Mastering QuickBooks: Financial Health Check Practices
Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even thinking about them.
Open the Income Tracker.
This is the best way to get a quick look at the status of your receivables.
Look at your Snapshots.
You might send a few invoices and pay a few bills and record payments that have come in since your last session.
You certainly don’t instill faith in your customers by running out of items that you’ve said are available. If you don’t keep a close watch on your inventory levels, you risk:
• Incurring extra costs to have items shipped to you quickly if you’re a reseller.
• Having to drop everything and create new products if you sell one-of-a-kind items, and/or
• Losing customers because you can’t fulfill orders rapidly.
Check Your Payments to Deposit
• Often, funds received from invoice payments and sales receipts go into the Undeposited Funds account. You should be checking occasionally to see if there is money that needs to be deposited.
Look at Bill Tracker
• If you’re tracking your bills in QuickBooks’ Bill Tracker (and we recommend this), you can learn quickly if you have any outstanding bills or any that are coming due soon.