How QuickBooks Save Time
Simple Strategies to Save Money, Time, & Your Sanity By Using QuickBooks
1.Take Advantage of Paying Invoices Before the Due Date: Many vendors offer a discount if you pay your invoice before the due date or in a certain amount of time. For example you may see a note in the terms of the invoice that says 1%/10 net 30 this means if the invoice is paid in 10 days there is a 1% discount otherwise the invoice is due in 30 days. This discount would be good for large invoice amounts and if there is sufficient cash flow to justify paying early.
2.Many states offer discounts if sales and use tax is paid early. Take advantage of this benefit as often as possible. Technically you already have the money because the customers have already paid the sales tax when making the purchase. This is truly money added to your bottom line. Check with your state to see if your business qualifies. For the tax related help, contact QuickBooks Help Phone Number, you just require to dial toll free
3.Pay invoices on time to save on late fees.
4.Set aside money to pay taxes. The last thing you want to do is not have enough to pay taxes and begin accruing late fees, penalties, & interest. This is a very costly mistake.
5.Take time to create an annual budget and compare your budget against your actual figures at least quarterly (monthly is best). Having a budget enables you to more quickly determine where there may be problems or issues. If you have never prepared a budget in QuickBooks it’s very easy and members of QuickBooks Community can attend an online class or review our training library for help.
6.Proper labor planning can increase your bottom line. When you have slow or down time you can shave some labor hours, but don’t be too hasty and not plan for enough hours. Not planning for enough hours can be detrimental and actually cost more money than you thought you would save. Labor planning is very important and shouldn’t be entered into lightly. Be cautious before implementing drastic labor reductions or increases. Meet with your Accountant and Operations Supervisor to determine the best course of action.Consult with QuickBooks Payroll Support for any employee salary & tax related matters.
7.Make sure staff is properly trained in the areas in which they work. This will save money and time in the long run because your staff will be able to avoid making costly mistakes due to improper or lack of training.
8.Develop processes and procedures once a best method is determined. Put these processes and procedures in a SOP Manual (Standard Operating Procedures Manual). Having a SOP Manual will enable you or your staff to more efficiently train new staff members and give existing staff members a reference guide.
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