Fasten your seat belts - the computer world is about to be turned upside down again at the end of January. In case you've missed the hoopla and marketing from Microsoft, their new operating system called Windows Vista will debut in just a few days (it has been available to large corporations since last November).

Windows Vista is designed to ultimately replace Windows XP with improved security, more features, and functionality (if you are still using Windows 98 in your business, you are the proud owner of a real dinosaur now). As with any new operating system, you will want to be wary of being an early adopter of Windows Vista in your business (unless you like spending hours and hours on the phone with tech support of course!). This is especially true if you are using a version of QuickBooks from 2006 or prior.

If you are using a non-2007 version of QuickBooks, it will NOT run on Windows Vista. Period. And there are no plans to make it run on Vista either. In addition, QuickBooks will not support a non-2007 version that is installed on a computer that is running Windows Vista.

The makers of QuickBooks have compiled a wonderful resource center that should answer all of your questions about Windows Vista and how it relates to your current QuickBooks products. You'll want to save this one in your Favorites right now!

So what does all this mean? To put it simply, if you have the desire (or are pushed into it because of a computer failure) to upgrade to Windows Vista software, you will want to budget for an upgrade of your QuickBooks software as well. You may also encounter the same dilemma with other software you currently use as well - only the software vendor knows if it will work with Windows Vista (and get ready to hear the word "no" frequently to that question).

Unfortunately, this is a tough time in the technology life cycle for a small business. If you are purchasing a new computer, you most likely will want to have the new features and better security in Windows Vista. However, you don't want to be in the first wave of people who run into the early problems and issues with it. You don't want to purchase Windows XP either, since it is nearing the golden years of its' life cycle.

Now more than ever, it is vital to coordinate your technology plans with a knowledgeable IT person. Their expertise can help you plan your technology future and minimize the bumps in the road along the way.

Poor bookkeeping practices are one of the leading causes of business failures. How many of these poor practices does your business suffer from?

Don't become a statistic - get a copy of "Your Bookkeeping Stinks" today, and pick up valuable tips on how to avoid 21 common bookkeeping problems.

Get your own copy of "Your Bookkeeping Stinks!" in PDF or print format today!

Before I explain what the Balance Sheet report is about, let's create a copy for your business. Click on Reports in the menu bar, then Company and Financial, then Balance Sheet Standard. No need to change or alter anything else.

The Balance Sheet report is one that is truly misunderstood and misused, but can really be of great benefit. At its' simplest, the Balance Sheet is designed to be a listing of what you own (your assets), what you owe (your liabilities) and what the remaining ownership interest is in the business (your equity).

At a minimum, you can review the accounts listed within the assets section of this report, especially your checking accounts, and ensure that the balances as shown are correct. Here is one hint that you are not using QuickBooks correctly - if you see a large dollar amount on your Balance Sheet for an account called "Undeposited Funds", that lets you know you will want to review the proper way to record deposits in QuickBooks.

The Balance Sheet report doesn't have to be complicated (if your chart of accounts is complicated and long, your Balance Sheet report may appear to be complicated too). Think of it this way - this report can provide you with an instant review of what you have in the bank, what cash is coming in from your customers and what you owe in your accounts payable. Is it telling you that you will have a cash flow crunch coming up soon? Or will you have a cash cushion from which to possibly pay down some debts of the business? Let the Balance Sheet report provide the guidance you need.

If your review of your Balance Sheet report is creating more questions than answers, my suggestion is to get my help to sort it out. The quicker you get this information corrected, the sooner you will start making better business financial decisions.

Q: What happened to my "old" customer list in the 2006/2007 versions of QuickBooks?

A: Good question! The old customer list has now been integrated into the new Customer Center. To access the Customer Center, you can click on the icon of the same name, or click on Customers in the menu bar, then Customer Center.

Once there, you'll see a list of customers down the left hand side, a summary of their customer information in the middle of the screen, and a listing of transactions at the bottom. The beauty of this new Customer Center is that all of your customer information is consolidated into one screen, rather than having to jump around to several of them.

BONUS TIP - notice the arrow pointing to the right just beyond the drop down list in the Customer Center that says "View". Click this arrow, and your customer list expands out into the traditional list view from the older versions of QuickBooks. Click the arrow again, and it returns to the new and improved version!

Great news! As part of their 2007 product offerings, QuickBooks Online Backup is even more budget-friendly than ever before!

The new QuickBooks Online Backup service now offers two sizes of digital storage vaults for not just your QuickBooks data, but other critical files (think Word documents, Excel sheets, PowerPoints, etc.) as well.

The pricing for these vaults is as follows:

• 1 GB vault = $49.95 per year
• 10 GB vault = $149.95 per year

With deals like these, there isn't any reason for you NOT to have a solid data backup solution in place for your business.

If you are currently using an older version of QuickBooks online backup and want to take advantage of this lower pricing, you will have to cancel the old account, open a new one, and reset the backup software so that it backs up your critical files. All the details about this new plan are in the link below for easy reference.

• Business not as profitable as you'd like?
• Inventory control system a mess?
• Accounts receivable spiraling out of control?

If your answer to any of these questions is "yes", we'll want to talk further.

I am providing out my "part time controller" services to businesses that need some additional guidance in getting their finances under control. Working solo, or in conjunction with your bookkeeper and your outside tax accountant, I can put my 20 years of financial management skills to use to help reduce the pain your business is feeling today.

For more insight on this service, I invite you to download my free guide - "10 Profit Boosters for Your Business" today!

The "QuickBooks: News You Can Use" newsletter is written and distributed monthly by Scott Gregory. Scott is a:

• QuickBooks Specialist
• CPA
• Charter Member of QuickBooks Enterprise Solution Provider Program
• Member, Intuit Speakers Bureau

Scott is also the president of Bond Technology, a firm that specializes in helping small businesses use QuickBooks effectively and profitably. Feel free to drop Scott an e-mail if you'd like to learn more about the services his company can provide.

QuickBooks is a registered trademark of Intuit. Bond Technology is not affiliated with Intuit in any way.

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