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June 2008
Issue 15
 
 
ACCOUNTING TIPS & TRICKS
USING ESTIMATES IN QUICKBOOKS

QuickBooks can be used to create estimates for quoting work for customers and then tracking actual costs against those estimates. Recent discussions have shown that many people don't realize this.

So, how do we do this? First, we need to be using the Items feature in QuickBooks. I recommend this for all product/ service related items, whether we use the estimating feature or not. Make sure the Item List includes all of the things you want to include in your pricing structure. You don't need to preset prices. This way they can be changed for each job. In the "Home" Window, under "Customers" go to "Estimates". If we want to add a mark-up on each item separately, we use the "Proposal" template. This will give us the ability to show estimated cost, mark-up and total cost. The mark-up column is in dollars. If the Estimate is sent to the client, only the total for the item will show up.

As discussed in our last newsletter, Layout Designer can be used to design a custom Estimate just as it can for Invoices.

I have found that the QuickBooks Estimate and other forms are not extremely customizable. If a highly customized estimate is needed, I recommend using the QuickBooks estimate to keep track of it for budget and comparison purposes and then develop a totally customized Estimate Form using Microsoft Excel or other spreadsheet program. I do this for my more complex businesses.

If you want assistance or more information, just let me know and I will be glad to help you out.

THE LEADERSHIP CORNER
ATTITUDE AND HIGH-ENERGY LEVELS

One thing that high achievers have in common is a high-energy level. They are able to persist until they reach their desired objective. They can overcome obstacles, hindering circumstances, setbacks, defeats, and other people's negativity. Famous football coach Vince Lombardi said, "Fatigue will make cowards of us all." The converse would be, "Energy begets energy."

One of the most important benefits of a high energy level is a positive mental attitude. Your attitude affects everything you do and that's good, because your attitude is one of the few things you have complete control over. What happens to you isn't nearly as important as your reaction to what happens to you. Likewise, your circumstances aren't nearly as important as your reaction to your circumstances. Your attitude today determines your success tomorrow. Your attitude is the primary force that determines whether you succeed or fail.

W. Clement Stone, in his book Success through a Positive Mental Attitude, wrote "There is little difference in people, but that little difference makes a big difference. The little difference is attitude. The big difference is whether it is positive or negative." The most valuable asset you have is a positive mental attitude.

Some things you can do to maintain a high-energy level include:

  • Get the appropriate amount of sleep.
  • Eat healthy; make sure to get a good balance of nutrients.
  • Maintain a regular exercise program.
  • Enjoy a hobby and/or other recreational pursuits.
  • Do stretching and deep breathing exercises to keep a good flow of oxygen in your muscles.
  • Set aside personal time with family and close friends.
  • Help someone who is less fortunate than you.
  • Reflect on your past accomplishments and victories.
  • Maintain a regular program of reading or listening to positive books and CDs.

     

    At any given time we all have a certain amount of energy available to us. How well we direct that energy will determine how productive we are. You can choose to direct your available energy in a positive, productive direction or diffuse it in a variety of directions, some of which could be counter productive. The same amount of energy is there; it's how we choose to direct it that determines our results. How you use your energy can and needs to be a conscious choice.

    Choose to have a positive attitude by focusing on what you gan. accomplish, not what you can't. Choose to have an attitude that generates energy in yourself and others, not one that drains energy from yourself and others. Follow the nine tips above and anything else that will help you maintain a high energy level.

  • MOTIVATIONAL MOMENT

    SEVEN FACTORS FOR SUCCESS

    1. Be true to yourself. - - That little voice in the back of your head is usually correct.
    2. Give back.
    - - Repay the gifts you have been given for your entire life.
    3. Never aspire to be average. - - Average is the best of the worst
    4. Never quit learning and reading. - - Ignorance is your enemy.
    5. Surround yourself with people who make you better. - - Find those people who help coach you to success.
    6. Bad things will happen. - - Be prepared.
    7. Give thanks for your blessings every day. - - You become what you value.

    MORE THOUGHTS
     
    Nobody cares how much you know - - - - until they know how much you care.

    It is better to always trust people and sometimes be disappointed - - - - than to never trust anyone and always being disappointed.

    It's all in the mind - - - -
    • Little minds discuss people.
    • Average minds discuss events.
    • But great minds discuss IDEAS!
    Five years from now, you will be exactly the same as you are today except for two things:
    • People you are asociated with.
    • What you feed your thinking.
    NEWS & NOTES

    SEVEN FACTORS FOR SUCCESS was taken from "Education and the seven rules" by Ron Kitchens in the May 15, 2008 edition of Business Review Western Michigan. To view the entire article, click here.

    ATTITUDE AND HIGH-ENERGY LEVELS comes from the recently released book "Leadership Insights" by Rex Houze. This book contains this and 51 other messages to bring out the best in you and others. If you would like a copy or to learn more, click here.

    FROM THE BEANCOUNTER is published bimonthly to brighten your day and provide helpful information for you as a business leader.

    IDEAS NEEDED: We are always looking for ideas for articles for future issues. If you have a topic people would like to hear about, let us know.

    NEED ASSISTANCE? If you would like to learn more about My Accounting Department and how we can help your business achieve the success it is capable of achieving, contact us.

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    My Accounting Department | 2152 South Bristol | Holland | MI | 49424