Ever wish your bookkeeping + financial software was more like Siri? Especially for your business finance questions?
Like, “Hey Siri – how can I reduce my business expenses?”, or, “Hey Siri – how can I increase my business’ profit margin?”
Here’s the good news – as long as your bookkeeping data is up to date, your financial reports can act as a “Siri” for your business finances. All you have to know is where to look!
Here’s a couple of examples:
“Hey, Siri – how can I reduce my business expenses?”
️ Go into your reports, select “Transaction Detail by Account”, customize the report to only show expenses, and set the report period for the last 3-6 months. Review the list for recurring expenses – cancel the ones you no longer need or downgrade to cheaper subscriptions if you use them infrequently!
“Hey, Siri – which of my products or services should I focus my marketing efforts on?”
️ Go into your reports, select “Profit and Loss”, and set the report period. To make it easier, in Quickbooks you can set “Compare another period” to more easily see the growth and differences. Look at the items under “income” – as long as your different revenue streams have already been categorized into sub-items of income, you’ll easily see which ones are generating the most revenue and are most worthy of your marketing efforts!
And, for further help, I’ve also added a link to an article about financial reports in the comments below. I know, making the reports may take a little clicking around, but it’s worth it to get the info you need to keep your business healthy + growing!
What about you? What question would you ask Quickbooks about your business finances if it talked back like Siri?
And, of course, if you ever need any help getting clear answers (in plain English) about your business – just let us know! We help our clients create and read these reports every day – and would love to help you, too!(https://bench.co/blog/accounting/financial-statements/)
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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