One of the main reasons for using QuickBooks is to measure and manage your business.
Often people spend money and time entering their business transactions and that is where it ends. Oh the Bookkeeper does the BAS so everything is OK.
If you setup your Chart Of Accounts with an intentional aim you will get information that will help you to make business decisions. Is this hard? I am often asked and the answer really is no, just a little time and consultation with a consultant.
So what could I know?
1 If you are really making money
2 What your bank balance could be in 1 month. 2 months
3 Who owes you what and for how long
4 Who your best customer really is
5 What item sells best or worse
and many more.
So start to treat QuickBooks as a management system not just an accounting package.
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