Small businesses should focus on sales first, not accounting infrastructure. Once you hit hundreds of accounts in QuickBooks, add dimensionality through classes instead of creating more accounts. 80% of QBO users don't know about this feature.
For me, one of the key things I want everyone here to remember is there's a time and place for these best practices and structure, right? Like we talked about earlier, Carl and I, we don't need classes, right? We have a small team, right? But as your business scales, you do want to start thinking about how do I change my accounts? Do I want to bring additional dimensionality, right? So I always recommend to my customers, your financials should work for you, right? If you're not ready as a business, don't spend your time on your accounting, your overhead. Focus on your sales and product and your services, right? But as you start to scale, you also have different options, right? So what I've actually seen from many of my customers is a lot of customers, they don't realize you can add these dimensionalities, right? I actually spoke to QBO, an advisor at QBO last week, right? And what happens is actually 80% of QBO users don't realize there's something called a class or different dimensionalities, right? So a lot of accountants, finance folks, they're just growing their accounts significantly, right? That's okay up to 50, 60, 80, 100, but again, once you get into the hundreds, right, it's better to take a step back, clean up my chart account, add those dimensionality so that you are set up for success.
Making Cents with Charlie and Mark Schroeder | Coffee, Sports, Disc Golf, DIY & Scaling South Africa
