Phyllis: 00:31 Greetings and welcome to another episode of small business conversations with PKJ. I am your host, Phyllis Johnson of PKJ consulting, where we help companies follow their passion, understand their knowledge, and go along their journeys that they can grow and succeed. How many times have you heard as entrepreneur or small business owner that you need QuickBooks, that 50 percent of businesses fail in the first five years due to not tracking their finances or as an entrepreneur, you need to know where your money is being allocated to. Have you ever been turned away from a company loan because you couldn't produce your financials or how about that shocking tax bill you may have received because you weren't tracking your money, didn't know where it was going to and didn't understand the liability that you were going to have at the end of the year or maybe that time where you finally looked at your numbers that you put on a piece of paper and realize that you invoiced a client incorrectly or that you've been paying for a $49, 99 a month software program that you haven't even used in two years.
Phyllis: 01:35 Therefore wasting over a thousand dollars or maybe you lost out on a sale because you couldn't send a potential client an invoice quickly. Do any of these resonate with you? I know they do with me as I've consulted on this topic quite a few times with clients and through training. So today I want to do a different type of episode that wasn't going to be an interview, but more of a discussion with my cohost, Shante Martin, bookkeeper and office manager at PKJ consulting to discuss the uses of QuickBooks online and how can ultimately make and save you money so you can focus on accomplishing all of your business goals. You see, we've all heard about QuickBooks and how it's the largest accounting software, but most of us who aren't accounting professionals aren't sure as to all the benefits and things that it can do. A lot of times people will call me and say, Hey, I've installed QuickBooks online, but I'm not quite sure how to set it up. Or maybe they've tried to set it up and everything is incorrect, or maybe they just have a question, you know. So what I want to discuss here today is what can QuickBooks online do that you may not have been aware of. So let's jump right on it.
Shante: 02:46 Accessibility. QuickBooks online is accessible everywhere. No matter where you are, your phone, your laptop, your desktop, tablet, your friend's house, you're on vacation, you're out of the country. No matter where you are, you can always access
Phyllis: 03:00 QuickBooks to get your stuff done. Exactly, so I love QuickBooks online because literally you can be anywhere, anyplace, anytime. You know, a lot of times when we go on vacation as an entrepreneur, we all know we have to bring our computers or re stress about business or we're stressed about finances. The great thing about QuickBooks online is you can just hop on your phone real quick, send a client an invoice and then shut down and go back to enjoying your Mai Tai or even if you're all the way out of country. Last year I had the pleasure of going to South Africa with all of my friends, but as a business owner, business never stops. I was able to just go onto my laptop, sign onto QuickBooks online, even in another country, in a place that has secured Wi-Fi and still get my work done so that I can afford to go on more trips later on.
Phyllis: 03:50 So the second topic that is going to discuss is sales. So sales at QuickBooks online can increase your sales and profits by immediate invoicing, ease of payments, recurring invoices, tracking your invoices, and auto follow ups. Great, so to enhance on that immediate invoicing, what that means is a lot of times when you're using other invoicing programs, do you have to log in there, type in the information, or maybe you've created something in word or something pretty inaccessible. Then you have to go and manipulate the information, go onto your phone and pull that client's contact information, pulled the information from the email to remember what you should build that person will QuickBooks online, all of that is in one place. You have your customer's name, their address, their phone number, their email, their tax id. It's all in one location and you can easily look at any past invoices and send it out to them with just the click of a button.
Phyllis: 04:50 Ease of payment. So that's the big one. I know I like to get paid on time. Well, what happens when you have to print out your invoices, put them in an envelope, put them in the mail, wait for snail mail to get there, wait for the accounting department to open up that invoice way for them to then log into their accounting software way for them to print out a check and then give it to the owner of the company who may be super busy on vacation, running around, doesn't sign that check until another 15 to 20 days and now you're not getting paid for net 45 or sometimes net 60 or even worse, net 90. Well, with QuickBooks online, you click a button, you send the invoice. That person gets the invoice immediately in their email and here's a little secret. The second someone opens up an invoice, you can see that they opened it, so not only can you do that, you can also have it set so that you can have someone paid immediately.
Phyllis: 05:44 You can also set up recurring invoices, meaning that you don't have to every single months and that $5,000 invoice to your biggest client. You can just set it up that every Tuesday at 4:00 it goes to them and then they can automatically pay you. And like I said before, you can track your invoices. Not only can you see if a client, you know, future invoice, you can have a conversation regarding that specific invoice. Maybe they want you to change the title. Maybe they want you to change the name of the project. Instead of going into your email, you can see what they put on that direct invoice. So you have a history of that. So six months from now, if you can't remember why you made that change, that invoice, you don't have to search through your text messages or your emails, you could just go directly to that invoice.
Phyllis: 06:31 And lastly, most important is auto follow up. It is a pain to try to get payments. Sometimes QuickBooks takes the headache out of that where you can literally set it up so that, you know, maybe every couple of days you say, Hey, by the way, you know, just haven't checking on you because we haven't received payment. Um, it makes it a lot easier. So that you can increase yourselves and grow your profits. And the other thing that I wanted to talk about is if you have your phone and you are standing in front of a potential client who says, you know what, send me an invoice right now so I can pay you. Imagine if you call your accountant back at the office or she's gone for the day. Well, with QuickBooks online, you can pull up that invoice, send it to them immediately, and it's a one stop shop.
Phyllis: 07:15 Don't lose out on hundreds of thousands of dollars for your business because you aren't able to take advantage of an opportunity when it's sitting right there. So now we're going to have Shante discuss the third benefit of QuickBooks Online that you may not have been aware of. Okay, so QBO obviously Phyllis thing going through all of the great things it offers. It saves you so time, which allows you to focus on more important things like growing your business and making more money. So, you know, really at the end of the day, we all have a passion for what we have a passion for, but we want to make money, we want to make money so we can take care of our kids so we can buy our dream home so we can retire. So we could do whatever it is that we want to do.
Have you ever wondered why we have so many labels when it comes to business? There's self-employed, small business owner, independent contractor, entrepreneur and much more. What does it all really mean? Can you be one and not the other? I consider myself to be a small business owner but also self-employed and an entrepreneur. Does a label really make a difference?