QuickBooks is the go-to accounting platform for over 5.9 million businesses globally, but most small business owners barely scratch the surface of what it can do. From overlooked automation tools to built-in performance dashboards, QuickBooks has powerful features that can drive better business decisions—if you know where to look.

In this post, we’ll walk through five essential QuickBooks tips and hidden features that you may not be using—but should. Whether you’re a franchisor managing dozens of locations or a home service contractor trying to simplify payroll, these tools can help streamline operations, save time, and increase accuracy.

1. Projects: Get True Job-Level Profitability Insights

Many business owners rely on basic income and expense reports to gauge performance. But those don’t tell you how profitable each job or project truly is. That’s where the Projects feature in QuickBooks Online (Plus and Advanced plans) becomes invaluable.

How It Works

The Projects tool lets you group transactions—like invoices, expenses, and time entries—under a single project. You can then see:

• Actual vs. estimated costs

• Time spent by employee or contractor

• Profit margins by job

Why It Matters

Let’s say you’re a landscaping business completing a $12,000 patio installation. With Projects enabled, you’ll track every cost, from labor hours to material purchases, and determine if your estimated margin held up.

Tip:

You can assign time entries from TSheets or QuickBooks Time directly to a project for real-time labor costing.

Learn more from Intuit’s Projects Guide

2. Rules: Automate Your Expense Categorization

Do you manually categorize the same kinds of expenses every month? You’re not alone—but QuickBooks has a built-in tool that can automate this repetitive task: Bank Rules.

What It Does

Rules allow you to set up automatic logic that classifies transactions based on:

• Description (e.g., “Verizon” = Utilities)

• Amount ranges

• Bank account or card

• Payment type

For example, all transactions with “Shell” in the memo line can be categorized under “Fuel” and assigned to a specific vehicle or location.

Why You Should Use It

This feature is a massive time-saver, especially if you have multiple staff or locations making purchases.

In a study by FinancesOnline, automated categorization saved 20+ hours per month for companies with more than 50 monthly transactions.

Tip:

You can create layered rules, such as only applying the categorization when the dollar amount is over $100.

Explore how to set up rules in QuickBooks here

3. Tags: Add Custom Dimensions Without Messing Up Your Chart of Accounts

QuickBooks Tags are a newer feature designed to help you track revenue and expenses based on non-accounting categories—like marketing campaigns, client types, or geographic zones—without overcomplicating your chart of accounts.

Use Cases

• A franchisor can tag transactions by franchise location.

• A plumbing business can track costs by vehicle fleet.

• A marketing consultant might tag by lead source.

Why It Matters

Tags help you understand profitability or ROI across business dimensions that aren’t reflected in standard financial reports. You can run Tag Reports to analyze trends and make smarter decisions.

Example:

If you tag jobs as “HVAC Upgrade” or “Maintenance,” you can see which service line is most profitable—even if both roll into the same income account.

Tip:

Tags are ideal for testing ideas. Try tagging all expenses related to a new ad campaign to track its cost-effectiveness.

Learn about tags from QuickBooks here

4. Recurring Templates: Automate Invoicing, Bills, and Journal Entries

If you bill the same clients each month or have standard overhead entries like rent, software subscriptions, or loan amortization schedules, then Recurring Templates will save you hours every month.

What You Can Automate:

• Monthly invoices

• Payroll journal entries

• Recurring contractor payments

• Loan principal/interest splits

Why Use It

Manual entry increases the risk of errors and missed due dates. Recurring templates help you automate:

• Frequency (e.g., weekly, monthly)

• End dates

• Email delivery

Pro Tip:

You can set templates as “unscheduled” for items you want to create manually but with all the data prefilled.

QuickBooks Tutorial on Recurring Transactions: Click here

5. Performance Center: Custom Dashboards That Help You Grow

Many users don’t take full advantage of the Performance Center, which allows you to create custom KPI dashboards in QuickBooks Online Advanced.

What You Can Track:

• Revenue by location

• Net profit margin by quarter

• A/R aging trends

• Budget vs. actual variance

These visual dashboards give you and your leadership team fast insights into how the business is trending—without needing to export to Excel or wait for month-end reports.

Industry Use Case:

A home services company may use Performance Center to monitor how each service line performs by region, helping them decide where to invest in marketing.

Guide to Performance Center: Read more here

Real-World Results: Case Study Example

Franchisee Case Study: A multi-unit gym franchisee used QuickBooks Projects and Tags to track the profitability of each franchise location. By comparing net margins, they discovered that one location had 18% lower profitability due to rising utility costs—something that hadn’t surfaced in traditional reports.

Outcome: They renegotiated the lease and installed smart lighting systems, resulting in a $7,200 annual savings.

Frequently Asked Questions (FAQs)

What version of QuickBooks has the Projects feature?

Projects is available in QuickBooks Online Plus and Advanced. It’s not included in the Simple Start or Essentials plans.

Can I use Tags and Classes together?

Yes. Tags and Classes serve different purposes. Use Classes for high-level tracking (like departments) and Tags for granular insight (like campaigns or equipment used).

Are Rules available in all versions of QuickBooks?

Bank Rules are available in all QuickBooks Online versions that support bank feeds.

Do recurring templates send automatically?

Yes, if you set them to “Scheduled” and check the “Automatically send emails” box.

What’s the best way to learn QuickBooks features?

You can enroll in a QuickBooks training workshop from Out of the Box Technology or sign up for Intuit’s QuickBooks Certification Program.

Final Thoughts: Don’t Leave QuickBooks Power on the Table

QuickBooks is more than just a bookkeeping tool. It’s a financial command center for your small business. By using features like Projects, Rules, Tags, Recurring Templates, and the Performance Center, you’ll save time, improve accuracy, and get deeper insights that help you grow smarter.

At Out of the Box Technology, we help small businesses, franchisors, and home service professionals get the most out of QuickBooks. Whether you’re just getting started or want to optimize advanced features, our bookkeeping experts can help.

Ready to Take the Next Step?

Get a free QuickBooks optimization consult to unlock features you’re not using yet:
Schedule a QuickBooks Consultation

Every successful business—whether a fast-growing franchise or a local home service company—needs a solid financial foundation. And one of the most overlooked, yet critical, pillars of that foundation is cash reserves.

In this guide, we’ll explain what cash reserves are, why they matter, how much you need, and how to build them strategically. We’ll include real-world examples, data, and insights tailored specifically to small business owners, franchisors, franchisees, and service providers.

What Are Cash Reserves?

Cash reserves refer to the money a business sets aside to cover emergency expenses, manage cash flow interruptions, or take advantage of strategic opportunities. Unlike investments or fixed assets, reserves are liquid—readily accessible when you need them most.

Think of them as your business’s emergency savings account. When revenue dips or unexpected expenses arise (equipment breakdowns, delayed customer payments, market downturns), your cash reserve can mean the difference between survival and shutdown.

Why Are Cash Reserves Important?

Cash reserves give your business:

• Resilience during downturns

• Flexibility to invest in growth

• Protection against cash flow gaps

• Confidence when planning ahead

Real Data: Business Closures and Cash Flow

According to a report from JPMorgan Chase, the median small business only has 27 days of cash buffer. For restaurants, it’s just 16 days. Source

This lack of liquidity was one of the leading reasons so many businesses struggled or closed during the COVID-19 pandemic and subsequent inflationary pressures.

How Much Cash Reserve Should a Business Have?

There’s no one-size-fits-all answer, but here are common guidelines:

The right amount depends on your business model, industry volatility, fixed vs. variable costs, and revenue consistency.

How to Calculate Your Target Reserve

1. Add up your monthly fixed expenses (rent, salaries, insurance, utilities).

2. Multiply by the number of months you want to cover (e.g., 3–6).

3. That’s your baseline reserve target.

Example:
A home services business with $12,000/month in fixed costs would need at least $36,000–$72,000 in cash reserves.

How to Build Your Cash Reserves

Building cash reserves takes discipline and strategy. Here’s a step-by-step approach:

1. Start with a Cash Flow Analysis

You can’t build reserves if you don’t know what you’re working with. Analyze:

• Revenue vs. expenses

• Seasonal highs and lows

• Profit margins

• Accounts receivable cycles

Tip: Tools like QuickBooks Online and Out of the Box Technology help automate this process.

2. Set a Monthly Reserve Goal

Commit to saving a fixed amount (e.g., 5–10% of net profit) each month. Treat it like a non-negotiable expense.

3. Create a Separate Reserve Account

Keep your reserve funds in a separate, interest-bearing business savings account. This creates separation from your operating capital and reduces the temptation to dip into it unnecessarily.

4. Cut Non-Essential Spending

• Review subscriptions

• Rebid vendor contracts

• Delay non-critical upgrades

• Optimize inventory management

Even modest cuts can free up hundreds to funnel into your reserve.

5. Automate Contributions

Set up an automatic monthly transfer from your business checking to your reserve account.

Common Cash Reserve Mistakes to Avoid

1. Keeping reserves too low
Businesses often underestimate how long a downturn might last.

2. Tying up reserves in illiquid assets
Investing reserve funds in long-term CDs or non-liquid accounts limits your access.

3. Using reserves for planned expenses
Reserves should not be used for planned marketing campaigns or seasonal hiring. That should come from your operating budget.

Strategic Uses of Cash Reserves

Cash reserves aren’t just for emergencies. They can be a strategic tool for growth when used wisely:

• Bridge seasonal slowdowns

• Take advantage of supplier discounts for bulk orders

• Invest in new equipment during low-cost windows

• Support expansion into new markets

Having cash on hand gives your business leverage in negotiations, stability during downturns, and speed during opportunity.

How Franchisors and Franchisees Benefit from Cash Reserves

For franchisors, reserves help:

• Support franchisees in distress

• Invest in marketing or tech upgrades

• Sustain operations while onboarding new franchise units

For franchisees, reserves provide:

• Security during launch ramp-up

• Protection against local economic shifts

• Room to invest in local advertising or staff training

Case Study: A Plumbing Franchise Builds a 6-Month Safety Net

Business: Local plumbing franchise in Ohio
Monthly fixed costs: $18,000
Reserve target: $108,000 (6 months)

How They Did It:

• Reduced inventory carry costs by switching to just-in-time orders

• Cut 2 underperforming ad channels

• Implemented automated invoicing to reduce receivables lag

• Saved 8% of monthly profits for 18 months

Outcome:

They were able to retain all staff during a local housing downturn and invest in a second service vehicle once business rebounded.

How Out of the Box Technology Helps

At Out of the Box Technology, we help business owners:

• Track spending and profitability

• Model reserve growth in QuickBooks

• Forecast cash flow under different scenarios

• Automate reporting to catch red flags early

Whether you’re just getting started or rebuilding your reserve strategy, our team can help implement the systems you need to make it sustainable.

Contact us here to learn more.

FAQs: Cash Reserves for Small Businesses

Q: Should I keep 100% of reserves in cash?
A: Not necessarily. Keep at least 3 months fully liquid. You can keep additional funds in short-term money market accounts for some interest yield, but always prioritize accessibility.

Q: How do I build reserves if I’m barely breaking even?
A: Start small—$100–$200 per month is better than nothing. Focus on cutting inefficiencies and improving receivables collection.

Q: Should I use a line of credit instead of a reserve?
A: A line of credit can be a useful backup, but it’s not a substitute for real cash. Interest rates fluctuate and credit access can disappear during downturns.

Q: What tools can I use to track my reserves?
A: QuickBooks, Gusto, and financial dashboards from Out of the Box Technology provide real-time reserve tracking.

Final Thoughts: Make Cash Reserves a Priority

Cash reserves are more than a safety net—they’re a strategic asset. They reduce stress, create financial resilience, and give you the confidence to grow. Whether you’re running a single home services business or a multi-unit franchise, prioritizing reserves can secure your future.

Need help building your reserve plan?
Out of the Box Technology offers bookkeeping, payroll, and financial planning services tailored to help small businesses thrive—no matter what the economy throws your way.

Ready to take control of your expenses?
Contact us today to learn how we can help streamline your bookkeeping and save you money.

Expense management is more than a cost-cutting exercise—it’s a strategic approach to ensure your business stays profitable, agile, and primed for growth. Whether you’re a small business owner, franchisee, or operator in the home services industry, keeping a tight handle on expenses without sacrificing quality or compliance is critical.

This guide explores actionable expense management tactics that help you save money without cutting corners. We’ll cover best practices, tools, examples, and frequently asked questions to give you a roadmap for managing operational costs effectively.

What Is Expense Management?

Expense management refers to the process of controlling and monitoring a business’s costs, from everyday operating expenses to strategic investments. It includes:

• Setting and adhering to budgets

• Tracking recurring and one-time costs

• Auditing financial records

• Eliminating wasteful spending

• Optimizing vendor contracts and subscriptions

A strong expense management system is essential for maintaining healthy margins and making informed decisions.

Why Expense Management Matters for Small Businesses

According to a 2024 Small Business Trends report, 82% of businesses that fail do so because of poor cash flow visibility and cost management. For industries with fluctuating demand—like HVAC, plumbing, or landscaping—this issue is even more pressing.

Key benefits of effective expense management include:

• Better cash flow forecasting

• Improved profit margins

• More strategic reinvestment

• Stronger resilience during downturns

• Greater scalability for franchises

Expense Management Strategies You Can Implement Today

Below are practical tactics that can be adapted to a variety of industries and business sizes.

1. Categorize and Centralize All Expenses

Use cloud-based accounting software (like QuickBooks Online, which Out of the Box Technology supports) to create standardized expense categories. Categorization improves visibility and makes it easier to track:

• Job-related costs (materials, tools)

• Payroll and contractor payments

• Marketing and lead generation expenses

• Subscription services

• Fuel and fleet costs

Centralization ensures no expense goes unnoticed. Integration with your CRM and bank accounts allows for real-time tracking.

Pro tip: Use rules in QuickBooks to automatically categorize common expenses—saving time and reducing errors.

2. Create Role-Based Spending Limits

Implement approval workflows and spending thresholds for your team. This is especially useful for franchisees or multi-location operators who need consistent oversight.

• Set monthly purchase limits per department

• Require approval for anything over a certain amount

• Use prepaid cards with spending caps

Software tools like Divvy, Expensify, and QuickBooks Online Advanced can automate this process and notify managers of out-of-policy expenses.

3. Perform a Subscription Audit Quarterly

Many small businesses lose thousands each year on unused or duplicated software. A 2023 SaaS report by Cleanshelf found that companies waste 30% of their software spend.

Use your expense management software to identify recurring subscriptions. Then:

• Cancel any tools not used within 60 days

• Consolidate similar tools (e.g., email platforms, schedulers)

• Negotiate better rates for enterprise-level access

4. Optimize Your Vendor Relationships

Strong vendor partnerships can help you negotiate better rates, terms, and discounts. Here’s how:

• Track vendor performance and payment history

• Pay early to take advantage of early payment discounts

• Use annual purchasing data to negotiate bulk or loyalty discounts

• Ask for updated quotes yearly

Case Study: A plumbing franchise using Out of the Box Technology’s bookkeeping services reduced their annual materials cost by 12% by renegotiating with their supplier using tracked historical purchase data.

5. Automate Expense Reporting and Reimbursement

Manual reimbursement processes lead to errors and delays. Automate this workflow to save time and reduce disputes.

• Use receipt capture apps (e.g., Expensify, Dext)

• Sync with your bookkeeping software for real-time reconciliation

• Automatically flag out-of-policy items for manager review

Fact: Businesses using expense automation tools report a 27% reduction in reimbursement errors, according to PayStream Advisors.

6. Monitor Job Costing Closely

For home service businesses and contractors, job-level expense tracking is crucial. Understand how much each job is costing you—and how profitable it is—by allocating:

• Labor hours

• Material costs

• Equipment rentals

• Travel expenses

QuickBooks Projects or Job Costing modules within Out of the Box Technology solutions can help automate this.

7. Go Paperless and Digital

Going paperless can reduce printing, mailing, and filing costs while improving organization. Tactics include:

• Digital receipts and invoices

• Cloud document storage

• E-signatures for contracts and approvals

• Digital timesheets and expense reporting

Example: A franchise client in the landscaping sector saved over $1,000 annually by digitizing their payroll and invoice systems with QuickBooks Online.

8. Leverage Tax Deductions and Write-Offs

Work with your bookkeeper or accountant to ensure all eligible expenses are properly deducted. Some commonly missed write-offs:

• Home office supplies

• Software and SaaS

• Professional development

• Business mileage

• Interest on business loans

Out of the Box Technology can help set up automatic tracking for many of these via QuickBooks and supported apps.

9. Conduct Monthly Expense Reviews

Make it a habit to review all business expenses monthly. This helps you:

• Spot unauthorized charges

• Catch unnecessary renewals

• See where you’re overspending

• Compare actual vs. budgeted amounts

Use dashboards in your accounting software or request a custom monthly report from your bookkeeper.

10. Invest in Bookkeeping Support

Managing expenses efficiently takes time and expertise. That’s why many small businesses turn to experts like Out of the Box Technology, where we help automate, organize, and optimize your financial processes using certified QuickBooks ProAdvisors and integrated tools.

Our clients typically save 10–20% in overhead costs within the first year of implementing outsourced bookkeeping.

Tools That Support Expense Management

Out of the Box Technology provides support and training for these and more.

FAQs About Expense Management

What are the biggest expense categories to monitor?

The most important categories include:

• Payroll and wages

• Vendor payments

• Marketing and advertising

• Equipment and software

• Travel and mileage

How often should I review my expenses?

Monthly reviews are ideal. Quarterly deep-dives can help with strategic decision-making and budget adjustments.

Can I manage expenses manually?

You can, but it’s prone to error. Automating your expense tracking saves time, improves accuracy, and provides real-time insight into your financial health.

Is QuickBooks enough for expense management?

Yes, especially when paired with third-party apps like Dext or Expensify. QuickBooks Online Advanced offers added controls for larger or multi-location businesses.

How does expense management help franchises?

Franchises benefit from centralized reporting, spending limits per location, and visibility into which branches are operating efficiently—all critical for scaling.

Final Thoughts: Why Smart Expense Management Pays Off

In today’s economy, every dollar matters. But cutting costs without a strategy can backfire. Effective expense management helps you reduce waste, improve cash flow, and invest in areas that matter most—whether it’s growing your team, investing in marketing, or upgrading your technology.

With Out of the Box Technology, you don’t have to go it alone. We help small business owners and franchise operators implement bookkeeping systems that support smarter, faster decisions—without cutting corners.

Ready to take control of your expenses?
Contact us today to learn how we can help streamline your bookkeeping and save you money.

When business slows down—whether due to seasonality, inflation, or unexpected economic shifts—many business owners tighten their belts and hunker down. But what if those lean months could be a launchpad for long-term growth?

This is where smart bookkeeping strategies come in. With the right financial systems in place, small business owners, franchisors, franchisees, and home service operators can optimize cash flow, uncover hidden opportunities, and expand with confidence—even during downturns.

In this guide, we’ll walk you through data-backed strategies to stabilize and grow your business during slow periods, covering:

• Essential bookkeeping practices for financial clarity

• Tools to track and improve your cash flow

• How to forecast smarter and plan with purpose

• Strategies to reallocate resources toward growth

• Whether you’re a solo operator or leading a growing franchise network, the path to expansion starts with mastering your books.

Why Downturns Are the Best Time to Rethink Your Bookkeeping

Lean months don’t just create challenges—they surface inefficiencies. This is a time when high overhead, unclear margins, or cash flow gaps become glaring.

According to a 2024 report from QuickBooks, 60% of small businesses say the biggest challenge during slow seasons is managing cash flow. Yet those that adopt real-time financial tracking are 2.5x more likely to report revenue growth even in off-peak periods (source).

Slower seasons give you a rare gift: time. Time to reevaluate what’s working, what’s not, and where your money is actually going.

Core Bookkeeping Strategies for Lean Months

1. Implement Monthly Cash Flow Forecasting

During lean times, cash flow is king. A proper cash flow forecast shows how much money is expected to come in and go out each month, helping you plan around deficits before they hit.

How to do it:

• Pull reports from your accounting software (like QuickBooks or Xero)

• List recurring expenses (rent, payroll, subscriptions)

• Add expected income based on upcoming jobs, contracts, or seasonal trends

• Identify your cash shortfalls at least 60–90 days in advance

Pro Tip: Use a rolling 13-week cash flow forecast, updated weekly, to stay agile.

2. Review and Categorize Expenses Quarterly

If your books are filled with uncategorized transactions or bloated overhead, you’re likely bleeding money unknowingly.

Break down spending by category and flag:

• Subscriptions not delivering ROI

• Vendor contracts that can be renegotiated

• Marketing or software tools with overlapping features

Tools like Out of the Box Technology’s QuickBooks Clean-Up Services can help streamline your chart of accounts and ensure every dollar is accounted for.

3. Track Profit Margins by Job or Location

For home service businesses and franchises, margin tracking by service line, job, or location reveals what’s truly profitable.

Use job costing tools inside QuickBooks or integrations like Knowify to:

• Assign labor, materials, and overhead to individual projects

• Identify low-margin jobs or clients

• Cut or restructure unprofitable services during a downturn

Example: A landscaping business discovered its mulch installation jobs had a 12% lower margin than expected due to rising supplier costs. By switching suppliers and raising prices 8%, they restored profitability in under 60 days.

4. Automate Your Invoicing and Collections

Late payments become critical during lean months. Automate your invoicing and accounts receivable follow-up using platforms like:

• QuickBooks Online

• Melio (for B2B payments)

• Dubsado or Jobber (for service businesses)

Set up:

• Automatic due date reminders

• “Pay Now” links in emails

• ACH or credit card options to reduce friction

According to FreshBooks, businesses using automated invoicing get paid 30% faster on average (source).

Expansion Strategy: Reinvesting Smart During a Slow Season

Bookkeeping doesn’t just help you survive—it gives you the insight needed to strategically expand.

1. Identify Undercapitalized Opportunities

Once you’ve cleaned your books and clarified your margins, you may uncover excess working capital—or at least, free up budget from unproductive expenses.

Now’s the time to:

• Negotiate new vendor deals while demand is low

• Invest in upskilling staff or streamlining software

• Test new service offerings with low entry costs

Franchisors, in particular, can pilot these improvements at one location before rolling them out network-wide.

2. Use Accurate Books to Secure Lending or Lines of Credit

If you plan to borrow for growth, your financial statements must be airtight.

Well-organized books will allow you to:

• Get faster loan approvals from banks or fintech lenders

• Qualify for lower interest rates

• Support your business case with clean historical data

Need help preparing financials for a lender? Out of the Box Technology offers financial reporting services.

3. Outsource Bookkeeping to Reclaim Time

One of the fastest ways to unlock growth capacity is to delegate bookkeeping.

An outsourced bookkeeping partner:

• Maintains real-time records

• Handles reconciliation, payroll, and reporting

• Flags risks and opportunities before they escalate

With time freed from admin, you can focus on sales, customer relationships, or opening a new location.

Frequently Asked Questions (FAQs)

What are bookkeeping strategies?

Bookkeeping strategies refer to the specific methods and systems used to record, organize, and analyze financial data to make better business decisions. These may include forecasting, cost tracking, job costing, automation, and more.

How can bookkeeping help my business grow during slow months?

It allows you to:

• Improve cash flow

• Eliminate wasteful spending

• Make confident decisions on reinvestment

• Secure funding with better financial records

Is outsourcing my bookkeeping worth it?

Yes—especially during slow seasons. Outsourced services often provide better accuracy, faster reporting, and cost less than hiring in-house staff.

Explore our outsourced bookkeeping services.

What software is best for implementing these strategies?

We recommend:

• QuickBooks Online – full-service cloud accounting

• Jobber – for service business scheduling and invoicing

• Melio – for bill payments and ACH transfers

• Gusto – for payroll and contractor payments

Can I still grow if my business is losing money?

Yes—but only if you understand where the losses are coming from. Start with your bookkeeping:

• Audit all expenses

• Analyze profit margins

• Set break-even goals

• Reinvest only in proven channels or offers

Take the First Step Toward Growth—Even in a Slump

A slowdown doesn’t have to stall your business. In fact, it can be the catalyst for your next big leap. With accurate, timely, and strategic bookkeeping, you can:

• Build financial resilience

• Find growth opportunities others miss

• Expand your business even when others are scaling back

At Out of the Box Technology, we specialize in helping businesses like yours turn uncertainty into momentum. From QuickBooks clean-up to full-scale financial strategy, we’ve got your back.

Ready to take control of your numbers—and your growth?
Book a free consultation today to see how we can support your success.