Accounting is a field that is not that exciting. As much as you can make some money doing it because it is so dry, it is mostly just a necessary evil that you have to figure out how to incorporate into your task list to make sure that your money is all accounted for, both for your own tracking and for the government to know what you are doing. For most businesses, you reach a point where it does not make financial sense to do that work yourself, so you hire a professional to do it for you. You probably also value them for their expertise, which is why you hire someone with an accounting background and education rather than any old math person. But when you are running your own finances, you are not going to have reason to hire a professional. It might be way too costly for you to do so. That is why Quicken was first invented. It was meant to allow individuals to manage their finances easier. Looking to bridge the gap between individuals and big businesses, the company Intuit developed QuickBooks as a way for small business owners to handle accounting without the need of an expensive accountant. All you have to do is invest the time to learn the software, which is where our private QuickBooks tutors come in.
When I was in college, I was in the business school, so I was forced to fulfill a couple business requirements by taking introductory classes in both financial and managerial accounting. The simple difference between the two is a detail not worth getting into and gets to the point of accounting issues. These are things that you would only learn in an accounting class, but most people are never going to take one of those classes. Most people can figure out what to do in easy situations, but almost every time, there will be a fancy way of accounting that you missed out on, which you would only know from learning accounting. Instead of boring yourself, get a rundown with a tutor.
An area where QuickBooks shines, but you might not think of, is in tracking payables and receivables. This is an area that I think a lot of people do not understand, especially if they have never worked in business or seen a financial statement. Most people just assume that payments are made when services are rendered, but businesses know that receivables are pretty common. In QuickBooks, you can make a simple aging summary that shows which receivables are still outstanding and categorizes them properly by how long overdue they are. Typically, this is done in 30 day (1 month) intervals. 61 to 90 days is considered the longest you would want to let anything go and beyond might be written off. One of my accounting professors used to tell us stories about a small, unethical company that he worked for where they took advantage of the rules of this. As you do this for your own receivables, chances are that you would have a similar aging summary of your payables. Hopefully, you would prioritize paying those based on how long they have been outstanding. My professor was told that no bill should ever be paid before 90 days had passed. Now, this is unethical for many reasons. For one, withholding payment for services rendered is pretty scummy in itself. But the policy essentially also ensured that the company incurred additional expenses for overages on the due dates. His boss knew full well, but he would make a “compromise.” If the company waived the additional fee, they would receive payment. Granted, this was already past the 90-day window, so he was not actually compromising anything. Basically, he presented a “do you want something or nothing?” question and confidently believed they would take something. Unfortunately, he was not wrong very often.
We hire much better tutors than that, so you should know that searching for QuickBooks tutors near me will yield you someone that is going to teach you the ethical way of doing this.