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QuickBooks Insights – Wow Factor Financials

Fourlane QuickBooks Insights

We at Fourlane have learned a lot from our customers when it comes to the problems they run into with their QuickBooks files. With our services, we try to help the businesses we work with identify the true issues hiding beneath the surface, and walk away better off then when they came to us. That’s why with this QuickBooks Insight series, we hope you can identify with the experiences other customers have faced.

Today’s QuickBooks Insight Tip #5: WOW Factor Financials

The single best response we get from customers is by organizing the chart of accounts. You can make header and sub accounts to “bucketize” the data. By organizing the Profit & Loss statement to show very high-level summary information on one page, you are focusing the attention of who is reading the statements.

Too Much Information

A federal grant funded and donation funded non-profit called us to convert them out of Intacct and into QuickBooks Enterprise. Their chart of accounts was 4000+ accounts long and in alphabetical order – can you imagine trying to take in that amount of information periodically? Some accounts had under $20 in activity during an entire year. They have to provide budget reporting to their board members who are former First Responders.

Our Solution

Although it took a few years to allow for the full merging of their extensive Chart Of Accounts, we bucketed everything to be in less than 10 header accounts on the Profit and Loss.

Once we were able to gain their comfort level with the subledger reporting provided through items, customers and vendors, we eventually were allowed to fully purge those 4000 accounts and we are down to about 200 between the Balance Sheet and Profit and Loss statements.

By narrowing the focus of information, it made the participation of the board members stronger because they could ingest the simplified data to help make decisions.

We’re Here For You

Whether you need help with QuickBooks, advice on which QuickBooks to buy, or are outgrowing QuickBooks, our team of certified experts can help. For easier QuickBooks imports, exports and more, visit Transaction Pro.


About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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