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Creating Product and Service Records in QuickBooks Online

Creating Product and Service Records in QuickBooks Online

QuickBooks Online is good at managing and tracking inventory – as long as you’ve created thorough records.

When you first started your business, you might have been able to keep track of your merchandise by counting manually. But as you and your product list grew, this became impractical. You might have recorded it all in a spreadsheet, or even a box full of notecards.

QuickBooks Online has a much better way. Whether you sell products or services or both, you need records of specific items to use in transactions and reports. Those records are especially important if you have physical inventory; they can store details that help you know, for example, when it’s time to reorder.

Building a database of your inventory is time-consuming work that requires a lot of detail. But the information it supplies will be of great significance as you make critical buying decisions.

Detailed Templates

It’s easy enough to create your individual records. To get started, click the gear icon in the upper right corner of QuickBooks Online and select Products and Services under Lists. A table will open that will eventually contain a comprehensive list of what you sell. Click New in the upper right corner, and the Product/Service information pane slides out. You’ll see your four options here:

Inventory: Products you buy and/or sell
Non-inventory: Products you buy and/or sell that don’t require tracking
Services: Services you sell
Bundle: Products and/or services that you sell together

We’ll focus on the first option. Click Inventory. Enter the product’s Name and SKU (if there is one) and click the pencil icon to upload a photo if you’d like. If this item is going to be a sub-product or service of another, you’d click the box in front of that option and select the “parent” product or service from the drop-down list.

To create an Inventory item record in QuickBooks Online, you’ll have to fill in several fields.

How many do you currently have of that item? Enter the number in the field to the right of Initial quantity on hand, and then enter the As of date in the next box. When your stock level hits a certain number, you’ll want to reorder more. Enter that number in the box to the right of Reorder point.

Your item needs to be assigned to an Inventory asset account for tracking and reporting purposes. This field should default to Inventory Asset. If it doesn’t, or if you want a more thorough explanation of this element of accounting, contact us.

Enter a description of the item in the Sales information box; this will appear on sales forms. What will your customers be charged for it? This is the Sales price/rate. The Income account should automatically display Sales of Product Income, and you should click in the box in front of Is taxable if that’s the case.

If you buy the item to resell, enter a description in the Purchasing information box, and provide your Cost, the price you pay when you buy the item from another source. The Expense account should default to Cost of Goods Sold.

When you’re done, save the record.

Viewing Your Records

Once you create a record for an item or service, it will appear in this table.

You don’t have to create records for absolutely every product or service you sell before you start using them. When you create an invoice, for example, and you open the drop-down list under Product/Service, the option at the top of the list will be + Add new. Select that, and the Product/Service information pane opens. You can create a record on the fly.

To get to the list of the product and service records you’ve created, click the gear icon in the upper right and select Products and Services, like we did early on here. You’ll see a screen similar to the one pictured above. You’ll also notice that you can link to several action screens from each entry.

If you maintain careful item records, you’ll be able to create a number of reports that can advise you on the state of your inventory. Click on Reports in the toolbar, and then All Reports | Manage Products and Inventory. These reports are fairly self-explanatory, but by customizing them, you can get even more focused insight. We can help you with this. We’d also be happy to go over any other aspect of inventory-tracking and management that’s confusing. Just let us know when you want to get started.

If we can help with any questions, please contact us at any time.

12 Brutally Honest Things That Are Killing Your Profit On Your Website

12 Brutally Honest Things That Are Killing Your Profit On Your Website

As a wellness entrepreneur, your website is one of the first mediums your clients will use to judge whether or not they want to do business with you. And you have about 2.5 seconds to capture their attention and get them to interact with you. So it has to be a great experience for them, right?

As digital marketing experts with 12+ years experience and over 100 websites launched, we’ve seen wellness entrepreneurs make the following mistakes over and over again and it’s killing their profit. Check your site against our questions below and make sure you’re not leaving any money one the table. Your clients need the health and wellness services that you have to offer, so take the time to make sure they’re not slipping through the cracks of your website.

1. How Fast Does Your Site Load?
Your site needs to load as quickly as possible in order to capture your prospective client’s attention. No one wants to sit around and wait when your delicious new recipe or new set of exercises are waiting on the other side of that download. When we talk about speed, we are looking at two things. How fast does the site load the first time they connect and how fast do all of the other pages load and/or respond after that. The longer your visitor has to wait, the less likely they are to contact you or make a purchase. Check your site on Pingdom to see if you pass their speed test.

2. Is your site ALWAYS online?
Your web host owns the server that displays your site on the Internet. Your web host should have a good “uptime” record, meaning their server stays online 24/7 and your site is always available for people searching and clicking on it. Poor hosting will cause you to miss out on sales. If you’re not sure whether your host has a good rating, you can use services such as Uptime Robot to monitor it for you.

3. Who you gonna call?
If your web host doesn’t offer phone or chat support 24/7, you need to either find a new hosting company or keep a developer on retainer for emergencies. There’s nothing worse than having your site go down during a big promotion on a Friday night and having to wait until Monday for tech support to answer the phone. Who would you call in case of emergency?

4. How secure is your site?
Did you know that Google now requires sites to load securely with the green padlock in your browser bar? Sites that do not load over the “secure https protocol” may get penalized in search and visitors could get a security warning when visiting. To test this, load your site in a new browser window. Do you see a green padlock next to the URL? If not, you could be scaring potential customers away. We all know that trust in business is huge and that little green padlock will bring your clients peace-of-mind.

5. What are your web design and branding saying?
You can have a site that looks pretty and professional, but fails to convert visitors to customers. High performing websites will have a design that speaks to the audience it targets. The colors, fonts, icons and other imagery will all serve a purpose and the layout will be set up in a way that is easy for your client to use. We call this “designing with intention”. We’ve seen wellness professionals increase their sales just by updating their website to have a look and feel that speaks to their ideal customer. A few tweaks through your site may be all it takes to capture your ideal client’s attention and keep them reading more about what you have to offer. Take a look at this comment we received to see how simple it really is…

“BTW…followed your advice and moved the subscribe widget to the top of the sidebar and my opt=in rate has doubled!!” – Marci Goodwin

6. Can your visitor tap to call you?
Putting your phone number in the header and/or footer of your website is common sense, but what happens when your potential client is on a smartphone? Suddenly the header and footer may look differently and menu items may be hidden behind icons. Can your visitor see your phone number and tap it to dial you? If not, you’re putting up a barrier for them to contact you. Don’t create extra steps for your customers to fumble through. Make that number visible and clickable!

7. Does everything work as expected?
This is a big one! Technology changes rapidly and sometimes those updates can break your site. It’s easy to think your site is fine by looking at the page and seeing everything in its place. But, does that form still work after the update? When a form or a shopping cart stops working on your site, your visitor loses trust in your business. And they’ll likely move on to someone else without taking the time to tell you it’s broken. Weeks may go by before you even suspect something’s not right. That’s a lot of cash to be giving away to your competitors.

8. Uh oh, have you been hacked?
Hackers come in all shapes and sizes. Your site can be hacked in ways you never see. You may think it’s not a big deal if you can’t see it, but a hacked site can seriously damage your reputation with search engines. And if search engines refuse to display your site, your potential clients will never find you. If your web host doesn’t routinely scan your site for signs of hacking, you should find a new host or a third-party that will check for you on a regular basis.

9. How easy is it to navigate your site on a smartphone?
Just because your site shows up on your smartphone doesn’t mean it’s “mobile-friendly”. And even sites that are “designed for mobile” doesn’t always mean it will be the best user experience. Think about how a customer might interact with your site while using a mobile device. Can they easily read the text without zooming? Are the buttons big enough to tap? Do the forms fit the viewport without making them scroll awkwardly to the right or left? A poor user-experience on a mobile device is one of the biggest profit leaks we see. With over 60% of website visits coming from mobile traffic, you need to make sure your site works at its absolute best on a mobile device.

10. Do you have social proof?
Trust factors are incredibly important in building a relationship with your potential clients. One of the biggest trust factors you can have on your site is social proof. This comes in the form of testimonials, a list of other clients you’ve worked with, before and after photos, product/gym reviews and more. If your site lacks trust factors, you’re likely losing sales to your competitors. Make sure to include trust factors on key pages throughout your site.

11. Are all their FAQs accounted for?
As a business owner, your time is too valuable to be answering the same questions over and over again. Make sure you answer your customer’s most burning questions on your site. Don’t make them “call for more info” when you can explain the details in a few sentences. Create an FAQ page if needed or include answers to their most common questions and objections in your sales copy. You’ll help your customer reach a buying decision much sooner and cut down on the time you spend answering repeat questions.

12. Do you have a call to action on every page?
Every page of your web site should function as a sales tool. You may not be directly selling a product or service on each one, but each page should serve a purpose. Review each page on your site and make sure there is a clear call to action on each one. It could be as simple as asking them to opt-in to your mailing list, tap a button to call you or link to another section for more info. Never leave a page with a dead end. Always suggest the next step the customer should follow and provide the button, form or link so they can take action. When your website leads the visitor, rather than making them think about where to go next, your website will become your greatest selling tool.

There are more factors that can kill profit in an online business, but these are the top 12 that we see over and over again as digital marketing experts. If you passed all 12, that’s fantastic! If you’re not confident you’re hitting the mark, make plans to handle any issues on your site and start putting more profit into your pocket today!

Tired of battling food allergies, Gretchen Cawthon became interested in fitness and nutrition to improve her health. Combining her technical expertise with her desire to see others embark on their own journey toward better health, she coaches nutrition and wellness professionals on how to attract new clients make more money, grow their following, and get their time back. Gretchen is an active Taekwondo student and also believes you can make anything out of LEGO bricks. You can find her online at Left Right Labs (https://leftrightlabs.com).

Five Fun Customer Perks to Set You Apart in the Marketplace

Five Fun Customer Perks to Set You Apart in the Marketplace

It’s always fun to surprise and delight your customers. This puts a smile on your client’s face, boosts loyalty, and is fun for your employees too. Here are five ways to surprise and delight your customers with inexpensive perks.

1. Handwritten thank you note.

Email and social media have all but killed the handwritten thank you note. So when you send yours to your top customers, it will really stand out.

2. Promotional items.

Promotional items are frequently handed out at trade shows, but they can be used in other settings too. These are items where your logo is typically imprinted and you purchase them in quantity. Items that are useful and popular include coffee mugs, t-shirts, fidget spinners, screen cleaners, webcam covers, keychains, note pads, calendars, and more.

Choose an item that is similar to or a reminder of your business or product. An IT consultant might choose a screen cleaner, while an accountant might choose a piggy bank.

3. Coupon bag.

If your business is located in a strip center, shopping mall, or office building with other businesses around, go door to door and ask for coupons that you can put in a coupon bag to give to clients. Clients will be delighted to get a coupon for the dry cleaners, florist, and hair salon in your center no matter what type of business you’re in.

4. Random prize.

If your business has a stream of clients coming in a physical store or a virtual one, you can award prizes randomly to customers. If customers are grouped together as in a classroom or lecture hall, it’s easy – you can hold a drawing for a prize. Or you can select a random number and the customer assigned that number wins a prize.

Choose a prize from one of your services or products, or give something away that’s universal and “hot,” such as an Amazon Echo Dot.

5. Free samples.

The cosmetics industry has been giving away free samples and gifts with certain purchases for decades. Grocery stores often have free samples of food at a little booth staffed by a host at the end of an aisle. You might be able to apply this idea to your business with a little bit of creativity.

Think of how you can “sample” your service or product and package it up in a free gift or sample. If you offer a service, you may have to get extra creative. A consultant can offer a book that’s related to the service offered, a spa can have healthy treats while clients wait, and a divorce attorney can offer stress balls or fidget spinners.

With customer service declining in many businesses, try these five things to wow your customers and set your business apart.

If we can help with any questions, please contact us at any time.

Cool Apps: Food Delivery Options

Cool Apps: Food Delivery Options

If you haven’t looked recently, there is a whole new world out there designed for our convenience. One of these conveniences is food delivery. This industry has changed so much that it deserves a fresh look.

No longer do you need to go out for lunch if you are having a busy day or just need to stay in the office for any reason. You can simply order lunch on your cell phone, and it will be delivered approximately 45 minutes later to your door.

There’s an app for that

It used to be that you could only get pizza or Chinese food delivered, but those days are over. Some restaurants will deliver directly, but there is an easier way. Food delivery apps such as GrubHub will let you order from hundreds of different restaurants in your area while they send a driver to collect it and deliver it to your door.

How much will it cost me?

First, ask yourself how much you are worth per hour to your company. Or, if you will get home earlier because you don’t have to go out for lunch, ask yourself what the value of spending more time at home or with your family is worth to you.

Besides the cost of food, you’ll pay a delivery fee of $0 to $5 and a tip for the driver. When you factor in the cost of your time, gasoline, and wear and tear on your vehicle, using a food delivery company is a no-brainer. Not only will you be helping yourself, you’ll be helping a hard-working driver, too.

What are my options?

The specific options in your location will vary, but some of the companies that are offering food delivery services include:

• GrubHub and Seamless
• DoorDash
• Eat24
• Postmates
• Caviar
• UberEats
• Delivery.com
• Amazon Prime Now

All you need to do is download the app, set up an account, choose a restaurant, and order your food. You can also order from your PC or Mac using a browser and visiting their website.

Try these food delivery apps, and while you’re at it, treat the entire office to a meal.

If we can help with any questions, please contact us at any time.

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