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Caesar's Brook Babblings

QuickBooks News You Can Use


May 2012 - Vol 5, Issue 5

In This Issue
Cutting Expenses Boosts Profitability
Introducing RunPayroll
More QuickBooks Shortcuts
Caesar's Brook
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Greetings! 

Welcome to the May issue of Caesar's Brook Babblings!

 

Our feature article this month provides some tips on using QuickBooks to manage your money more effectively.  We also have a QuickTip with some lesser known QuickBooks keyboard shortcuts and an introduction to a new payroll service that Caesar's Brook Business Solutions is now providing in conjunction with SurePayroll.

 

I am also very excited to announce that our new and completely redesigned website is now live, blog and all!  Many thanks to Sebrinna Jameson of Marketing in Motion for all her hard work.  Please come and visit us at www.caesarsbrook.com!

 

Caesar's Brook  

 

And finally, a special thank you this Memorial Day to any of you who have risked your lives to protect us and our freedoms.  
 
FeatureFeature Article
 

Cutting Expenses is Key to Profitability, But How? Some TipsBelt tightening

 

It may seem like a no-brainer -- cut expenses to make more money -- but many small changes can result in significant savings.

 

It looks like the economy may finally be looking up. Still, this is no time to loosen the purse strings in terms of your business expenses. Rather, why not re-double your efforts to cut costs and boost your profitability?

 

Excessive expenses cause debt, which in itself can be very costly. So any money-saving actions you take will be doubly rewarding.

 

More Effective Money Management

 

To cut expenses significantly, poke into every corner of your company's finances. Inventory is a good place to start. If you sell multiple units of the same item and reorder regularly, you should be using QuickBooks' inventory-tracking tools. Go to Edit | Preferences | Items & Inventory | Company Preferences. 

  

 Figure 1Figure 1; Make sure that these settings are correct. If you need advanced features like FIFO costing, serial number and lot-tracking or inventory management at multiple locations, contact us about upgrading to Enterprise Solutions.

 

 

You should be stocking your inventory to match the pace of sales. You don't want to be caught short, nor do you want to be sitting on too much and tying up money unnecessarily. QuickBooks can help, but you'll need to calculate the sweet spot for each item. Several built-in reports can help, including:

  • Inventory Valuation Summary. Displays the current asset and retail value of each item and inventory as a whole
  • Inventory Valuation Detail. Shows how individual transactions have affected the value of your inventory
  • Inventory Stock Status By Item. Helps you set up smart reordering procedures
  • Open Purchase Orders. Outlines each purchase order and its expected delivery date

Figure 2Figure 2: To maintain profitable inventory levels and minimize expenses, you'll need to study QuickBooks' related reports regularly. When you're making buying decisions, consider factors like reorder turnaround time and seasonal sales upticks. 

 

Using Available Tools

 

The efforts you make toward reducing expenses in other ways can result in more savings than you might think. Here are some actions you can take that will accelerate your cash flow:

 

Use QuickBooks' budgeting tools. This doesn't need to be as onerous as you might expect - you can start by pulling in your real data from the previous year as a base. Click on Company | Planning & Budgeting | Set Up Budgets.

 

Figure 3

Figure 3: Selecting this option simplifies your task.

 

 

Get discounts by paying invoices early. Set up a custom field in vendor records to track this.

 

Figure 4

Figure 4: Get to know which vendors offer early discounts - and take advantage of them.

 

Analyze the cost-effectiveness of your transportation. Can you replace some in-person sales calls with web-based communication? Make sure that your delivery routes and sales call paths are efficient.

 

Change product/service prices to build in your own cost increases. Do it across the board, in small increments. It may not even be that noticeable to customers.

 

Consider establishing a line of credit. This can be a viable option for emergencies. It's cheaper than using credit cards.

 

Cross-train employees. Have employees train each other on their tasks where it makes sense. You can avoid costly temp help and relieve overworked departments.

 

Don't try to change everything at once. Establishing new procedures will require some extra work. And you may not notice a reduction in expenses immediately. But over time, you will see a positive change - one that will give you extra dollars and hours to invest in making your company flourish.

 

Introducing Caesar's Brook RunPayroll

 

For years our bookkeeping clients have been asking if we provide payroll services and our answer has always been a resounding NO!  Why not?  Because we simply have not had the staff necessary to do payroll right.SurePayroll A Paychex Company

So what's new?  We've partnered with SurePayroll (a wholly owned subsidiary of Paychex) to offer a low cost, web-based payroll solution.  For one flat monthly fee: 

You can:

  • Enter your payroll data from anywhere, anytime
  • Run unlimited payrolls
  • Pay employees by check or direct deposit
  • Track employee benefits
  • Reach a U.S. based payroll expert on the Customer Care team six days a week by phone, email, chat or via secure web forms
  • Download your payroll information into QuickBooks

Caesar's Brook RunPayroll Service will:

  • Calculate wages and deductions
  • Deduct, file and pay all federal, state and local taxes
  • Send automatic email reminders so you don't miss important dates
  • Provide comprehensive online reports that you can access any time
  • Provide your employees with secure online access to their individual pay stubs and payroll history
  • Keep you up-to-date with HR Advisor Poster Compliance

It's simple and cost-effective.  If you are not happy with your current payroll provider, contact us for a quote.

  
QuickTip: More QuickBooks Keyboard Shortcuts

  

QuickBooks Keyboard Shortcuts

We all love shortcuts!  Here are a few lesser known QuickBooks shortcuts that 
I've found handy: 
  • CTRL + J - Open the Customer Center
  • CTRL + A - Open the Chart of Accounts
  • CTRL + R - Open the transaction register
  • CTRL + G - Go to the other account register (For example, see the other half of a transfer between accounts)
  • CTRL + H - Get transaction history 
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I hope you found these babblings useful.  Your feedback is important to me.  Please drop me a line and let me know what you think.

Sincerely,

Susan Dugdale
Caesar's Brook Business Solutions, LLC
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Caesar's Brook Business Solutions LLC | PO Box 1102 | Amherst | NH | 03031