Get financially Fit: Tips for Using QuickBooks
•Download as PPTX, PDF•
1 like•3,062 views
The document provides tips for small business owners on using QuickBooks to simplify finances and get financially fit. It summarizes Lielette Calleja's presentation on simplifying spending, connecting bank feeds, automating tasks, capturing expenses, getting paid, tracking income, and leveraging business insights. The presentation focused on identifying key profit drivers like price, variable costs, fixed costs, sales volume to make better business decisions using financial reports.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Get financially Fit: Tips for Using QuickBooks
Similar to Get financially Fit: Tips for Using QuickBooks (20)
More from Intuit Inc.
More from Intuit Inc. (20)
Get financially Fit: Tips for Using QuickBooks
- 1. Lielette Calleja | Director of All That Counts Get Financially Fit: Tips for Using QuickBooks WiFi: QBConnect Password: not required #QBConnect@QuickBooksAU
- 2. 2#QBConnect@QuickBooksAU • 25 Years experience in Accounting • 12 Years Consulting with SMB’s • Trainer, Writer & Speaker for Intuit • Business Person of the Year 2016 • Bookkeeping Firm of the Year Finalist 2017 • Small Business Owner x 2 About today’s speaker
- 3. 3#QBConnect@QuickBooksAU @lieletteATC @allthatcounts @allthatcountsAU @lielettecalleja Let’s get connected socially …
- 4. We help small business owners implement technology to manage their business better – Lielette Calleja SMB Cloud Accounting Advisor
- 5. Have an open mind The sky cloud is your limit Be inspired and learn something new today Rules for today …
- 6. Do focus on the things that count Don’t focus on the things that weigh you down Do things at the right time in the right order Rules for tomorrow …
- 7. Take a few moments to Connect with your neighbour on the left … Q. What was your biggest challenge when you first started in business, what were you afraid of and what stood in your way?
- 8. Take a few moments to Connect with your neighbour on the right … Q. Where are you now? Have those particular challenges gone and have new ones surfaced?
- 9. Challenges Are Part of Everyday Small Business
- 10. 10#QBConnect@QuickBooksAU 27% 24% 13% 9% 8% 8% 6% 3%1%1% Finding Customers Time & Fatigue Finding Staff Making Profit Marketing & Social Cashflow Bookkeeping Productivity Staying Current Regulation Top 10 Small Business Challenges Survey conducted with 100 plus business owners in Sydney
- 12. 1. Simplify How You Spend Your Money
- 13. Set-up business debit or visa cards Don’t mix business with pleasure Cash is not king Transparency keeps life simple
- 14. 2. Start Connecting Your Bank Feeds
- 15. Get connected in 60 secs
- 16. Get connected in 60 secs
- 17. 3. Life Is Better With Bank Rules
- 20. 20#QBConnect@QuickBooksAU 4. Repetition is boring! Be Smart & Automate • Don’t repeat the same task • You’re just going round in circles
- 21. 21#QBConnect@QuickBooksAU 5. Automate Your Reminders/Alerts • Don’t rely on your memory bank • Practice Set and Forget • Put Your Business on Auto-Pilot
- 22. Make use of recurring transactions
- 23. Make use of recurring transactions
- 24. 24#QBConnect@QuickBooksAU Set up reminders/alerts TIP! Use Your Reminder List as a basis for Cashflow Forecasting
- 25. 25#QBConnect@QuickBooksAU 6. Capture Expenses On The Go QuickBooks is ideal for EFTPOS, Cash & Credit Card Payments Receipt Bank is ideal for supplier bills and all types of expenses
- 29. Auto matching expenses to bank feeds
- 30. Auto matching expenses to bank feeds
- 32. Involve your team, don’t create extra work for yourself. Document your policy & processes so your team understand what’s expected Adopt mobile solution & encourage staff to use the app 7. Self Service Staff Expense Reimbursements
- 35. Tracking Income & Getting Paid
- 36. “Instant Gratification” Demand for wanting and receiving things NOW is seeping into every corner of our lives! We Live in an IG World Big companies count on consumers impatience to sell their products and services faster online with same day delivery!
- 37. 37#QBConnect@QuickBooksAU Patience Is No Longer a Virtue
- 38. 8. Make it Simple for Customers to Pay NOW
- 39. 39#QBConnect@QuickBooksAU Some options you have available … • Works great if you are a brick-and-mortar company with an online presence • E-Commerce integration with most platforms – no need to checkout • 2 days settlement • Accept mobile payment with Charge App • Cheaper than PayPal • Works great if you are a services based business and you’re mobile or • Need a simple POS inventory system • Accept mobile payments • Next business day settlement • The old kid on the block • Needs to lift it’s game with pricing • Reliable • Need to checkout from website • Accept mobile payments • Next business day settlement
- 40. Invoicing and getting paid NOW
- 41. Invoicing and getting paid NOW
- 42. 9. Chasing Money is Painful This can jeopardize client relations Save yourself the hassle Automate your collection process Be top of mind every time
- 43. 43#QBConnect@QuickBooksAU Some options you have available …
- 44. The art of sending out reminders
- 45. The art of sending out reminders
- 46. Sending out statements keeps you top of mind
- 47. Sending out statements keeps you top of mind
- 48. Leveraging
- 49. Leverageoff technology to increase your profits, decision making, productivity, customer service and to give you back time
- 51. Informationis power! The bad thing is, we are buried with it. Without the right tools it’s just more noise you have to deal with.
- 52. Clean data makes good business decisions The 3 R’s of reporting: RELIABILITY READABILITY REGULARITY
- 53. many of us can relate Are you too exhausted to know your numbers?
- 54. Don’t be afraid to know your numbers
- 55. 55#QBConnect@QuickBooksAU Your monthly financial statement is like kale You know it’s good for you but it can be hard to digest
- 56. 56#QBConnect@QuickBooksAU What Ratio Formula Introduce Finance to Operations Sales Per Employee Gross Profit Per Employee Total Sales / No. of Hours Worked Gross Profit / No. of Operational Hours Worked Mix & Match (P&L & BS) Inventory Days Debtor Days Stock On Hand / COGS x Days in Month Accounts Receivable / Sales x Days in Month Look Forward by Working Backwards Pricing your Minimum Cost Per Hour or Breakeven Labour Costs in COGS + Fixed Cost / Man Hours How Can You Use Your Financial Reports
- 57. 57#QBConnect@QuickBooksAU Drivers How They Work Price Increase in price has the greatest impact on profit as every dollar goes straight to your bottom line. Price will always have an impact that is 2 or 3 times greater than any driver. Variable Cost An increase in sales volume will incur increase in variable costs, so the gain will be smaller. A decrease in your variable costs will increase the margin but will not increase overall revenue. Fixed Cost A reduction in fixed costs has no impact on revenue so will therefore, have the smallest impact of all. If you want to increase your profit but not alter your prices and attract more customers then you need to find ways to reduce your overheads. Sales Volume Sales volume determines if your business is expanding or not. Sales volume is measured by qty of product or services sold. Investors look at this figure. 10. Identify & Understand Your Key Profit Drivers If you want to increase profitability you need to work on these areas:
- 58. Creating and auto scheduling custom reports
- 59. Creating and auto scheduling custom reports
- 60. Creating monthly management reports
- 61. Creating monthly management reports
- 62. Let’s Recap … • Simplify your spending • Get connected with bank feeds • Life is better with bank rules • Repetition is boring – be smart and automate • Utilised reminders and alerts • Capture expenses on the go • Staff reimbursements - DIT • Get paid for the work you do now • Chasing money is painful – stay on top of it • Confront your numbers • Use financials to make better business decisions
- 63. We live in a fast pace world where speed to market, speed to providing a service is our only competitive advantage. – Tania Allen Business Growth Expert
- 64. Questions?
- 65. Missed something? Today’s presentations are available in the event mobile app and at http://www.slideshare.com/tag/QBCAU17 Don’t forget to rate my session: Open up the event app, find my session title in the agenda and click on rate & review
Editor's Notes
- Good morning every one, it’s great to see you all here, thank you for coming. My name is Lielette Calleja Today we are here to get you financially fit to ensure your business strives and thrives for success. I have spoken to Michelle Bridges and she assures me that if you follow 80% of what’s covered here you will all start to look and feel financially fit. Firstly, we look at some of the key small business challenges and where and how QuickBooks can help you overcome some of those challenges. I will also be taking you through some how to’s in QuickBooks
- Here are some stats on me but the one thing that defines what we do is this….
- Guys connecting is part of everyday day business and as you just shared with each other so are challenges part of everyday business.
- So lets look at what some of these challenges are that all of us face…
- So we all know why you’re here today … It’s to simplify everything in your business and not be challenged by the challenges that are challenging you ….. So lets move on to some of the things you can do to adopt in your business that will help you simplify things and help you thrive.
- Great so lets start with simplifying your spending because when you simplify your spending you simplify your life When your starting up a business you tend to incur expenses everywhere and not from the same pool of funds. This becomes very messy and you end up forgetting to claim many costs. Many of you have either injected money into your own business when you started out. Tax time comes and you scrounge around for all those bits n pieces of paperwork and bank statements. There simply is no excuse for this to happen anymore.
- Having direct feeds set up can give you ongoing clarity of your cash flow, as they allow you to track daily all your 'comings and goings'. Making this small change in your daily processes and procedures could mean a big result in time and cost efficiencies for your business.
- Connecting your bank accounts takes 60 secs – watch how!
- Connecting your bank accounts takes 60 secs – watch how!
- Take advantage of the rules feature and tailor them to suit your business transactions as they come in..
- And from your recurring list you end up with reminders and alerts
- Reduce costs, improve efficiency, empower managers and staff
- Now we are going to move onto Tracking Income, but before we do I wanted to paint a picture of the world we live in now so you understand why we need to change the way we invoice and collect money from customers. It’s not just that I want you to use these wonderful features in QBO but it’s important you understand WHY.
- Who knows what an IG world is? (Ask the audience) People want to do things NOW and they want to be able to do it on their mobile too. They want choices too. Tap into their emotional buying pattern. Aim to Quote, Invoice and Deliver in one go (if your business permits) Stop wasting time travelling to site, grabbing all the details you need, go home do up a quote on excel or word … email it to them…. Wait for a reply .. Chase them up … then book a time to go back out … do the job … go home and invoice them … wait another 30 days if your lucky to get paid. My son doesn’t know what it means to not have money. He has grown up with me flashing my plastic card.
- This is what living in an Instant Gratification Society looks like and how big companies prey on our need for wanting things now.
- To get paid now you have to offer pay now payment solutions
- Which one is better depends on the type of business you run but all have QBO integration Today’s consumer expects to be able to pay for goods anywhere, at any time. Getting mobile is convenient for you & your customers Don’t underestimate ‘instant gratification’
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function
- To get paid now you have to offer pay now payment solutions
- Which one is better depends on the type of business you run but all have QBO integration Today’s consumer expects to be able to pay for goods anywhere, at any time. Getting mobile is convenient for you & your customers Don’t underestimate ‘instant gratification’
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function and bulk statement emailer function
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function and bulk statement emailer function
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function and bulk statement emailer function
- Have outstanding debtors? Tired of the empty promises to get paid? Or don’t have time to chase? Use the bulk Invoice Reminder function and bulk statement emailer function
- Being financially fit comes down to leveraging – everything we have covered off today is a result of leveraging the systems you have or are avaialable to you because when you do this happens
- We all know that we use technology to support our business but how are you going to get there faster
- A business has many moving parts and business insights help us make sense of its financial and operating data.
- Reliable: To get credible and meaningful output, you’ve got to fix your accounting data and clean up any input errors. Readable: To give management something that’s easy to understand, your chart of accounts must clearly reflect your operations—particularly in which costs you attribute to cost of goods. Regular: To see important trends and changes, you must maintain the books at least weekly, AND forecast cash and funding needs.
- As a small-business owner, your days are packed with endless tasks so when you do finally flop down exhausted on your couch it’s not to pour over your numbers … which is a big mistake as it’s just as important to keep a close eye on your critical numbers that can help the success of your business.
- There is no point spending hours on a client that yields you little return The key to being a successful entrepreneur is to know where to invest your time and effort It can be time consuming if you don’t have a bookkeeper to pull the data and create the reports for you but with QBO your key numbers can be available in your inbox each month allowing you to focus on the numbers and hone in to take action.
- Financial statements are descriptive – they describe what happened last month as well as being prescriptive as they can tell you what you should change for next month. When you work it backwards you can price things better in the future.