Current and accurate data is critical to making informed decisions about your business. As businesses grow and add services or product lines, many do not create new accounts in their bookkeeping platform to categorize income, cost of goods sold, and expenses with sufficient detail. Without this information, businesses lose key insights into the profit drivers of the business. For example:
- Are you pricing your products or services appropriately?
- Do you maintain your margins?
- Are you spending too much?
- Are certain products more profitable than others?
Fortunately, Quickbooks makes it easy to track this data using tags. You can tag a transaction in any number of ways, including by product line, customer, or project. Tagging transactions is very easy to do and doesn’t require you to re-configure your books at all. You may tag transactions retroactively as well and not lose out on insights from a prior period. Here is a link to the Quickbooks help guide. Enjoy!