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From Our Blog

Lee Davis and Company Blog

The goal of the Lee Davis and Company Blog is to keep you updated on all things Quickbooks and ideas to improve your business. We will update the Lee Davis and Company blog every other week, so stay tuned for our updates.



Blogging Topics

Lee Davis and Company Blog explores all kinds of different topics from business advice, to personal development, to Quickbooks tips. It is our hope that you will use our blog as a way to grow as a person and entrepreneur. 

Business Advice

Lee Davis has over 30 years of experience managing businesses, both large and small and in a variety of industries. If you need advice for your business, this is a good blog to get it from. Find out more about Lee Davis. 

Learning from his clients:

As the president of Lee Davis and Company, Lee works with 40 different companies in Quickbooks, business advising and business management. This give him the unique opportunity to learn from his clients, which continually adds to his experience and knowledge about small businesses. 

Personal Development

Megan Davis is the primary blogger of the Lee Davis and Company blog. As a blogger on her blog, landingonsolidground.com, she blogs about personal development.

Transferring personal development to the business world: 

Thus, she takes what she has learned from her blog and brings that to the Lee Davis and Company Blog. She loves using what she has learned in personal development and applying it to the business world. She truly believes that there is nothing that you can’t achieve if you have the right teacher and motivation. 

Quickbooks Tips

Lee Davis, as a Quickbooks Pro-Advisor, is an expert on Quickbooks. In fact, he teaches training courses on Quickbooks. If you can’t make it to those, you should check out our blogs on some of our students and clients issues with Quickbooks.

Learning from your questions:

Because Lee answers all of his students and clients questions about Quickbooks, he is very familiar with any problems you might have with Quickbooks. Thus, he writes about common problems on this blog. 

Meet our Blogger: Megan Davis

Megan is a blogger for landingonsolidground.com where she blogs about her personal development. She is also a Life Coach, using what she has learned from personal experimentation and expert advice to help her clients achieve their dreams. She loves blogging for Lee Davis and Company because it give her an opportunity to explore business and the world of Quickbooks, bookkeeping and accounting. 

Trouble Shooting for Setting Up QuickBooks

Do you need trouble shooting for setting up QuickBooks? Is that you? Perhaps you have a mess. Perhaps you are thinking to yourself, “QuickBooks is not as easy as I thought.”

Accounting can be overwhelming because it is like a foreign language. There are certain things you have to learn, and if you don’t learn them, you will struggle.

That is why you need QuickBooks; it helps you with the accounting. It has learned all the rules of accounting and makes it easy for someone to jump in without an accounting background and take care of their own bookkeeping.

It is however, very important to do the set up correctly. Without a correct set up, you will have a mess to struggle through, and you might need someone like my Papa, Lee Davis, a QuickBooks Pro-Advisor, to help you.

So, let’s see what my Papa, Lee Davis has to say about Trouble Shooting for Setting up QuickBooks

Trouble Shooting for Setting up QuickBooks

1. Complete the setup by reviewing preferences.

After you have completed the setup and downloaded Quickbooks (QB), completing the preferences in QuickBooks will help you be more efficient and save time.

2. Review the chart of accounts, and add and delete accounts.

In the setup you choose the industry that closest represents your company. In the chart of accounts you can customize further your accounts in QuickBooks.

3. Using lists, set up: customers, vendors & employees.

QuickBooks is built on lists and forms. You will be more efficient if you completely set up your customers, vendors and employees, not forgetting their email addresses.

Building your items list will help you start invoicing and manage inventory for your business.

4. Understand the forms you will be using such as: estimates, invoices, purchase orders, bills, checks, payments, deposits and credit cards.

Using these forms correctly will give you a great start to entering your data in QuickBooks.

5. With the help of your QuickBooks Pro-Advisor, make the necessary journal entries.

There will be some data that will not be entered in lists and forms. These will require general journal entries. If you do not have an accounting background, use your QuickBooks Pro-Advisor to assist you here.

6. Reconcile your checking account in QuickBooks with your bank reconciliation.

Do not download your accounts directly into your cash accounts. Use the write check form. After you have completed the process, you will be ready to match your checks to your bank download. This is another area I recommend getting help with from your QuickBooks Pro-Advisor.

7. Run your first set of financial statements, including your income statement and balance sheet.

If you have completed the above steps you are ready to run your financial statements. Congratulations!

Did you like our Trouble Shooting for Setting up QuickBooks post?

For me, it was very informative.

My takeaways from this post on Trouble Shooting for Setting up QuickBooks:

1. I should have a QuickBooks Pro-Advisor help me with the set up.

I know, this must sound like a way to plug my father’s services, but I know that my papa is absolutely right. I have listened to him talk about cleaning up client’s messes too many times. When I set up my QuickBooks, I will ask my Papa to be there with me to make sure I set it up properly from day one.

2. I need to poke around QuickBooks to learn about the different features and ways to use it.

If you use any form of technology, it is always good to do some poking around to find out how you can best utilize the software.

QuickBooks is software that will help you rock your books if you use it fully and correctly. Without becoming familiar with all that it can do, you will not be able to rock your books.

3. I need to start out with making some journal entries.

Because I have a very limited understanding of QuickBooks, I am going to do some research on what journal entries are. Skip to the next point if you are beyond my abilities.

I found this very helpful YouTube video.

For journal entries, you will have to use your knowledge of debits and credits.

In your journal, you will list the date, what account the entry falls under (cash, owners equity, liabilities) and your credits and debits.

The reason you should do this with a Pro-Advisor is that QuickBooks will do the journal entries automatically for you after you tell it how to identify a transaction. If you do things incorrectly from the beginning, you will have a mess that a bookkeeper will need to correct later.

There are some manual entries that you will need to record yourself. These include:

  1. Unique transactions
  2. Adjusting entries

More on Trouble Shooting for Setting up QuickBooks

I talked to my Papa about this post, and he had a few more things to add to this post:

1. If you are starting a new business on QuickBooks, QuickBooks does most of the classifying for you.

This is very important. If you are a new startup, QuickBooks will be pretty easy to set up, and you don’t have to have much of an accounting background to set it up. But if you are moving your books over to QuickBooks after you have been in business for a while, you need to do a lot of journal entries, which requires a stronger background in accounting.

If your business is not a new startup, you will have to make many journal entries, and therefore, you will need a solid background in accounting to make the journal entries. This is where you will need to understand how to enter your debits and credits.

If you are bringing over your work, you will need to enter certain balances. This is where many mistakes are made. For example, cash does not require a journal entry because that is part of the bank reconciliation. This causes many of my clients problems.

2. The power of QuickBooks is that it gives you the other side of the double entry accounting.

The reason why everyone loves QuickBooks is that you don’t have to worry about making mistakes in your journal entries. In the set up process you are teaching QuickBooks how to make your journal entries. If you start out with wrong initial journal entries, you will have a QuickBooks mess.

3. If you are not a new business, you should take our training course.

Our training course has an advance section in which Lee Davis, my papa, will help you fix any messes you might have. Many of the messes occur in the setup process.

Conclusion – Trouble Shooting for Setting up QuickBooks

I am so grateful for my job as the chief blogger for Lee Davis and Company. It gives me the opportunity to learn something that has intimidated me, accounting. Since I too am a budding entrepreneur, I need my Papa’s help too.

I learned many useful lessons from this post, and I hope you did as well.

Please let us know in the comments if you have any other questions that Lee Davis can answer. We would love to help you.

How can Lee Davis and Company help you?

We would love to help you with your trouble shooting for setting up QuickBooks. One of our specialties is cleaning up messes. Since many of the QuickBooks messes come from the set up process, we could do a one-on-one training session to help you. We could also train you in our training courses, in which we could answer your individual questions.

Another option for you is that we could manage your books for you. If you would like to spend more time in your business and less time on your books, we could take over your books for you.

Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Business Expense Tracking Made Easy

Business expense tracking is a must if you are going to rock your business.

Well, according to Lee Davis, you have to track your expenses or you may need to get out of business.

Business Expense Tracking According to Lee Davis:

Let’s find out what the financial wiz has to say about business expense tracking:

“If you don’t keep track of your business expenses, you may not be in business very long. Tracking and measuring expenses through your business will help your small business save and keep more of your hard earned income.”

Thus, it is a serious problem if you are not tracking your business expenses.

The good news is that tracking your business expenses couldn’t be easier with Quickbooks.

Lee says that, “Quickbooks is able to track, record and if necessary, charge to your customers items you purchase for their job.”

An example of tracking business expenses with QuickBooks:

Recently Lee worked with a carpenter, and here are the lessons you can learn from his experience:

1. Use a business credit card to track expenses.

He was using his personal bank account and his credit card to operate his business. The first step was to open a separate business bank account, and use a credit card that could be tracked for his business. This would save time and money in managing the expenses and income of the business.

2. Learn how to record certain transactions.

Understand the expenses related to your business, and know what is a deductible expense so that you can maximize your deductions and your profitability. 

Tip: QuickBooks can help you decide what are deductible expenses based on your business chart of accounts. 

Principle: Only charge purchases to equipment if the value is over $600.00.

Some small business owners will charge all purchases to equipment when in fact the only items that should be charged to equipment are those for a value greater than $600.00. 

Tip: For automobiles track mileage.

A company may take gas as a deduction when they would benefit by tracking their mileage instead of automobile expenses. 

It’s a better tax deduction to take the milage expense than the gas expense.

3. Use QuickBooks to charge customers.

The carpenter needed to bill his customers each week, track what he ordered through his vendors and set up the appropriate items to charge his customer. 

Tip: Use Purchase Orders in QuickBooks.

QuickBooks has a great tool that can be utilized through the purchase orders. 

When the contractor purchases items or pay bills for his customer, these can be charged directly to the customer. If these contractor supplies are not charged timely with a markup, this will effect the contractors cash flow and his ability to bill correctly and timely. 

Tip: Use the Estimates feature in QuickBooks

If the contractor used the estimates feature in Quickbooks he could bill based on progress billing.  Let Quickbooks help you make more money buy tracking, recording and invoicing your customers timely. 

Other useful tips:

Use your smartphone to take a photo of the receipt

Tip: A typical expense that doesn’t get reported is meals and entertainment.

When you are dining or having fun on the job, bring your smart phone and take a picture of the receipt to report this as an expense.

Tip: If you pick up something from the store, bring your phone to take that photo.

If you pick up supplies from the store and you pay cash for something, you might forget to record the expense. This is when you would snap a picture of the receipt.

How can Lee Davis and Company help you with your business expense tracking?

 Lee Davis and Company is a bookkeeping and management company. We provide our clients with the support and knowhow to increase a business’s profitability and efficiency.

1. Training

We could train you. Email [email protected] if you would like to sign up for a group or individual training session.

2. Business Advising

Perhaps you would like Lee Davis to sit down with you and discuss how you could get a handle on your expenses. Lee would love to do that with you.

3. Business Management

Perhaps you have tried to control your business expenses, but you can’t seem to do that. Lee Davis and Company would love to manage your business for you. We offer part time business management for small businesses that would like to hand off the day to day management of their business to a professional.

Business Expense Tracking Pin

Lee Davis standing outside in the sunshine
Lee Davis and Company’s President, Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

Easy Peasy Navigation of the Health Insurance Maze

Easy peasy navigation of the health insurance maze? Do you think it’s possible? If anyone can make it easy, it’s my Papa, Lee Davis.

My Papa, Lee Davis, founder of Lee Davis and Company, worked in healthcare for 25 years prior to starting Lee Davis and Company. Thus, he has the know-how to help you navigate the maze.

I know, not because I’m his daughter, but because I watched him at work. As a secretary at one of the offices my Papa managed, I watched him explain to many, many patients about how their insurance worked.

In fact, it was probably the biggest part of his job as an administrator of orthopedic groups. So, if you are looking for easy peasy navigation of the health insurance maze, you have found the right post.

Here is what Lee Davis has to say:

The health insurance maze is very challenging for both employers and employees. Because of this, it’s very easy for the employers to just throw up their hands and ask their insurance broker to take care of purchasing the insurance policy. 

With a tighter employment market and the cost of benefits, particularly healthcare costs on the rise, it is increasing important for the employer, employees and their healthcare agents to work together to maximize benefits, control costs and provide excellent communication all year long to all parties involved. That is why I am writing this post. I want to make navigating the health insurance maze easy for my clients and potential clients.

Tips for Easy Peasy Navigation of the Health Insurance Maze:

1. Understand your current insurance policies. 

Before you make any changes to your current healthcare options, you should read your current policies and understand their key provisions. 

Questions you should ask your insurance providers or employers:

Just save the picture below and use it when you are going to talk with an insurer or employer about your health insurance.

Know what the insurance has to offer.

  1. You first want to know if your personal doctor is covered under the health insurance plan.

Is it too much work for you?

What are the administrative task that could be a burden for employees and employers in managing the plan?

A review of your current plan to answer the questions of affordability and access to health benefits should be conducted to understand any challenges that need to be addressed.

2. Communicate Communicate Communicate

Many small employers put a large amount of forms and paperwork in front of their employees without giving them adequate support and assistance to navigate this very important phase. 

For small employers the answer is having your insurance broker partner with you in the communication and education of both new employees and current employees to help them understand their benefits, including their health insurance. 

Many times employees don’t understand they can utilize their insurance professional if they are denied benefits after submitting an insurance claim.

3. Select an insurance broker who works with you all year, not just a renewal time. 

Employees are often frustrated with the costs of healthcare eating away at their paycheck. Compounding that problem is the increasing amount of money being taken out of their other pocket for actually using the services they are paying for. 

Working with employees all year long, giving them the assistance and help they need when they need it, is one of the keys to controlling costs and employee satisfaction and retention.

If you have more than 10 employees, you should go to an employee benefits firm like Caitlin Demet at Northeast Planning, who specializes in health insurance. 

4. What do you do when the Affordable Care Act is the best option for employees?

For very small employers, when the group plans are too expensive, the employer and employees need to consider other options.

One of those options is to work with your insurance broker to navigate the health exchanges or the Affordable Care Act. If you provide an expert to help your employees navigate this complex decision, you will make the navigation of the health insurance maze easy peasy.

5. Work with your employees to find the right solution.

The employers and employees should work together to find the right solution for the company. The employers should consider how to control premiums and out of pocket expenses.

Lee Davis and Company can help we have spent over thirty years working with insurance companies, employees and medical providers facing the ever rising costs of healthcare costs.

6. What should you do if a claim is denied?

When a claim is denied, most people just accept that it is denied and pay the denied amount. However, if you want to do a little work and you feel that you shouldn’t have to pay for the care in questions, you can follow the steps below.

  1. Look into the reason why your claim was denied. 
  2. Based on the reason, figure out what you need to do to get the claim paid.
  3. Call the insurance company. 
  4. If it’s still not paid, write a letter to the insurance company asking for the claim to be reviewed. 

How can Lee Davis and Company help you with the successful navigation of the healthcare maze?

Lee Davis and Company is a bookkeeping and management company. We provide our clients with the support and knowhow to increase a business’s profitability and efficiency.

If you need help with healthcare solutions, that sounds like a management problem. We could certainly advise you further on how you might better navigate the health insurance maze.

If you need help deciding how much you could afford for your company’s health insurance, perhaps you need our bookkeeping services or QuickBooks training which will help you to keep a tighter rein on your expenses.

What can you expect from Lee Davis and Company? 

Lee Davis standing outside in the sunshine
Lee outside

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

Solving Business Problems Like an Expert

Do you need help solving business problems like an expert?

If you want to run a successful business, you need to become a problem solving expert. In a business, there is no end to the problems that you will face. Perhaps you are smooth sailing, and then COVID-19 hits, that’s when you need a problem-solver-in-chief.  Thus, successful businesses have expert problem solvers at their helm. 

Become a Problem Solving Expert

This post is going to walk you through how to become that expert-problem-solver-in-chief. Are you ready? 

According to Business Insider, there are nine steps to becoming a problem solver, which they borrowed from Brian Tracy and his book, The Power of Self-Discipline

  1. Define the problem.
  2. Understand that somethings are not problems but “facts of life”. 
  3. Look at the problem from all angles. 
  4. Question the cause of the problem as many ways as possible. 
  5. Identify many solutions. 
  6. Find a solution that can be implemented quickly. (maybe not the best, but most expedient)
  7. Make a decision. 
  8. Decide roles to solve the problem. 
  9. Set a deadline to measure the solution. 

Let’s look at a real life example of problem solving in action: 

1. Define the Problem:

I am 15 pounds overweight. 

2. Is it a fact of life?

No, being overweight is caused by a lack of exercise and overeating. 

3. Look at the problem from all angles:

Being 15 pounds overweight: 

  1. causes me to feel bad about myself
  2. gives me less credibility as a Life Coach
  3. wastes my time and brain power because I am constantly thinking about that
  4. is something unfinished in my life

4. Why – Why am I overweight?

  1. I eat a lot of desserts. 
  2. I eat while I make food. 
  3. My exercise isn’t very intense. 
  4. I eat because I want to feel good. (emotional eating)

5. My solution:

  1. Go very hard losing weight for 2 months (September to October) to lose 15 pounds (goal weight – 125 pounds)
  2. Intermittent fasting, only eating at certain specific times during the day
  3. Pray when I feel hungry
  4. Exercise for 6 five-minute mini workouts during the day
  5. Exercise for an hour in the morning and 30 minutes at night
  6. Only eat on a small plate during dinner time and a cup during snack time. 
  7. No desserts for two months 
  8. Only make food 3 days a week
  9. Exercise hard for three days, and then take a relaxed day 
  10. I will not finish Margaret’s meals ever. She is responsible for that. 
  11. Continue on with my current way of eating and exercise, but have Margaret monitor my overeating.

6. I think I can implement all of these solutions. 

7. All of these decisions are necessary for my success. 

8. I need help. 

  1. I have asked my daughter to monitor my eating. Thus, I have asked her to remind me to not eat nuts or desserts. 
  2. Furthermore, I will blog about my weight-loss journey on my website to get more accountability. 
  3. I will also ask Margaret to finish her meals. If she doesn’t, I will put them in the trash. 
  4. Exercise accountability is also a problem at times. I can justify skipping an exercise session to work, but because I have committed to do a block of two months of work to become more fit, so this is my sprint to become more fit, so perhaps I can blog about my exercise as well on my blog. Sometimes friends are not encouragements to me because they give up as well. 

9. Set my deadline to lose weight.  October 31st 

Success Measurements: 125 pounds, 26-inch waist

Follow-up: How did it go?

Well, loosing weight as I prescribed for myself didn’t go very well. I didn’t get enough protein to support my exercise, so I couldn’t sustain the weight-loss challenge.

When I did decide to take a break from the challenge, I ate more protein and food than I should have. I am still a little nervous about checking the scales, but I can safely say that I didn’t make my goal.

This exercise to lose weight was not in vain.

Deciding to go through the process of trying to lose weight…

  1. taught me to implement strategies right way.
  2. gave me an idea – get Margaret to stop me if I’m overeating. I have been using this strategy.
  3. supported that what I am doing right now is the best course of action.
  4. gave me more compassion for people who go on diets.
  5. confirmed that what I have been doing is a great way to stay fit.
  6. taught me that loosing weight quickly is not a good strategy.

If you want to read more about my weight loss journey, check out my Goal of the week to lose 5 pounds in a week.

Coaching Sheet at Lee Davis and Company

Check out our Coaching Sheet at Lee Davis and Company that helps us work through our client’s problems.

Example of Solving Business Problems Like an Expert at Lee Davis and Company

This is from Lee Davis on “How He Rocked the Week” –

We were working with a client this week, and the client had a problem they couldn’t solve.

It doesn’t matter what the particular situation is because every problem presents an exciting challenge for us. Furthermore, it was exciting because solving problems is what we do.

Clients call us because they have a problem, and we are happy to solve it.

You might ask how we solve problems. 

Solving the problem requires getting all the information and bringing the necessary parties together.

This task took a couple of weeks to solve. It involved working with people, technology, skill building and persistence.

What did we learn?

Having a company that is committed to learning, brainstorming and taking responsibility for the solution will bring about positive results. We further learned that we take our learning with us to use in our next assignment.

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

30-Minute Uncommon QuickBooks Self-Employed Training

At Lee Davis and Company, we offer periodic 30-minute QuickBooks Self-Employed training sessions over Zoom that are interactive and designed with the learner in mind.

Compact for the Entrepreneur

These training sessions are meant to address some of the most common problems that our clients have with QuickBooks Self-Employed. As entrepreneurs ourselves, we know that it is difficult to find time in a busy schedule to gain a necessary skill. Thus, we have made this session concise and essential.

The Tips and Practice You Need to Succeed:

Our goal is to give you the tips and practice for QuickBooks Self-Employed that you need to succeed?

What are your issues with QuickBooks Self-Employed?

Do you have some specific problems that you are having with QuickBooks Self-Employed.

We have identified three of the most common problems users have with QuickBooks Self-Employed, and we will address those in this training session.

If we don’t address your specific questions during the training session, you can schedule a follow-up with Lee Davis, our QuickBooks Pro Advisor.

What makes us different?

A small business helping other small businesses

Lee Davis and Company is a small business that loves helping other small businesses succeed. Currently, we are helping over 40 clients in the New Hampshire area rock their QuickBooks.

Interactive Format

You could find a free tutorial on QuickBooks Self-Employed like this one. But in our training session, we will give you the tips that you need to succeed and we will answer your personal questions.

QuickBooks Self-Employed Training

If you notice, in the comments for this YouTube video, there are many questions that the viewers have, but there are no responses to the questions.

As a Pro-Advisor, Lee Davis can answer some of your specific questions that you have during the Zoom training session.

Designed with the Learner in Mind:

Furthermore, the father-daughter team of Lee Davis and Megan Davis designed this QuickBooks Self-Employed Training session to meet the needs of our clients.

Megan has a master’s degree from Boston University in Education and 10 years of experience designing learning materials, and Lee is a QuickBooks Certified Pro-Advisor with 40 years of management experience.

With their combined experience, Megan and Lee have designed a course that will help you understand and retain the information you learn.

Not Just a Lecture

Many of the training sessions available online for QuickBooks are just in a lecture format. There are no opportunities to practice what you learn.

YouTube has some good introductory information.

Again, you can find many lectures on QuickBooks Self-Employed that you can find on YouTube, like this one.

If this works for you, you should do the free course on YouTube. If you want, on the other hand, a training course that is designed to make sure you walk away with new skills, sign up for our training session.

The Format

of our QuickBooks Self-Employed

Training Session:

The course has an awesome format that will help you learn a portion of the material, apply the material and address issues that may arise in the application of the information.

  1. Issue #1 – (4 minutes) Lee discusses a common issue in QuickBooks Self-Employed
  2. Problem – (4 minutes) Check if you understand the material by doing a problem.
  3. Follow-up Questions – (2 minutes) Lee responds to one question about the material.
  4. Issue #2 – (4 minutes) Lee discusses another common issue in QuickBooks Self-Employed.
  5. Problem – (4 minutes) Check if you understand the material by doing a problem.
  6. Follow-up Questions – (2 minutes) Lee responds to one question about the material.
  7. Issue #3 – (4 minutes)Lee discusses a common issue in QuickBooks Self-Employed
  8. Problem – (4 minutes) Check if you understand the material by doing a problem.
  9. Follow-up Questions (2 minutes)- Lee responds to one question about the material.

This is a foundational class for QuickBooks Self-Employed. If you have a question that is not answered in our training session, we would like you to sign up for our individual training session or our four-part training course.

What this QuickBooks Self-Employed training course isn’t:

Moreover, this course isn’t like most accounting courses you’ve taken because we will not overwhelm you with information, and we will ask you to apply the information that you learn right away to test your understanding.

Get the Feeling of Accomplishment

If you are looking for that feeling of accomplishment from knowing, understanding and being able to use QuickBooks Self-Employed, this training is for you.

Everyone can master the QuickBooks software.

We believe that everyone has the ability to learn a subject. They just need the right coach and learning strategies to succeed at any learning endeavor.

Thus, all of our QuickBooks training courses are designed with this belief at the forefront; we believe that everyone can succeed at mastering the QuickBooks software, and we design our courses to make sure you do succeed.

This QuickBooks Self-Employed training course isn’t comprehensive.

This course is designed to give you some tips that will help you succeed when using the product. If you need an introduction and overview of QuickBooks Self-Employed, you should check out a free tutorial on YouTube or from Intuit.

Our 4-Part Zoom Course

If you need something more comprehensive, we suggest you take our four-part training course. You can take the course in its entirety or you can sign up for an individual section of the course.

We employ the same learning methods and strategies in our 4-Part Zoom Course to teach you how to use QuickBooks.

It starts with you!

Moreover, do you believe it? Do you believe that you can become better at using QuickBooks?

It starts with you. You need to believe, and then give us permission to teach you. We would love the opportunity to challenge any old ideas about accounting or QuickBooks.

Are you ready to better understand your business by understanding your numbers? We would like to help you with that.

When is our next QuickBooks Self-Employed Training Session?

November 9, 2020 at 10AM.

Where is our QuickBooks Self-Employed Training Session?

Zoom

Sign up for the training session:

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. QuickBooks Training
  4. Management Services

Set Up your Business with Quickbooks Detailed Start

If you are looking to set up your business with Quickbooks Detailed Start, this is the post for you. I love helping clients succeed with Quickbooks and that starts with a proper setup, so I’m glad you found this post.

Hopefully, I can give you the tips you need to set up your business with Quickbooks detailed start, so your Quickbooks run seamlessly. If you find yourself with a lot of errors, however, check out these post:

  1. How to fix errors in Quickbooks

OR

Sign up for our Free Mini-Course on How to Get Started in Quickbooks!

Choose between Express Start and Detailed Start

I have clients who are setting up Quickbooks for the first time who ask the question about the difference between setting up Quickbooks using Express Start (recommended for new users) compared to selecting the button called Detailed Start. This blog will outline the benefits of setting up Quickbooks using detailed start.

Quickbooks Detailed Start

When setting up Quickbooks if you click on detailed start you perform all the basic setup functions with some added benefits.  Those added benefits are:

A. Clearly Defines Your Business by Asking Questions About:

  1. What you sell
  2. How your customers pay you
  3. How you pay your bills.

Based on the answers Quickbooks sets preferences for the company file. The preferences enable certain features of the Quickbooks program.  

B. Questions About What You Sell

Answer the questions about what do you sell?

  1. Services only
  2. Products only
  3. Both services and products

C. Questions About How You Enter Sales

In the how you enter your sales in Quickbooks window, you choose the option that best fits your business needs.

My Tips for Entering Sales:

  1. Record each sale individually. You can use print sales receipts to give customers.
  2. Record only a summary of your daily weekly sales. If you use a cash register to ring up individual sales, you can enter the sales total for the days work in Quickbooks.
  3. Use Quickbooks point of sale. You can send the details of each individual sale into Quickbooks with just one click.

D. Entering Sales Tax information

In this part of the Easy Step interview the software asks you whether you charge sales tax. I want to caution you here, you should turn the sales tax setting off only if you never charge sales tax. Furthermore, sometimes it is beneficial to turn this feature on for tracking wholesale/retail sales, depending on the tax reporting regulations in your state.

E. Creating Estimates

If you provide any type of estimates or bid-even verbal quotes, there are many reason to use estimates in Quickbooks

  1. Prepare professional-looking itemized estimates, bids or proposals for your customers.
  2. Create an invoice from the estimate with just one click.  In fact, Quickbooks then creates an invoice using the information from your estimate.
  3. Create reports that compare your estimated costs and revenue against your actual costs and revenue.
  4. Compare your actual costs against what you estimated.
  5. Track which estimates are still active and easily update each estimate as you continue to negotiate with your customers.

F. Creating Sales Orders

Sales orders allow you to record an order for a sale before the sale actually is made. These forms are common in businesses that order products to fill orders or that pull orders from inventory before invoicing.

G. Choose remaining preferences

1. Billing statements  – Post statement charges independently of invoices & sales receipts.

   2.  Progress Invoicing – Create single estimates to invoices in phases.

   3. Bill tracking – Use the Accounts Payable module to track bills and bill payments.

     4. Inventory – Use inventory module to track inventory quantities and values.

     5. Track time – Use timecards to track employees and subcontractor time, and bill customers.

     6. Employee – Use payroll module to manage employee information and payroll.

You are not stuck with Detailed Start.

You can always change preferences setting later, after the detailed start has been completed. Changing the preferences later can be done by:

  1. accessing the Edit menu
  2. choosing preferences
  3. then selecting the preference type in the left panel

Tip: Choosing a Start Date

The start date is the date for which you give Quickbooks a financial snapshot of your company assets and liabilities before you start entering live transactions in Quickbooks. It is generally the last day of the previous fiscal period.

Why use Quickbooks Detailed Start?

The value of setting up Quickbooks with a detailed start means is that you spend less time adding information later. 

At Lee Davis & Company, we can assist you in setting up and training you in your new adventure called Quickbooks.

Lee Davis standing outside in the sunshine
Lee Davis

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

The Value of Doing a Good Job

What is the value of doing a good job? Attraction. There are a lot of bookkeepers in the world, but how many of them are doing a good job? I’m not sure. There are probably quite a few good bookkeepers, but from what we have seen at Lee Davis and Company, there are quite a few bookkeepers that are not doing a good job.

This is true of most fields. It is hard to find a good… (fill in the blank). How many times have you heard that? I’m guessing quite a few times. Thus, I hypothesize that there are a lot of people doing an average job, but few doing a good job.

There are a lot of reasons for this.

  1. They don’t know they can do better. (think they can’t)
  2. They don’t know how to do better. (don’t have the right mentors)
  3. They don’t know why they should do better. (need a stronger “why”)
  4. They are not doing a job that is in their zone of genius. (not suited for bookkeeping)
  5. They don’t spend the time necessary to do a good job. (too overwhelmed with work)

This week’s How I Rocked the Week pertains to this because this week Lee cleaned up a company’s bookkeeping mess. By reading this post, I hope you can see the importance of doing a good job. There are many benefits to doing a good job. Read about those benefits at the bottom of the post.

How I Rocked the Week – Week of July 13th

Lee Davis and Company received a referral from a CPA firm last week. The company the CPA firm referred needed immediate help with their bookkeeping and business operations. They had been without their bookkeeper and had had two bookkeepers since loosing their full-time person. Lee was so happy about getting this referral because we specialize in helping companies who need to have their messes cleaned up.

Lee is trained in Quickbooks both the desktop and the online products. Thus, he has the skills necessary to fix the problems that led to the bookkeeping mess. To fix the problems, Lee went right to work and made a few changes to Quickbooks. The changes brought order and efficiency to the clients books. Lee was so happy that he had the necessary skills to fix the client’s problems and save him time with future bookkeeping.

Here is what our client has to say after working with Lee Davis and Company for only two days: “Thank you for your assistance this morning; it was a huge help, and thank you for all you accomplished so far in straightening out the mess all the bookkeepers left.” 

It is our experience that often times businesses need help because their bookkeeping is a mess. That’s where we come in. Lee Davis and Company specializes in creating organization through automating transactions and balancing peoples books.

This helps our clients get a handle on their finances, which helps them make decisions that will support future growth. Thus, we move our clients from scattered to organized to accomplished.

Our success in cleaning up messes has lead to many referrals and continues to fuel our business.

Could this be you? Are you having trouble balancing your books? Are you frustrated because you’re spending too much time on your bookkeeping? 

We can help you work on your business while you work in your business. 

Benefits of Doing a Good Job:

Lee has always made it his goal to work as hard for his clients as possible. That means that he goes above and beyond for his clients. In fact, this week he helped one of his clients move furniture, which isn’t in his job description!

The benefits of doing a good job are abundant.

“I can look my clients square in the eyes and tell them that the job is done.”, says Lee.

By doing a job well done, Lee Davis and Company can expect:

  1. Trust
  2. More business
  3. Respect
  4. Confidence
  5. Expanded business

If you hire Lee Davis and Company to do bookkeeping and more, you can expect the same for your business. We aim to grow your business into a more trustworthy business that garners respect and more business.

Lee Davis from Lee Davis and Company on the Value of Doing a Good Job
Lee outside

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development
  4. Adding Clients in Quickbooks

Adding Customers in Quickbooks

Adding customers in Quickbooks is an essential tool that Quickbooks offers, but I fear that many of my clients either don’t use the tool or don’t use it to its full potential. Thus, because I want to help more people use Quickbooks to its full potential, I would like to share with you how to add customers in Quickbooks.

Your Customer List is the list that will display sale forms (sales orders, estimates, invoices, sales receipts) and accounts receivable. Here are some steps that will help you get this very important task completed in Quickbooks.

Adding Customers in Quickbooks

1. To add a Customer

There are multiple ways to do almost anything in Quickbooks. To access the Customer Center, you have four options:

How to:

   1. Click Customers from the left hand or top icon (depending) on your View settings)

   2. Choose Customer Center from the Customers drop down in the menu bar.

   3. From the Home Screen, click on the blue Customers tab in the Customers section.

   4. Press CTRL+J

2. New Customer & Job

How to: Click the New Customer & Job Menu button, and than choose New Customer.

3. Customer Name

Definition: In the Customer Name field enter the name of the customer as you’d like to see it appear on your Customer & Job List. 

Tip: – Instead of filling in the Customer Name field, fill in the Company Name field, and it will populate the Customer Name field for you.

4. Opening Balance

How to: Press Tab in the Opening Balance field to leave this field blank.

Definition: The Opening Balance field tells you how much each customer owes you on your start date.

Why: The reason you need to use this field is that when you enter the rest of your transactions from the day after your start date, all balances since your start date will be accurate.

Tip: You should enter individuals outstanding invoices one by one whenever possible, rather than entering the outstanding balance owned in the Opening Balance field. (This will allow you to enter payments and be able to apply those payments to the open invoices.)

5. Complete Customer contact information

Tip: Pay close attention to getting the correct email addresses from your customers.

Sending your Invoices  & Customer Statements by email, will ensure you are paid as quickly as possible and your customers will enjoy the convenience of receiving an electronic invoice.

Conclusion – Adding Customers to Quickbooks

I hope this helps you understand adding Customers to Quickbooks. My goal with this blog and my training company is to help entrepreneurs use Quickbooks to better understand their business, so that I can help entrepreneurs strengthen their businesses.

Lee Davis - President of Lee Davis and Company
Lee Davis – President of Lee Davis and Company

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training
  4. Management Services

Read more posts by Lee Davis 

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved
  3. Growth Mindset Development

We are hiring an admin!

If you are looking for a job and have experience with admin work, bookkeeping and sales, we would love to hire you. Here is what we are looking for!

Job Description – Admin/Sales/Bookkeeping for Lee Davis & Company

Admin

  • Grow the overall program to deliver 9 Zoom classes a year 
  • Responsible for coordinating and marketing courses, finding 10 students for each session
  • Work with our team to develop the delivery of individual mini courses for purchase
  • Assist the team in making a better product using all technology available
  • Learn and grow the training business.

Bookkeeping

  • Prior experience with Quickbooks desktop and online products or be willing to be trained by Lee Davis and Company and seek additional training on your own time
  • On site client work with special projects inside Quickbooks
  • Cleaning up messes, working with Lee to develop systems and protocols to complete projects from start to finish in a cost effective manner.
  • Provide bookkeeping and financial services to new clients and support our existing clients
  • Lee Davis and Company will provide training and help with certification. We, however, do not provide training hours that are not considered billable to the client.
  • Within six months you must pass the certification for Quickbooks desktop and online

Compensation/Hours/location

  • will require work at least four days a week in my Peterborough office.
  • will start at a hourly-pay rate of $18.00 
  • has an opportunity for an incentive bonus if fill courses.  
  • After the first 90 days, you will have an opportunity to increase the hourly rate by showing that you understand the clients and their financial performance.

Our ideal candidate:

Someone who:

  1. Has the above experience
  2. Is looking to grow and learn
  3. Likes creative pursuits
  4. Is interested in small business development

Does this sound right up your ally?

Respond to this post, or email Lee at [email protected]

Growth Mindset Development

Growth mindset. You hear that phrase everywhere, but what does it mean? It means that you believe you can grow. It’s simple but powerful. Now, why is this something you have to intentionally develop? There are a lot of negative forces bearing down on you that try to say that you can’t grow and change, but if you believe you can change, you will change. Mindset is everything.

Therefore, push for the stars by believing that you can grow. Yes, you have limits, but your attitude needs to be, “Today I can learn something new. Today I can get just a little bit better at that thing that I’m not good at.” If you believe that, you have a growth mindset.

Entrepreneurship is the ultimate way to develop a growth mindset. This is because you will be forced to do things out of your comfort zone, just because you are the only one who can do it. Does this mean that you have to be perfect at everything? No, but it does mean that you will get better at a lot of things that you shied away from in the past.

Do things that scare you.

What scares you? Go towards it. If public speaking frightens you, spend every week working on your public speaking. The better you get at that particular skill, the more you will believe in yourself. This will help you develop a growth mindset. With a growth mindset, entrepreneurs can do anything. Without a growth mindset, you are confined to a box, which limits your potential as an entrepreneur.

Growth Mindset at Work at Lee Davis and Company

At Lee Davis and Company, we believe that our clients are all special and unique and that each one of them has something to contribute to the world. We would like to help you develop a growth mindset, which will bring your company to the next level.

Lee Davis and Company is focused on supporting their clients in business and bookkeeping so that you can grow your business beyond your wildest dreams.

We hope this posts inspires you to try new things. Erase the word “can’t” from your vocabulary and replace it with “can do that better”.

Rocking the Week of July 5th

Lee had an adventure with a client that needed her payroll files retrieved from Quickbooks. The client had maxed out her storage space on her Windows computer and wasn’t able to do a backup of her Quickbooks file. 

Lee is a man of many hats in his business.

Although Lee is not an IT specialists, he is called on to fix messes, which require utilizing the tools within Quickbooks to retrieve his clients computer files. Solving problems that involve computers is not the kind of work that Lee is used to doing; it is out of his comfort zone. But, because Lee is an entrepreneur and wants to do everything that he can to help his clients. Thus, he used his training, for both the desktop and online Quickbooks products, to retrieve the client’s Quickbook files on her computer. 

A CPA once told Lee the strength of his company is that he knows how to work within Quickbooks and utilize the tools and resources Intuit offers Pro-Advisors. Thus, in this instance, Lee was able to use Quickbooks to solve the clients problem by retrieving lost information. By doing so, Lee was able to pay the client’s employee and transfer her files to the cloud. 

Takeaway

What Lee learned this week is that no matter the obstacle, he will work to solve the problem. By having a positive attitude and utilizing all the resources at his disposal, he can take on any challenge. This week at the end of the day, Lee had a very happy client, and Lee felt a sense of accomplishment. 

Lee hopes that you learn from his experience and try to tackle those tasks that you’re not comfortable with. For Lee, working out of his comfort zone meant that he gained more confidence in his skills as an entrepreneur. He hopes the same for you.

What new thing are you going to do today?

Tips on Developing a Growth Mindset

How will you push yourself to be growth minded? There are so many things you could do. Start with something little. Exercise, for example, is a good way to build a growth mindset. Do a kind of exercise that you didn’t think was possible. Work on it every day and document your progress. Every time you make progress towards your goal, remind yourself that you are making progress and that you didn’t think you could do that before.

Growth = Happiness

Human beings need to feel like they are making progress. In fact, that’s where true happiness lies. Therefore, go out, grow your business and be happy. Bless this world by making your business as amazing as we know you can.

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools and advice that will help you, the client get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services
  2. Small Business Advising 
  3. Quickbooks Training

Read more posts by Lee Davis

  1. Main Street Relief Fund Application
  2. Getting your SBA Loan Approved

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Address: CoWork Peterborough, 6 School Street, Peterborough, NH 03458

Location: Across from Toadstool Bookstore parking lot and next to Movie Theater

Address: 836 Old County rd South, Francestown, NH, 03043

 

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