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Archives for April 2018

Are You Using QuickBooks Online’s Mobile App?

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Even if you don’t travel for work (but especially if you do), you should explore what QuickBooks Online’s mobile app has to offer.

You already know how convenient it is to be able to access your company’s financial data from any desktop or laptop computer that has an internet connection. Still, there are times when you’d like to be able to complete some of your accounting tasks without firing up a full-blown browser and logging on to QuickBooks Online.

If you haven’t yet tried out the site’s companion mobile app, you might be surprised at how much you can actually accomplish on your smartphone. Take a look at the app’s main menu (with a partial view of the Activity screen to the right):

You can’t do everything on QuickBooks Online’s smartphone app that you can do in the browser-based version, but there’s a surprising amount of functionality here.

Once you’ve downloaded the app and signed in with your QuickBooks Online user name and password, you’ll see a home page divided into two vertical sections; you can toggle back and forth between them. One is your Dashboard, which displays current account balances and a graph showing an abbreviated version of your Profit and Loss report, as well as a graphical summary of paid and unpaid invoices. Click on Activity to see a list of your most recent actions and transactions.

Click on the three horizontal lines in the upper left of the screen, and the app’s main menu slides out. As pictured in the image above, this interactive list also serves as the app’s primary navigation tool. Any data that you’ve entered in the browser-based version (as well as anything you add here) will appear in list form when you click on an entry here. To add customers, invoices, sales receipts, etc., click on the + (plus) sign. You can also enter new transactions from each individual list screen.

Adding Transactions

If you’ve worked with mobile apps at all, you know that the user interface is different from what you see in full versions of applications accessed through a browser. QuickBooks Online’s app, though, is exceptionally easy to understand and use – perhaps even easier than the browser-based QBO.

Take the app’s New Expense screen, for example. At the top of the page is a camera icon. Click it to take a picture of a receipt. You can also enter the total manually in a field to the right. Below that are three buttons representing Credit, Check, and Other, so you can indicate how you paid for the purchase.

You’ll describe the expense by clicking on links that contain labels like:

  • Who did you pay?
  • What kind of expense is this?
  • Who was it for?

When you click on one, the app opens your list of related data. So, Who did you pay? opens your list of Payees. You can select one or add a new one. Click on the Billable button if the expense can be charged to a customer, and click Add a Split if you need to separate some of the items. There’s also room to add a Ref # and Memo. When you’re done, click Save to add it to your main QuickBooks Online file.

Viewing Existing Information

Besides entering data in the QuickBooks Online app, you can look up existing information. You can just as easily find records and transactions you’ve entered either in the browser-based version of QuickBooks Online or on the app. You can follow the journey of an invoice as pictured in the screen shot above. QBO even prompts you to complete steps you haven’t taken. Click on the pencil icon in the upper right, and you can edit the data that appears on that screen.

Warning! Editing transactions that have been processed is risky. If you’re making errors that need correcting, we can help you determine when this is safe.

The QuickBooks Online app can also provide quick overviews of customer activity, with links to actions.

You may never need to access your QuickBooks Online data remotely on your smartphone. If you do, though, we can help you get set up with the site’s companion app so you’ll learn how they work together.

At ValueMetrik CFO, we’re Fort Smith, AR Certified QuickBooks ProAdvisors® so we have QuickBooks down to a science. If you need any assistance with your QuickBooks, give us a call at 479-242-1236 – we look forward to helping you!

Why a Succession Plan is Important for Your Business

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You’ve devoted time and money and poured heart and soul into building a successful family business. But do you have a succession plan? If not, you should. Without a plan for transferring your business to the next generation, anything could happen. As seasoned Fort Smith, AR business consultants, ValueMetrik CFO is here to help you develop a vision for the future that includes a plan of action with attainable goals and objectives.

Here’s what you need to do when developing your succession plan.

Deciding on Your New Role

Start by deciding how much or how little you want to be involved in the business after the transfer is complete. Are you picturing a clean break? Or a period of shared responsibilities and gradual transfer? This is an important decision because it will likely influence other decisions, particularly financial ones.

Choosing a Successor

This can get tricky, especially if there are several family members who may have an interest in — or expectation of — taking over the business. If there’s one clear candidate, that makes it easier. But don’t just assume someone (e.g., your oldest son) is the right successor. Do what’s best for the business. The best choice may be a grandchild, a niece, or even a relative paired with a trusted employee.

Estate planning is an important sidebar to a family business succession plan. There may be children who have no interest in being involved in running the business and are happy to let their siblings take over. However, they probably expect equal treatment when it comes to inheritances. If this is a likely scenario, make sure everyone communicates as clearly as possible and develop a plan you think is fair.

Grooming a Successor

Spend time grooming your successor, even if it’s a son or daughter who knows the business. He or she should understand how every part of the business operates. Before your successor starts representing your business publicly, make sure he or she meets your business contacts (clients, vendors, financial partners, etc.).

Figuring Out the Money

You probably don’t want to give your business away, even to your own offspring. Figure out how much you’re going to need to finance your next venture (retirement, a new business, etc.), and come up with an arrangement that meets your needs.

Take charge of your financial future. Give our Fort Smith, AR Accounting Firm* a call today at 479-242-1236 to find out how we can assist you and your business. Or, request a consultation online.