QuickBooks Online Series

QuickBooks Online Series

 

LUTZ BUSINESS INSIGHTS

 

QuickBooks Online

QuickBooks Online Series

Join us for a QuickBooks Online Series throughout August, September & November!

Accounts Receivable Set-Up Tutorial

8.31.21 | 11:30AM – 12:00PM | Webinar

Key Takeaways:

  • General Overview Demo
  • Customer & Job Set-Up
  • Item Set-Up
  • Using Invoice Templates

Accounts Receivable Module Tutorial

9.15.21 | 11:30AM – 12:00PM | Webinar

Key Takeaways:

  • Creating Invoices
  • Receiving Payments & Undeposited Funds
  • Record Deposits for Payments Received
  • Credit Memo Options
  • Memorize Recurring Invoices

Banking Module Tutorial

11.17.21 | 11:30AM – 12:00PM | Webinar

Key Takeaways:

  • General Overview Demo
  • Connect Accounts (Bank & Credit Card)
  • Rules Option
  • Receipt Capture

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Your Chart of Accounts: What You Should Know

Your Chart of Accounts: What You Should Know

 

LUTZ BUSINESS INSIGHTS

 

CHART OF ACCOUNTS

your chart of accounts: what you should know

jimmy buRgess, senior accountant

 

The word “account” in QuickBooks has two meanings. If you’re a small business person and not an accountant, you probably use it when you’re talking about bank accounts like checking and savings.

A Chart of Accounts, though, which is at the core of every accounting system, represents a much broader definition of the word. It refers to different types of accounts. Though these categorizations can vary depending on the software you’re using, QuickBooks uses four major classifications and some minor ones. Its Chart of Accounts contains transactions divided primarily into:

  • Assets. These are items you’ve purchased that will be used in your business and which usually have significant monetary value, like vehicles and other equipment, as well as your inventory.
  • Liabilities. If you owe money to a person or business but haven’t yet paid it, it’s a liability, or debt.
  • Income. This type of account documents money coming in as sales revenue or fees for services.
  • Expenses. These are transactions you’ve entered for items or services needed to run your day-to-day business operations, like advertising, office supplies, and rent.

Some transactions you create in QuickBooks are assigned automatically to an account. An Invoice will go into your Accounts Receivable and you’ll assign it to a Revenue account contained in the Chart of Accounts. Similarly, when you create a bill it will post to Accounts Payable, and you’ll have to assign it to an Expense account, so QuickBooks knows why you spent the money.  For example, your electric bill would be classified as a Utility Expense.

 

What It Looks Like

You can see the Chart of Accounts in QuickBooks by clicking the icon in the upper right corner of the home page or opening the Company menu and clicking Chart of Accounts. It’s a simple list with five columns: Name (of the account), online access status, Type, Balance Total (either positive or negative), and Attach[ments].

Double click on an entry, and a detailed list that looks like a bank register is displayed. Double click on any of the individual entries, and you can see the original transactions.

You can access some of QuickBooks’ other tools from the main Chart of Accounts page. Right-click on an entry, like Checking, and you’ll see links to actions like Write Checks and Reconcile. You’ll also see New, Edit Account, and Delete Account. We strongly recommend that you not make any changes to your Chart of Accounts. If you feel some are warranted, please let us help you.

As we said, your Chart of Accounts works in the background. You’ll see evidence of what it’s done when you run reports and start preparing your financial data for income tax filing. So, it’s critical that you select the correct account when QuickBooks requires it.

If you’re having trouble selecting the right one(s) at any point, we can go over the QuickBooks account structure with you. It’s much easier to assign the right accounts as you’re creating transactions than it is to make changes after the fact. The accuracy of your reports and taxes depends on it. Contact us if you have any questions or to learn more about our client accounting services.

 

View related articles here.

ABOUT THE AUTHOR

402.514.0016

jburgess@lutz.us

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JIMMY BURGESS + SENIOR ACCOUNTANT

Jimmy Burgess is a Senior Accountant at Lutz with over four years of relevant experience. His primary focus is to provide outsourced accounting to clients with a focus on QuickBooks, tax and payroll compliance, small business consulting, as well as software implementation training.

AREAS OF FOCUS
  • Outsourced Accounting Services
  • QuickBooks
  • Tax & Payroll Compliance
  • Small Business Consulting
  • Software Implementation & Training
  • Construction Industry
AFFILIATIONS AND CREDENTIALS
  • Nebraska Society of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BS in Business Administration and Accounting, University of Wyoming, Laramie, WY
COMMUNITY SERVICE
  • Youth Sports Coach, Volunteer
QUICKBOOKS PROADVISOR CERTIFICATIONS

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3 Bookkeeping Techniques for Startups

3 Bookkeeping Techniques for Startups

 

LUTZ BUSINESS INSIGHTS

 

BOOKKEEPING TECHNIQUES FOR STARTUPS

3 bookkeeping techniques for startups

michael perry, client accounting services director

 

It can be exciting to see your vision take shape when you launch a startup, but it also requires a great deal of discipline and decision-making. One of the earliest decisions you should make involves your new company’s bookkeeping. You’ll need to account for every penny spent, especially if you have investors. How will you track all of your income and expenses?

1. MANUAL BOOKKEEPING

Manual bookkeeping is probably the method most familiar to individuals who are going into business for the first time. You’d probably use Microsoft Word for storing contact information and creating invoices. If you have experience with Microsoft Excel, you might be able to set up spreadsheets for necessities like tracking sales and purchases. If not, those tasks could even be relegated to a paper ledger book. You’d be spending a lot of time ordering office supplies, and your calculator would get quite a workout.

2. ACCOUNTING SOFTWARE: QUICKBOOKS

The downsides of doing your bookkeeping in this fashion become quite obvious when you consider another of your options: small business accounting applications. The most popular of these is QuickBooks, available both for the desktop and online. Rather than maintaining your contacts in Word, you can create individual records for each using the software’s fill-in-the-blank templates. It’s much easier to find and edit them. You can also create records for the products and services you provide.

You’ll have access to those records when you need to create transactions like invoices and sales receipts and purchase orders. You simply select the customers, vendors, and items you need from the lists that are available in those forms’ templates. To simplify and accelerate bookkeeping, you can connect QuickBooks to your online financial accounts and download their transactions, so you’ll always know when they’ve cleared and what their balances are. Standard financial reports and others (like aging receivables) can be customized and generated in seconds.

All of this accounting data is built on a critical tool: your chart of accounts. This is a list of all of your company’s accounts classified by types like assets, liabilities, equity, and bank. To be compliant with QuickBooks’ double-entry accounting rules, transactions must be assigned to these accounts.

3. OUTSOURCING

This is another area where accounting applications are far superior to manual methods, and it brings us to our third bookkeeping technique for startups: outsourcing. Setting up your own chart of accounts would require more time and knowledge than you probably have. QuickBooks comes with a sample chart of accounts, but it may need to be edited to meet your company’s needs.

We can help you build this cornerstone of your accounting system and explain how it’s used. We can also look at your current bookkeeping system and help you explore ways to improve your productivity, save time, and have a better understanding of your financial status. If you’d rather, we can take on your more advanced accounting tasks. Contact us, and we’ll get started. 

 

Learn more about our client accounting services or read related articles here.

ABOUT THE AUTHOR

Mike Perry + Lutz Client Accounting Services in Nebraska

402.827.2087

mperry@lutz.us

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MIKE PERRY + CLIENT ACCOUNTING SERVICES DIRECTOR

Mike Perry is a Client Accounting Services Director at Lutz with over 15 years of accounting experience. He focuses on providing business consulting, software implementation and training, accounting procedure assistance and outsourced accounting replacement consulting for closely held companies.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Intuit Certified ProAdvisor, QuickBooks Advanced
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA in Accounting, University of Nebraska, Kearney, NE
COMMUNITY SERVICE
  • Community Bike Project Omaha, Past Treasurer
QUICKBOOKS PROADVISOR CERTIFICATIONS

Certified ProAdvisor - Online  Certified ProAdvisor - Advanced Desktop  Certified ProAdvisor - Enterprise

BILL.COM CERTIFICATIONS

Bill.com Guru Certification   

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3 Accounting Services Your Business Should Outsource

3 Accounting Services Your Business Should Outsource

 

LUTZ BUSINESS INSIGHTS

 

3 ACCOUNTING SERVICES YOUR BUSINESS SHOULD OUTSOURCE

3 accounting services your business should outsource

lauren duren, healthcare & cas manager

 

You’re probably managing your daily financial workflow yourself. You may send invoices and/or create sales receipts, record payments and expenses, and document deposits. If you’re using accounting software, you may occasionally run reports analyzing profits. There’s more to be done – some of which may be unfamiliar and can take time that you don’t have.

Outsourcing some of your accounting work comes with a cost, but you might be surprised at how expensive bookkeeping errors can be. Here are some of the most common tasks that many small businesses leave to the pros.

 

1. Account Reconciliation

Reconciling your accounts regularly is important. For example, reconciling your bank account monthly ensures that you’ve accounted for all transactions and that your ending bank balance is correct. It’s important to reconcile all balance sheet accounts in addition to the bank accounts. 

Just as important, though, is the categorization of those transactions. Appropriately categorizing income and expenses from assets and liabilities can ensure the accuracy of your reports. It may even help reduce your tax obligation or the appropriate timing of your tax obligation.

If you’re still doing your bookkeeping manually, this task is difficult and time-consuming. Accounting software and websites like QuickBooks and QuickBooks Online allow you to import transactions from your financial institutions. Once you’ve done so, you can use their built-in reconciliation and categorization tools. But this is tedious, challenging work. Outsourcing it to a team that does this kind of work daily will save you time and give you confidence that your accounts are always in order.

 

2. Standard Financial Reports

If you’re using an accounting application, it’s easy to run reports that detail your Accounts Receivable Aging and Open Invoices, for example. You can generate these reports instantly with a few clicks and learn who you need to collect payment from, how old invoices have been outstanding, etc. 

You can also summarize other valuable information, which can be vital to understand your company’s financial health and how you can improve it.

Some reports included in accounting applications perform a deep dive into your company’s finances and provide insight that can help you plan for the future and make better business decisions. Some of these include the Balance Sheet, Income Statement, and Statement of Cash Flows. While software can create these, they can be difficult to understand and analyze. Outsourcing them on at least a quarterly basis will give you a far more comprehensive look at the state of your company from a financial standpoint and help you spot both problem areas and successes.

 

3. Payroll

Payroll is one of the most complex elements of accounting. Doing it manually requires an excessive amount of time and the willingness to stay compliant with government regulations. There are numerous commercial applications that automate a lot of the work, but these do-it-yourself tools only work if you’re committed to staying informed about the necessary procedures and guidelines. Noncompliance can result in unhappy employees, benefits providers, and government agencies and can trigger penalties and fines. Outsourcing payroll is advisable.

We can take on all of these critical accounting tasks for you – and more. Our firm is committed to applying our skills and decades of experience to help small businesses with their financial management. Contact us, and we’ll show you how your company could benefit from our broad range of services.

 

Read related articles here.

ABOUT THE AUTHOR

402.827.2062

lduren@lutz.us

LINKEDIN

LAUREN DUREN + HEALTHCARE & CAS MANAGER

Lauren Duren is a Healthcare & CAS Manager at Lutz with over six years of relevant experience. She provides healthcare consulting, as well as outsourced accounting services to clients with a focus on QuickBooks, tax, and payroll compliance.

AREAS OF FOCUS
  • Healthcare Accounting Consulting
  • Outsourced Accounting
  • Tax
  • Payroll Compliance
  • QuickBooks
  • Financial Reporting, Budgeting & Forecasting
  • Provider Compensation Plans
  • Practice Benchmarking
  • Private Physician Practices
  • Nonprofit Industry
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • National Medical Group Management Association, Member
  • Nebraska Medical Group Management Association, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • MBA, University of Nebraska, Omaha, NE
  • BSBA in Accounting, University of Nebraska, Omaha, NE
COMMUNITY SERVICE
  • Lutz Gives Back, Volunteer

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Lutz Announces 2021 Manager, Senior, Associate and Tech Division Promotions

Lutz Announces 2021 Manager, Senior, Associate and Tech Division Promotions

 

LUTZ BUSINESS INSIGHTS

 

Lutz announces 2021 manager, senior, associate and tech division promotions

Lutz, a Nebraska-based business solutions firm, recently announced its manager, senior, associate, and tech division promotions for 2021.

MANAGER

Michael Greteman, CPA, ABV, has been promoted to M&A Manager. His primary responsibilities include assisting with merger and acquisition projects and providing valuation services for estate and gift taxes, litigation support, marital dissolution matters, complex equity structures, and financial/tax reporting. He focuses on analyzing and interpreting company historical and projected financial data and financial modeling. Greteman works in Lutz’s Omaha office.

Lauren Harris, CPA, has been promoted to CAS Manager in Lutz’s Omaha office. She specializes in small business consulting including payroll tax reporting and compliance, software installation, training and support, and outsourced accounting assistance.  In addition, she works with clients to improve their internal processes and procedures.

Tyler Hohenstein, CPA, has been promoted to Tax Manager. He is responsible for providing tax consulting and compliance services for clients in a variety of industries with a focus on individual and business income tax. Hohenstein works in Lutz’s Grand Island office.

Brad Newton, CPA, has been promoted to Operations Manager in the tax department in Lutz’s Omaha office. He is responsible for assisting the tax department head in applying process improvements, implementing new software, gathering and analyzing firm data, as well as training and overseeing tax interns.

Mark Otte, CPA, ABV, has been promoted to M&A Manager. His primary responsibilities include assisting with merger and acquisition projects and providing valuation services for estate and gift taxes, litigation support, marital dissolution matters, purchase price allocations and financial/tax reporting. He focuses on analyzing and interpreting company historical and projected financial data and financial modeling. Otte works in Lutz’s Omaha office.

Robby Renshaw has been promoted to HR Manager in Lutz’s Omaha office. She is responsible for leading the campus recruiting and experienced hiring efforts for our Omaha and Lincoln offices. In addition, she focuses on the Firm’s employee relations and retention initiatives. Robby also assists with performance management and onboarding.

Dani Sherrets, CVA, has been promoted to M&A Manager. She specializes in merger and acquisition advisory services and business valuations. Dani focuses on analyzing and interpreting financial statements, building financial models, performing valuation analyses, developing marketing and transaction materials and conducting due diligence. Sherrets works in Lutz’s Omaha office.

Zach Weis, CPA, has been promoted to Tax Manager. He is responsible for providing tax consulting and compliance services to businesses and individuals with a focus on the real estate and construction industries. Weis works in Lutz’s Omaha office.

SENIOR

Ty Bardsley has been promoted to Senior Accountant in the tax department in Lutz’s Lincoln office. He is responsible for the preparation of individual and business income tax returns for clients with a focus on the real estate and construction industries.

McKenzie Bruce has been promoted to Senior Accountant in the tax department. She provides tax planning and compliance services for clients with a focus on preparing individual and business income tax returns. Bruce works in Lutz’s Omaha office.

Will Frei has been promoted to Senior Accountant in the audit department in Lutz’s Omaha office. He is responsible for providing credibility to clients through financial reporting. In addition, he works to maintain a high level of objectivity and confidentiality in all areas for clients in a variety of industries.

Kaylee Hartman, CPA, has been promoted to Senior Accountant in the tax department in Lutz’s Omaha office. She provides tax consulting and compliance services for clients with a focus on individual and business income tax.

Kelli Hesselgesser has been promoted to Senior Accountant. She specializes in preparing income tax returns for individuals and businesses. In addition, she provides outsourced accounting services and collaborates with clients to prepare accurate financial data. Hesselgesser works in Lutz’s Grand Island office.

Taylor Hoyt has been promoted to Senior Accountant in the tax department in Lutz’s Omaha office. She specializes in providing tax consulting and compliance services to clients in a variety of industries with a focus on individual and business income tax returns.

Nikki Hullinger, CPA, has been promoted to Senior Accountant in the audit department. She is responsible for performing audits, reviews, and compilations for clients with a focus on the housing and manufacturing industries. Hullinger works in Lutz’s Omaha office.

Leslie Masek has been promoted to Senior Accountant in the tax department in Lutz’s Lincoln office. She provides tax consulting and compliance services for clients with a focus on individual and business income tax.

Justin Oehm, CPA, has been promoted to Senior Accountant in the tax department. He is responsible for preparing individual and business federal income tax returns with a focus on the construction and real estate industries. Oehm works in Lutz’s Omaha office.

Elizabeth Prinz, CPA, has been promoted to Senior Accountant in the tax department in Lutz’s Omaha office. She is responsible for the preparation of individual and business income tax returns for clients with a focus on the nonprofit industry. In addition, she assists with busy season intern training.

Austin Sabaliauskas, CPA, has been promoted to Senior Accountant in the tax department. He specializes in providing tax consulting and compliance services for individuals and businesses with a focus on the real estate industry. Sabaliauskas works in Lutz’s Omaha office.

Matt Siedhoff, CPA, has been promoted to Senior Accountant in the client accounting services department in Lutz’s Omaha office. He specializes in providing outsourced accounting services. In addition, Matt focuses on QuickBooks support, tax and payroll compliance, and accounting assistance including compilations.

Brooke Sorensen has been promoted to Digital Marketing Specialist. She is responsible for executing Lutz’s digital marketing initiatives, including writing and editing content, planning social media posts, coordinating external email communications, and managing the Firm’s SEO strategies and implementation. Sorensen works in Lutz’s Omaha office.

Mike Tichenor, CPA, has been promoted to Senior Accountant in the audit department in Lutz’s Omaha office. He is responsible for providing credibility, objectivity, and confidentiality to clients through efficient and effective financial reporting. Tichenor focuses on the construction and agriculture industries.

ASSOCIATE & TECH

Holly Anderson has been promoted to Marketing Coordinator. She assists with the coordination and implementation of Lutz’s strategic sales and marketing plans for all divisions and locations. Holly focuses on advertising, branding and proposal execution. Anderson works in Lutz’s Omaha office.

Matt Hendrock has been promoted to Project Engineer in Lutz’s Omaha office. He is responsible for deploying new technology solutions to enhance or replace outdated technology infrastructures. In addition, he provides server maintenance and hardware replacements for Lutz Tech clients.

Dan Mendoza has been promoted to Senior Project Engineer. He is responsible for implementing new technology and hardware solutions for Lutz Tech clients. In addition, he assists the service desk with network troubleshooting. Mendoza works in Lutz’s Omaha office.

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Lutz adds Joshua Ahart and Marissa Lee to Omaha Office

Lutz adds Joshua Ahart and Marissa Lee to Omaha Office

 

LUTZ BUSINESS INSIGHTS

 

Joshua Ahart
Marissa Lee

Lutz adds joshua ahart and marissa lee to omaha office

Lutz, a Nebraska-based business solutions firm, welcomes Joshua Ahart and Marissa Lee to its Omaha office.

Ahart joins Lutz Tech as a Project Technician. He is responsible for supporting and coordinating the activities of client’s contractors/vendors to ensure the successful completion of each project. In addition, he will work with customers to troubleshoot and resolve technical issues and develop solutions to improve product performance and functionality. Josh received his Associate’s degree in computer science from Iowa Western Community College.

Marissa joins Lutz as a Senior Accountant in the tax and client accounting services department. She specializes in providing outsourced accounting services to clients with a focus on QuickBooks, tax and payroll compliance, and small business consulting. Graduating from the University of California-Davis, Lee received her Bachelor’s degree in economics and statistics.

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Toll-Free: 866.577.0780Privacy Policy | All Content © Lutz & Company, PC 2021