As we reach the end of the financial year, we are going into planning mode. These few months before the end of fin year are really about planning for your practice. You’ll take a holiday, plan some internal training and probably want to get ahead of your practice’s finances. So how can you do this with the help of QuickBooks Online Accountant (QBOA)?
Budget vs Actual
The first step in projecting the future for your firm is looking back. A budget is a goal or intention while a forecast is your latest prediction of whether you’ll reach that goal. Take a look at the budget you set up for yourself at the beginning of this financial year. Were your assumptions correct? Were there any areas you wildly under or overestimated? Take this into account when building the formula for your practice this year. Be honest with yourself and the map out the real bandwidth of your team.
QuickBooks Online Accountant has an easy-to-navigate budgeting feature to help you plan and make decisions for your accounting practice. Using this tool, you can create a budget based on your historical data in QBOA or add your own data. Then run the included Budget vs Actual report and see how aligned your practice was with your plans.
There is a level of attention to detail that goes into ensuring your forecast in accurate. But, you don’t have to bear the full burden all by yourself! There are multiple apps that work with your firm’s data in QBOA to help you forecast the future.
Float provides an accurate, visual representation of your real cash position, giving you confidence in your current and future cash status. This means you can look into the past, save time on manual cash flow forecasting and spot fluctuation in advance. Plus Float is part of the new Accountant Apps Program meaning you get 20% off for being a QuickBooks ProAdvisor.
Think of this app as your navigation system for the whole overview of your firm’s health. Futrli is showing you a mapped our roadmap with your own practice’s data. Plus it has cool live dashboard, easy reporting and can be shared amoungst your whole practice.
Want to learn more about QuickBooks Online Accountant? Log in, or check out our cloud solution here.
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