Accounting information system sounds complicated and complex!
However, "For many family businesses, the genesis of their 'accounting system' was a shoe-box filled with receipts and notes to the bookkeeper scribbled on napkins and an assortment of note pads - and those are the ones that are well organized!" according to top family business expert Don Schwerzler "At start up and in the early years for many family businesses, the accounting information system is seen as an expensive and time-consuming exercise – part of the process in dealing with the most invasive and feared of all government agencies, the IRS!"
Schwerzler has been studying and advising family business entrepreneurs for more than 40 years and he is the founder of the Family Business Institute While some family business entrepreneurs see the accounting information system as an important business building tool - that perception, unfortunately, is often the exception to the rule.
However, the fact is that the accounting information system IS an important building tool for every family business – and having that tool in your family business toolkit makes good sense (cents)!
The accounting information system we recommend to our clients is QuickBooks. It is affordable and easy to use. By understanding how best to use QuickBooks, you can grow your family business in size and profitability while reducing your accounting and tax preparation costs.
More importantly, QuickBooks offers instant information that will help improve the decision-making process in your family business.
Our Family Business QuickBooks Expert is DIANA CRAWFORD. She is the managing partner in an Atlanta-based CPA firm that specializes in dealing with accounting information systems for family businesses.
Here are a few examples from Diana illustrating how QuickBooks can help a family business owner do a better job of managing his/her business.
QuickBooks makes the often much dreaded task of reconciling the bank and credit cards statements so very easy.
Transactions can be downloaded from most banks and credit card companies, and then the reconciliation process is just matching and clicking. So often, business owners lump all of their credit card purchases into one account and miss out on knowing true costs for better management.
One of the features of QuickBooks that many family business owners are not aware – you can use QuickBooks to process your credit card sales!
QuickBooks has integrated Merchant Services where credit cards can be processed from within the QuickBooks file. This makes tracking sales and payments seamless and effortless.
Since the credit card deposits show up in the bank account as well, the reconciliation process is just that much easier as well. QuickBooks’ credit card processing rates are competitive as well.
QuickBooks is also very easy to use. A background in accounting is not needed to work your way through QuickBooks, and if you do make a mistake, take comfort in knowing those can easily be fixed.
To learn more about the QuickBooks accounting information system
You will find that QuickBook has a great deal of flexibility including iterations that are industy specific:
Manufacturers & Wholesalers
Designed for Manufacturers, wholesalers, and distributors:
Complete inventory management—track inventory from raw materials to finished goods
Buy and sell items in different units of measure and in multiple currencies
Track customer orders so you know shipping status
Designed for consultants, attorneys, engineers:
Save time and eliminate double entry with easy time-tracking tools
See unbilled time and expenses on one screen and transfer to an invoice with one click
Easily track and set billing rates by employee, client, or service
Designed for builders, remodelers, and electricians:
Track costs and see which jobs are profitable, which are above cost, and which are near completion
Easily create estimates and track change orders
Save time with reports tailored for contractors
Solutions for brick and mortar stores, online retailers, and retail service businesses:
Point-of-sale hardware and software
Automatically track materials and assemblies
Credit card processing, gift cards, and other retail services
Designed for religious organizations charities, and more:
Keep your board informed with the Statement of Financial Income & Expense
Demonstrate financial accountability with reports tailored for nonprofits
Track contributions and create professional thank you letters in just a few clicks
Have you heard the exciting news?
Intuit acquired PayCycle! On Sept 14, 2009 QuickBooks will re-brand and use the PayCycle platform as their Intuit Online Payroll product.
It is easy to find out what QuickBooks can help you do a better job of running your business
GET HELP! If you have a question about the accounting information system for your family business, use our Ask The Expert form to post your question to our Family Business QuickBooks Expert, Diana Crawford.
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