip 5 - Entering A Bill
Tip 6 - Pay a Bill by Check
Tip 7 - Running a Profit & Loss Report
Welcome back to our QuickBooks Tip of the Week Series. Today, we will look at how to run a profit & loss report in QuickBooks Online (QBO). Within minutes, you can see exactly how your small business has been doing over a specific period of time. Like many of the other reports we are going to cover in the series, it is best to run these reports regularly to get a complete understanding of your financial landscape.
To begin, click on the “Reports” tab on the left toolbar (circled in red below). You will see various reports you can run, but “Profit and Loss” will be under “Favorites” in the center of the screen (circled in red below).
After clicking on “Profit and Loss,” a new screen will load with a standard “This Year to date” profit and loss report already loaded. By changing the “Report period” (circled in red, top-left) you can easily adjust the period of time being included, such as past month, quarter and year. You can also click the drop-down menu for “Compare another period” (circled in red, center) to pull up profit and loss numbers from two different times and see how financials have changed.
O ne thing to note is make sure your accounting method is set correctly. QBO sets it to Accrual as standard, but many small businesses use the cash method. (circled in red, center-right)
After running the report, you can email or print the document in addition to saving it as an Excel file or PDF. Being able to quickly create profit and loss reports help you stay aware of the direction your small business has been heading. You can even create P&L reports for future dates and see where your current financials are headed.
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