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5 posts from August 2013

Building Better Business Finances: Profitability by Product Report

The manufacturing and wholesale edition of QuickBooks has several reports that aren't found in the other versions of QuickBooks.

One of those is the "Profitability by Product" report located by clicking Reports > Manufacturing and Wholesale Reports.

Here is a screen shot of the report (click the image for a larger view):

Profitability by Product Report Version 2

This report makes it easy to see the following details about inventory items, assemblies, and even non-inventory parts:

  • Total revenues by part
  • Total costs by part
  • Gross margin by part in dollars
  • Gross margin by part in %

Note that this report is similar to the "Sales by Item Summary", but that report does not show the total costs for non-inventory parts, and the layout of the report is quite different.

Hope you find the "Profitability by Product" report to be helpful in your business!

RELATED INFORMATION:

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A Great Tool to Automate Your Sales and Marketing

This post has nothing to do with QuickBooks!

Rather, I'd like to introduce you to a terrific tool that can boost your business through increased leads, prospects and customers.

INTRODUCING INFUSIONSOFT

Infusionsoft is the ONLY all-in-one sales and marketing software built for small business.

It includes everything you need—CRM, e-commerce, social media and email marketing—into a single, powerful system that automatically converts leads into new customers and grows sales from existing ones. So you can focus on your business or your life. Or both. Imagine that.

Infusionsoft Banner

FROM A PERSONAL VANTAGE POINT...

I have been using Infusionsoft in my practice for the last several months to help lighten the load when it comes to my sales and marketing activities. It has truly been a game changer for me, and I am only tapped into about 20% of the functionality in the software so far.

It has definitely freed up time to spend on my core business, yet has brought my marketing to an entirely new (and better!) level.

ADDITIONAL INFUSIONSOFT RESOURCES

I'll have more to share with you about Infusionsoft in the coming months. Feel free to drop me a line with any questions you may have about using it in your business.

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Are you familiar with the "No Check" generation?

Move over baby boomers (oops, that's me!)...

The Millenials are running many businesses now, and they simply expect (or might that be demand?) the ability to pay using electronic payments instead of paper checks.

Is the end near for the traditional accounts payable department that we've grown to love over the decades?

This blog post from the folks at Bill.com offers an interesting perspective on what they are calling "The No Check Generation".

How will the "No Check Generation" impact your business in the months ahead?

ADDITIONAL POSTS ON THE BILL.COM SOLUTION

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8 Surprisingly Dangerous Items You Keep in Your Wallet

The good folks over at Shoeboxed.com have put together this great infographic on potential problems and security risks you may be storing in your wallet right now.

Hope these tips help prevent a problem for you!

image from blog.shoeboxed.com

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QuickBooks 2014 - What Features Do You Hope to See Baked In?

If Intuit follows their normal development and release schedule, we should be seeing QuickBooks 2014 arrive sometime this fall.

Wish ListGiven that, what new features and functionality would you like to see baked into this new edition?

Here is my list (some of these are
carryovers from my 2013 wish list
):

  • Provide the ability to move directly into a purchase order from the customer center, just like you can move into a sales order or invoice. That way, if a p/o has been tagged to a particular customer or job, you can easily get to it.

  • Allow the software update process to be controlled by a central administrator instead of nagging each user about installing updates. This is an area of constant confusion, and it doesn't need to be.

  • Improve the budgeting tools - I don't believe they have been touched for years.

  • Improve the report customization tools - I don't believe they have been touched either for a long, long, time.

 And here are a few more for good measure:

  • Develop a way to easily fix the sales tax payable area and related balances by vendor. Once something goes off the rails here, things get ugly pretty fast.
  • Allow the total cost of open sales orders to be shown on the open sales order reports so a business can easily see the margin on their backlog of orders.
  • Show the last price a customer paid for an item when entering it into a sales order or invoice.
  • Resolve once and for all the problem of memorized reports corrupting or disappearing.

Just a few ideas from me.

What's on your mind when it comes to QuickBooks 2014? Feel free to drop your comments in the box below - look forward to reading and sharing them!

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