Yesterday, I worked at one of my clients, Kim Ima of the Treats Truck. She gave me a delicious butterscotch pecan brownie. Sometimes bookkeeping is sweet.
The cool thing about Quickbooks Pro is that if you set up your Charts Of Accounts properly, you can do cost analysis of your materials like sugar, butter, flour, and run “Quick Reports” on the accounts. If your business has many elements to create a final product or final deliverable for a service, then it is essential to break each of the elements and categorize them as Cost of Goods Sold. Then you can review a “Quick Report” on each element and see if these costs are proper and how they affect your profit margin. Review your costs may cause to raise your prices/fees or seek out new vendors that are less expensive.