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.