How to Choose a Right QuickBooks Software for Your Small and Mid-Sized Business

Efforts gradually turning into fruition to handling lots of procedures and operations to working with a number of employees, managing a small or mid-sized business is both stressful and rewarding. To effectively fulfill the assigned tasks and to manage all resources, it is essential to automate the basic yet important tasks such as accounting. This will help you to focus or core activities and to think strategically and will help you to save your time and money.

To streamline your accounting and to manage your finances, QuickBooks comes with a vast number of apps, from which you can choose a suitable software to fulfill your specialized business needs. However, more choices come with more confusion and when it comes to choosing an app, the situation becomes more complex. And therefore, it becomes necessary for the business to do thorough research to select the best fit.

We have come up with a checklist that will help your business to find the right QuickBooks app.

Identify your top priorities and problem areas

Knowing your business needs, top priorities, and pain points will help you recognize your current and long-term business requirements. For instance, you need to consider the number of people who will be using it, your current employees’ needs, the size of the business, etc. Many software limits the number of users per account while others come up with multi-user access by charging extra costs. So, it is important to consider all aspects of your business before coming to a conclusion.

Understand Functional Requirements

Identifying the functional requirements that you want in your software will help you figure out whether the app will accomplish the required tasks or not. These tasks may include the creation of automatic expense entry in QuickBooks, extraction of receipt data, and more. Once you are done with the complete list of the ‘must-have’ and ‘need-to-have’ features, you will be able to find ideal software for your business.

Do Your Research and Browse The App Categories

Thorough research of the categories of the apps in the QuickBooks App Store will help you know the top priorities that need your attention. For instance, some of the prominent app categories of QuickBooks are managing human resource, run payroll that includes paying bills of your contracts and of employees on time, performing analytics to turn QuickBooks data into meaningful insights, tracking time of payroll and invoicing, sync data to avoid manual data entry, automated tax preparation features etc. Once you have considered the categories, you need to shortlist the selected software. Now, read about the software, customer review, description and check the demonstration. Meticulous research will help you to choose the best app to match your business needs.

Think App as a Business Investment

Apps will help you save your time and lend a helping hand by growing your sales by reaping your efforts in monetary terms. Moreover, by taking your apps to the cloud you can make your software mobile as well. QuickBooks Cloud hosting will help your employees to collaborate and cooperate with your team and clients on a real-time basis. Investing in apps will help you get more done in limited resources and will grant better control of your resources.

Train Your Staff

To avoid confusion and garner the utmost usability of your software it is quintessential to train your employees. It also helps to make them aware of the features and its usability. Doing this will help integrate new software into your existing system. Above all, ‘learning is not a spectator sport’ and therefore learning should be an inherent part of the business.

Starting Your Model Car Collection With Style

It is a human desire to embrace speed and drape themselves in style. When looking at this through the acts of human nature, purchasing luxurious homes, fast cars and wearing bling is what makes us feel we belong. In many homes however, affording the fancy clothes and the fast cars is more of a financial dream than it would be a reality.

If this sounds like you and you have champagne tastes on a Pepsi diet, then there is a solution. For those who like the fast cars and the nice things in life, collecting model cars is a solution that can fit into your budget. When it comes to model cars, Porsche diecast models are possibly the first in the series you should collect.

When it comes to collecting model cars, we are allowing ourselves to expand our imagination as well as hold on to a piece of our dreams. Even though we can’t in most cases afford to purchase and maintain a Porsche, purchasing Porsche model cars is the next best thing.

Creating a collection

When it comes to these and other cars, it all comes down to creating a collection. When we put together a collection of different objects such as cars, we can tailor our likes and passions into a specific set. For example, is you like a specific year of model car you can focus on those. If you prefer a specific manufacturer, size, colour and more, all of these can be addressed when working on your model car collection.

Sharing your collection

Sharing your collection is a great way to enjoy your collection. When sharing your collection, you can do a wide range of different things. First of all you can create a room that is filled with what you collect. Your Porsche diecast models can be displayed on shelves, in glass cases and even placed in scenes that depict a great moment in your life or accentuate the model.

Telling stories

Most collectors will have a reason for their collection. The majority of people will want to tell stories of their past. For men, it is all about helping their dads work on similar cars when they were younger. For women, it may be a remembrance of their brothers or boyfriends who had one of these cars or even their own favourite car. Telling stories is a great way to have a visual to add to these stories as well as a constant reminder of pleasant events.

Effective Internal Control Systems and Optimal Processes and Procedures

How do firms choose their strategic control systems? What is the nature and function of strategic control systems? What are the critical elements of strategic control systems? What is the nature and function of internal control systems as critical element of strategic control systems? These strategic policy questions relate to the role of optimal organizational internal control systems, processes and procedures designed to create and sustain operational performance excellence that maximizes the return on investment and shareholders’ wealth while minimizing risks exposure and the cost of operations, simultaneously.

Clearly, effective internal control system is correlated with optimal operational performance excellence and critical to sound organizational systems and strategies designed to maximize the wealth producing capacity of the enterprise. In these series on organizational performance excellence, we will focus on the pertinent strategic control system questions and offer some operational guidance. The overriding purpose of this review is to highlight some conceptual framework, quality management theory and practice, strategic relationships, and industry best practices. For specific financial management strategies please consult a competent professional.

Internal controls as integral part of the strategic control systems is interrelated series of activities imposed on the standard operating procedures of an organization, designed to safeguard assets, minimize errors, and ensure that operations are conducted pursuant to standards. While strategic control systems establish standards and methods for measuring performance, determine whether actual performance matches the standard-expected performance, and execute corrective action, internal controls are designed to mitigate the level and types of risks to which an organization is exposed.

Further, while control systems ensure operational effectiveness, control activities frequently slow down the routine process flow of business operations, which may reduce its overall efficiency. Consequently, the design of internal control systems requires management to balance risk mitigation with operational efficiency. This process can sometimes result in management accepting a certain amount of risk in order to create a strategic profile that allows an organization to operate more efficiently and effectively, even if it suffers occasional losses because controls have been deliberately reduced.

Additionally, all organizational strategies subject to constrained optimization have costs and benefits. The critical question is: Do the benefits justify the costs? In practice, executive leadership applies the net present value approach to weigh the costs and benefits of structures, systems and strategies. The optimal option maximizes the net benefit by equating marginal costs and benefits.

Some Operational Guidance

In general, no organization is immune to misappropriation, embezzlement or corruption-whether it’s inadvertent or deliberate. Many organizations don’t assess misappropriation or corruption threats until they have already occurred. Effective internal control systems should be designed to mitigate the level and nature of risk which organizations experience. In practice, as integral part of internal controls, organizations leverage technology-enabled solutions to scan across the entire spectrum of operational risks, promptly.

The ability to identify potential high-risk internal and external transactions quickly before they adversely impact organizations is critical to optimal internal control systems designed to create and sustain operational performance excellence derivative of business intelligence, risks mitigation, data analytics and evidence-based knowledge driven effective organizational systems, processes and procedures.

Moreover, internal controls should provide the mechanisms, rules, and procedures implemented by organizations to ensure the integrity of financial and accounting information, facilitate accountability, and mitigate fraud and the entire spectrum of operational risks. Besides complying with laws and regulations, and preventing employees from misappropriating assets or committing fraud, internal controls should facilitate operational efficiency and effectiveness by improving the accuracy and timeliness of financial reporting. Effective internal control objectives should include regulatory compliance, accuracy, validity, physical safeguards, and error mitigation. Control procedures should include separation of duties, access controls, random physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.

Controls should always include policies and procedures put in place to ensure the continued reliability of accounting systems. Accuracy and reliability are paramount in the accounting systems. Without accurate accounting records, managers cannot make fully informed financial decisions, and financial reports may contain devastating errors. Control procedures in accounting should be broken into several categories, each designed to prevent fraud and identify damaging errors before they become problems or crisis.

Control system should fully address regulatory requirements, meet stakeholder expectations and protect organizations from potential catastrophic financial and reputation damages. When properly deployed and integrated, organization’s risk mitigation, anti-misappropriation, anti-bribery and anti-corruption technology-based solution should use digitally enabled analytics and advanced monitoring tools to help organizations scan across the compliance and operational risks spectrum, so they can more intelligently anticipate, mitigate and manage risks.

While smaller organizations with limited resources cannot always afford elaborate internal controls including segregation duties and decisions, system of internal controls tends to increase in complexity as organization increases in size. Establishing standards and methods for measuring performance; determining whether actual performance matches the standard-expected performance; and taking corrective action should always be integral to effective internal controls.

Finally, internal control is most effective when it is embedded and supported by a culture of assessment and continuous improvement. Therefore, effective internal control should consist of an integrated process for assuring organization’s objectives in operational efficiency and effectiveness, reliable financial reporting, and compliance with laws, regulations and policies are being met. Controls should include effective use of firewalls and encrypted passwords that limit internal and external access to critical business intelligence, proprietary, accounting and other financial information. Systematic measurement, analysis, and knowledge management require internal control results to be collected, analyzed and used for continuous improvement.

In sum, control systems should provide processes and procedures by which an organization’s resources are directed, monitored, and measured. Internal control system should include human elements such as board of directors exercising effective oversight and independent internal auditors conducting random periodic audits and unscheduled verification. Control systems, processes and procedures are critical in detecting and mitigating high risk activities and preventing various types of misappropriation and protecting the organization’s resources, both tangible and intangible resources.