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Managing Products and Services in QuickBooks Online

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A business professional works intently on a laptop, exuding focus and dedication in an office setting. Concept of business analytics, focused work ethic, and digital business management.Creating item and service records, tracking them, and using them in transactions

Customers may be the lifeblood of your business, but they wouldn’t exist without the products and services you sell. It doesn’t matter whether you’re a mineral specimen dealer who does one-off sales, a reseller who sells items you make or buy wholesale in large lots, or a provider of services. You must always know what you have available to offer buyers – goods, designing websites, or offering lawn care services in your community, for example.

QuickBooks Online can keep you in the know about what you have available to sell, and it can manage the forms and transactions you need to do business with your buying audience. If you were doing your accounting and customer management manually, you might be using index cards and large wall calendars and file folders stuffed with product lists and schedules. You’d spend a lot of time digging through item drawers and closets, counting your inventory by hand, and shuffling paper invoices and sales receipts and payment documentation.

Instead, what if all of that is automated, saving time, reducing errors, and increasing your chances of success? Here’s a quick look at some of the basics.

Are You Ready?

We’ve written about product and service management a lot. So you should know that to get ready to sell, you have to have made sure QuickBooks Online is set up to handle any inventory you might have. Click the gear icon in the upper right corner and then click Account and settings under Your Company. Click Sales in the toolbar and scroll down to Products and services. Make sure the first, fourth, and fifth options are turned on, as pictured below (the other two are optional). If they’re not, click the pencil icon in the upper right corner and change them. Be sure to click Save when you’re finished, then Done in the lower right corner.
Make sure your Products and services settings are correct.

Have you created your product and service records? You can do this on the fly as you’re entering transactions, but it’s much better to do it ahead of time. That way, too, you’re not as likely to skip the details, which will be important later on when you’re running reports, for example. We’ve gone over the steps before. Click New in the upper left corner, then Add product/service under Other. A vertical panel slides out from the right, and you simply select from options and enter data.

Warning: Be very precise when you’re dealing with inventory information. If you haven’t gone through this process before, it might be worth scheduling a session with us to go over this important step.

Using Your Records in Transactions

Let’s go through the process of entering a sales receipt. Click New in the upper left corner, and then Sales receipt under Customers. . Choose a Customer from the drop-down list and complete any other fields necessary in the upper section of the form. Select the Service Date in the first column by clicking the calendar, then select the Product/Service in the next column (or click + Add new). The Description should fill in automatically.

QuickBooks Online provides inventory information as you’re completing sales forms.

The QTY (quantity) defaults to 1. If you mouse over or click in that field, a small window will pop up containing numbers for Qty. on hand and Reorder point, as pictured above.

Tip: If you know that you have more in stock that is showing, you can cancel out of the transaction, find the item record in the list on the Products & services page, and click Edit at the end of the row. You’ll be able to adjust the quantity or the starting value. Be very careful with this. Please contact us if you’re not very confident about how to handle this.

Enter any additional items and/or services needed and save the transaction.

The Products and Services Page

QuickBooks Online offers numerous reports related to products and services and inventory tracking (you’ll find them under Reports | Sales and customers), but you can learn a lot from the Product and Service page (Sales | Products and Services). At the top of the screen (where you can’t miss them) are two colored circles containing the number of items that are Low Stock or Out of Stock.

This important information appears at the top of the Products and Services page.

Click on either of these, and the list below will change to only display these items. You can get a lot of information about your products and services on this page, including Sales Price and Cost, Qty On Hand, and Reorder Point. You can also create new records or import databases of records in CSV, Excel, and Google Sheet format. We can help you prepare to do this.

Your business depends on accurate, real-time information about your inventory, and QuickBooks Online can supply it. This element of the site, though, requires precision and regular upkeep. If you’re struggling with it, let us step in and help. We’re available to troubleshoot one-time problems, but we can also take a more active role in your accounting.

Managing Remote and Hybrid Workers

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Whether or not the number of people working from office buildings ever returns to pre-COVID levels, one thing appears certain: Remote and hybrid work models are here to stay. Business owners and other managers who rely on individuals who are working remotely full- or part-time are refining and elevating their management skills so that they get the best out of their employees.

While managing remote and hybrid workers bears many similarities to managing fixed-base teams, it also has some unique aspects. Here are several best practices you may want to consider and apply to your own situation, no matter your level of experience in prior management of remote workers.

Make Your Expectations Clear and Simple
Clarify the hours when employees should be available and accessible. Give employees performance goals and metrics that define success in meeting those goals. Lay out clear guidelines when it comes to after-hours work-related emails and text messages. You want employees to maintain a healthy work-life balance, one that prevents burnout, and ultimately, keeps them working at peak capacity for your business.

Communicate Regularly
Employees want to know how they are performing and whether they are on track to meet the goals you set for them. Check in regularly with them and communicate your satisfaction or your concerns about how they are doing. Regular check-ins are important; just be aware that you can overdo it, since too much oversight may be resented by employees who feel they are not trusted. It’s important to keep them in the loop about any changes in company policy when it comes to wages, benefits, job openings, promotion opportunities, and other changes that may impact them.

Depending on the demographic makeup of your remote employees, you may have to refine your communication style. Talk with your employees and solicit their opinions on what works best for them — texts, Zoom calls, or other forms of instant messaging.

Listen Attentively
Closely related to good communication skills is the ability to listen carefully and attentively to what your employees are saying. You want to give them the opportunity to express what they think about their workloads and talk about any stresses or frustrations they may be feeling. When you listen carefully to what your employees are saying, you are communicating trust and respect.

Build a Sense of Community
Some workers thrive in environments where they can interact and engage with fellow workers face-to-face. That engagement is less important to other workers. One of your goals managing a remote workforce should be to build connections to workers who feel isolated and out of the loop. Employees who feel this way typically do not perform at their highest level. By staying in touch and by organizing the occasional virtual — or in-person — get together in which you build connections and a shared sense of purpose with employees, you can create a sense of community that can have a positive impact on employees and their level of engagement.

Embrace Flexibility
A rigid approach to managing your remote employees may be limiting and not as effective as a more flexible approach. For example, once you determine that the work is being completed on time and is of a high quality, you may want to give employees some leeway as to the specific times they are working.

The work world has changed in numerous ways over the past couple of years. Your management approach has to stay ahead of these changes, especially when it comes to remote work, if your business is to continue to grow and thrive.

Top Buyer Questions: Answers for Homebuyers

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Buying a home is a significant milestone and a major financial decision. Whether you’re a first-time buyer or looking to move into your next home, you’re bound to have many questions about the process. To help make your journey smoother, we’ve compiled some of the most common buyer questions and provided detailed answers to each. This guide will help you make informed decisions and avoid common pitfalls.

How Much Can I Afford?

This is usually the first question buyers ask, and it’s crucial to figure out before you start your home search. The general rule of thumb is to spend no more than 25-30% of your monthly income on housing. That said, your affordability depends on a number of factors, including your income, debts, credit score, and the amount of your down payment.

To determine exactly what you can afford, consider getting pre-approved for a mortgage. A pre-approval will give you a better idea of what loan amount you’re eligible for and will make you a more attractive buyer to sellers.

What Is a Pre-Approval and Why Do I Need One?

A mortgage pre-approval is a lender’s estimate of how much money they’re willing to lend you based on your financial situation. It’s different from pre-qualification, which is a rough estimate of what you can borrow. Pre-approval involves a more thorough analysis of your credit score, income, and financial history.

Having a pre-approval in hand shows sellers that you’re a serious buyer, and it can give you an edge in a competitive market. It also helps you set a realistic budget before you start looking at homes.

How Much Do I Need for a Down Payment?

The amount needed for a down payment can vary based on the type of mortgage you choose. Traditionally, 20% of the home’s purchase price was the standard down payment. However, there are many loan options today that allow for much lower down payments—some as low as 3%.

For first-time buyers, there are government-backed loans like FHA loans, which require as little as 3.5% down. Keep in mind, though, that putting less than 20% down may require you to pay for private mortgage insurance (PMI), which adds to your monthly costs.

What Are Closing Costs?

Closing costs are the fees associated with finalizing your home purchase. They typically range from 2-5% of the home’s purchase price and can include appraisal fees, title insurance, attorney fees, and loan origination fees.

Some buyers forget to budget for closing costs, which can lead to surprises down the line. Be sure to discuss these costs with your lender early in the process, so you’re prepared when the time comes to close on your home.

How Long Does the Buying Process Take?

The timeline for buying a home can vary widely depending on market conditions, the type of financing you’re using, and the property you’re interested in. On average, it can take about 30-45 days from the time your offer is accepted to close on the home. However, if there are any complications with the appraisal, inspection, or financing, this timeline could be extended.

Should I Get a Home Inspection?

Yes, a home inspection is highly recommended. An inspection gives you a professional evaluation of the home’s condition, identifying any underlying issues that may not be visible during a walk-through. This can include problems with the roof, foundation, plumbing, or electrical systems.

While inspections aren’t always required, skipping one could lead to expensive repairs later on. An inspection provides peace of mind and, if problems are found, can be used as a negotiating tool to lower the price or ask the seller to make repairs.

How Do I Know If a Property Is a Good Investment?

When buying a home, especially if you plan to live in it long-term, you’ll want to consider its potential for appreciation. Look at factors such as the location, school district, and future developments in the area. Homes in desirable neighborhoods tend to hold their value better and may appreciate more quickly over time.

Also, consider the condition of the home. If it’s a fixer-upper, calculate the renovation costs and ensure they fit within your budget. A home that needs too much work might not be the best investment unless you’re prepared for a big project.

In all, buying a home can be a complex process, but asking the right questions will help you navigate it with confidence. From determining how much you can afford to understanding the importance of inspections, being informed can make your home-buying experience smoother and more enjoyable. Remember to consult with a real estate agent and mortgage lender to ensure you have all the information you need to make the best decisions for your financial future.

How Volunteering Can Benefit Your Business

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When people think of volunteering, they often imagine individuals giving their time and effort to help others. However, the positive impacts of volunteering extend beyond personal satisfaction—it can also significantly benefit your business. Whether you’re a small startup or a large corporation, integrating volunteer efforts into your business model can strengthen your brand, engage employees, and build lasting relationships within your community.

Here’s how volunteering can be good for your business:

Enhances Your Brand Reputation

Corporate social responsibility (CSR) is more important than ever. Customers and clients today are more inclined to do business with companies that actively give back to the community. By participating in volunteer activities, you can showcase your commitment to making a positive social impact. This helps differentiate your brand from competitors and fosters a positive perception among customers, partners, and the public.

When people see that your company is involved in meaningful causes, they associate your brand with trust, ethics, and compassion. Over time, this goodwill can turn into brand loyalty and customer retention, creating long-term value for your business.

Boosts Employee Morale and Engagement

Employees want to feel like they’re part of something bigger than just earning a paycheck. By encouraging and organizing volunteer opportunities, you give employees a chance to work together on causes they care about, which can increase their job satisfaction and sense of purpose. This, in turn, can boost morale and engagement, leading to higher productivity and lower turnover.

In fact, studies show that employees who participate in corporate-sponsored volunteer programs tend to feel more fulfilled at work. It also provides a great opportunity for team building, helping employees bond in ways that go beyond the typical workday routine.

Develops Skills and Leadership

Volunteering can offer employees new experiences and challenges that develop valuable skills. Whether it’s project management, communication, problem-solving, or leadership, volunteering often requires individuals to think outside the box and work in different settings. These experiences can foster personal growth and translate into improved performance in the workplace.

Furthermore, employees who take on leadership roles in volunteer projects can enhance their managerial and organizational abilities, which can later benefit your business when they bring those skills back to their everyday roles.

Builds Stronger Connections with the Community

Volunteering allows your business to connect with the local community in a meaningful way. By participating in initiatives that address community needs, your company becomes a key player in the fabric of the neighborhood, creating a positive relationship with local stakeholders.

These connections can lead to new business opportunities, partnerships, or collaborations. Moreover, a strong presence in the community can open doors for customer growth, as locals are more likely to support businesses that actively invest in the well-being of their area.

Attracts Top Talent

Many job seekers today, especially younger generations, are looking for more than just a paycheck. They want to work for companies that have a purpose and contribute to social good. By highlighting your company’s volunteer efforts, you can attract talented individuals who align with your values and are eager to contribute to your mission.

Incorporating volunteerism into your culture can make your company more appealing to candidates who want to feel connected to something meaningful beyond just their daily tasks.

Generates Positive Publicity

Participating in community events or sponsoring charitable causes is a great way to generate positive press for your business. Local media outlets, bloggers, and influencers are often interested in covering stories that highlight businesses making a difference. These stories not only spread awareness about the causes you support but also provide free, organic promotion for your brand.

Sharing your volunteer efforts on social media can also increase engagement with your audience, further enhancing your online presence and building a community around your brand.

Creates a Culture of Giving

Volunteering can become a core part of your company’s culture. When businesses encourage volunteerism, they foster an environment where employees are motivated to contribute to something greater than themselves. This creates a sense of pride and camaraderie within the organization, and employees are more likely to stay committed to a workplace that values giving back.

A culture of giving also tends to attract clients and partners who share similar values, fostering deeper, more meaningful relationships that extend beyond transactions.

Final Thoughts: A Win-Win Strategy

Volunteering isn’t just a nice-to-have activity for businesses—it’s a powerful tool that can help strengthen your company’s culture, improve your brand image, and create lasting bonds with the community. By encouraging volunteerism, you are not only doing good for society, but you are also cultivating an environment that benefits your employees, customers, and business growth.

Incorporating a volunteer program or supporting charitable causes is a win-win strategy that can deliver long-term benefits to both your business and the communities you serve.

Tips for Managing your Business’s Online Reputation

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Customer review good rating concept, hand pressing user and five star icon on visual screen for positive customer feedback, testimonial and testimony, user comment and feedback for review.In the current social media landscape, it’s important to manage your business online and maintain a positive online reputation with the general public.

What is Online Reputation Management

Online reputation management is all about how you are perceived by the internet. People use the internet to check out your reviews and social media to see if your business is right for them. Having an online presence can help your business be susceptible to reviews and positive feedback. Online reputation management is monitoring the reviews that previous clients have stated. These reviews are trusted by the public, and your responses to these reviews also can help or hurt your online reputation.

Online reputation management is becoming increasingly more important in daily life for business owners. This refers to the widespread opinion the general public has about your business. Shared experiences about your business create a general pattern that will influence people whether or not you are the right company for them.

Why Should You Care About Your Online Reputation?

You only get one chance at a first impression and that becomes your reputation. In today’s digital world, people can make their first impression about your business without even entering your establishment. Your online reputation is based on people trusting online reviews. If you have negative reviews, a prospective client can mentally cross off your business because online reviews are seen as credible with your client giving their honest opinion. If there is a pattern with reviews and no sense of management, your online reputation is in trouble. Having good reviews, however, can help your business gain traction. If most clients love you, why won’t new customers? Online trust is very important and a huge key to your success.

A reputation is very difficult to fix if it becomes tarnished. In today’s world, social media runs rampant. Many individuals are able to create platforms that gather traction. If your business becomes a topic of discussion, many people can share both good and bad interactions they have had with you. This can influence people listening to either engage with or avoid your business. Having a positive reputation can benefit your business because most businesses utilize referrals to gain more customers.

User-generated content is becoming increasingly popular on the internet. People trust other people and their opinions. A quick google search is not cutting it anymore. The gray area of what is genuine and what is paid advertising makes it hard for people to trust companies. User-generated content is seen as a third-party endorsement where normal people talk honestly about companies which can help business if it’s positive content. This essentially is the new wave of “word of mouth” but digitized.

5 Tips for Online Reputation Management

  • Look at Current Reviews – Take a look at the existing online reviews for your business and see what your average rating is and what is the most popular review website. Look to see if there are any reviews that you can respond to. After understanding what people are saying about your business, you can develop an online reputation plan.
  • Reply Honestly to Reviews – Respond to every review like it is a conversation. Thank the people with the positive reviews. For negative reviews, apologize about the negative experience and ask for them to elaborate with you by scheduling a phone call.
  • Ask For Feedback – Ask trusted customers to give you feedback on how your business could improve, as well as internal employees. Showing that you care about their opinion will generate a positive reaction. Ask for people to give you reviews online so more people will come to you.
  • Use Your Social Media Accounts – Have an active social media and respond to your audience. Having a presence on social media shows that you are with the current time. Engage with your audience and create personalized content for your field.
  • Don’t Get Discouraged – There can always be a random bad review. As long as you look attentive and try to address it with the individual, there is nothing to worry about. Just try to have the best attitude while talking to customers, both face-to-face and online.

7 Effective Strategies for Small Businesses to Boost Lead Generation

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Sales funnel and lead generation. Marketing strategy. Sales pipeline management, representation of sales prospects, customer prospects lifecycle concept. Vector isolated concept creative illustrationIn the highly competitive landscape of small businesses, generating leads is crucial for sustaining growth and ensuring long-term success. However, with limited resources and budgets, it can be challenging for small businesses to navigate the complex world of lead generation. Fortunately, there are several effective strategies that small businesses can implement to increase their leads and ultimately drive revenue. In this article, we will explore seven actionable tactics that small businesses can employ to enhance their lead generation efforts.

1. Define Your Target Audience: Understanding your target audience is essential for effective lead generation. Small businesses should invest time in researching and identifying their ideal customers, including their demographics, interests, pain points, and purchasing behavior. By defining a clear target audience, businesses can tailor their marketing messages and campaigns to resonate with potential leads, increasing the likelihood of conversion.

2. Optimize Your Website for Lead Generation: Your website is often the first point of contact for potential customers, so it’s crucial to optimize it for lead generation. Ensure that your website is user-friendly, mobile-responsive, and contains clear calls-to-action (CTAs) prompting visitors to take the desired action, whether it’s signing up for a newsletter, requesting a quote, or making a purchase. Implementing lead capture forms and offering valuable content, such as eBooks or whitepapers, in exchange for contact information can also help attract and retain leads.

3. Leverage Social Media Marketing: Social media platforms offer small businesses a powerful tool for reaching and engaging with their target audience. Develop a strong presence on relevant social media channels where your audience is most active, and regularly share compelling content, including blog posts, videos, infographics, and product updates. Engage with your audience by responding to comments, addressing questions, and participating in relevant discussions to build trust and credibility, ultimately driving leads through social media channels.

4. Invest in Search Engine Optimization (SEO): Improving your website’s visibility in search engine results is essential for attracting organic traffic and generating leads. Conduct keyword research to identify relevant search terms related to your business, and optimize your website’s content, meta tags, and headings accordingly. Additionally, focus on building high-quality backlinks from reputable websites in your industry to enhance your website’s authority and improve its search engine rankings, driving more organic traffic and leads over time.

5. Create Compelling Content: Content marketing is a highly effective strategy for attracting and nurturing leads throughout the buyer’s journey. Produce high-quality, informative content that addresses your audience’s pain points, challenges, and interests, and distribute it across various channels, such as your website, blog, social media, and email newsletters. Content formats can include blog posts, articles, videos, podcasts, case studies, and webinars, catering to different preferences and consumption habits among your target audience.

6. Implement Email Marketing Campaigns: Email marketing remains one of the most cost-effective and impactful ways to nurture leads and drive conversions for small businesses. Build and segment your email list based on factors such as demographics, purchase history, and engagement levels, and personalize your email campaigns to deliver relevant content and offers to each segment. Experiment with different types of emails, such as newsletters, promotional offers, product updates, and automated drip campaigns, to keep leads engaged and move them further down the sales funnel.

7. Utilize Paid Advertising: While organic strategies are valuable for long-term growth, paid advertising can provide immediate results and complement your overall lead generation efforts. Experiment with pay-per-click (PPC) advertising on platforms like Google Ads and social media ads on platforms such as Facebook, Instagram, and LinkedIn to target specific demographics, interests, and keywords relevant to your business. Monitor and optimize your ad campaigns regularly to maximize ROI and generate qualified leads within your budget constraints.

Small businesses can significantly increase their leads by implementing a combination of these proven strategies. By defining their target audience, optimizing their website, leveraging social media, investing in SEO, creating compelling content, implementing email marketing campaigns, and utilizing paid advertising, small businesses can attract, engage, and convert leads effectively, driving sustainable growth and success in the competitive marketplace. Remember to track and analyze the performance of your lead generation efforts regularly, and adjust your strategies as needed to achieve optimal results over time.