Start 2020 Right: Get into the Report Habit

STE Corporation is a CPA firm that provides accounting services in Chicago, Illinois

SCHEDULE A CONSULTATION
Home » Start 2020 Right: Get into the Report Habit

Start 2020 Right: Get into the Report Habit

Whether or not you made New Year’s resolutions, for many business owners, the beginning of a new year means a fresh start â?? including incorporating new habits that help improve your company’s financial bottom line such as committing to using the reporting tools QuickBooks offers. After all, you can’t possibly know how your business is doing unless you take advantage of this critical feature. Think of it as the payoff for all the hard work you do keeping up with your daily accounting workflow. To help you get started, here’s what you need to do:

Visit QuickBooks’ Report Center

As you know. QuickBooks devotes an entire menu to reports, dividing them into types (Sales, Purchases, Inventory, etc.). When you hover your mouse over one of these categories after opening the Reports menu, you’ll see a list of all related reports.

Click on Report Center, though, and you’ll see a kind of home page for reports. They’re categorized by type, just like in the main Reports menu, but there’s much more you can do here.


Figure 1: Click on a report name in the Report Center and you’ll have numerous options.

When you click on the graphic representing a report, you’ll first be able to change the date range by clicking on the down arrow. Then you can Run the report, see a brief explanation by clicking Info, click on Fave to add it to your list of Favorites, or open Help. The tabs at the top of the screen allow you to toggle between these Standard views, reports you’ve Memorized, Favorites, Recent, and Contributed (report templates created by individuals outside of Intuit).

If you know exactly what reports you want to run it’s probably easier to just use the Reports menu, but the Report Center is a great place to learn about and organize your content.

Customize Your Reports

You’re probably used to changing the date range on your reports, but have you ever explored any of QuickBooks’ other customization tools? You can use them in any report. Click the Customize Report button in the upper left. Click on the Display tab, and you can change the report’s columns by checking or unchecking entries in the list. Filters are more complex, and you may need our help setting up very specific, multi-filter reports. They offer a way to pare down your report to contain just the data you want. You could, for example, prepare a report that only includes one or more Transaction Types or customers who live in a specified state.

Memorize Your Reports

Once you’ve changed columns and filters in a report you’ll run frequently, you can save those settings, so you don’t have to go through all of that again. Open any report and click the Memorize button in the upper toolbar. The window that opens will ask if you want to save that customized report to a Memorized Report Group, which you can do by clicking the box and opening the list of groups. Either way, you can find your report by opening the Reports menu and selecting Memorized Reports.


Figure 2: If you want to create a new Memorized Report Group, open the Reports menu and click Memorized Reports | Memorized Report List. Open the Memorized Report drop-down menu and select New Group.

Schedule Your Reports

The best way to get your report habit started is by creating a schedule of reports you need to see regularly. You can do this by setting up Reminders (Company | Reminders). Click the gear icon in the upper right corner to specify your Preferences and the + (plus) sign to add a reminder. QuickBooks 2017 and later versions offer a scheduling tool that allows you to share reports with others, but please don’t try this on your own; it’s a complicated procedure with many rules.

You’ve probably noticed that there is a report category called Accountant & Taxes. Some of these should be created monthly or quarterly, but you’ll need our help analyzing them as well.

Without knowing the current financial state of your company, it’s difficult to make realistic, effective plans for the future. If you’re ready to start the year off right, help is just a phone call away.

Previous Tip – Back to tips – Next Tip

Talk to one of our Accountants Today

OUR SERVICES

stecorporation - accounting icon

Accounting

  • Statuary Accounts
  • Management Accounts
  • Bookkeeping
  • Business Plan
stecorporation - tax icon

Tax

  • Tax Investigation
  • Capitol Gains Tax
  • Tax Advisory
  • Corporation Tax

STECorporation consultation

Consulting

  • Registered Office Address
  • Company Formation
  • Company Secretarial
  • Legal Helpline

QuickBooks/ Bookkeeping Services

All of the financial information and data for your business should be organized and in one place so it is easy to access.  With our bookkeeping services, we will organize and manage your financial information within the QuickBooks software so you can easily access it at any time.  While we manage your financial matters on a daily and monthly basis, you will be in control as we will keep you updated and ensure you can access and monitor your finances.  If you are applying for a loan, doing your taxes, or budgeting, having quick access to your financial information is important.  We can assist large businesses and provide small business bookkeeping.

Advisory Services

Our accountants can take on an advisory role with your company through our business consulting services.  We will work with you to understand your financial goals and help you make the right decisions to reach your goals and help your business grow and become more profitable.  Our business advisory services include advisement for investments, taxes, payroll, bookkeeping, administration, and more.

Estate Planning

It is important to manage your estate to help protect its value and ensure that your assets are distributed properly between your beneficiaries.  Our accountants can assist with your estate planning, including managing the taxes to preserve its value and ensuring that your assets are distributed according to your wishes.  Our estate accountants will identify ways to protect your estate from inflation and taxes and minimize what you are paying in taxes to maximize its value.

Sales Tax / Nexus

Sales tax rates and laws are decided locally and differ between states and cities.  This can make sales and use tax difficult to manage for businesses, especially those that operate in multiple cities and states.  Our certified public accountants can help manage your sales and use taxes by ensuring that you are in compliance with applicable sales tax laws and identifying opportunities for refunds and exemptions.  We have a thorough knowledge of sales tax laws and we can even help businesses that operate in multiple states with filing their taxes.  Using Nexus tax analysis, we can help multi-state businesses stay in compliance with all applicable tax laws.

Payroll Services

We provide payroll services to small businesses and international businesses that operate in the U.S.  Our accountants will streamline your payroll process and manage the tax withholdings and benefit deductions from employee paychecks.  We can also file the tax returns for your business that account for the tax withholdings.

Call the CPAs of STE Corporation

Contact our CPA firm if you want to work with our accountants to help manage the finances for your business in Park Ridge, IL.  You can call STE Corporation at (815) 836-0100 to talk to our professionals or schedule a free consultation.

FREQUENTLY ASKED QUESTIONS

For tax years 2018 through 2025 interest on home equity loans is only deductible when the loan is used to buy, build or substantially improve the taxpayer’s home that secures the loan. Prior to 2018, many homeowners took out home equity loans. Unlike other consumer-related interest expenses (e.g., car loans and credit cards) interest on a home equity loan was deductible on your tax return.
You may be able to take an immediate Section 179 expense deduction of up to $1,040,000 for 2020 ($1,020,000 in 2019), for equipment purchased for use in your business, instead of writing it off over many years. There is a phaseout limit of $2,590,000 in 2020 ($2,550,000 in 2019). Additionally, self-employed individuals can deduct 100 percent of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE IRA plan and deduct your contributions (investments).
In 2020 (as in 2019), medical and dental expenses are deductible to the extent they exceed 10 percent of your adjusted gross income or AGI. If your employer offers a Flexible Spending Account (FSA), Health Savings Account or cafeteria plan, these plans permit you to redirect a portion of your salary to pay these types of expenses with pre-tax dollars.
If you’re planning to make a charitable gift, it generally makes more sense to give appreciated long-term capital assets to the charity, instead of selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale, and you can obtain a tax deduction for the full fair-market value of the property.

Frequently-Asked-Questions-min

WHAT OUR CLIENTS SAY ABOUT US

“Everyone at STE has been amazing. As a small business owner it is essential to have people on your team that are experts in all areas. When it comes to finance and taxes Jim and the team at STE fill that need. Thanks for being great at what you do and always be there!”

“STE has been handling our personal, business accounting, and payroll for years. They are knowledgeable, easy to reach, and very welcoming. Would definitely recommend them.”

“I have had nothing but pleasant experiences at STE. They are knowledgeable and provide great service.”

“We have used STE Corporation for our payroll and tax service needs over the past 3+ years and extremely pleased with the partnership we have created.”

“My husband has operated his painting business since 2004, first as a sole proprietorship and later as an S corporation. STE has been instrumental in helping him grow his business and remain in compliance. I cannot thank Mike, Marybeth, Jim, and Lisa enough for helping him get organized and stay that way. They have truly been the business office he needed in order to focus on the part of his business he enjoys – painting and customer service Their professional staff literally have never let him down – payroll, state taxes, federal taxes, consultation, ledger reconciliation, profit and loss sheets, and probably lots of things I do not even know about! Hiring this firm was the best decision he could have made. He looks forward to visiting the office, everyone makes him feel like family. I appreciate their professionalism and efficiency. Thank you STE!”

OUR SERVICES

stecorporation - accounting icon

Accounting

  • Statuary Accounts
  • Management Accounts
  • Bookkeeping
  • Business Plan
stecorporation - tax icon

Tax

  • Tax Investigation
  • Capitol Gains Tax
  • Tax Advisory
  • Corporation Tax

STECorporation consultation

Consulting

  • Registered Office Address
  • Company Formation
  • Company Secretarial
  • Legal Helpline

QuickBooks/ Bookkeeping Services

All of the financial information and data for your business should be organized and in one place so it is easy to access.  With our bookkeeping services, we will organize and manage your financial information within the QuickBooks software so you can easily access it at any time.  While we manage your financial matters on a daily and monthly basis, you will be in control as we will keep you updated and ensure you can access and monitor your finances.  If you are applying for a loan, doing your taxes, or budgeting, having quick access to your financial information is important.  We can assist large businesses and provide small business bookkeeping.

Advisory Services

Our accountants can take on an advisory role with your company through our business consulting services.  We will work with you to understand your financial goals and help you make the right decisions to reach your goals and help your business grow and become more profitable.  Our business advisory services include advisement for investments, taxes, payroll, bookkeeping, administration, and more.

Estate Planning

It is important to manage your estate to help protect its value and ensure that your assets are distributed properly between your beneficiaries.  Our accountants can assist with your estate planning, including managing the taxes to preserve its value and ensuring that your assets are distributed according to your wishes.  Our estate accountants will identify ways to protect your estate from inflation and taxes and minimize what you are paying in taxes to maximize its value.

Sales Tax / Nexus

Sales tax rates and laws are decided locally and differ between states and cities.  This can make sales and use tax difficult to manage for businesses, especially those that operate in multiple cities and states.  Our certified public accountants can help manage your sales and use taxes by ensuring that you are in compliance with applicable sales tax laws and identifying opportunities for refunds and exemptions.  We have a thorough knowledge of sales tax laws and we can even help businesses that operate in multiple states with filing their taxes.  Using Nexus tax analysis, we can help multi-state businesses stay in compliance with all applicable tax laws.

Payroll Services

We provide payroll services to small businesses and international businesses that operate in the U.S.  Our accountants will streamline your payroll process and manage the tax withholdings and benefit deductions from employee paychecks.  We can also file the tax returns for your business that account for the tax withholdings.

Call the CPAs of STE Corporation

Contact our CPA firm if you want to work with our accountants to help manage the finances for your business in Park Ridge, IL.  You can call STE Corporation at (815) 836-0100 to talk to our professionals or schedule a free consultation.