The Ultimate Cheat Sheet On QuickBooks for Small Business

Today’s small business can effectively implement QuickBooks into their day-to-day accounting and bookkeeping practices easily.

With the right QuickBooks training, it becomes possible to streamline many operations within the company – from payroll to accounts receivable.

For companies in Richmond looking to jumpstart their QuickBooks efforts, consider these tips.

Get the Commands Down

A good place to start is with having a handy checklist of each of the most commonly used commands within QuickBooks. The best way to make the most out of this software is to be able to tell it what you need to do quickly.

Here are some of the most commonly used commands and how to access them.

  • Invoice a customer by going to “Customers” and then “Create Invoices.”
  • To manage banking, go under the “Banking” tab. There, you can transfer funds, write checks, make deposits, or reconcile your account.
  • Set up your Chart of Accounts and Product/Service Items by going under “Lists”.
  • Perhaps one of the most important management tools for owners is the Profit and Loss Statement – available any time. Go to “Reports.” Then, navigate to “Company & Financial,” “Profit & Loss Standard.”

It’s very easy to navigate the system. Once you get basic QuickBooks training, this becomes even easier to accomplish.

How Can You Use QuickBooks to Benefit Your Company?

There are many ways to achieve these goals. Here are a few quick tips to help you.

  • Use the software to get accounts receivable invoices out to customers sooner. You can do this by going to “Customers” and then “Create Invoices.” By setting this up, it can automatically send invoices to your customers, encouraging faster payment for services or sales.
  • Utilize the profit and loss statement routinely. This is no longer a monthly product. You can gather profit information at any time by using this statement. It’s also possible to pull a “Net Worth” for the company under the “Reports” for more information.
  • Manage all of your vendor information in one place. Under the “Vendors” tab, locate the tabs to record when items are received, manage accounts payable, and to prepare a purchase order. This, again, makes it easy to manage the entire process.

Automate as much of your accounting as possible. QuickBooks makes this easy to do. You can automate:

  • Importing transactions directly from the bank
  • Memorize recurring transactions so they post automatically at designated times
  • Invoicing
  • Recording checks

QuickBooks is very user friendly; allowing access to functions through multiple menus.  The Help feature is very useful, so utilize it when you get “stuck”.

Keep in mind that having our Richmond QuickBooks certified professionals train you and/or your staff on QuickBooks will make them more efficient with the software and you’ll be confident that you’re getting the maximum value out of QuickBooks.

5 Bookkeeping Best Practices for a Small Business

Most small business owners we talk to think that running a successful business involves hard work and loving what you do. While those two things are important, if you actually own a business, you know there are a few more details involved.

One extremely important factor is bookkeeping. Bookkeeping is frequently an overlooked area in small business as it does not hold the flash and appeal that some other areas of owning a business hold.

The good news is when it comes down to it, there are only a handful of things that actually matter. The sooner you incorporate the following five bookkeeping best practices, the sooner you can get back to focusing on working hard at what you love.

1.  Not One-Size-Fits-All

Bookkeeping is something that will differ from one small business to another. Specifically, you need to find a way to structure your accounts that makes sense for your unique business.

Far too often, small business owners pick a template that works for others and assume they can fit their finances into this structure. Unfortunately, this practice comes at the cost of efficiency and accuracy, two things that should always be a part of bookkeeping.

It’s fine if you need to revise your approach a bit as time goes on. The important thing is that you come up with an account structure that fits your business like a glove.

2. Organize Your Expenses

Over time, you’ll most likely increase the number of credit cards and checking accounts you use for your small business. The number of expenses will probably increase, too.

Successful bookkeeping for small businesses thrives on consistency. When you look at your books after a year, you should see that the same expenses were paid the same way at around the same time, month after month.

This kind of consistent bookkeeping will make accounting much easier. It can also help identify fraudulent transactions.

3. Keep an Eye Out for Fraudulent Transactions

Speaking of which, you need to recognize that fraudulent transactions are real threats. This is why paying with credit cards is important. It makes it easier to reduce fraudulent payments.

Nonetheless, you still want to be vigilant. Any amount of bookkeeping should involve reviewing records to look for fraudulent practices like:

  • Fake Invoicing
  • Diverting Payments to Third-Parties
  • Profit Skimming
  • Misuse of Company Assets

Even if you’re the sole employee of your company, someone else could be using your credit card, so don’t assume your books can go without the fine-toothed-comb treatment.

4. Update and Reconcile Your Books Once a Month

Bookkeeping is something you should be doing once a month at a minimum, especially for a small business.

For one thing, this will help you catch fraudulent transactions before they grow into more expensive problems.

You might catch other accounting problems this way, too. By regularly checking your books, you’ll become far more familiar with how your business spends money, which leads us to our last best practice.

5. Make Cost-Reduction Efforts a Priority

While bookkeeping for small businesses generally only refers to accounting, that doesn’t mean you can’t take this opportunity to reduce your expenses, too.

Get in the habit of identifying where you spend the most money so you can work at reducing that overhead. You’ll have an easy time tracking your efforts because you’ll be checking in every time you open your books.

Entrust Your Bookkeeping Needs to Professionals

Since 2006, Steiner Business Solutions has been handling small business bookkeeping in Richmond, VA. We offer flexible, customized bookkeeping solutions, so you can choose the one that fits your needs best. Contact us today to learn more about how we can help.

Network and Learn About Steiner Business Solutions

Mark Stewart, partner in our new Scott’s Addition office, is one of the guest speakers at the next Gather Spotlight event on November 17th in downtown Richmond.  Come meet Mark and hear more about Steiner Business Solutions! Should be a well attended event. Register using the link below:

How To Correctly Apply A Payment In QuickBooks [Basic Training]

An important function in Quickbooks, and one that is often done incorrectly, is applying customer payments and creating bank deposits. You are trying to accomplish two things when you receive a payment from your customer. One is to apply the payment to the customer’s open invoices so their accounts receivable is correct, and the other is to show the money being deposited into your cash account.

One of the two biggest mistakes that I see when I’m training people is them going directly to the deposit screen in Quickbooks to deposit the payment. When you do this, the customer’s account is not updated, and your revenue is likely double booked. Double revenue means double taxes! Ouch!

The second mistake is not having the deposited funds in Quickbooks match the actual deposit amount the bank shows. This makes for a nightmare trying to reconcile your cash account!

The proper way to do this is to go to Receive Payments in the Customer menu. Selecting the proper customer will bring up a list of open invoices for that customer. Enter the date and full amount of the payment and make sure it is applied to the appropriate invoices. When you save it, it will go in to the Undeposited Funds account and wait to be put on a deposit. The customer’s account has been adjusted, but the cash account is unchanged at this point.

You’re not done, though!

Next go to Make Deposit from the Banking menu. This will prompt a screen to open with a list of all of the Undeposited Funds that have not been put on a deposit yet. Select the payments that will be actually going together into the bank. When you are done, the bank deposit screen should match the amount that you are actually depositing into the bank.

That’s it! Follow these steps and you will save yourself a lot of headaches!

NOTE: If you’d like a printable version of these steps (complete with screenshots) just fill out the request form below.

New Location in Scott’s Addition – Richmond, Virginia

We’re excited and proud to announce we’ve opened up a new licensee/franchise location in Scott’s Addition! This is hopefully the first of many new locations we open through partnerships with other CPAs/Accountants. Mark Stewart, CPA is the owner and we’re up and running. We’ll be updating our website shortly with all the location information, but feel free to contact Mark now at (804) 514-3506 to set up an appointment. Come see why more and more entrepreneurs and small businesses are turning to Steiner Business Solutions for assistance.

Office in Scott's Addition

Office in Scott’s Addition


Download CFO Sidekick – FREE App!

Our virtual CFO mobile app, CFO Sidekick, is now published and available on the App Store. It currently works on the iPad (version 8.0 or higher).  Great for business owners and accountants that use QuickBooks Online.

facebook_icon app_store

Accounting/Tech Duo Launching ‘Mobile CFO’

Michael Thompson March 7, 2016 (Richmond BizSense Article)

Steiner and Jones plan to launch the app this month.

Dan Steiner was watching “The Today Show” last year when inspiration struck.

At the time, Steiner, who runs West End accounting firm Steiner Business Solutions, was frustrated with the difficulty he had getting meetings with clients and potential clients, and was looking for a different way of getting in touch.

“What’s the best way to get in front of people if they won’t take phone calls or emails?” Steiner wondered. “They aren’t sitting behind a desk. They’re all on tablets and phones.”

That’s when he saw a Today Show segment about a fitness app – and it hit him: “I blurted out, ‘There should be a mobile CFO app.’”

“I pulled out a legal pad and made a first draft of the app that morning.”

From that, CFO Sidekick was born.

Sidekick is a mobile app that can track and analyze a business’ revenue, profitability and liquidity. It will also be able to store documents and let users communicate with each other, as well as offer daily tips on business practices and a glossary of accounting terms.

Steiner created the product with the help of Nick Jones from local app development firm NS804Apps. During the six-month development process the two struck a deal that made Jones a minority partner in the venture.

“I wanted him to have some skin in the game,” Steiner said. “I wanted a big picture relationship.”

So far they’ve developed the app, tested it with a handful of people, and are in the process of applying to make it available in Apple’s and QuickBook’s app stores. They plan to launch it this month for iPads and eventually hope to make it available for Android tablets, as well. It will be free to download when it launches to build up its user base.

Steiner and Jones would not say how much it cost to develop the app.

Steiner, who’s also an investor in local chocolate maker Chocolates by Kelly, said they aren’t just hoping small business owners will find the app useful: he hopes to license it to other accountants as a tool for drumming up business.

“The goal is (users) are going to start paying attention to their numbers and realize they need even more help,” he said.

CFO Sidekick will eventually make its money through ad revenue and premium services that will be available after the app has built up a user base.

Steiner and Jones also have another app up their sleeve. They’re preparing to pitch to investors next month to help development an app called Boardroom that is a spin off of CFO Sidekick’s communication feature.

Steiner said he sees an opening in the accounting field with the development of mobile apps.

“My profession is very slow to adopt change,” he said. “It’s very intimidated when it comes to adopting technology.”

Who Doesn’t Love Chocolate

Dan Steiner, CEO of Steiner Business Solutions, is now part owner of Chocolates By Kelly (CBK), a well known and respected retailer in Richmond, VA.  Kelly Walker, majority owner of CBK, and Dan both felt the combined expertise would drive growth and allow Kelly to concentrate on the things she does best, make and sell chocolate “lovelies”. CBK offers a wide selection of sweet treats in its retail shop as well as online at Looking for something a little more sophisticated for your wedding or corporate event? CBK has the technology to create chocolates and other special flavors perfectly personalized for you and your event. Need a photograph, special message, or logo on a chocolate bar? We’ve got you covered!

8506568_orig Quirk Chocolate1090644_orig