RECOMMENDATIONS FOR NEW BUSINESSES
201-322-3505
QuickBooks Experts of Northern NJ & NYC


1. Good financial management is the foundation of a profitable and successful business. It begins with a solid accounting system and an easy and accurate way to track, measure, and analyze performance. So, how can a new business implement an effective financial management and accounting system without incurring too much time or money? It can be done manually, with a pen and a ledger, a spreadsheet or an accounting programs like QuickBooks or Quicken. These computer programs are readily available and very reasonably priced. They are also user-friendly. For those who cannot invest sufficient time to do their accounting, we recommend outsourcing it to a local bookkeeping service.

2. Typically, we recommend that new companies start out doing their own bookkeeping so they can get a grasp on the business operations from a financial standpoint. At GBS Co. our preference is QuickBooks software because it is easier to use and better suited for businesses. The biggest advantages of QuickBooks accounting software is that it’s very affordable and easy to learn plus, you don’t have to understand how accounting works to use it well. In addition, accountants like working with this program and this makes it easier at year-end, when all the financial reports can be generated and e-mailed to the accountant right from the program in less than a minute.

3. Since image is so important for new companies and building it can take time, we recommend creating a logo and then using it on all company sales forms and correspondence to customers. In QuickBooks creating custom invoices that include the company logo are easy to achieve. This feature is built in the software and takes very little time fine-tune.

4. Please consider handling your accounts receivables and payables on one program. Although some companies choose to use an auxiliary Invoicing program, this sometimes leads to delay in loading information into the second system. This delay means financial information isn't going to be available on a timely basis. Instead, load your data into one system and run your reports monthly or quarterly. For instance, in QuickBooks the A/R and A/P aging reports are readily available and collection letters to customers can be prepared without much work. These letters can be printed or e-mailed individually or in batches pretty quickly to help speed up the collection on overdue invoices.

5. Finally, what can new businesses do to increase their chances of success? The most important factor here is to keep a close eye on the financial management, quickly identify strengths and weaknesses, and respond appropriately where changes are needed. To do this efficiently, new business owners must rely on financial reports generated from their accounting system. For those who choose QuickBooks software, please ensure that users are trained to navigate this program properly. A user without proper understanding of the software can create accounting chaos that not only might cost to clean up but will distort financial reports, critical for decision making. Those hiring bookkeepers to work on QuickBooks, please first test their skills or offer a company sponsored QuickBooks training class. There are various types of training courses, however the most effective are those tought one-on -one or in a small group.

SUMMARY

So what can new companies do to help them succeed in business?

1. Implement a good accounting system
2. Run financial reports on a regular basis
3. Analyze reports to identify strengths and weaknesses
4. Make changes where needed
5. Ensure your staff is trained to use your accounting program
New Jersey NJ New York City NYC Manhattan Allendale  Alpine  Bergenfield  Bogota  Carlstadt  Cliffside Park  Closter  Cresskill  Demarest  Dumont  East Rutherford  Edgewater  Elmwood Park  Emerson  Englewood  Englewood Cliffs  Fair Lawn  Fairview  Fort Lee  Franklin Lakes  Garfield  Glen Rock  Hackensack  Harrington Park  Hasbrouck Heights  Haworth  Hillsdale  Ho-Ho-Kus  Leonia  Little Ferry  Lodi  Lyndhurst  Mahwah  Maywood  Midland Park  Montvale  Moonachie  New Milford  North Arlington  Northvale  Norwood  Oakland  Old Tappan  Oradell  Palisades Park  Paramus  Park Ridge  Park Ridge  Ramsey  Ridgefield  Ridgefield Park  Ridgewood  River Edge  River Vale  Rochelle Park  Rockleigh  Rutherford  Rutherford  Saddle Brook  Saddle River  South Hackensack  Teaneck  Tenafly  Teterboro  Upper Saddle River  Waldwick  Wallington  Westwood  Wood-Ridge  Woodcliff Lake  Wyckoff   Ampere  Belleville  Bloomfield  Caldwell  Cedar Grove  East Orange  Essex Fells  Fairfield  Glen Ridge  Irvington  Livingston  Maplewood  Millburn  Montclair  Newark  North Caldwell  Northfield  Nutley  Orange  Roseland  Short Hills  South Orange  Upper Montclair  Verona  West Caldwell  West Orange  Bayonne  East Newark  Guttenberg  Harrison  Hoboken  Jersey City  Kearny  North Bergen  Secaucus  Union City  Weehawken  West New York  Avenel  Barber  Bonhamton  Browntown  Carteret  Cheesequake  Chrome  Colonia  Concordia  Cranbury  Cranbury Station  Dayton  Deans  Dunellen  East Brunswick  Edison  Fords  Helmetta  Highland Park  Hopelawn  Iselin  Jamesburg  Keasbey  Kingston  Laurence Harbor  Menlo Park  Metuchen  Middlesex  Milltown  Monmouth Junction  Morgan  New Brunswick  Nixon  North Brunswick  Oak Tree  Old Bridge  Parlin  Perth Amboy  Piscataway  Plainsboro  Port Reading  Prospect Plains  Sayreville  Sewaren  South Amboy  South Brunswick  South Plainfield  South River  Spotswood  Stelton  Woodbridge  Bartley  Berkshire Valley  Boonton  Brookside  Budd Lake  Butler  Cedar Knolls  Chatham Boro  Chester  Chester Boro  Convent Station  Denville  Dover  East Hanover  Espanong  Flanders  Florham Park  Gillette  Glasser  Green Pond  Green Village  Harding  Hibernia  Hurdtown  Ironia  Jacksonville  Kenvil  Kinnelon  Lake Hiawatha  Lake Hopatcong  Landing  Ledgewood  Lincoln Park  Littleton  Roxbury Schooleys Mountain  Stephensburg  Stirling  Succasunna  Taylortown  Towaco  Troy Hills  Victory Gardens  Wharton  Whippany  Woodport  Woodstock  Awosting  Bloomingdale  Browns  Clifton  Erskine  Great Notch  Haledon  Haskell  Hawthorne  Hewitt  Lakeside  Little Falls  Macopin  Midvale  Newfoundland  North Haledon  Oak Ridge  Packanack Lake  Passaic  Passaic Park  Paterson  Pompton Lakes  Prospect Park  Ringwood  Singac  Totowa  Upper Macopin  Wanaque  Wayne  West Milford  West Paterson  Basking Ridge  Bedminster  Belle Mead  Bernardsville  Blawenburg  Bound Brook  Branchburg  Bridgewater  Clover Hill  East Millstone  Far Hills  Finderne  Flagtown  Franklin Park  Gladstone  Griggstown  Harlingen  Hillsborough  Kendall Park  Lamington  Liberty Corner  Lyons  Manville  Martinsville  Middebush  Millington  Millstone  Montgomery  Neshanic  Neshanic Station  North Branch  North Plainfield  Peapack  Pluckemin  Pottersville  Raritan  Rocky Hill  Skillman  Somerset  Somerville  South Bound Brook  South Branch  Warren  Woods Tavern  Zarephath  Zion  Andover  Augusta  Balesville  Beaver Run  Beemerville  Bevans  Branchville  Brighton  Byram  Cherry Ridge  Colesville  Crandon Lakes  Culvers Inlet  Five Points  Flatbrookville  Franklin  Fredon  Glenwood  Greendell  Hainesville  Halsey  Hamburg  Haneys Mill  Hardistonville  Hardyston  Highland Lakes  Hopatcong  Huntsville  Lafayette  Lake Girard  Lake Mohawk  Layton  Lewisburg  Libertyville  Lockwood  Maple Grange  McAfee Long Valley  Madison  Marcella  Mendham Boro  Meyersville  Middle Valley  Mill Brook  Milltown  Milton  Mine Hill  Montville  Morris Plains  Morristown  Mount Arlington  Mount Freedom  Mount Hope  Mount Olive  Mount Tabor  Mountain Lakes  Naughright  Netcong  New Russia  New Vernon  Parsippany  Pequannock  Petersburg  Pine Brook  Pleasant Grove  Pompton Plains  Powerville  Ralston  Randolph  Riverdale  Rockaway    Middleville  Millville  Monroe  Montague  Mount Salem  Newton  Normanock  North Church  Ogdensburg  Owens  Pellettown  Plumbsock  Quarryville  Ross Corner  Sparta  Sperry Springs  Springdale  Stanhope  Stillwater  Stockholm  Sussex  Swartswood  Tranquility  Tuttles Corner  Vernon  Walpack Center  Woodsruff Gap  Yellow Frame  Berkeley Heights  Clark  Cranford  Elizabeth  Fanwood  Garwood  Hillside  Kenilworth  Linden  Mountainside  Mountainside  Murray Hill  New Providence  Plainfield  Rahway  Roselle  Roselle Park  Scotch Plains  Springfield  Summit  Union  Vauxhall  Watchung  Westfield  Winfield  Allamuchy  Alpha  Anderson  Asbury  Beattystown  Belvidere  Blairstown  Brainards  Brass Castle  Bridgeville  Broadway  Buttzville  Carpentersville  Columbia  Cornish  Delaware  Great Meadows  Greenwich  Hackettstown  Hainesburg  Harmony  Hazep  Hope  Hutchinson  Jacksonburg  Johnsonburg  Lower Harmony  Manunkachunk  Marksboro  Millbrook  Mount Hermon  New Village  Oxford  Paulina  Penwell  Pequest  Petersburg  Phillipsburg  Pleasant Valley  Pohatcong  Polkville  Port Colden  Port Murray  Ramseyburg  Rockport  Roxburg  Springtown  Stewartsville  Townsbury  Vail  Vienna  Walnut Valley  Warren Glen  Warrenville  Washington With Actual (Default) City Names Bear Mountain, Blauvelt,  Congers, Garnerville,  Haverstraw, Hillburn,  Monsey,  Nanuet,  New City, Nyack, Orangeburg, Palisades, Pearl River, Piermont, Pomona, Sloatsburg, Sparkill, Spring Valley, Stony Point, Suffern, Tallman, Tappan, Thiells, Tomkins Cove, Valley Cottage, West Haverstraw, West Nyack, Manhattan, New York City, NYC, Bergen County, Hudson County, Essex County, Morris County, Passaic County, Warren County