5 Ways to Use QuickBooks in Your Distributorship by Amanda Corey

5 Ways to Use QuickBooks in Your Distributorship

As a small business owner, you are expected to wear about 10 different hats in 10 different colors… each.

Obviously, this isn’t practical. You cannot do everything; well you can, but it would be completely sub-par.

I once heard a saying: “You can be a Jack of all trades, and a master of none.”

Though this may be a particularly common phrase in your vernacular, I found the saying quite profound, and I believe it is completely applicable to small business owners and startups.

In order to efficiently run a small business, you want to automate as many things as possible and take care of things at which you excel.

Luckily, the promotional products industry has been around for quite a while allowing sufficient time for businesses to penetrate the market with services that can make your life significantly less complicated.

QuickBooks is one of those services. In my opinion, QB is one of the most comprehensive platforms for business management on the market. And a tool which you should be familiar with as a small business management option.

We know that QuickBooks has some great features that will benefit businesses in the promotional products industry, which is why we integrated the QuickBooks platform into our VISION package.

If you have a Trade Only website, these are reminders that you can do more with your QB integration than you are RIGHT NOW.

If, however, you don’t have a Trade Only website, we still encourage you to learn how QuickBooks can boost your operational efficiency. Because, well, it can do wonders.

We have accrued these 5 tips directly from Amanda Corey (QuickBooks Specialist and our lovely liaison)

[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Phonr’ type=’text’ required=’1’/][contact-field label=’Comment’ type=’textarea’/][/contact-form]

Top 5 Tips for Using QuickBooks in Your Distributorship by Amanda Corey

1. Use Jobs to Track Profitability:

By creating a job and assigning your client invoice and the supplier bill to it, you can track profitability on a per job basis. The Job Profitability Report is a great way to calculate commissions.

2. Use Non-Inventory Parts:

Always use Non-Inventory Parts when creating Items. Generally, as distributors, we do not carry inventory. Even if the supplier ships the order to you and you deliver it to the client, it is not your inventory.

3. Mange Bank and Credit Card Activity:

Receiving payments and paying supplier bills inside QuickBooks automatically enters the necessary amounts into your account registers saving valuable time when reconciling.

4. Enter General Expenses into Registers:

When entering standard expenses it is not necessary to create a Bill. Enter standard expenses directly into checking or credit card registers. Only create bills when costs relate to client jobs.

5. Sales Tax:

Reference the Sales Tax Liability Report to transmit totals to your State Tax Agency. Make any adjustments after payment is made by using the Pay Sales Tax feature. Accurate totals are necessary to keep accounts balanced and financial statements correct.

 

If you have any questions regarding our QuickBooks integration and how it can help your business, in more ways than these 5, please contact amanda@fromthedesktop.com

Leave a Reply

Your email address will not be published. Required fields are marked *

UA-50207067-2