OBI BLOG

Five QuickBooks Apps to Benefit Small Businesses 7-18-16

Five QuickBooks Apps to Benefit Small Businesses QuickBooks accounting software packages are usable with apps that are accessible via mobile devices and computer systems with Internet connections.  Intuit and its independent collaborators developed these apps for use in the small businesses that constitute QuickBooks’ target market.  QuickBooks apps expedite the processing of QuickBooks accounting data […]

QuickBooks® Features To Prevent Fraud 6-28-16

QuickBooks® Features To Prevent Fraud In business, fraud is criminal or wrongful deception that intentionally produces personal or financial benefit; it often involves deliberate misrepresentations and defalcations that distort financial results. Most fraudulent transactions pertain to disbursements and often affect check preparation, expense statements and invoicing. As owners or managers, business leaders are principally responsible […]

QuickBooks® Invoicing Feature 6-20-16

QuickBooks® Invoicing Feature The QuickBooks® invoicing feature is easily accessible via desktop and online versions of QuickBooks®. Each of these versions has QuickBooks®’ characteristic user-friendliness that facilitates accounting tasks, including invoicing. The following points outline some fundamental procedures for users who want to create an invoice by means of the invoicing feature of QuickBooks® Online. […]

DIY Bookkeeping Mistakes Noted by Accountants: 6-13-16

DIY Bookkeeping Mistakes Noted by Accountants: The first mistake accountants across the board agree upon is using computer accounting software that is too complex for the user’s expertise. Let’s face it there is a plethora of accounting software on the market today and knowing what fits your needs as well as your expertise can be […]

Balance Sheets Then and Now 6-6-16

Balance Sheets Then and Now Of the variety of reports that can be generated in QuickBooks® today, the balance sheet (otherwise known as the Statement of Financial Position) is perhaps one of the best ‘snapshot’ reports available and yet least understood by users. By utilizing the balance sheet in both form and knowledge, business owners […]

COGS in QuickBooks® 5-31-16

COGS in QuickBooks® Tracking costs within a business demands attention to detail as well as specificity of the category for the particular cost. Accounting systems such as QuickBooks® normally label accounts according to the predominant category of expenses, such as ‘Office Expenses’ for printer ink and office-related purchases, or ‘Income Tax Expense’ for payments made to […]

Generally Accepted Accounting Principles: An Introduction 5-23-16

Generally Accepted Accounting Principles: An Introduction One feature of every human activity is the peculiar set of rules that, if followed diligently, guarantee that the activity will produce desired outcomes. As human civilization evolved, many of man’s activities developed into trades and professions that have had their respective guidelines. Today, professions and less formal human […]

Reconciling in QuickBooks® 5-16-16

Reconciling in QuickBooks® The day-to-day operations of a business vary from interactions with vendors and customers, management efforts and decision-making, and employee compensation, among others. Though different in function and purpose, these varying facets often share a distinct similarity: effects to the accounting records through cash transactions. The dual-process approach of entering transactions, both cash and […]

QuickBooks® Billing by Invoice 5.9.16

QuickBooks® Billing by Invoice No matter the industry, businesses must have an organized method of recording sales and receiving payments. Information regarding the current cash status and accounts receivable can be instrumental in purchasing, hiring and even investing decisions. A need to track payments and open balances for customers arises if a company expects partial […]

Contribution Limits on Retirement Investments 5.1.16

Contribution Limits on Retirement Investments The increasing attention paid towards savings for retirement or other significant savings goals, such as a child’s college education, warrants the need for elementary knowledge of the monetary limits set by the Internal Revenue Service (IRS). These contribution limits impose a standard to the investment holder of a certain amount, which cannot be exceeded […]