We at Fourlane have learned a lot from our customers when it comes to the problems they run into with their QuickBooks files. With our services, we try to help the businesses we work with identify the true issues hiding beneath the surface, and walk away better off then when they came to us. That’s why with this QuickBooks Insight series, we hope you can identify with the experiences other customers have faced.
Today’s QuickBooks Insight Tip #5: WOW Factor Financials
The single best response we get from customers is by organizing the chart of accounts. You can make header and sub accounts to “bucketize” the data. By organizing the Profit & Loss statement to show very high-level summary information on one page, you are focusing the attention of who is reading the statements.
Too Much Information
A federal grant funded and donation funded non-profit called us to convert them out of Intacct and into QuickBooks Enterprise. Their chart of accounts was 4000+ accounts long and in alphabetical order – can you imagine trying to take in that amount of information periodically? Some accounts had under $20 in activity during an entire year. They have to provide budget reporting to their board members who are former First Responders.
Our Solution
Although it took a few years to allow for the full merging of their extensive Chart Of Accounts, we bucketed everything to be in less than 10 header accounts on the Profit and Loss.
Once we were able to gain their comfort level with the sub-ledger reporting provided through items, customers and vendors, we eventually were allowed to fully purge those 4000 accounts and we are down to about 200 between the Balance Sheet and Profit and Loss statements.
By narrowing the focus of information, it made the participation of the board members stronger because they could ingest the simplified data to help make decisions.
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