Archive for October, 2006

When I started QuickBooks consulting a decade ago, QuickBooks for the Mac and the PC were pretty similar. Then Apple faltered, and Intuit abandoned its Mac user base. Apple resurged, and Intuit resumed courting Mac businesses. But despite the recent release of the “Universal” QuickBooks for Mac 2007, we think that the future of QuickBooks is all PC.

The Intel dual chip now lets Mac users run both Mac and PC programs, so Mac businesses can leverage the best that QuickBooks has to offer – its PC version — without abandoning the treasured Mac interface for other applications. Early results are so positive that our own consulting firm now recommends that Mac-platform clients run the PC version of QuickBooks: it helps a business do a much better job managing its money.

Some of the PC-version advantages:

• Industry-specific solutions
• Simultaneous multi-user capability
• Off-the-shelf remote access solutions for anytime/anywhere bookkeeping and support
• Ability to accept credit card payments from customers directly into QuickBooks.

If you’re thinking about making the switch to the PC version of QuickBooks at your Mac-platform office, below are some technical “how to” tips from a recent convert, Sue Costabile of Kevin Slagle Design Build in Oakland, California:

Yes you have to buy Windows, and first you have to install this free software from Apple called BootCamp. There are really explicit instructions on the Apple website so it is quite easy. It takes several hours though. The one piece of advice I have is to give the Windows partition at least 10GB. The default is 5GB and that is not enough. Basically the BootCamp software splits your computer into two pieces (partitions), one for Mac OS and one for Windows. Then you can start the computer in either mode.

I would emphasize in your blog that people should follow the instructions that come with BootCamp very closely. I have had no problems and I did it twice! Here is the link: http://www.apple.com/macosx/bootcamp/

I got my Windows software here: http://edirectsoftware.com/. It is cheaper and works just the same.

Others have mentioned a preference for using Parallels, which apparently requires fewer reboots.

We’ll leave the technical details to the experts, but from a CFO’s perspective, investing in the ability to run the PC-based version of QuickBooks is well worth it.

Could you send your CPA a clean set of books today? That’s a good barometer of your company’s financial management system as you wind down the year.

Are there lots of loose ends in the books or can your company meet sales, payroll, and income tax deadlines without much fanfare? Have you reviewed a set of meaningful management reports that describe business performance through September 30th? Do you know at a glance whether you owe your banker or investors a set of reports? How do the last eight quarters’ earnings look – trending up, down, or treading water?

You’re in the home stretch heading toward the end of the year. Reflect on what you wanted from the year and where you’re likely to end up. Whether you care about earnings, cash position, market share, new roll-outs, or operational excellence, now’s the time to focus so this turns out to be a year you and your team are proud of.

P.S. for bookkeepers and accounting managers: A checklist of monthly close essentials.

Intuit has advised us that the newest version of Internet Explorer (IE 7) may create conflicts with older or un-updated versions of their QuickBooks software.

If you are using

• QB 2006 or 2007 — download and install the latest update on each QB workstation before upgrading to IE 7
• QB 2005 — do not upgrade to IE 7 yet – you must continue to use IE 6 until Intuit releases an upgrade patch to resolve this conflict
• QB 2004 or prior — this is one more reason why it’s time to upgrade to QB 2007.

Please let us know if you have any questions.

An alert from a colleague…

Be advised that the release of 2007 is causing problems with AMX and Bank of America downloads. Intuit is aware of the problem and is working on a fix. This affects not only 2007 users, but prior versions as well.

I had a client whose AMX stopped working. I got there and he was getting a QB message to contact Tech Support. I called Intuit and the problem is well known and they are working on it.  I checked the Pro Advisor group at Intuit and a couple of people posted the problem with Bank of America.

Intuit’s only work around was to set up a new account and download from the financial institution.  This isn’t a very acceptable solution because of duplicate transactions etc.

“Thanks” for this alert goes out to:

Jeanne Tarazevits, CPA, Costa Mesa, CA.
Certified QuickBooks and QuickBooks POS consultant
jeannetara@yahoo.com

Next Monday (October 16) is the final deadline to file 2005 tax returns but tax season never ends. When it comes to taxes you plan for at least two years – this year and next. Doing so isn’t rocket science. Tax strategy requires only three tools: a good set of books, a ‘good enough’ estimate of future profits, and a good advisor.

The easiest way to learn it is to do it. Just run through the drill a few times each year. So this week, activate your financial team. Pull together the numbers, call your tax advisor, and ask how to minimize taxes taking a multi-year approach.

If you’re a DIYer, free counsel abounds. For instance, if you like your tax tips with a little attitude, check out TaxMama.com and if you want to hear it straight from the horse’s mouth, start with the IRS’s tax calendar:

Individuals. If you have an automatic 6-month extension to file your income tax return for 2005, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

Partnerships. File a 2005 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.