QuickBooks Accounting Service & Training

Our Process

QuickBooks Setup & Training:

QuickBooks is a powerful tool. When used properly, it does more than simply track your income and purchases for easier tax preparation. It helps you make better business decisions by providing financial reports that let you understand how to grow your company more quickly.  In fact, statistics show that the accounting system is under-utilized in many ways, starting with inventory management, job / project costing, class etc.

QuickBooks is a user-friendly yet powerful accounting system. Even so, the initial setup and installation must be performed correctly in order for future information to be completely accurate. The QuickBooks initial set up can be a complicated task, with a big risk of inaccurate data conversion. It results in inaccurate reporting of sales tax, corporate tax etc.  This is a cumbersome and costly mistake to fix at year-end, so switching from manual accounting to Quickbooks should be left to the experts.

QuickBooks reports are based on the invoicing and purchasing transactions that are entered through the Chart of Accounts via the Items & Services (Products & Services online). All information necessary to set up manual accounting records is also necessary to setup and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

We recommend the following process:

Step 1:

Choose the QuickBooks version that best fits your business needs

There are several versions available, so selecting the right version for your business or industry is key. Our QuickBooks Consultant will gather information on your company and provide suggestions. We can offer wholesale pricing.

Step 2:

Your QuickBooks Consultant

Our expert Consultant can easily answer questions on which accounting method or chart of accounts to use, as well as how to handle beginning balances, and more.

We can provide same-day initial setup and installation (Learn what to expect during the set up process below). Should your accounting employees require training, our specialist can provide hands-on QuickBooks training to enhance their performance.

Step 3:

Successful completion of setup and optimized reporting

A strong accounting system starts with hiring a professional to set up your books. We go through a series of questions to get to know your operations and find out what reports are most meaningful to you. We then program QuickBooks to deliver those mission-critical reports. QuickBooks stock reports are basic, but we can show you how to enhance those reports and/or customize them for greater insight.

What you can expect during your QuickBooks setup Process:

• Conduct study on your business operations and needs. We will recommend a software version based on our findings.
• Install software, custom design/program your operations and set up chart of accounts to optimize management reporting
• Setup entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.
• We will load chart of account and balances as of that starting date
• We will cross-check conversion data accuracy
• Entering your transactions since your starting dates into QuickBooks
• Train you and your staff in use of software to meet accounting, management and tax needs.

If you are an existing Sage or QuickBooks Desktop user, we’ll move your data over for free.

Quickbooks Training:

We offer in-class QuickBooks training at various locations in Thornhill, Richmond Hill, Vaughan, Markham, Scarborough and Durham area.

Ongoing Services:

We will follow up training requirements to ensure you are on the right track.

Our Small Business Accountant can provide monthly, quarterly or annual review of client QuickBooks data to assist in tax preparation and management reports.

See Small Business Accountant tab for details.

QUICK TIP on Setup Optimization:

Small business owners who are also DIY accountants may be missing out on of the many treasures that QuickBooks has to offer: a feature called “CLASS.”  You would have been introduced to this if you’d done QuickBooks training, but probably not fully grasped its value to your set up. This feature is paramount in helping you understand your business.

The ability to segment your organization is the basis for effective business intelligence and analysis. Whether you want to slice-and-dice by branch location, line of business or revenue source, the CLASS feature will unlock those doors.

We set CLASS tracking up for our clients so that they can track their ROI (return on investment). Customized reports let you know what specific activities are making profit. For example, do you know which advertising campaign deserves the most attention? If you know the source of the revenue (Google Adwords, Facebook Ad, LinkedIn Ad, etc), you know where to allocate more of your advertising and marketing dollars. There are several combinations and methods to utilize CLASS, and understanding your business segments will provide the guidance on the required level of detail.

Turn on the CLASS feature within QuickBooks today.

Go to your Settings and put a check mark next to “Use Class Tracking.” Set up a CLASS list and you’re ready to go. Modifying your list is easy thanks to the familiar Add, Delete or Edit Items options.

The QuickBooks CLASS feature may benefit some small businesses more than others. It’s a function that can be set up at any time, and the key is to map out your business structure so that you have it structured in a meaningful way.

 

Testimonials

Extremely knowledgeable in accounting and tax” is how I would describe Tan & Partners Inc.. As a member of the Richmond Hill Chamber of Commerce, I attended few classes that Tan & Partners Inc. provided on QuickBooks Reporting and Tax Planning. After sitting in those classes I was confident that they would be the best accounting firm to help me with my small business.  In these classes, they shared great insights on understanding QuickBooks reports and how I can manage my business from a tax point of view.  As small business owners, we have a tight budget, and Tan & Partners Inc. has flexible plan for that. I recommend Tan & Partners Inc. to any small business that is looking for a local accountant that will take personal interest.

Karen M, owner of Merk Photography