Hi. My name is Terry, and I'm the President of Quicksilver Accounting & Consulting,  Wilmington NC.

I created this blog to offer little hints, ideas, strategies and sometimes just silly excerpts from life to help other entrepreneurs gain insight.

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Written in Wilmington, NC


Points, points, points= $

Have you ever wondered if you are getting the best options from the points offered by your business credit card?  

There are so many choices, it's a bit bewildering at times.  I've looked at NerdWallet, a bank & credit card information website,  when trying to figure out what's best, and a few do seem to stand out.  

I think it's all about your lifestyle, and what you enjoy on downtime.  If your a traveler, something with airlines miles or points that can be transferred to travel partners that some times get you 25% more is great. If you need or want cash in your pocket- I think the Capital One Spark at 2 points for every dollar spent is the good or Discover which will give you double back on your first year anniversary, cool! 

I'm luck enough to have a family member who travels and has done due diligence on all cards available, so I just ask- hey which card is best for me?   Or sometimes, they just pester me to make the move because I'm being lazy and not really thinking about the benefits.   

Presently I'm switching over to Chase Business Ink Preferred, because they are offering 80K points if you spend a certain amount in the first three months.  That is nothing to sneeeze at, because they will be worth 25% more when I transferred them to our Hyatt account.  I love that because there are beautiful Hyatt's all over the world.  Hawaii- here we come (in November). 

Are you being a creature of comfort, like I was?   When is the last time you really looked at what is being offered and how does that relate to what your carrying around in your wallet right now?  It might be time to take a jump over to something else.  You may not have a family member reminding you, like I do, that there are better options. Don't let that stop you from getting the best deal.

( Thanks Gina!)





Whats good for the goose, is good for the gander

Quicksilver Accounting & Consulting has been touting the many reasons for companies to take their financial software to the cloud and off their clunky desktop computers.  Over the last several years we have either moved many to Intuit's QuickBooks Online, or started them there.   In the back of my mind, I was pondering what that type of move would do for our own company as well, but since we used Intuit's Enterprise Solution software and very happy with it, I was hesitating.  

I've been in this software since inception of my company, 2007.  There is a lot of history there. Unfortunately, it is the only desktop software that doesn't convert to QBO by a few clicks of the keys. Certainly it makes sense. People who are using Enterprise are usually big manufacturing, retail or service companies with lots of transactions, and needs, not a small accounting firm like ours. I would have to go rogue and do all the work myself. Was it worth the move?  Yes, it was time to move.

So, to that end, starting the first of January, I have started to make the move, and following our own advice to most of our clients. Not that we weren't virtual before. I could get to our server from anywhere in the world and have done so many times, but there were advantages to being in QuickBooks Online.  The biggest to me was the ability to connect directly to banking and credit cards and have this all come in automatic downloads. No more bank feeds, no more sync manager. It would be hard, I would have to start a new file basically but I felt the gains would be worth it. Also, as a Live Plan Certified Expert, this software would tie directly to my file.    I'll let you know as we close out the first month how it's going.




QB Connect, San Jose CA

On Monday, Gina and I will be in the midst of the Intuit Connect 2016 Conference.  It looks like it's going to be quite a whirlwind of activity, starting each day with great keynote speakers and numerous  breakout sessions.  I'm really interested in what Jessica Alba, singer and businesswoman of The Honest Company and Robert Herjavec of Shark Tank will add. And of course, I want to know what Intuit plans for the coming year.

I'm always interested in visiting the vendors showcase where I might find a new and exciting app that integrates with QuickBooks and give our clients the best financial software experience. Then there is the life improvement seminars like "Work/Life Harmony". I can surely stand to learn something helpful there. And of course,  there are plenty of sessions on how to improve your practice, like "The Accountant's Journey toward Professional Greatness".

Did I mention the GooGoo Dolls are playing at the after party, or that Oprah and Brian Grazer will be giving us their take on entrepreneurs?  I'm also signed up for a session with Mike Michalowicz, author of "The Pumpkin Plan" and one of my favorite books, "Profit First".      

It looks very promising.


Budgets are like squirreling away cash for the future

Just like this fellow, we all need to plan for the future. I can't think of a better way to get your business ready for 2016 than to start a budget.  

The process helps you review your current income and forecast what revenue (how many nuts will this red squirrel have to collect?) will be earned in the next year. Then look at expenses and determine what is required (how many nuts will he eat each day?) to give yourselves a comfortable reserve (net profit).

October is the perfect month to start this process, and when you have covered everything,  don't forget to put the information into your financial software so you can compare actual vs budget each month.  You will spot trends much faster and be able to cut expenses earlier by running this important report. 

For Quicksilver's clients, the next step would be for us to add LivePlan Software to track your forecast and study your KPI's , all in one convenient place.  

Don't be left out in the cold without a plan! Warm and fuzzy beats cold and hungry every day.