New database for New Year?

It's Oct, and time to think about if you're going to want a new database for the new year?

There are many advantages to a new database for the new year, including:

• Faster data retrieval. A huge database can become unbearably slow. One client has a database hit the wall in August. Trust me, you don't want to start a new database midyear if you run payroll or pay taxes by the calendar year.
• The ability to start fresh. A new database gives you the opportunity to clean up your chart of accounts, customer, vendor, and other lists, and especially payroll problems. Only lists transfer; no transactions
• Modify that last one. You can purchase software that I know how to use to transfer transactions. You'll have to keep your lists the same prior to moving data. Once data is moved, you can delete any list item that's not included in one of the transactions. 
• The security of having only a single year in a single database; electronic information can become corrupted over time.
• The convenience of giving your CPA last year's database while continuing to run your day-to-day business without interruption.
• The year, the IRS purchased QuickBooks. If you get audited, having a single year in a single database enables you to provide the IRS with just the information they demand, and nothing more.

While there are many advantages to creating a new database for the new year, there are a few disadvantages.

• You'll need to hire help to setup a new database. 
• You'll either have to buy software to move over data, or some data needs to be entered twice,, such as uncleared checks and unpaid invoices.
• If you're using Enterprise edition will you be able to print out reports cross databases for comparison. Otherwise, you'll have to do that with print-outs, Excel, and Intuit Statement Writer. 

Ultimately, the decision to create a new database for the new year depends on what's best for your business?

Typically we can get you ready for the new database in less than 4 hours, which leaves time to discuss year-end closing or any other business concerns.

You'll want to do this in Dec., so you'll be ready to enter Jan transactions on day one of Jan.

QuickBooks for the Mac

QuickBooks for the Mac is excellent. If someone cannot produce financial reports for your business, "they" are the problem, not the software.  

There are some features in QuickBooks for the PC not available on the Mac version. Intuit is catching up fast on Mac features, so it's worthwhile to keep updating your Mac software. (Not true on the PC). 

Features not in QuickBooks for Mac that are in QuickBooks for Windows:

• Business planning, expert analysis, and business optimization tools.
• Price levels.
• Integration with third-party applications, including Microsoft Word and ACT! - works with Entourage and a few other apps for certain functionality (like sending emails)
• Merchant account services.
• Multiple estimates per job (QuickBooks for Mac supports a single estimate per job).
• Sales order and back order tracking.
• Assembly items will be converted into non-inventory part items.
• Budgets created without an associated account.
• Transaction type “transfer” (will convert as journal entry).
• Transaction type “EFP payroll” (will convert as payroll liability check).
• Workers Comp Items.
• Fixed Asset Items.
• Multiple “ship to” addresses, preferred send method and payment information for Customers:Jobs.
• Custom Fields in lists (Customers, Vendors, Employees).
• Accountant's Copy.
• Bill Payment Stubs.
• Undo Last Reconciliation.
• Multicurrency
•  

Reports not in QuickBooks for Mac that are in QuickBooks for Windows:

The following preset reports are currently not supported by QuickBooks 2009 for Mac. You can, however, create many of these reports using the customization and filtering in QuickBooks for Mac.

• Profit & Loss Unclassified.
• Job Progress Invoices vs. Estimates.
• Open Purchase Orders By Job
• Sales Tax Revenue Summary.
• Pending Builds.
• Income Tax Preparation.
• Profit & Loss Budget Performance.

The Shoemaker's Daughter has no Shoes?

My accounting is perfectly up to date all the time. Accounting is required in business and if done well, becomes a profit center. What a simple way to make more profit!

It's New Year's, and time to roll over your paperwork!

File by year. Put transactional receipts for the past year into archive boxes. Keep the boxes out so you can file remainder paperwork as it comes in, and have access to receipts for product returns.

Have only current year files in the filing cabinet by your desk. After you clear out last year's paperwork, you'll have a place to file the current year's paperwork that is crossing your desk now. This is a huge time-saver. And if you're successful enough in business to last many years, having yearly archives will be a huge time and space-saver as well.

Fixed Assets, such as your vehicle, plus licenses, warranties, credit card legalese, debit card pin numbers, and other paperwork that is current for the business stays in the filing cabinet.

This is a good time to add printed labels. Besides creating a more attractive filing system, printed labels are easier to read, so less paper is misfiled. Toss excess paperwork. Filing is faster if the folders have wiggle room. My filing cabinet is a beauty to behold and it only takes this once a year update to keep it that way.

The last thing I did as I was archiving last years paperwork was to note my income vouchers and say a blessing prayer for all the clients/readers who who gave me money last year. I am unabashedly practicing gratitude as a spiritual practice. May you prosper in future years!