ebs Associates is excited to announce that we are moving our corporate offices to the same location as the ebs Learning Center! This move will take place in an effort to better serve our clients, students and other professionals that look to us for business software, training and support. It will also give us the opportunity to expand ebs Associates and continue offering businesses with the latest QuickBooks products and Intuit services they need to succeed.
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Out of the Box Technology is offering door-busting deals on all of your favorite QuickBooks products for our QuickBooks Cyber Monday Sale! We are also showcasing a few tremendous values offered by our QuickBooks 3rd-Party Application Partners! Check out the list below to view our selection and rake in the savings!
As stated in our first article, “New Features in QuickBooks 2022,” Intuit confirmed that the QuickBooks Desktop 2022 product line would only be available to purchase via subscription. In addition, Intuit informed us about some new features that will be included in QuickBooks Desktop 2022. Well, you spoke and we listened! In response to popular…
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October 12, 2021
New Features in QuickBooks Desktop Plus 2022
As stated in our first article, “New Features in QuickBooks 2022,” Intuit confirmed that the QuickBooks Desktop 2022 product line would only be available to purchase via subscription. In addition, Intuit informed us about some new features that will be included in QuickBooks Desktop 2022. Well, you spoke and we listened! In response to popular demand, this is our new features in QuickBooks 2022 article – part two in our two-part series!
In this article, the new features in QuickBooks Desktop 2022 will be discussed in more detail. There will also be some great insight as to how you can leverage these new features to take your business to the next level! It is our hope that you will learn more about QuickBooks 2022 and how to leverage these new features.
Read on to learn a little more about the New Features in QuickBooks 2022, part two of the two-part series!
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Get the latest version of QuickBooks at the best price, guaranteed!
Leverage the latest features and benefits in QuickBooks 2022 to continue streamlining your accounting processes and growing your business.
New Features in QuickBooks Desktop Plus 2022
You asked for it, and we listened! Here is a more in-depth look at QuickBooks Desktop Plus 2022‘s new features with tips on how to leverage them.
1. Online Bill Payment with Melio®
With Online Bill Payment powered by Melio, you can seamlessly pay all of your vendor bills. When you pay your vendors, QuickBooks will record the bill as paid as soon as charges are deducted from your chosen source of funding. Also, if your payment method requires you to pay a processing fee, Melio will create a vendor account called “Melio.” Then, it will allocate the fee to that vendor as a separate vendor bill.
Tips
Online Bill Payment powered by Melio takes vendor payment processing one step further. This new feature will allow you to easily and accurately track your payment processing fee expenditures separately. You will also be able to:
- Strategically schedule your payments for a specific day – optimize your cash-on-hand needs.
- Strategically determine which payment method to use for each vendor payment (ACH/Debit/Credit) – allows you to take advantage of any discounts that may be offered by vendors for payment with vendor-preferred payment methods.
2. Bill Auto-creation, Uploaded by Vendor Bill Mobile
With the new bill auto-creation/upload feature, you will have the ability to snap a picture and upload a bill on your mobile device. As a reminder, the QuickBooks Desktop app is available for both Android and Apple devices.
Tips
Now there is no more time wasted manually entering numbers on bills, uploading bill images, and all the other tedious steps involved in bill management. This feature automates that process, returning precious time to you to be allocated to more important matters, like activities that generate you more revenue! Hers what you can now do:
- Use your mobile device to scan and upload a bill
- QuickBooks will automatically match your bill to an existing transaction (QuickBooks will also search for a potential matching Purchase Order, regardless of whether it is Open or Partially Received).
- Quickly Review, edit, and match any unmatched receipts to transactions
This significantly cuts down the amount of time that will need to be spent on this process. This saved time can be reallocated to more important matters, allowing you to transform opportunity costs into actionable alternatives.
3. Emailable & Customizable Vendor Bill Payment Stubs
Add your own personalized touch to vendor bill payment stubs and save them in QuickBooks as templates. This will allow you to increase the quality and consistency of vendor communications. You can maintain professionalism by including your busines logo and include details of the payment made in QuickBooks.
Tips
- From the menu bar, select Lists > Templates, and select the Bill Payment template. You can also access it from a displayed vendor bill payment transaction by selecting Manage Templates on the formatting ribbon.
- Add your personalized touch to your payment stubs and save the template to prevent wasted time repeating the same task.
This will elevate your busines service quality and professionalism while providing more relevant bill information to your vendors.
4. Selection of Multiple Email Addresses per Customer
With this new feature, you can now choose from a drop-down selection of customer email addresses when emailing invoices. This allows you to store and send to multiple customer email addresses within the customer contact.
Tips
Easily cater to customer requests and send specific communications to the customer-preferred email addresses. Use this feature to provide greater flexibility with vendor billing communications.
5. Discovery Hub
Discovery Hub is a new feature built into QuickBooks that describes each new feature and shows you how to use them. You can access it by selecting Discover Hub from the top-right on the menu bar.
Tips
- Access this feature by selecting Discover Hub from the top-right on the menu bar.
- Take a peek at and learn more about the new features included with the release of QuickBooks Desktop Plus 2022.
We recommend that you utilize as many of the new features as possible to further streamline your accounting processes.
New Features for QuickBooks Payments, Assisted Payroll, QuickBooks Desktop Enterprise 2022 & New Integrations
If you have any of the above active accounts, then here are the new features for them! Please note that the Wengility integration does require an extra fee for use. This fee is not charged by Out of the Box Technology.
QuickBooks Payments
New with QuickBooks Payments (Merchant Services) 2022, you will have access to Pre-Pay Links and Instant Deposits! Pre-Pay Links allow you to send URL links to customers so they can make pre-payments. And, you will no longer need to send an invoice because all of the information is visible from the link. Additionally, you will gain access to instant deposits. Your payments from merchants can be immediately deposited into your business bank account.
Tips
- Turn on the Pre-Payment URL Link so you can offer it as a payment option for your customers. To enable the Pre-Payment URL Link, select Customers > Payment Links from the menu bar. This allows you to further streamline billing by automating invoicing work and collecting early payments.
- Turn on Instant Deposits so you gain quick access to cash, which can help you increase cash-on-hand and improve your cash flow position. From the menu bar, select Customers > Billing Solutions > Download Payments to view Instant Deposit details and accept the deposit.
Assisted Payroll
With the Assisted Payroll 2022 upgrades, you can now activate and set up your payroll a lot easier! With the help of a guided Assisted Payroll activation process, yoll be up and running Assisted Payroll in minutes! Also, take advantage of the Next Day Deposit feature! Payroll info submissions prior to 5:00 PM, PST, the day prior to payday, is the new deadline to ensure debited funds on payday. This gives you extra time to ensure the payroll is accurate.
Tips
- Use the guided setup feature to get your payroll up and running quickly and neatly.
- Activate and enable the Next Day Deposit feature so you can keep your funds longer and afford extra time to ensure payroll accuracy. To ensure this is enabled, Intuit says, “Look in your Payroll Center for the ‘Next day direct deposit’ banner. You can also check your Process payroll by date. If you see the banner or your process payroll by date is the banking day before payday, you can start using Next day direct deposit.”
QuickBooks Desktop Enterprise 22.0
A/P Approval Process
Now, in QuickBooks Desktop Enterprise 2022, there is an A/P Approval Process that streamlines vendor bill management and oversight. With the new A/P Approval Process feature, you can design your own, customizable vendor bill approval process. You can also organize bills on a dashboard that require specific approval before receiving payment. And, you will know the status of vendor bills with email notifications to selected approvers and the A/P Clerk.
Tips
- Enable the QuickBooks Enterprise 2022 A/P approval process to streamline your vendor bill management and approval processes. Eradicate any A/P approval management processes external from QuickBooks and maintain complete control over your business purchases. From the Company menu, select Set Up Approval Processes > Approval processes > Get started
A New Integration!
e-Commerce Integration Add-on with Webgility®
Now you can integrate Webgility with QuickBooks! If you have an online storefront presence, this integration was built for you! With three different tiers to choose from (Core, Classic, and Deluxe), the add-on furnishes a harmonious e-commerce integration. This integration includes online stores such as Big Commerce, Magento, Shopify, and WooCommerce. Also included are industry-leading online marketplaces such as Amazon, eBay, and Walmart.com!
Tips
- Select an integration tier package and boost your online sales! Select Company > My Company from the menu bar. Here you can choose from three different integration packages.
Upgrade To QuickBooks 2022 Today
Get the latest version of QuickBooks at the best price, guaranteed!
Leverage the latest features and benefits in QuickBooks 2022 to continue streamlining your accounting processes and growing your business.
About Us
Out of the Box Technology is an Elite QuickBooks Solution Provider (QSP). We provide our clients with QuickBooks products and end-to-end Business services and Data services through our talented team of in-house ProAdvisor Advanced Consultants, possessing over 500 years of combined QuickBooks experience. Armed with our trademarked “SauceBox Approach,” Out of the Box Technology’s Advanced Consultants live up to our motto, “Anything + Everything QuickBooks.” Contact us and let us show you the best possible client experience, every single time! And dot forget to check out our Company Blog for Free Resources, valuable How-Ts, and TONS of frequently added QuickBooks content!
Our SauceBox Approach is the trademarked internal process that we developed specifically to better serve our clients. This is essentially a five-step secret-sauce recipe to client success. We start by listening to the client and walking through a methodical approach to finding a solution that fits the cliens pain points. Our goal is to provide the best possible client experience, every single time!
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6 Key Strategies to Becoming a Top Customer Satisfaction Company
Each of us has a handful of businesses that have become indispensable in our lives. Imagine how you’d feel if you were told, “You’re no longer allowed to engage with them, ever”? For a lot of people the answer to this question contains a few familiar names including: Apple, Starbucks, Nordstrom, and Amazon, not to mention various beloved local establishments. These entities all share one common trait: consistent customer satisfaction.
These companies maintain standards that instill such deep loyalty in you, to the point that they become a part of your everyday life. This is the essence of brand power and loyalty. Achieving a level of devotion where customers feel they can’t live without your brand essentially makes price a non-issue. The critical attributes that define a business as indispensable include:
- Superior service and products
- Reliability
- Simplicity in transactions
- Advocacy by employees
- Focus on educating rather than selling
- Tailored experiences
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Don’t wait until tax season to clean up your books. The purpose of keeping clean books isn’t to just do your taxes. Your books need to be done — but more importantly, they need to be done right. That means your balances need to tie out, your loan principal and interest need to be separated,…
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December 29, 2023
10 Things You Can Do to Prepare Your Books for Tax Season
Don’t wait until tax season to clean up your books. The purpose of keeping clean books isn’t to just do your taxes.
Your books need to be done — but more importantly, they need to be done right. That means your balances need to tie out, your loan principal and interest need to be separated, your inactive accounts need to be removed, and more. If your books aren’t clean and updated, here’s what can happen:
- You can overpay your taxes because you overstated your taxable income
- You can underpay your taxes (which lead to you paying more in penalties and interest)
- You’re more likely to be audited by the IRS
Your books don’t have to be spotless to avoid those repercussions — but they do have to be polished.
Find out how you should be cleaning up your books before tax season below.
1. Record every transaction
Make sure you haven’t forgotten to record any transactions on your books — even seemingly minor ones. Omitting transactions might lead you to underreport or overreport your taxable income, which ends up being more costly. A common example is business expenses paid for on your personal debit or credit cards. Many business owners forget to reimburse themselves for those expenses or record those expenses as a loan to the business — which can prevent you from claiming deductions.
2. Check that transactions are categorized correctly
Your books have different accounts that may be treated differently for tax purposes. Make sure that your transactions are in the right account — or your taxable income might be incorrect. You also have to check that the accounts you create are the correct type, like a bank account, asset, liability, or other type.
3. Clean up your accounts receivable
Accounts receivable are transactions where you’re expecting money, liken client invoices. Sometimes, a client or customer may not pay you. In those cases, you should adjust that account receivable as a bad debt expense. If you operate on accrual basis accounting instead of cash basis and don’t clean up your accounts receivable, it could increase your taxable income.
4. Clean up your accounts payable
Just like accounts receivable can be outdated, accounts payable might need to be updated as well. Those are anything outstanding you need to pay, like bills or rent. If there’s something that you recorded as due, but ended up not needing to pay for it, you need to remove it from your books. If you operate on accrual basis accounting instead of cash basis and don’t clean up your accounts payable, it could also increase your taxable income.
5. Check that your employee and contractor payments have been recorded
It’s easy to see how much you’ve paid employees with payroll software. However, if you have a contractor with an irregular pay schedule or aren’t using a payroll provider, make sure their payments were accounted for before you file your taxes. This also ensures that your 1099s are issued correctly.
6. Tie out your balances on your balance sheet
Tying out your balance sheet means making sure every account on it is correct. You can verify some balances, like loans and credit card balances, by checking source documents like loan agreements and bank statements, respectively. You also need to check that items that may not have documents, like inventory or fixed assets, are correct.
7. Separate your loan principal from interest
Most loan payments consist of principal, which is the portion of your payment that pays down your loan, and interest. Your loan principal and interest are treated differently for tax purposes, so they need to be recorded separately in your books. Interest is tax-deductible, but principal is not. You can usually check how much you paid in principal and interest separately by visiting your lender’s website and pulling your loan statement.
8. Make adjusting journal entries
When you hand your books to a CPA or other tax preparer to do your tax return, they may give you adjusting journal entries when you get them back — which are lists of adjustments they’ve made for your taxes. Those changes affect your financials for the next year, so you need to make sure you’ve made those changes on your end. Some common adjustments you’ll likely need to make are for depreciation and amortization.
9. Remove inactive accounts properly
When you pay off a loan or sell an asset, it should be removed from your financial statements correctly. That means recording them as paid off or sold — not as expenses or revenue, respectively. Paid off loans or sold off assets can be tricky to record depending on your situation, so check with your bookkeeper, accountant or CPA to learn how to do it correctly.
10. Check that fringe benefits are reported correctly
Some fringe benefits that aren’t typically reported as part of your salary may need to be reported on your W-2. This typically only applies to businesses taxed as S corporations.
Some fringe benefits, or any benefits you receive that aren’t part of your salary or distributions, need to be reported on your W-2 if your business is an S corporation and you own more than 2 percent of it. Common fringe benefits include health insurance premiums and company vehicle usage — both of which are considered taxable income to the individual.
You should be cleaning your books on a regular basis — whether that’s weekly, monthly or quarterly — and checking if there are any issues so you could nip them in the bud. This saves you from the stress of spending days rushing through your books before tax season.
It could also cost you money if you wait until tax season to clean your books. You’re more likely to miss errors that affect your taxable income, or have to pay more for a CPA to do it for you.
Small business owners should understand that they’re not saving time by not looking at their books regularly. They’re actually spending more time on their books and taxes in the long run. If you don’t have the time to make sure your books are clean, it may be time to hire a bookkeeper. Not only can they do the work for you — they should be able to educate you on the whys and hows of bookkeeping to empower you and keep you in the loop.
Summary
You can’t file your taxes without having your business’ books cleaned up. Your books are key to determining your taxable income.
Some things you can do to make your books tax-season include removing inactive balances, tying out your current balances, separating your loan principals and interest, and more. This process can be a lot easier if you clean up your books on a regular basis — not just during tax season.
Ensure your books are tax season-ready. Schedule a complimentary Bookkeeping Assessment, below!
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