Lutz Announces Partnership with Bryan Health Connect

Lutz Announces Partnership with Bryan Health Connect

 

LUTZ BUSINESS INSIGHTS

 

Lutz announces partnership with bryan health connect

Lutz, a Nebraska-based business solutions firm, is excited to announce their preferred business partnership with Bryan Health Connect. Through this alliance, Lutz’s specialized accounting and healthcare consulting groups will offer an array of services to Nebraska hospitals and healthcare providers including outsourced accounting, chargemaster reviews, coding and billing, internal control assessments, and more.

“Lutz is proud to be a preferred partner of Bryan Health Connect. Our team is committed to providing high-quality, reliable healthcare accounting and consulting solutions. Together, we promise to “mind what matters” by simplifying complexities and sparking the right solutions to help you thrive.” said Lutz Consulting Shareholder, Susie Krause.

Bryan Health Connect is Bryan Health Connect is a physician-led, physician-hospital organization (PHO), who supports its members with services to improve practice efficiency, enhance quality of care and build practice and hospital/facility services. They work closely with physician practices, facilities and hospitals to help maintain independence in a changing health care environment. Bryan Health Connect offers a broad, clinically and financially integrated, high-quality, cost-effective network of providers.

Kim Larson, Member Services Coordinator at Bryan Health Connect said, “Our partnership with Lutz will allow us to continue to work closely with our members, helping them maintain independence in an ever-changing health care environment, and supporting them with services that add value to their membership by expanding our offerings of specialized healthcare services and education. We look forward to working with their team, whose expert knowledge and support will benefit our members.”

For more information on Lutz’s services, visit https://www.lutz.us/bryan-health-connect/. For more information on Bryan Health Connect, visit bryanhealth.com/bryan-health-connect/.

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5 Ways Automated Accounting Software Can Save Your Business Money

5 Ways Automated Accounting Software Can Save Your Business Money

 

LUTZ BUSINESS INSIGHTS

 

5 Ways Automated Accounting Software Can Save Your Business Money

5 ways automated accounting software can save your business money

lauren harris, senior accountant

 

If you’re like many small businesses, you’ve probably gotten creative in response to the economic hardship caused by the COVID-19 pandemic. You may be finding ways to reduce your expenses out of absolute necessity – not simply because it increases your profits.

Accounting software can help you save money in ways you might not have considered. By switching from a paper to an automated system, your business can:

1. Reduce errors

When you use software like QuickBooks, your accounting accuracy improves dramatically. Because all of your records and transactions are organized and easy to access, you’re far less likely to make mistakes that can lead to supplier late fees, tax penalties, and even lost customers.

2. Budget wisely

You know you should have a budget, but it can be hard to predict your income and expenses – especially these days. QuickBooks comes with specialized tools that can help you finally complete this challenging task. You could even start with your current income and expenses and build a budget based on this real-life data. When you’re deciding where to spend your money, you’re less likely to make a purchase that will force you to cut back elsewhere. A budget guides you in making important spending decisions.

3. Track your inventory

You’re probably familiar with the problems that poorly managed stock can cause. If you’ve ordered too much of an item that isn’t selling, you have too much money tied up in unsold inventory. On the other hand, if you’re not reordering in time to fulfill all of your orders, you lose sales. When you automate your inventory management, you can tell at a glance where you stand with your stock.

4. Simplify your payroll

When you lose time, you lose money, and there’s no other accounting task that can eat up more hours than payroll. When you automate this process, you enter information about your employee and contractor compensation, payroll tax requirements, and benefits – once. All you have to do in preparation for each payday is enter the hours worked and make any necessary adjustments for items such as miscellaneous deductions and reimbursements. Payroll software handles all of the complex calculations for payroll taxes and retirement plan benefits. It can even submit your payroll tax deposits and tax filings on time, automatically.

5. Run pre-built reports

How long would it take you to create an accounts receivable aging report or a profit and loss statement based on your paper records? This is difficult and time-consuming to accomplish, even in Excel or Google Sheets. QuickBooks comes with dozens of pre-designed templates for real-time reports that provide detailed breakdowns of your revenue and spending. You just open a report, change the dates, and add any other desired filters, and the report appears.

No business wants to spend more than it has to on its operational costs, and accounting is clearly an area where you can save money by automating. If you don’t know where to start, contact us. We can get you set up with accounting software and provide training and ongoing support.

ABOUT THE AUTHOR

402.514.0012

lharris@lutz.us

LINKEDIN

LAUREN HARRIS + SENIOR ACCOUNTANT

Lauren Harris is a Senior Accountant in the Client Accounting Services department at Lutz with over two years of related experience. She provides payroll tax reporting and compliance, as well as outsourced accounting assistance to small businesses through QuickBooks support and training.

AREAS OF FOCUS
  • QuickBooks Training & Support
  • Outsourced Accounting
  • Payroll Tax Reporting and Compliance
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA in Finance and Accounting, University of Nebraska, Omaha, NE
COMMUNITY SERVICE
  • Midwest YouCan Foundation, Treasurer

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OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

5 Tips for Creating Effective Estimates

5 Tips for Creating Effective Estimates

 

LUTZ BUSINESS INSIGHTS

 

5 Tips for Creating Effective Estimates

5 tips for creating effective estimates

jimmy burgess, senior accountant

 

Estimates aren’t just for car repair shops or HVAC technicians. You may want to present them to customers if your company does projects that: 

  • Don’t have firm price tags 
  • Consist of multiple parts, like hourly work and materials 
  • Are likely to be expensive 

You can create estimates in Microsoft Word or in accounting software like QuickBooks. The latter is preferable for many reasons. For one thing, you already have customer, product, and service information stored there. You can also convert estimates to invoices in one click. Whichever method you choose, you’ll be more likely to have your estimate approved if you adhere to a few guidelines. 

Create a checklist for yourself ahead of time.

Don’t just fill out an estimate form. Go over each step of the project in writing first. You undoubtedly have price lists for hourly work and supplies, but there may be additional charges. If multiple people will be contributing, you’ll need to build a timeline so you can promise a realistic delivery date. 

Be precise. 

“Precise estimate” may sound like an oxymoron. After all, you’re not absolutely certain what the final total will be. But spell out every element of the project with hour/cost totals. Be sure you include things like setupcorrections, and color/part changes 

Build-in early notifications of cost overruns. 

Track costs carefully as you go. If you get partway through the project and realize that expenses are growing beyond the estimate, notify the customer before proceeding. You could specify a percentage (i.e., early warning if costs exceed a 5 percent increase).  

This guarantee should be spelled out in your estimateIt will ease some of the apprehension your customer might have about approving the expenditure. 

Make your estimate visually appealing. 

Handwritten thank-you notes can be appropriate in some business situations, but not handwritten estimates. Paper and electronic forms you send to customers should be polished and professional-looking 

QuickBooks allows you to customize your estimates. You can insert your company’s logo, add or remove fields (even inserting a Due Date field)and modify the design (fonts, colors, etc.).  

Build-in a follow-up date.

The process of having an estimate accepted may require multiple interactions with the customer. Don’t just send it and hope for the best. You might personalize the actual form with a handwritten note if you’re snail-mailing it or an additional email if you send it electronically. Tell the recipient to expect a call or visiby a specific date to discuss your proposal. You could consider adding a modest discount if an estimate is accepted by a certain date. 

These suggestions may seem like overkill if you’re simply proposing to build a website or do a minor car repair. But the more complex the project, the more effort you should put into your estimate. 

Our accounting specialists can help you with sales forms and anything else you’re struggling with in QuickBooks.  Contact us to set up a consultation. 

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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OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Starting a Business in 2020? Your Accounting Options

Starting a Business in 2020? Your Accounting Options

 

LUTZ BUSINESS INSIGHTS

 

Starting a Business in 2020? Your Accounting Options

starting a business in 2020? your accounting options

Mike Perry, client accounting services director

 

Before your new business even makes its first sale, you need to know how you’re going to meet your accounting needs. You should select a system that will suit you in the early days of your venture and will also allow you to handle growth. 

You have a few options. Some small businesses take the most familiar pathmanual bookkeepingYou can do much of what’s required using Microsoft Office applications, primarily Word (for invoices, receiptspromotional materials, etc.)Excel (for reports and customer lists), and Outlook (for email and scheduling). 

There’s a big problem associated with that method: It doesn’t provide tools for recording and automatically tracking sales and expenses. You might be able to cobble together such a system in Excel, but you would probably find that task even more difficult than designing a report.  

Further, finding specific data, like a payment or a billcan take a long timeSo can matching a payment with an order or reconciling accounts. As your business grows, you’re likely to find that you’re spending so much time on your accounting chores that you’re not planning and managing and creating 

Software Can Help 

These drawbacks have prompted many small businesses to invest in accounting software. QuickBooks is the most popularit was designed to be used by small business people who have little or no experience with financial bookkeeping. Using QuickBooks, you can connect to your online accounts (checking, credit cards, etc.) and import transactions so yodon’t have to wait for a statement. 

The software allows you to create and email sales and purchase forms, record and manage incoming payments and outgoing bills, and generate dozens of reports by simply choosing one of the templates provided and letting QuickBooks fill it with your own company’s data. All of your customer and vendor data is stored neatly in records, and you can find the smallest detail anywhere in the system in seconds by using the software’s search tools. 

There are other advantages over manual bookkeeping. You save timeAll of your financial data is in one place. You’re more likely to stay current with your accounts receivable and payable. And, your accounting records can be easily backed up off-site. 

Getting Expert Assistance 

As transformative as QuickBooks can be, some small businesses still struggle with its operations and the time it takes to maintain their financial books. Even those that don’t face a bigger problem: understanding what this neatly-organized data means for their future. How can they make better decisions based on an analysis of it? 

We can help in both areas. Our accounting specialists can help you get started with QuickBooks and use it more efficiently. We can even take over the accounting tasks that vex you and eat up the time you need for more pressing managerial responsibilities. Our team stands ready to meet with you and determine where it can fit in to lighten your load and provide expert insight on your financesContact us, and we’ll schedule a consultation. 

ABOUT THE AUTHOR

Mike Perry + Lutz Client Accounting Services in Nebraska

402.827.2087

mperry@lutz.us

LINKEDIN

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   

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Families First Coronavirus Response Act

Families First Coronavirus Response Act

 

LUTZ BUSINESS INSIGHTS

 

FAMILES FIRST CORONAVIRUS RESPONSE ACT

Due to the coronavirus (COVID-19) outbreak, on March 18th, 2020, President Trump passed the Families First Coronavirus Response Act, H.R. 6201 (Act). This Act:

  • Provides paid sick leave and free COVID-19 testing.
  • Expands food assistance and unemployment benefits.
  • Requires employers to provide additional protections for healthcare workers.

In addition, the Act mandates that all Government entities and employers with less than 500 workers:

  • Provide 80 hours of paid sick leave to all covered employees.
  • Provide up to 10 weeks of paid family leave for employees (who have worked for the company for at least one month) affected by COVID-19.

Concerning taxes, this act also included a series of tax credits to employers and self-employed individuals to help cover lost income due to the COVID-19 outbreak. For more information, please visit https://www.irs.gov/coronavirus.

NEBRASKA UNEMPLOYMENT UPDATES

Governor Ricketts issued an executive order for an emergency unemployment insurance benefit relief related to the coronavirus (COVID-19).  

High level overview: 

  • Changes will start March 22nd.
  • The state of Nebraska will suspend the one-week waiting period required to receive unemployment benefits.
  • The state of Nebraska will waive the requirement that the claimant is actively looking for work.
  • The state of Nebraska will not “charge” the employer’s unemployment account for the unemployment benefits paid.

ADDITIONAL RESOURCES:

Employers can monitor https://www.dol.nebraska.gov/PressRelease to determine if updates or written guidance has been added. Please contact us if you have any questions.

 

RECENT POSTS

Financial Statements 101

Financial Statements 101

Whether you are looking to purchase a business, sell a business, or ensure your current business maintains its financial health, financial statements are key to making the right…

read more

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

QuickBooks Isn’t One-Size-Fits-All: Making It Yours

QuickBooks Isn’t One-Size-Fits-All: Making It Yours

 

LUTZ BUSINESS INSIGHTS

 

quickbooks isn’t one-size-fits-all: making it yours

emily moore, senior accountant

 

QuickBooks was designed to appeal to millions of small businesses – different as they are. To make that possible, the software was also designed to be as customizable as possible, while still following the rules of standard accounting practices.

If you have left QuickBooks as it was when you purchased it, you may have found it wanting in some areas. Or, you might be bothered by features and options you don’t need. Here’s a brief overview of how to solve some of those problems.

Customize the Icon Bar. Set up QuickBooks’ Icon Bar to make it appear where you want it and contain the tools you access most often. Open the View menu to move it from the left to the top (or hide it completely). Click Customize Icon Bar in the same menu to add, edit, delete, or reorder navigational icons.

Modify your Preferences. This one will take a while. Open the Edit menu and select Preferences. Click on the titles in the left vertical list to see what your options are in each area. If you are the software’s administrator, you can work in the Company Preferences tab to, for example, turn on or off features like class tracking, inventory and purchase orders, and time-tracking. Click on My Preferences to see what your individual options are.

Explore the Lists menu. In this menu, you can see the different types of lists that you will be maintaining. They aren’t all mandatory. You will be building some of them as you go (like the Item List, which will grow as you create records for your products and services).  You may discover some features that are unfamiliar to you, like the Price Level List and the Fixed Asset Item List. Let us know if you want to work with some of these but aren’t sure how.

Tailor QuickBooks’ forms to better fit your company. Depending on what version of QuickBooks you are using, you have probably seen icons in the different toolbars and menus that represent actions like Manage Templates, Customize Design, and Customize Data Layout. These all refer to your ability to change the look and content of customer and vendor forms like invoices, sales receipts, and purchase orders. For example, you can remove or rename fields, add logos, as well as select different background, fonts, and colors, etc.

Check your version of QuickBooks. The most current editions have the year 2020 in the title. Are you a few versions back? Upgrading may be the solution to software problems you are encountering. Or, you may be using Pro when you really need Premier – or even Enterprise.

We can help you get the most out of QuickBooks by assisting with a number of tasks, including:

  • Installation and setup.
  • Customization.
  • Everyday workflow.
  • General financial management.

Contact us to set up a consultation, and we’ll work with you on any element of QuickBooks—or accounting in general—that’s giving you trouble.

ABOUT THE AUTHOR

402.769.7040

emoore@lutz.us

EMILY MOORE + SENIOR ACCOUNTANT

Emily Moore is a Senior Accountant in the Client Accounting Services department at Lutz. She specializes in providing outsourced accounting services to clients with a focus on QuickBooks, tax and payroll compliance, small business consulting, as well as software implementation and training.

AREAS OF FOCUS
  • Client Accounting Services
  • QuickBooks
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • MAcc, University of Nebraska, Omaha, NE
THOUGHT LEADERSHIP
  • QuickBooks Isn't One-Size-Fits-All: Making It Yours

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850