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Archives for October 2021

3 reasons why small business owners must take expert advice to become successful

Written by- Nivedita Verma for SKB Accounting

Do you have a brilliant money-making business idea but lack the knowledge on how to move forward with it?

Or do you have a plan but lack market knowledge?

It is high time you may want to book a business expert to get your business running on track.

While you may have a great business idea and a plan for making the business of your dreams come true, you may not have the expert knowledge needed to study and analyze the market. This is where business experts come in.

Consulting an expert to take advice will help you in countless ways, but the core advantages that you will get are as follows:

 

1. Analytical advice and latest tips

Business metrics are quantifiable data that are used to track and analyze all the business processes of a business. These business metrics may just seem like numbers to you, but they play a significant role in determining the success of your business, and that’s why understanding them holds extreme importance as you may not be an expert on how to analyze data. You must consider consulting a business expert as they are trained specially to draw meaningful conclusions from a large quantity of data and they will fill you in with actionable advice that will help you to achieve your business goals.

Getting your business metrics like cost per acquisition, overhead costs, monthly profit/loss, variable cost percentage, productivity ratios, etc., by an expert will give you insights on how to lower your expenses and increase your profits.

 

2. Knowledge of how to penetrate the market

Your small business idea may be the best out there, but you won’t reach anywhere with a good idea if you lack market knowledge. Business advisors are the way to go if you need a deep understanding of the market you are trying to penetrate. Gaining knowledge about your market will allow you to know your customers and trends better.
Advisors are trained individuals and have already scrutinized the market you are trying to enter and its risks. You can benefit from their knowledge and expertise and apply it to your business to establish a loyal client base for yourself as early as possible.

 

3. Risk awareness and prevention

There are a lot of business risks that you must have calculated already if you are setting up a business, but there can be many hidden risks that you might be unaware of. As business expert advisors are people who know what kind of risks you may face and how to avoid them most conveniently, they will make you understand the unforeseen risks, so you are better prepared when they arrive.

For example, if you are running an online business selling clothes, you might have considered the risk of getting the clothes damaged in storage but you wouldn’t have thought what would you do if your internet connection went down for 4 days straight and you lose contact to all your customers and pending orders.

A business mentor will make you aware of all the hidden risks that may occur.

You can avoid losing a lot of your research time by taking advice from an expert and accelerating the growth of your business. Why take the slow road without anybody’s help when you can speed up your success journey by learning from an expert?

Consult a business expert for your field of business today and enjoy the long-term results.

We at SKB Accounting are Quickbooks Pro Certified accountants with 25+ years of experience. We provide expert services in outsourced Accounting, Bookkeeping, Payroll and Virtual Bookkeeping. It is time for you to join hands with accounting experts and take your business to full potential.

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New features in QuickBooks 2021

Written by- Nivedita Verma for SKB Accounting

QuickBooks has been the accounting partner of many firms since 1983 and it has been evolving ever since to provide the best features to its users. With the rapid advancements in technology, QuickBooks has also adapted itself to more integrated and seamless solutions. The QuickBooks 2021 version is all about saving time and increasing productivity with the help of automation solutions.

Here’s a list of the best new features in QuickBooks 2021 that we want you to know about:

1. Improved bank feeds

With the improved bank feeds feature you won’t have to waste a lot of time every month to enter and categorize bank transactions. This feature will automate the entering of your bank transactions category-wise and with much better efficiency. You can enjoy the enhanced functions of matching and batch-editing your bank transactions with reduced manual interference. All the versions of QuickBooks Desktop 2021 support this feature.

2. Create rule-based customer groups

This feature will change the way you handle interactions with your customers. You can make rule-based customer groups based on factors like location, status, sales rep, balance, and customer type. This feature in QuickBooks Desktop 2021 will help you to manage like customers together so that you can deliver better customer service to them. After creating groups you can automate mails, statements, and payment reminders for different customer groups.

3. Customized payment receipts

This new features in QuickBooks Desktop allows you to customize your payment receipts, invoices, statements, orders, and estimates. You can give a personal touch by adding your logo and colour scheme and font of your choice. This will make your business look more professional and give a consistent polished look to all your customer interactions.

4. Receipt management

Receipt management is a new feature in QuickBooks Desktop 2021 pro and premier plus, and enterprise versions only. With this feature, businesses don’t need to enter expense receipts manually, they can automate creation and categorization of expense transactions. The employees/users can upload expense receipts directly through the mobile app by capturing the receipt or through your computer. Save digital copies of all your receipts at one place with this feature.

5. Automated statements/payment reminders

Now you can easily let your customers know that they have a balance they need to pay you by sending automated payment reminders through personalized statement emails. The statement can be sent with a payment link so that customers can immediately settle their balances through online portals. This feature saves a lot of time for the organization and also manual effort which can be put to a more meaningful task.

6. Data level permissions

This new feature lets the admin restricts access of employees/users till the relevant area only and creates roles as per the tasks of the employees. For example, if an employee has to interact with a certain vendor then he can have access to only that information which is required to do the job and no more. This gives the organization greater control over their data, better security and privacy of information.

7. Advanced inventory improvements

Continuing on the upgrades in 2018, 2019, and 2020, Intuit’s 2021 QuickBook update has made it extremely easy for business owners to manage warehouse inventory through their computer. This feature is available only in the 2021 Enterprise Platinum version. You can give more pricing visibility on your inventory to customers and employees. Other handy features that will streamline your inventory management are barcode label prices, improved data level permissions, alternate vendor reports, and improved landed cost calculations.

8. Automatic matching and reconciliation of merchant payments

This feature gives an improved matching workflow for QuickBooks Desktop by automatically matching all merchant payments to their accounting records faster, with complete accuracy and no effort. Most of the downloaded payment transactions will be assigned automatically to the appropriate open invoice. Moreover, credit card payments are deposited into the merchant’s account the following day without any additional effort. With matching done accurately, employees can give more attention on categorizing high-end complex transactions.

Now that you know about the brand new features of QuickBooks, leverage them to make things more hassle-free for your business.

We at SKB Accounting are certified QuickBooks ProAdvisors with 25+ years of experience and eager to assist your business in using QuickBooks to its full potential. We offer services in accounting, bookkeeping, QuickBooks, Virtual CFO, reporting automation and integrated solutions.

Go try out the new features of QuickBooks with us today!

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