8-1 Bongo Reflections- Emerging Technologies – Speaker Notes

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8-1 Bongo Reflections: Emerging Technologies – Speaker Notes Nicole Sheppard Southern New Hampshire University ACC 315 – Accounting Information Systems Ciro Castaldi June 25, 2023

Emerging Technologies PowerPoint – Speakers Notes Introduction – Slide One I recently came across the QuickBooks software, and I am eager to go over a few things with you about it. After doing some extensive research, I believe that it is a very interesting tool that can help us in managing our business's accounting needs. Intuit QuickBooks is a full- featured financial and business management suite that offers complete accounting packages. What is QuickBooks? – Slide Two QuickBooks is software that is designed to help business owners who lack accounting knowledge and allows them to keep track of their business’s health through financial functions like income, expenses, and inventory, hassle-free and in real-time (Shweta & Bottorff, 2023). QuickBooks was designed with small businesses in mind because the program is easy to learn and simple to use. Timoshina states that “everyday bookkeeping tasks are automated, making it easier to run the business. Businesses also save time because it generates comprehensive reports that detail the information needed about the business” (2022, para. 2). I have learned that it has many customizable and powerful features that can be used to better the businesses that use it. And, due to the accuracy of the program, many accounting firms recommend it. QuickBooks also integrates well with other systems while it’s flexible with 3 rd party applicants, and is easily accessed by multiple devices, including the phone, computer, or tablets (Canes, 2023). QuickBooks Features – Slide Three

QuickBooks is a user-friendly accounting software that is beneficial to the businesses that use it. QuickBooks makes creating, sending, and tracking invoices easily. It records the business’s income and tracks how much each customer owes you automatically. It also makes it easier to view any outstanding accounts receivable and how many days it is past due by running an A/R report. (Yoder Ph D. & Bauter, 2023). Not only does it track invoices, but the program also tracks sales, bills, and expenses by connecting your credit card accounts to your QuickBooks account. This allows all your expenses to be downloaded and categorized (Yoder Ph D. & Bauter, 2023). I think we all can agree that payroll is an area that no business wants to skimp on and do manually. Steep penalties and unhappy employees are the results of mistakes made while calculating paychecks. That’s why it has its own payroll function that can calculate and run payroll as often as the company needs for subcontractors and employees, automatically (Bauter, 2023). With hassle-free tracking of income and expenses, it allows easier more simplified taxation. Payroll has a huge tax liability, so having tax processes automatically calculated every cycle is a huge benefit to business owners. W-2’s are even available in the Payroll Tax Center, which makes tax time a breeze. QuickBooks also allows companies to make online payments through the software, along with payment reminders for both the business and its customers (Girsh-Bock, 2023). Not only does it identify which customers are past due, but it also sends out an email reminder to the late-paying customer. QuickBooks can track the quantity and cost of your inventory instantly using first-in- first-out (FIFO) (Lybrand, 2022). As products sell, the software allocates a portion to the cost of goods sold (COGS), expensing the supplies to reduce the business’s income and help calculate taxable income instantly. This is a very cumbersome task to do by hand, so it is a major help to a

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company. QuickBooks also has a manageable chart of accounts that lists all the accounts that the program uses to track your financial information. Using these charts makes it easier to categorize all transactions from sales forms to reports to tax forms. Every chart for an account has a transaction history that breaks down how much money you have or owe. (QuickBooks, 2023). Management of all receipts for the company is now effortless with QuickBooks. As long as the business’s management or employees can access a mobile phone, they can easily snap a photo of a receipt and upload it directly into the application where it is attached to the corresponding expense. (Girsch-Bock, 2022). On top of this, landed costs allow businesses to allocate freight, shipping, insurance, and other charges into the final cost of an item (Girsch- Bock, 2022). By factoring these into the costs of an item, it in turn provides the business with a more accurate product cost. And lastly, QuickBooks is affordable for small business owners. For just a few hundred dollars or less, you can handle all your bookkeeping needs with QuickBooks without having to deal with the costs and headaches of outsourcing the bookkeeping or hiring an accountant (Timoshina, 2022). What problems can QuickBooks fix? – Slide Four There are many issues that QuickBooks can fix for businesses. QuickBooks can help solve business budgeting by taking into account the organization’s total revenue and expenses and revealing the net profit or loss. This is comprised of the everyday revenue and expenses like the average order amount, number of products ordered per month, billable hours, average payroll costs, material expenses, and rent, mortgage, and utilities. Businesses should always remember that the output always depends on the input (Boyd, 2022). QuickBooks also makes bank reconciliation less complicated. With the reconcile option, once you pick which account you want to reconcile the program shows the statement which allows the business to compare the

balances and transactions on its external bank statements to its cash balances and transactions recorded in the cash accounts of the general ledger. (QuickBooks, 2023). By having automated bookkeeping, it allows businesses to free themselves from the headache of doing paperwork that documents their day-to-day operations. The program creates accounting documents such as balance sheets, profit and loss statements, cash flow statements, and others, that are compliant with regulatory standards. Comprehensive reports are then generated to detail all the information that is needed for businesses to strive (Timoshina, 2023). Because QuickBooks has such wonderful record keeping, it is a lot easier to find mistakes and fix them. QuickBooks also adds straightforward tracking of employees' hours and expenses. Subcontractors and employees can enter their own time as they progress throughout the day or a bookkeeper can enter the weekly time if a manual timesheet is submitted (Yoder Ph D. & Bauter, 2023). All expenses entered from an employee are marked as billable hours and assigned to customers. QuickBooks also makes it easier to share customized reports. How does QuickBooks help management make final decisions? – Slide Five Decision-making is the process of making choices by identifying a decision, gathering information, and assessing any alternative resolutions. QuickBooks allows business owners and management to make more informed financial decisions while increasing forecasting accuracy. There are many ways QuickBooks makes this possible. QuickBooks customizable reporting helps to make decisions based on a certain set of data. QuickBooks program has allowed users to customize various forms including invoices, statements, payments, and purchase orders (Girsh- Bock, 2022). By having the ability to choose from these various customizable reports allows businesses to identify which decision needs to be made, while also obtaining information about it.

In addition to that, “QuickBooks’ budgeting provides its users a lot of flexibility in how it can set up a budget” (Smolinski, 2020, para. 5). The program allows a business to set up budgets for different time periods and timeframes, for example, for the current year, the next 5 years, by month, quarter, or year. Businesses can track their performance by running a budget variance report which compares their budget to actual reports and shows whether the organization is meeting or exceeding its budget. This information can also help make decisions on how to create ways to easier financial management and easier performance within the business. Having a budget does not help a company succeed unless there is a plan in place for the organization to perform up to par and have the financial management execute the processes needed to fall in line with the projected budget. Having the ability to have the QuickBooks program and financial statements at your fingertips is a great benefit for decision-making as well. With the ability to sync the software and data between multiple devices, the information is always available when making any decisions about the business. “You have easy access to all the common financial statements such as balance sheets, profit and loss (P&L) statements, cash flow statements, and taxes filed. On- demand statements like these allow the company to manage its costs to increase profitability. The job costing feature uses the data from past jobs or services, invoices, and client and lender billing, allowing you to build out job costs based on these numbers. “Having both micro and macro views of job costs make it easier for management to see how the costs stack up to previous projects and prevent misquoting new ones” (Sullivan, 2022, para. 9). In short, it is helping to make the decision of what a job is going to cost and makes it possible to monitor what a project is going to profit for the company.

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Having many programs that give informative data gives the organization better insight into company growth. QuickBooks was designed with the small business owner in mind. By offering an easy way to keep records of the business's inputs and outputs, allows us to visually see the company’s successes and failures. Everything together gives us the information that is needed to decide what to do in order to better the company. Making decisions based on your company’s data leads to better insights, better decision-making, and all-around better business (Sullivan, 2022). As this presentation has demonstrated, QuickBooks allows business owners to use the tools provided to make their business more profitable, organize their billing and payment process, and keep track of their inventory, all in one place. Each feature contributes to allowing the business to get more done, make more money, and still have the time necessary to grow the business they started.

References Canes, M. (2023, April 28). Pros and Cons of QuickBooks: Limitations of QuickBooks . Blue Link ERP. https://www.bluelinkerp.com/blog/pros-and-cons-of-quickbooks-quickbooks- limitations/ Girsch-Bock, M. (2022, October 24). 11 QuickBooks Desktop Features You Need to Know About . Planergy Software. https://planergy.com/blog/quickbooks-desktop-features/ Lybrand, S. A. (2022, December 22). What Is QuickBooks and How Does It Work? A Complete Overview . PaymentCloud Blog. https://paymentcloudinc.com/blog/quickbooks/ QuickBooks. (2023, March 30). Learn About the Chart of Accounts in QuickBooks Online . QuickBooks. https://quickbooks.intuit.com/learn-support/en-us/help-article/chart- accounts/learn-chart-accounts-quickbooks- online/L2yc6KBob_US_en_US?_its=JTdCJTIydmlkJTIyJTNBJTIyOTlhNjgwMjEtN2Zk OC00MTc3LTk3MmQtMTYwYjIwNmI4NzdjJTIyJTJDJTIyc3RhdGUlMjIlM0ElMjJybH R%2BMTY4NzY0NDYxM35sYW5kfjJfOTU1NThfc2VvXzc2M2ZmMjkwNWMzNzM1 ZDRjNzg4YTFkZWM2MjM4ODA2JTIyJTJDJTIyc2l0ZUlkJTIyJTNBMTUyNjMlN0Q% 3D Shweta, & Bottorff, C. (2023, June 5). What is QuickBooks & How Does it Work?. Forbes. https://www.forbes.com/advisor/business/software/what-is-quickbooks/ Smolinski, H. (2020, August 1). How to Use QuickBooks for Your Small Business Budgeting Needs . Clara CFO Group. https://claracfo.com/how-to-use-quickbooks-for-your-small- business-budgeting-needs/ Sullivan, M. (2022, May 16). How to Make Smarter Decisions with Insights From Your Business Data . QuickBooks®: Official Site. https://quickbooks.intuit.com/r/whats-new/how-to- make-smarter-decisions-with-insights-from-your-business- data/?_its=JTdCJTIydmlkJTIyJTNBJTIyOTlhNjgwMjEtN2ZkOC00MTc3LTk3MmQtMT YwYjIwNmI4NzdjJTIyJTJDJTIyc3RhdGUlMjIlM0ElMjJybHR%2BMTY4NzYzNDAxM 35sYW5kfjJfOTU1NThfc2VvXzc2M2ZmMjkwNWMzNzM1ZDRjNzg4YTFkZWM2Mj M4ODA2JTIyJTJDJTIyc2l0ZUlkJTIyJTNBMTUyNjMlN0Q%3D Timoshina, N. (2022, October 26). What is QuickBooks and How Does it Work for Business . Company. https://www.alphaservesp.com/blog/what-is-quickbooks-and-how-does-it-work- for-business Yoder Ph.D., T., & Bauter, D. (2023, May 9). What is Quickbooks & What Does it Do? . Fit Small Business. https://fitsmallbusiness.com/what-is-quickbooks/