Ida_Bencomo, Author at Emerald Consulting Inc.

Mid-Year Bookkeeping Review: What QuickBooks Should Tell You by June

June 9, 2026July 9, 2026 Ida_BencomoLeave a comment

June is the halfway point of the year, which makes it one of the best times to review your books.

By now, your business has six months of activity either completed or nearly completed. That means QuickBooks should be able to tell you more than what cleared the bank. It should help you understand profit, cash flow, expenses, customer payments, and whether you are on track for the rest of the year.

If your QuickBooks file cannot answer those questions, that is a sign your bookkeeping process needs attention.

Why a Mid-Year Bookkeeping Review Matters

A mid-year bookkeeping review gives you a chance to correct problems before they follow you into year-end.

Too many business owners wait until December or tax season to look closely at their books. By then, errors are harder to find, cleanup takes longer, and decisions are based on old information.

June gives you room to adjust.

You can review what happened in the first half of the year, identify what needs to change, and build a stronger plan for the next six months.

1. Review Year-to-Date Profit

Start with your Profit and Loss report.

Run a year-to-date P&L in QuickBooks and look at your income, expenses, and net profit. Then compare those numbers to your expectations, your budget, or last year’s results.

Look closely at:

Total revenue
Gross profit
Payroll costs
Contractor payments
Software and subscriptions
Advertising and marketing
Vehicle, travel, or mileage-related costs
Professional fees
Net income

Profit is not just about how much money came in. It is about what stayed after the bills were paid.

2. Check Cash Flow

A business can show a profit and still feel tight on cash. That is why your mid-year bookkeeping review should include cash flow.

In QuickBooks, review your bank balances, open invoices, unpaid bills, loan payments, and upcoming expenses. Make sure you know what cash is available and what obligations are coming soon.

Cash flow questions to ask in June include:

Do we have enough cash for the next 30 to 60 days?
Are customers paying on time?
Are vendor bills stacking up?
Are loan or credit card balances increasing?
Are seasonal expenses coming soon?

Good bookkeeping helps you see cash flow pressure before it turns into panic.

3. Clean Up Accounts Receivable

If your business sends invoices, review your A/R Aging report.

This report shows who owes you money and how long invoices have been unpaid. June is a good time to follow up before balances get older and harder to collect.

If you see the same customers paying late again and again, it may be time to update your payment terms, require deposits, send invoices sooner, or add automated reminders in QuickBooks.

Getting paid should not require detective work.

4. Review Expenses by Category

Your expense categories should tell a clear story. If too many transactions are sitting in vague accounts, your reports will not help you make smart decisions.

Review categories like meals, office supplies, software, repairs, equipment, contract labor, dues and subscriptions, and miscellaneous expenses.

Watch for:

Duplicate transactions
Personal expenses
Incorrect categories
Old subscriptions
Vendor names entered multiple ways
Large changes from prior months

Clean categories make tax prep easier, but they also help you manage the business right now.

5. Confirm Payroll and Contractor Records

June is also a good time to review payroll and contractor records.

Make sure employee information is current, payroll reports match your records, and contractor payments are being tracked correctly. If you work with independent contractors, verify that W-9 information is on file before year-end pressure begins.

This is the kind of task that feels small in June and painful in January. Do it now and your future self will send a thank-you note.

6. Review Your QuickBooks Setup

A mid-year review is also a good time to ask whether QuickBooks is set up correctly for the way your business actually operates.

Check your chart of accounts, products and services, bank feeds, rules, recurring transactions, invoice templates, and user access.

QuickBooks should make your bookkeeping easier. If your file feels confusing, cluttered, or unreliable, the problem may not be you. The setup may need cleanup.

7. Plan for the Rest of the Year

After your books are reviewed, use the information to plan.

Your mid-year numbers can help you decide whether to adjust pricing, reduce expenses, hire help, increase marketing, pay down debt, or set aside more for taxes.

This is the real value of bookkeeping. Accurate numbers give you options.

How Emerald Consulting Supports Mid-Year Bookkeeping

Emerald Consulting helps small business owners turn QuickBooks into a reliable financial tool. We support QuickBooks cleanup, monthly bookkeeping, remote bookkeeping, setup, training, troubleshooting, and app integration.

If your mid-year review shows messy records, unreconciled accounts, or reports that do not make sense, do not wait until year-end. June is the right time to clean things up and move forward with confidence.

Your books should tell the truth clearly. If they do not, we can help.

QuickBooks Monthly Bookkeeping: Your April Advantage After Tax Season

April 17, 2026April 9, 2026 Ida_BencomoLeave a comment

Tax season is over, but your numbers still matter. QuickBooks monthly bookkeeping helps you turn tax-time stress into clear data you can use all year. When your books stay current every month, April becomes a launchpad for better decisions instead of a reset button.

What QuickBooks Monthly Bookkeeping Means

QuickBooks monthly bookkeeping is a simple idea. You keep your QuickBooks file updated, reconciled, and reviewed every month instead of once or twice a year. Each month, your activity is entered, checked, and organized so your reports match what is really happening in your business.

With this approach, you always know:

What you earned and spent last month.
Which customers still owe you money.
How much cash you can safely use.
Whether your business is on track with your goals.

For small businesses, that level of clarity is not a luxury. It is a foundation for smart choices.

Why April Is the Best Time to Start

April is a turning point. You just finished your tax return and saw a clear snapshot of last year. QuickBooks monthly bookkeeping lets you use that insight right away instead of waiting until next tax season.

In April, you can:

Compare this year’s first‑quarter results to last year.
Adjust prices, spending, or hiring plans based on real numbers.
Fix any gaps your CPA noticed in your records.

When you begin monthly bookkeeping now, the rest of the year feels calmer. You are not guessing at profits or scrambling for documents when deadlines come around again.

What a Monthly QuickBooks Workflow Looks Like

A strong QuickBooks monthly bookkeeping routine follows a clear pattern. Each month, your bookkeeper or your team can complete the same set of steps so nothing falls through the cracks.

A typical workflow includes:

Importing or entering all bank, credit card, and payment app transactions.
Reconciling each account so QuickBooks matches your bank statements.
Categorizing income and expenses using a clean chart of accounts.
Reviewing open invoices and sending reminders for unpaid balances.
Running core reports like Profit & Loss, Balance Sheet, and A/R Aging.

With Emerald Consulting, these steps are handled for you through our QuickBooks services and monthly bookkeeping support, so you do not have to fit “do the books” into an already full schedule.

Decisions You Can Make With Up‑to‑Date Books

Once QuickBooks monthly bookkeeping is in place, your reports stop being static documents. They become decision tools.

Here are a few questions you can answer quickly in April and beyond:

Can I afford to hire a part‑time employee this summer?
Which services or products are driving most of my revenue?
Are my software and subscription costs creeping up?
Do I have enough cash to invest in new equipment?

Because QuickBooks organizes your data by account, customer, and time period, your monthly bookkeeping lets you slice the numbers in different ways. You can spot trends early instead of reacting after the fact.

How Emerald Consulting Supports QuickBooks Monthly Bookkeeping

You do not have to manage all of this alone. At Emerald Consulting, QuickBooks is our specialty. We help small businesses set up or clean up their QuickBooks file, then keep it current through ongoing monthly bookkeeping services.

Our support can include:

Reviewing your QuickBooks setup and chart of accounts.
Handling monthly reconciliations and transaction entry.
Providing monthly report reviews in plain English.
Suggesting simple process tweaks that save you time.

If you are ready to use QuickBooks monthly bookkeeping to your advantage this April, our team can walk you through the next steps and create a routine that fits the way you work.

Love Your Numbers: How Monthly Bookkeeping Saves Your Business

February 12, 2026February 12, 2026 Ida_BencomoLeave a comment

Monthly Bookkeeping Services: Why Consistency Saves Small Businesses

Monthly bookkeeping services give small business owners something priceless: clarity. When your books are updated and reconciled every month, you stop guessing and start leading with real numbers.

Too many businesses wait until tax season to think about bookkeeping. That delay creates errors, missed deductions, cash flow confusion, and higher accounting costs. Monthly bookkeeping services prevent those problems before they grow.

What Monthly Bookkeeping Services Include

Professional monthly bookkeeping services typically cover:

Bank and credit card reconciliations
Accurate transaction categorization
Review of income and expenses
Monthly Profit and Loss reports
Cash flow monitoring
Clean, organized financial records

When this happens consistently, your reports become tools—not surprises.

Why Small Businesses Need Monthly Bookkeeping

Small businesses operate on tighter margins. That means small financial mistakes have bigger consequences.

With consistent monthly bookkeeping:

You know if you’re profitable now—not six months later
Cash flow issues are spotted early
Tax preparation becomes smoother
Financial decisions are based on facts

If you’re already using QuickBooks, monthly bookkeeping ensures the system is accurate and working correctly. Software alone doesn’t guarantee clean books—oversight does.

The IRS recommends maintaining organized, up-to-date financial records year-round, not just during filing season (see IRS small business recordkeeping guidelines).

The Cost of Skipping Monthly Bookkeeping Services

When bookkeeping is delayed:

Cleanup costs increase
Errors multiply
Tax stress intensifies
Decision-making slows

Monthly bookkeeping services reduce those risks and create financial stability.

Emerald Consulting provides reliable, structured monthly bookkeeping support so business owners can focus on growth—not spreadsheets.

Monthly Bookkeeping FAQ

Q: Is monthly bookkeeping really necessary for small businesses?
A: Yes. Monthly bookkeeping helps catch errors early and provides up-to-date financial insight.

Q: What reports should I review each month?
A: At minimum, your Profit & Loss statement and reconciled bank balances.

Small Business Bookkeeping: Start the New Year With Clean Books

January 14, 2026January 20, 2026 Ida_BencomoLeave a comment

Small business bookkeeping is easiest—and most effective—when it’s handled in January. This is the one month business owners still have time to fix last year’s mistakes before tax season pressure hits.

If last year ended with uncategorized expenses, missing receipts, or balances that didn’t match the bank, you’re not behind—you’re normal. But waiting until March or April guarantees stress, higher costs, and messy reports.

Starting the year with clean books gives you clarity, confidence, and control over your business finances.

What Clean Small Business Bookkeeping Really Means

Clean small business bookkeeping is not just data entry. It means:

Bank and credit card accounts fully reconciled
Income and expenses categorized correctly
Personal transactions removed from business accounts
Accurate opening balances for the new year

If any of these are off, your financial reports are unreliable—and bad data leads to bad decisions.

Why January Is the Best Month for Small Business Bookkeeping

January bookkeeping sets the tone for the entire year. When your books are accurate from day one:

Cash flow is easier to track
Monthly reports actually make sense
Tax preparation becomes smoother
Business decisions are based on real numbers

January is also the ideal time to review your setup in QuickBooks, including your chart of accounts and automation rules. The IRS also recommends keeping organized financial records year-round, not just at tax time (see IRS small business recordkeeping guidelines).

January Small Business Bookkeeping Checklist

Reconcile all accounts through December 31
Review expense categories for accuracy
Confirm all income is recorded correctly
Separate personal and business expenses
Lock the prior year once books are clean

This one-time cleanup prevents accidental changes later and keeps reports consistent.

The Cost of Delaying Bookkeeping Until Tax Season

When small business bookkeeping is postponed until March or April:

Accounting and tax prep fees increase
Errors take longer to correct
Deductions are easier to miss
Stress multiplies fast

January cleanup costs less—in time, money, and sanity.

Start the Year With Confidence

Emerald Consulting helps small businesses clean up and maintain accurate bookkeeping so the year starts with clarity, not confusion. Strong bookkeeping isn’t optional—it’s foundational.

December Bookkeeping Checklist: Close the Year Strong with QuickBooks

December 17, 2025December 17, 2025 Ida_BencomoLeave a comment

December is not the month to wing it. It’s the month to get your numbers right.

This December bookkeeping checklist is built for small business owners who want to close the year clean, accurate, and tax-ready—especially if you use QuickBooks. A few focused steps now can save you time, money, and a January panic spiral that no amount of caffeine can fix.

If your books feel behind or messy, you’re not alone. What matters is fixing it before the year ends. This checklist walks you through exactly what to review, clean up, and lock down so you can start the new year with confidence instead of confusion.

1. Reconcile All Accounts (Non-Negotiable)

Start with the basics: reconciliation.

Before year-end, make sure every bank account, credit card, loan, and line of credit is reconciled in QuickBooks through November—and as far into December as possible. If balances don’t match, your reports are unreliable. Period.

Reconciliation is how you confirm that what QuickBooks shows actually matches reality. Skipping this step guarantees problems later, especially during tax prep.

2. Clean Up Uncategorized and Duplicate Expenses

Uncategorized transactions are a red flag, not a “later problem.”

Run your Uncategorized Expense report and clean it up before December closes. While you’re there, look for duplicate charges, misclassified expenses, and personal purchases mixed into business accounts.

The cleaner your books are now, the less you’ll pay your tax preparer—and the fewer questions you’ll have to answer in January.

3. Review Your Profit and Loss Report (Even If You’re Nervous)

Your Profit and Loss report tells the real story of your business.

In QuickBooks, review your P&L month by month and for the full year. Pay attention to rising costs, underperforming services, and trends that affect cash flow.

Avoiding this report doesn’t protect you. Understanding it helps you make better decisions in the new year.

4. Check Payroll and Prepare for 1099s

December is when payroll mistakes come back to haunt you.

Before the year ends, confirm employee details, payroll totals, and tax liabilities in QuickBooks. Review contractor payments and make sure vendor information is accurate so 1099s can be issued without delays.

Fixing payroll errors now is far easier than correcting them after filings begin.

5. Lock the Books After Final Review

Once everything is reconciled and reviewed, close the books in QuickBooks.

Closing the year prevents accidental changes and ensures your reports stay consistent for tax preparation. It’s a small step that protects the work you just did and keeps everyone on the same page.

A Word of Honest Advice

January is not the time to “get organized.”
December is.

If your books are behind, inconsistent, or causing stress, professional QuickBooks support can make a measurable difference. Emerald Consulting helps small businesses clean up their books, stay organized, and maintain accurate financial records year-round.

Clear books mean clearer decisions—and a stronger start to the new year.

Year-End Bookkeeping FAQs

What is a December bookkeeping checklist?
A December bookkeeping checklist is a year-end process that ensures all financial accounts, expenses, and payroll records are accurate before closing the books for tax season.

Why is December bookkeeping important for small businesses?
December bookkeeping reduces tax filing errors, lowers preparation costs, and gives business owners reliable financial reports before the new year begins.

Should I close my books in QuickBooks at year-end?
Yes. Closing your books in QuickBooks prevents accidental changes and ensures consistent reporting for tax preparation.

Can a bookkeeper help clean up QuickBooks before year-end?
Yes. A professional bookkeeper can reconcile accounts, correct expense categorization, and prepare clean reports before January.

Emerald Consulting provides QuickBooks bookkeeping services for small businesses in Texas and surrounding areas.

November Bookkeeping Checklist: Get Your QuickBooks Ready Before Year-End Hits

November 19, 2025November 18, 2025 Ida_BencomoLeave a comment

If you want to stay ahead of year-end chaos, your November bookkeeping checklist is the most important financial tool you’ll use this month. November gives you a quiet window to clean up QuickBooks, correct lingering issues, and prep for tax season before December turns everything into a scramble. This checklist walks you through the essential steps every small business should tackle right now to keep your books accurate and your workflow running smoothly.

1. Reconcile Every Account

Start your November bookkeeping checklist by reconciling all bank accounts, credit cards, payment apps, and loans. If money moves through it, reconcile it. Clean numbers now prevent costly surprises later and give you an accurate picture of your cash flow heading into the new year.

2. Clean Up Categories & Vendors

Fix duplicate vendors, correct miscategorized expenses, and clear out old “Ask My Accountant” entries. A clean chart of accounts ensures your financial reports reflect the real story of your business.

3. Review Your Profit & Loss

Use your P&L to pinpoint what’s working and what’s draining cash. November is the ideal time to make strategic decisions, adjust spending, or plan investments before year-end deadlines.

4. Prepare Payroll & 1099s

Gather W-9s, verify employee and contractor information, and review payments to ensure proper classification. Getting this ready now makes January 1099 filing much easier.

5. Maximize Year-End Deductions

Your November bookkeeping checklist should end with a strategic tax review. If you need equipment, software, or supplies, November is the perfect month to plan those deductible purchases.

Need help with QuickBooks cleanup or year-end prep? Emerald Consulting is here to make bookkeeping easier, cleaner, and stress-free.

The Future of Bookkeeping: Embracing Automation and AI

April 15, 2025April 25, 2025 Ida_BencomoLeave a comment

In today’s fast-paced business environment, AI-Powered Bookkeeping Automation is redefining how companies manage their finances. At Emerald Consulting Inc., we believe the future of bookkeeping lies in intelligent automation and artificial intelligence (AI). By harnessing these emerging technologies, businesses can not only streamline their financial operations but also unlock real-time insights to drive more strategic decision-making.

Why AI-Powered Bookkeeping Automation Matters in Bookkeeping

Efficiency Gains: Routine tasks—bank reconciliations, invoice processing, expense categorization—can be completed in a fraction of the time, freeing your team for high-value activities.
Accuracy & Compliance: AI-driven tools minimize human error and flag anomalies, helping you stay compliant with GAAP and IFRS standards.
Cost Savings: Automating labor-intensive processes reduces overhead, allowing you to reinvest resources into business growth.
Strategic Insights: Real-time dashboards powered by machine learning offer forecasting and trend analysis that manual methods simply can’t match.

Key Technologies Powering AI-Powered Bookkeeping Automation

Optical Character Recognition (OCR)
OCR software extracts data from scanned receipts and invoices, automatically populating your bookkeeping system with over 95% accuracy—dramatically cutting down on manual data entry.
Machine Learning for Categorization
AI models learn from your historical transactions to accurately categorize expenses and revenues. As the system adapts, categorization becomes faster and more precise, reducing the need for after-the-fact corrections.
Chatbots & Virtual Assistants
Conversational AI can answer common bookkeeping queries—“What was our total expenses last month?”—and even initiate simple tasks like generating financial statements on demand.
Predictive Analytics
By analyzing cash-flow patterns, AI can forecast future financial health, helping you anticipate potential shortfalls and optimize working capital.

How Your Business Can Adapt to AI-Powered Bookkeeping Automation

Assess Current Workflows
Map out your existing bookkeeping processes. Identify repetitive tasks ripe for automation—invoice approvals, bank feeds, and expense reimbursements.
Choose the Right Platform
If you’re using QuickBooks, explore built-in AI features like Automatic Expense Categorization and Smart Reconciliation. Learn more in our Mastering QuickBooks: Advanced Tips for Experienced Users post and check out QuickBooks AI Features for deeper insights.
Partner with Experts
Implementing AI-driven bookkeeping requires strategic planning. Our Bookkeeping Services ensure seamless migration, staff training, and ongoing support.
Test & Iterate
Roll out automation modules in phases. Start with low-risk processes, measure accuracy improvements, and expand to more complex tasks as confidence grows.
Maintain Oversight
While AI automates routine work, human oversight remains crucial. Set up exception-reporting alerts to review flagged transactions and ensure compliance.

Best Practices for Successful AI-Powered Bookkeeping Automation

Data Hygiene: Clean and standardized data sets improve AI performance. Consider a one-time cleanup project to remove duplicates and correct inconsistencies.
Security & Privacy: Choose platforms with robust encryption and SOC-compliant data centers. Review your vendor’s privacy policy and ensure GDPR/CCPA alignment—see AICPA on Automation for guidance.
Continuous Training: As your business evolves, retrain AI models to recognize new expense categories and accounting rules.
Change Management: Communicate benefits and provide hands-on training to your team to minimize resistance and maximize adoption.

The Road Ahead: What to Expect with AI-Powered Bookkeeping Automation

Hyper-Automation: Integration of AI with robotic process automation (RPA) will allow end-to-end workflows, from invoice receipt to payment execution, to run autonomously.
AI-Driven Advisory: Bookkeepers will shift toward strategic advisors, interpreting AI-generated insights to guide business growth.
Blockchain Integration: Secure, immutable ledgers will complement AI by providing trustworthy audit trails and fraud prevention.

Frequently Asked Questions

Q: What is bookkeeping automation?
A: The use of software and AI to perform routine accounting tasks—like transaction entry, reconciliation, and report generation—without manual intervention.

Q: Will AI replace human bookkeepers?
A: No. Automation handles repetitive tasks, enabling bookkeepers to focus on strategic analysis, advisory services, and relationship-building.

Q: How much does it cost to implement AI in bookkeeping?
A: Costs vary by platform and business size. Entry-level AI features may be included in your QuickBooks subscription, while advanced analytics or custom integrations require additional investment.

External Links

Take the next step with Emerald Consulting Inc.! Contact us to schedule a complimentary consultation and see how AI-Powered Bookkeeping Automation can revolutionize your financial operations.

Financial Success in 2025: Start Strong with Emerald Consulting

January 10, 2025January 7, 2025 Ida_BencomoLeave a comment

Starting 2025 with a clear financial strategy is the key to success. At Emerald Consulting, we help businesses achieve financial success in 2025 by providing expert bookkeeping and tailored financial solutions. Whether you’re focused on streamlining bookkeeping or setting long-term goals, we’re here to support you every step of the way.

Why Financial Success in 2025 Requires Expert Planning

Financial success begins with a solid plan. January is the perfect time to:

Review your 2024 financial performance.
Set achievable budgets and financial goals for the new year.
Identify areas for growth and cost optimization.

Visit our Services page to learn more about how Emerald Consulting can support your financial planning needs.

Bookkeeping: The Foundation for Financial Success

Accurate bookkeeping is critical for your business’s financial health. Emerald Consulting specializes in handling reconciliations, cash flow analysis, and monthly financial reports. Our expertise in QuickBooks ensures accuracy, while our knowledge of IRS tax updates keeps you compliant.

Set Realistic Goals for 2025 Growth

Emerald Consulting helps businesses like yours set achievable financial goals. With detailed reports and insights, you’ll gain a clear understanding of your finances, enabling strategic decisions for growth. Check out Investopedia for additional resources on financial goal setting.

Partner with Emerald Consulting for 2025 Financial Success

Start the year right with Emerald Consulting. Let us handle your bookkeeping and financial management while you focus on growing your business. Contact us today to schedule a consultation.

Optimizing Performance in QuickBooks Online

June 17, 2024June 17, 2024 Ida_BencomoLeave a comment

QuickBooks Online (QBO) is a powerful tool that helps businesses manage their finances with ease and efficiency. However, like any software, its performance can be optimized to ensure you’re getting the most out of its features. Here are some strategies to streamline your accounting processes and enhance your experience with QuickBooks Online.

1. Regularly Update Your Software

QuickBooks Online is continually updated with new features, security patches, and performance improvements. Ensuring that your software is always up to date can help you avoid bugs and take advantage of the latest enhancements. Set your account to update automatically or check for updates regularly to stay current.

2. Clean Up Your Data

Over time, your QuickBooks data file can become cluttered with unused accounts, old transactions, and outdated information. Regularly cleaning up your data can significantly improve performance. This includes merging duplicate accounts, archiving old data, and deleting unused list items. Use the built-in cleanup tools in QuickBooks to help maintain a lean, efficient data file.

3. Optimize Your Internet Connection

Since QuickBooks Online is cloud-based, a strong and stable internet connection is crucial for optimal performance. Ensure you have a high-speed internet connection and consider upgrading your bandwidth if you frequently experience slow performance. Close other applications and tabs that may be consuming bandwidth and affecting your QuickBooks experience.

4. Use Browser Best Practices

Your web browser plays a significant role in how well QuickBooks Online performs. Use a supported browser like Google Chrome or Mozilla Firefox, and keep it updated to the latest version. Clear your browser cache regularly to prevent data build-up, which can slow down performance. Additionally, using private or incognito mode can sometimes improve speed by eliminating the interference of browser extensions and cookies.

5. Streamline Your Workflow with Integrations

QuickBooks Online integrates with numerous third-party applications that can help automate and streamline various accounting tasks. Integrating your payroll, invoicing, and time-tracking systems with QuickBooks can reduce manual data entry, minimize errors, and save time. Explore the QuickBooks App Store to find tools that can enhance your workflow.

6. Customize Your Dashboard and Reports

Tailoring QuickBooks to fit your business needs can make navigation more intuitive and efficient. Customize your dashboard to display the most relevant information for your daily operations. Create and save customized reports that you frequently use, so you can quickly access the data you need without repetitive setup.

7. Train Your Team

Ensure that all team members who use QuickBooks Online are adequately trained on its features and best practices. Proper training can prevent user errors that slow down the system and lead to inaccurate data entry. Consider investing in QuickBooks Online training courses or consulting with a QuickBooks ProAdvisor to ensure your team is proficient.

8. Regularly Back Up Your Data

While QuickBooks Online automatically backs up your data, having your own backup plan adds an extra layer of security. Regularly exporting your data and storing it securely ensures you can quickly recover in the event of data loss or corruption.

By implementing these strategies, you can optimize the performance of QuickBooks Online and streamline your accounting processes. This will not only save time and reduce frustration but also ensure your financial data is accurate and up-to-date, enabling you to make better business decisions.

5 QuickBooks Online Tasks You Should Do Before January 1

December 15, 2022January 13, 2023 Ida_BencomoLeave a comment

It’s probably your busiest month of the year. But there are things you can do to make your return from the holidays less stressful.

December always goes by so quickly. Seems like you’ve just finished Thanksgiving dinner and it’s time to ring in the New Year. You could probably spend the entire month on your personal obligations. But it’s also the end of the year, which means your busiest period if you’re a retailer. Even if you’re not, you probably have sales goals to try to meet. And you may have employee issues that need to be addressed before the calendar turns over.

On top of all of this, you should be closing out your books for the current year (as much as you can) in preparation for the new one. If you’ve been using QuickBooks Online conscientiously all year, your job will be a lot easier. But you’ll still need to carve out some time for year-end tasks.

We don’t expect that you’ll necessarily be able to wrap absolutely everything up by New Year’s Eve. You may be waiting for your customers and employees to do their part. But here are five things you can do amidst all of your other personal and professional plans that will help you get a jump on January.

Analyze your 2022 sales.

You won’t have your final numbers until the year is over, but you can get a good start in December. There are several QuickBooks Online reports that can give you a clear, understandable look at your 2022 sales. Click Reports in the toolbar and scroll down to Sales and customers. You can run reports that will tell you what your sales were by Class, Customer, Customer Type, and Product/Service, in summary or detail. The reports are customizable, so you can specify date ranges and group the results by, for example, Transaction Type, Customer, and Account.

You can customize and run QuickBooks Online’s Sales reports.

Warning: If you’re not clear about whether you should run reports in Cash or Accrual mode, let us help you with this. The distinction is important.

Know What You Owe

If money is tight at the end of the year, this will be a challenge. But you don’t want to come back from the holidays to a lot of past-due notices. To see what still needs to be paid, click Reports again and scroll down to What you owe. If you want the straight scoop right away, run Unpaid Bills. For a more detailed look, create the Accounts payable aging detail report. This groups your outstanding payables by days past due.

Know Who Still Owes You Money

This is a question that’s probably on your mind all year, but it’s especially important as the year winds down. It may be difficult to get delinquent customers to pay up in December, but you should at least know where you stand with them. Click the Reports tab again and scroll down Who owes you. Generate two reports there: Accounts receivable aging detail and Open Invoices.

You might also want to spend an hour coming up with some strategies that would encourage customers to pay faster. If you’re at a loss about this, we could sit down together and come up with a plan.

Create statements for past-due customers

Customer statements are something like reports. They display sales transactions within a given period. Statements can serve two purposes. Sometimes, customers just want a list of their invoices and payments for their records. You can also use statements as a reminder to customers who are past due on their accounts. Click New in the upper left corner, and then click Statement under Other. There are three types, but you’d be most likely to create and send two of them:

Open Item. Displays all open, unpaid invoices for the last 365 days.
Transaction Statement. Lists all transactions for the selected date range.

You can send statements to customers to remind them of overdue payments or just to provide a record of transactions for a given period.

Clean up your customers and vendor lists

If you only have a few of each, your list is probably current. But if you’ve been adding customers or vendors for years without ever editing the list, you’re probably spending too much time scrolling. You don’t have to delete them. You can just make them inactive. Click Sales in the toolbar, then Customers. If you know a customer has no open activity and you want to hide them, click in the box in front of the company or customer’s name. Repeat this for as many as you want, then click Batch actions in the upper left, then Make inactive.

A Busy Month

Don’t worry if you don’t get to all of these by the end of the year. But do add them to your January task list if you don’t. You might also consider having us run the standard financial reports that are available in QuickBooks Online Reports, under For my accountant. You can create reports like Trial Balance yourself, but they can be hard to analyze accurately. We’d be happy to set up a time after the first of the year to go over these after all of your 2022 transactions are in.