When should I put my new business on QuickBooks?

 Ideally, a new business will start using accounting software at inception. The annual cost of on-line accounting software is relatively inexpensive and will keep you from paying an accountant to recreate your balance sheet later. In addition, the use of accounting software allows you to see your financial results in real time and track which customers owe you money and which vendors you owe.   

 An income statement tracks what you earned or lost during a period. A balance sheet represents what you own and owe at a point in time.  Many new business owners use tools to track their income or loss during the year, but do not have an accurate balance sheet. Both financial statements are necessary to run a business and to determine the health of the business.  

 Information concerning security for the Intuit QuickBooks software can be found on their website. For other client data, we work with a third-party IT company to provide cloud-based security.  Several of our clients provide us with access to their own servers to gather data as needed. However, we will work with you and our IT provider to find a solution that meets your needs.  

 While Watch Her Grow can provide a review of business processes to improve internal controls or efficiencies, we do not provide financial audits.  

  We have worked with ADP, TriNet, Paychex and QuickBooks Payroll, but we are open to using other providers.  

  We work across a variety of industries and can support most small businesses. If we cannot help you, we will not take on your business.   

Ideally, you want to prepare your annual budget at least two or three months before you start your fiscal year. The budget should align with your strategic initiatives and sales plan. Other companies may prefer rolling 12- or 18-month budgets or forecasts, which are updated continually throughout the year.  

Because we are a cloud-based company, we prefer to use QuickBooks online for bookkeeping and accounting work. However, we are familiar with QuickBooks desktop and can access files via VPN where it makes sense. For decision support and consulting services, we can work with data exported from other software systems.   

No. At Watch Her Grow, we keep your books and prepare your annual unaudited financial statements so you can easily provide them to your tax preparer. We also liaison with your preparer on questions or complex tax issues.