If your retail point of sale system tracks all the details of your transactions, you don't need to replicate it all in your books. Daily summaries can save lots of time entering data.
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Duplicating POS Data
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Keywords in Marketing
Use identifying keywords in your ad campaigns and tag your advertising expenses with those identifiers. You'll be able to report on your conversions within QuickBooks Online.
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To Factor, or not to Factor?
Use factoring to get out of a jam but don't make it your primary method of revenue collection. The fees are way too high.
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Saving for a Rainy Day
If your business has an off-season, consider depositing funds into a separate operations account during your busy season to have a solid budget for your lean months.
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Customize Reporting Data
Make your books tell you everything you need to know. Get creative with transaction tags in QuickBooks Online and set up customized reports.
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Business Rent as Income
Sub-chapter S Corporations
Shareholder Loan Interest
Is your business paying you back for shareholder or member loans? Write up loan terms with market interest.
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Workflow Automation
Automate mundane accounting workflows but put measures in place that require periodic review. Don't just set it and forget it.
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