Accounting Software For Accounting Firms or CPAs

In the last 3 years of implementing accounting software for small businesses, I have always been amazed when  I met my clients’ auditors using a manual system to manage their audit practices; though, there is an audit software in town but how do they run the adjustments, and correct errors required to clean up accounting transactions that were entered wrongly? Well, that’s actually the focus of this post: how auditors and accounting firms can take advantage of the features of QuickBooks Premier Accountants Edition to manage their operations, save time and become more productivity.

With QuickBooks software designed for accounting firms (CPA’s), you can save time on complex transaction checks while giving advice on what matters and are useful for your client’s growth.

Basic Features of QuickBooks Accountants Edition:

  • Access your client’s book on the ‘Client Dashboard’
  • Manage clients’ book with Accountant Toolbox
  • Manage employees access with permissions
  • and lots more

Find more functionalities of QuickBooks software for accounting firms and CPAs.

There are two platforms available; the one in the cloud for onsite access or desktop for in-premise. While the former is suitable for accounting firms that work directly at client’s site with multiple users the former is recommended for accountants that collect data and work from home or private office.

For more inquiries on how we can set your accounting firm on QuickBooks and give you seamless access to flexibilities, you need to manage your clients’ financial data, connect with us at info@accountingsoftware.com.ng

Best Accounting Software for Bakery Business – Retail or Wholesale Software

One big mistake accounting software consultant makes when setting up a system for bakery businesses is to classify them as just a retail business; hence, leaving a whole room for production and accurate inventory management.

This is what I mean; When you buy raw materials like Flour in bags (measured in Kgs), you need to track this item from scratch, including all the materials consumed during productions and resources left for further production. Also, the actual production quantity should be accounted for in the stock report.

In this guide, I will be introducing you to QuickBooks Premier and Enterprise Solutions; the best software and management system for a wholesale or retail bakery business.

While the latter is recommended for bakery businesses with multiple stores or locations, the former is suitable for outfits with single location

Purchases &  Costing; In QuickBooks, you can add all the raw materials used for baking pieces of bread, cakes, and other snacks. This can be entered in Kg, bags or whatever unit you’ve been used so that you can easily track the quantity left after production processes.

Productions Setup; There is a room for you to enter a unit of material (and cost per unit) required to produce certain products; by that, you connect all the production of a final product to the raw materials so that as the unit produce increases, raw materials in store decrease proportionately.

Stock Recording: There are inventory reports and valuation analysis showing all the raw materials available in store, quantity available for sale and expected sales price for a specified period.

Bakery Sales & Expenses; For every sale made, QuickBooks has a receipt and invoice window designed to track all the daily, weekly, monthly or periodic sales of cakes, bread, and other snacks. All the cost of goods produced and sold is also monitored against the income earned; this will help you view your profit or loss position real time.

VAT on Sales: By law, every business is mandated to charge a sales tax on every product sold which vary from country to country. As at when this post was published, the tax rate in Nigeria was 5%, though, it’s still at that same rate but rumors reaching us reveals that the government may likely review VAT rate.QuickBooks has a VAT/Sales Tax feature that tracks all charges on sales and generates a payable reporting showing the balance remittable to tax authority.

QuickBooks has a VAT/Sales Tax feature that tracks all charges on sales and generates a payable reporting showing the balance remittable to tax authority.

Customers & Suppliers Summary: You can also record all your customers and suppliers transaction; products bought and sold, cash received from a customer, cash paid to suppliers with outstanding balance receivable or payable respectively. On a real time, you have glance your customers and receivable report or suppliers nd receivable to see who owes and who you owe.

Store: If you run in multiple locations, QuickBooks Enterprise via Advanced Stock Feature, tracks all inventory transfers from one sales store to another with quantity available at the respective stores.

Reporting: You can view and customize over 20 financial reports for your bakery business in QuickBooks including, profit or loss, statement of financial position (balance sheet), cash flow, sales summary (daily, weekly, monthly, annual or by quarters), expense report, bank registers, stock report, company snapshot, budget vs actual, etc

For more inquiries on how QuuckBooks can be customized further to work for a bakery business, connect with us on info@accountingsoftware.com.ng

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Accounting Software For Day Care Business – A Review of QuickBooks Pro Customized for Pre-school Centres

This guide demystifies everything you need to know about managing your daycare centre, child care, preschool or similar child-centered business with QuickBooks accounting software; from keeping records of child names and outstanding balances, recording fees paid by parents, tracking expenses incurred on necessary play items to generating financial report for decision making.

You can find more ideas on School management accounting software

The setup and implementation processes for an educational institution; private school, nursery school, tutorial centres or  university is not different from child day care centre, they all share similar features:

From my consultation with a private school in Nigeria, here is how QuickBooks Pro works for Child Care Business;

Where to Buy Accounting Software for Private Schools Nigeria kenya Ghana

Customers’ Centre; The customer’s centre feature in QuickBooks lets you manage all the children details; name, parent’s address, contact information, outstanding balances and payment history; from there you can view all the payments made and transaction date.

School fees: There is an invoice section for generating school fees bill which will be sent to all guardians and at the same time help you build a report showing all the children in your care and payment due for a specific period. You can also generate parent receipts on actual amount paid and send it to them via mail.

Deposits: All cheque payment into your child care business account can also be tracked via the ‘Record Deposit‘ feature in QuickBooks which will be matched against the amount due as part or final settlement. At the end of the month, you can reconcile your actual bank balances with QuickBooks’ to avoid making decisions with wrong figures

Inventory; A good day care centre has necessary play items and toys and as such would love to have a proper record of their inventories, though it’s not meant for resale but for in-house use which would also be charged for the school fees payment, QuickBooks has a flexible inventory feature called ‘Non-Inventory Part‘ built to track all items purchased for internal uses.

Report; QuickBooks has a flexible reporting system that shows you over 50 customised reports on how your daycare centre is performance, including, but are not limited to:

  • Family Account Balance
  • Account Activity Reports
  • Customer Statements & Receipts
  • Aging Reports / Accounts Receivable
  • Total Revenue & Income Reports
  • Bank Deposit Reports
  • Year End Tax Statements
  • Receivable Journal Summary

While these are some of the deliverables of an accounting software designed to help daycare managers run their business effectively, you can connect with us at info@accountingsoftware.com.ng for more discussion on how can set you up faster.

Inventory Management Software in Nigeria

Are you looking for an inventory management software that will manage your complex inventory activities? Do you run multiple warehouses and need a warehouse management software  for tracking inventory transfers from one store to another which at the same time generates a real-time inventory report?

Here is a review of QuickBooks Enterprise Solutions for inventory management in Nigeria

Best Warehouse Management Software Nigeria Kenya Ghana

Designed for medium and growing businesses with large inventory handling activities, QuickBooks Enterprise has a robustly advanced stock module designed to help business set up warehouses and record inventory transactions.

To turn on Advanced Stock Module in QuickBooks,:

Click Help > Select Set Up Advanced Stock.

 

 

inventory-management-software-for-business-in-nigeria

Multiple Stock Sites

You can track sites (warehouses), bin locations (rows, shelves, or bins), or both. You should complete the following steps to set up your company file to use Multiple Stock Sites. Note: If you don’t have multiple sites (warehouses) but want to track bin locations, you still need to set up 1 site.

  1. Create stock sites.The first step to track multiple stock locations is to tell QuickBooks where you track stock. Locations can be either site (warehouses) or bin locations (rows, shelves, or bins). Sites and bin locations are both tracked on the Stock Site List. Sites are parents of bin locations. In other words, sites (warehouses) contain bin locations (rows, shelves, or bins).To do this task
    1. Choose Lists > Stock Site List.
    2. Click the Stock Site drop-down arrow and select New.
    3. In the Name field, enter the name of the location.
    4. If this is a bin location (row, shelf, or bin), select the is a Location within site checkbox. Then click the drop-down arrow and select a site (warehouse).
    5. Enter the appropriate information.
    6. Click Next to add another location, or click OK if you’re finished.
  2. Convert from the previous method of tracking stock sites.You may currently use a different method (with QuickBooks or different software) to track multiple stock sites. Before you use multiple stock sites, you need to ensure that your stock numbers are correct so you can easily transition to using Multiple Stock Locations. How do you switch from your method? Call 0808-421-9399, 0810-509-0001 for Inventory Set-Up Support
  3. (Optional) Set reorder points for each site (warehouse).With Multiple Stock Locations, you can track site-specific reorder points for each item (you can’t set reorder points for bin locations). This means you can have a different reorder point for each site, and QuickBooks can warn you when you’re running low at a specific site.To do this task
    1. Choose Lists > Stock Site List.
    2. Click the Activities drop-down arrow and select Set Reorder Points.
    3. Click the Set reorder point for site drop-down arrow and select the site you want to set a reorder point for.
    4. In the Site Reorder Point column, enter the reorder point for each item.
    5. Click OK.
  4. Transfer opening quantities of items to each location.When you turned on Multiple Stock Locations, QuickBooks prompted you, to begin with a single, temporary starting site (and if you track bin locations, an unassigned bin). Consequently, QuickBooks shows that your entire stock is stored at 1 location (and 1 unassigned bin).Now you may be ready to transfer your stock from the starting site or bin to their actual locations. To do this, you need current stock counts for each location.To enter a new transfer for each location:
    1. Choose Stock > Transfer Stock.
    2. In the Date field, enter the date of the transfer. This can be the date you begin tracking multiple locations.
    3. In the Reference No. field, enter the appropriate transfer number. We recommend “setup1,” “setup2,” and so on for these transfers.
    4. Click the Transfer from the drop-down arrow and select your temporary stock site (warehouse).
    5. Click the to drop-down arrow and select the actual stock site (warehouse).Note: If you’re transferring between bin locations, you still need to enter sites in the Transfer from and to fields. You specify the bin locations in the field below.
    6. Select the stock items to transfer to the site:
      • To select individual items:
        1. Click in the Item column.
        2. Click the drop-down arrow and select a stock item.
      • To select multiple items:
        1. Click Find & Select Items.
        2. Click the left column to select the stock items.
        3. Click Add Selected Items.
    7. If you track bin locations, be sure that the first Location column is set to Unassigned.
    8. In the Qty to Transfer column, enter the number to transfer to each item.
    9. If you track bin locations, click the drop-down arrow in the second Location column and select the bin you’re transferring to.
    10. (Optional) In the Memo field, enter the reason for this transfer such as “Transfer opening quantity to the site.”
    11. (Optional) Click Print to print a copy of the transfer for your records.
    12. Click Save & New.
    13. Repeat these steps for each stock location.
    14. When finished, click Save & Close.

For more information on how to setup your inventory or multiple warehouses in QuickBooks, send a mail to info@accountingsoftware.com.ng

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Best Business Software For Interior Designers; How QuickBooks Works

If you have been looking for a business software that doesn’t not only help you manage your interior design business properly but also makes the interior accounting records easy to interpret, here is a brief review of how QuickBooks has helped top interior design companies scale to the next level;

  • Tracking Fees:  Because interior decoration takes time, and whole lots of creativity, some companies charge per hour spent a specific job; QuickBooks has a time tracking feature called Time Sheet; used to record hours spent by employees on site and billable fee per hour. Billable, in this case, means, you can charge your client a specific agreeable fee per time spent. In addition to other fees stated on the invoice, the client will also receive a quote on what the man hour is worth.

For professionals that have fixed charge, you don’t have to utilise the Time Sheet feature, just create ‘Interior Design Service’ as an item and add the fee to it.

  • Design Project: Sometimes, you have a big project to handle or several interior designs and wish you could easily monitor the reports of each job separately and see how profitable they are independent, QuickBooks has a ‘Customers’ Job’ which is a built-in feature that traces all the income earned, cash received and expenses incurred on a particular project; that’s like project specific report which is different from the overall company report.

For instance, you have an interior design for annual events and a prestigious wedding here in Toronto. On QuickBooks, you can generate the financial report (showing all the income and expenses) for annual events and wedding separately.

  • Inventory Tracking: For all materials bought and used up during decoration, QuickBooks has a flexible inventory feature built to track all procurements, actual items utilized and cost of sales with balances of unused inventory at the end of the job.
  • Customers: While the project tracks all transactions tied to a particular project, you can also view customers’  statements; summary of all payment received,  and outstanding balances.
  • Banks and Report; Every business is expected to have a bank account where money received are lodged; in QuickBooks, you can setup different bank accounts to monitor your banking transactions; deposit and cheque payments for specified period. There is a feature that handles reconciliations and at the end report your overall business performance; profit or loss, statement of cash position and cashflow.

While these are some of the key features of QuickBooks designed for an Interior designer, you can connect with us for more customizations; info@accountingsoftware.com.ng

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