News & Updates

Organizing The Chart of Accounts What is the chart of accounts inside QuickBooks? Why should it be organized? Does the chart matter?  The simple answer is that it completely matters, and organization is the key to using it effectively. The chart of accounts is a chart of categories and titles where money is organized into inside financial software. Without accurate mapping and a good strategy to label income, spending, assets, and liabilities, a business owner or operator will lack the capability to read and understand the reports. An organized chart of accounts is the foundation for building and completing helpful, […]

Determine Your Income Streams If you’ve ever looked at a profit and loss statement, you know it’s not ideal to see one income line item with one big number for sales. Sales of what? What was sold? Did you only sell one item or service? How much was sold? When we analyze revenue, we want to see more than just a large lump total of sales or services. What should you be tracking under revenue? To determine the answer, look at your website. What do you claim to sell or offer your customers? What choices do your customers receive when […]

    Learning Profitability in Craft Breweries: Essential Fundamentals for Success As the craft beer industry has grown in recent years, consumers have benefited from many brewery options, especially in larger cities throughout the country. Many operators have gotten into business because of the passion and pure enjoyment of being able to create a product that was once only available at stores. From innovative to traditional styles, the opportunity to give customers something they have never had before is endless. A problem we encounter with this growth is small business owners know how to produce quality beer but lack and […]

How to Get Paid Faster:  How to Shorten Your Accounts Receivable Cycle As a business owner, it’s frustrating to wait a long time for customers to pay you the money they owe. When services are performed, we hope and expect people to simply pay us. The Accounts Receivable Summary report in QuickBooks Online shows you which customers haven’t paid you yet and how long you’ve been waiting for their payments. Your balance sheet Accounts Receivable line also indicates the total money owed to you by all your customers if you lumped them all together. Paying attention to these reports and […]

Learning Business the Hard Way When I was young, I watched my dad run different businesses. Even before I was born, he was always starting something new. He was a real entrepreneur like his father who owned a fuel oil delivery company. The story goes that when he was under sixteen, his father who had a great year in business, gave his older brothers cars. But my dad got a down payment on a duplex. He rented it out and made money from it. After that, he tried an ice cream business and later owned Midas Muffler shops in the […]