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CNBC
9 hours ago
- Business
- CNBC
A step-by-step guide to setting up your QuickBooks account
As a small business owner, managing your company's finances, including tracking income and expenses and creating profit and loss reports, is a critical part of the job. Without an accountant on staff, one of the most efficient ways to handle these responsibilities is by using accounting software. One of the more popular options, Intuit QuickBooks, offers a full suite of accounting support, allowing businesses to organize financial information in one location and stay on top of essential accounting tasks. Setting up your QuickBooks account correctly, however, can seem daunting. To make the process easier, here's a step-by-step guide to help you get started. Costs may vary depending on the plan selected but take advantage of Summer Savings, offering 90% off for 3 months, for a limited time Tracks your business expenses as they happen, as well as your income. Users can use app to do invoicing, accept payments, manage their cash flow, maximize tax deductions, track travel miles, run reports, send estimates, manage bills and 1099 contractors, plus pay employees Yes Yes, bank and credit cards, plus third-party apps like PayPal and Square Accessible from any web browser and also offered in both the App Store (for iOS) and on Google Play (for Android) Verisign scanning, password-protected login, firewall protected servers and the same encryption technology (128 bit SSL) used by the world's top banks. QuickBooks also offers multiple permission levels that you can set for additional users' access Terms apply. QuickBooks is available as desktop and online software. QuickBooks Online can be accessed from any web browser or through a mobile app on a tablet and smartphone, making it a good choice for business owners who are frequently on the go. The plan options for QuickBooks Online include Simple Start, Plus, and Advanced, which range in price from $3.50 per month to $23.50 per month. The tiers also differ in complexity, making it important to review the features carefully in order to select the best plan for your business's needs. Simple Start, for instance, offers basic bookkeeping tools, while Plus offers more expansive support, including tracking project profitability, tracking inventory and managing multi-currency transactions. Advanced provides the most comprehensive accounting and financial support including financial planning, business analytics, managing employee expenses and 24/7 support and training. The desktop version of QuickBooks, known as QuickBooks Desktop Enterprise, is downloaded and installed on a computer. It offers more sophisticated accounting features for advanced users including inventory management, multi-company management and more. Once you've selected a QuickBooks plan and format, it's time to begin adding basic information about your company. This is where you enter your business name, business structure (such as LLC or sole proprietorship), industry, and contact. Information entered as part of this step will be the information your customers or vendors see on invoices, sales forms and other communications. Some of the additional details about your business that you'll provide as part of this step include: Linking your business bank and credit card accounts to your QuickBooks account is another important step in the set-up process. This integration allows QuickBooks to automatically import transactions, which streamlines your bookkeeping. Having your bank and credit card information imported saves time and reduces the potential for any human errors associated with manual data entry. It also helps ensure no income or expenses slip through the cracks, establishing a complete, accurate picture of your finances. This will come in handy while you're making spending decisions, applying for loans, or prepping for tax season. Once your financial accounts are connected, QuickBooks will automatically categorize your expenses. But you can also review, confirm and edit these categorizations — or even create custom categories. If you have recurring monthly expenses — like an Adobe or Canva subscription — you can create a new category in the QuickBooks system that will "bookmark" the charge, so it will know how to recognize and categorize it moving forward. Customizing your expense categories will be especially helpful when it comes to budgeting or forecasting. Establishing your chart of accounts is a critical set-up step that some experts suggest is best done with the assistance of a professional. The chart of accounts is a list of all the accounts that are part of your business's daily operations. Creating this correctly is essential for accurate bookkeeping. "Your chart of accounts determines how your income, expenses, assets, and liabilities are organized and reported," says Maria Anderson, co-founder of the business consulting firm Marico Consulting. "This step impacts everything: tax preparation, budgeting, forecasting, and your ability to read financials with clarity." The chart of accounts should be customized to reflect your business's unique needs and operations, rather than relying on generic categories. For example, if you have three income streams, you may want three income accounts so you can see what's most profitable. When establishing your QuickBooks account, you may also want to customize your sales settings. QuickBooks provides various options related to the type of information it collects and tracks when your business makes and records a sale. These details can be tailored to your business's needs during the set-up process, as well. Sales forms can be customized to include information related to shipping, discounts, service dates, tips, payment terms, late fees and more. Starting in July 2025, QuickBooks will also launch Agentic AI features into the platform, such as an accounting agent to automatically reconcile books and detect anomalies, a payments agent to manage invoicing, a customer agent to spot leads and draft emails, and a finance agenct to help provide insights and assist in financial decision-making. Your books are the foundation of every business decision, from hiring and pricing to taxes and fundraising. Mismanaged books can lead to missed deductions, late filings, and poor cash flow management. So as a small business owner, taking the time to set up your QuickBooks account correctly is an important effort, one that will help you manage your business more effectively, allow you to have an accurate picture of your financial standing, and save time. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information.
Yahoo
11 hours ago
- Business
- Yahoo
EPI, wero… why European payment initiatives are struggling to get off the ground
Wero, the instant payment solution backed by the European Payments Initiative (EPI) and its sixteen shareholders, is struggling to gain traction—despite the initiative's claim of a user base exceeding 40 million. Originally launched as an ambitious project, it now faces numerous challenges, including the withdrawal of some shareholders, delays in its rollout, and difficulties in uniting key players across the European payments landscape. What are the main obstacles facing this initiative, which was meant to standardise SEPA payments in Europe? What alternatives are emerging? Let's take a closer look. The European Payments Initiative (EPI), launched in 2020, and its recent payment solution Wero (2024) emerged as a response to Europe's reliance on foreign—particularly American—payment providers such as PayPal and Visa. These initiatives aim to unify and modernise payments across the eurozone. Wero already allows users to send and receive money instantly via phone number, QR code, or email address. The objective, backed by the European Commission, is clear: to offer a European alternative for cross-border payments, aiming to streamline SEPA transactions, accelerate payment flows, and strengthen the EU's financial sovereignty. Currently, only 16 banks are involved in the EPI (including BNP Paribas, Groupe BPCE, Crédit Agricole, Deutsche Bank, Sparkassen-Finanzgruppe, ING Group, La Banque Postale, Nexi, Société Générale, Worldline), significantly limiting its adoption. Moreover, merchants must open a bank account with one of these institutions to use Wero, creating a substantial barrier to entry. While the EPI positions itself as 'a strong competitor to international payment networks,' its payment solution does not yet match the services offered by Visa and Mastercard. Initially conceived as a direct competitor to these global players, the project's ambitions were scaled back in early 2022 with the abandonment of plans to launch a physical payment card. The number of EPI/Wero shareholders has dropped from over 30 to just 16. As a result, adoption remains slow—particularly in Germany, which accounts for only 5% of Wero's transaction volume, according to the Deputy CEO of Crédit Agricole SA. To bypass this limitation, many merchants go through Payment Service Providers (PSPs). Since they are positioned as the biggest contributors to the payments ecosystem, by excluding them from its model, Wero presents itself as a relatively elitist product that does not take the majority markets into account. As a result, users of these PSPs do not fully benefit from the advantages of SEPA Instant, particularly in terms of the speed of fund reception and liquidity availability. Due to these obstacles, SEPA Instant payments often remain out of reach for a large portion of merchants, who continue to rely on slower and more costly solutions. Given the slow progress and limited accessibility of European payment initiatives such as EPI and Wero, alternative solutions have emerged—offering simpler, more flexible integration for (e-)merchants. Some of these platforms go as far as orchestrating all SEPA payment methods within a single system—centralising transactions, automating fund collection, and integrating a professional bank account, all without relying on a specific bank or third-party provider. For merchants, these solutions offer greater simplicity, lower costs, improved cash flow management, and direct access to instant payments—without intermediaries or added complexity. As such, they represent a powerful option for businesses of all sizes, including artisans, freelancers, and small to medium enterprises. Only solutions that truly address merchants' core needs—cost control, simplicity, and seamless integration—will gain their trust, serve as essential complements to European payment initiatives, and succeed in a global market that is becoming increasingly competitive. For EPI and Wero to truly take off, broader participation from banks and PSPs is crucial, as well as easier access for merchants—an aspect that has so far been largely overlooked. In conclusion, (e-)merchants have reason to be optimistic: comprehensive European payment tools do exist. What's still needed is greater optimisation and standardisation of mobile applications to unlock their full potential. According to early projections from fintech experts, SEPA orchestration solutions could account for 10% to 15% of all e-commerce transactions by 2026. Christian Caumont is CEO of YowPay "EPI, wero… why European payment initiatives are struggling to get off the ground" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
11 hours ago
- Business
- USA Today
Big Ten and PayPal announce partnership for direct revenue share payments
We all know and love PayPal, and now it appears as though the popular payment platform has entered into an agreement with the Big Ten to be the official payment system for direct revenue-share payments to athletes. This is on the heels of the House Settlement that not only provides the distribution of a settlement to past athletes, but also paves the way for direct revenue share payments to athletes going forward. For Ohio State's part, Athletic Director Ross Bjork announced that the $20.5 million allotted for payments will fund all scholarships, then split between four sports; football, men's and women's basketball, and women's volleyball. It's not just the Big Ten that announced the arrangement with PayPal, but the Big 12 as well. 'We're proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to receive funds and continue to bring trusted and innovative commerce solutions to the heart of campus life,' said Alex Chriss, President and CEO, PayPal in a statement. 'From receiving institutional payments to making everyday purchases, we're helping student-athletes, families, and schools engage in new ways that are modern, secure, and built for the future.' 'We look forward to partnering with PayPal to ensure a secure, rapid and reliable way for student-athletes to receive institutional payments as we welcome in this new era in college athletics,' said Big Ten Commissioner Tony Petitti, also in a statement. I still can't believe we are at this point in college athletics, but time to embrace it and move forward. It's a good thing that these kids are getting what they've deserved for a long, long time. Contact/Follow us @BuckeyesWire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Ohio State news, notes and opinion. Follow Phil Harrison on X.
Engadget
13 hours ago
- Health
- Engadget
Peter Thiel is utterly wrong about Alzheimer's
The New York Times ran a lengthy interview this morning between columnist Ross Douthat and venture capitalist and PayPal founder Peter Thiel. There's a reason it was published in the opinion section. Thiel, a Trump booster whose allies — including Vice President JD Vance — now litter the White House, was given free reign to discuss a variety of topics across over an hour of softball questions. Is Greta Thunberg the literal antichrist? Are the three predominant ideological schools in Europe environmentalism, "Islamic Shariah law" and "Chinese Communist totalitarian takeover"? Is AI "woke" and capable of following Elon Musk to Mars? Peter seems to think so! Perhaps the "just asking questions" school of journalism could add " hey, what the fuck are you talking about " to its repertoire. Admittedly, many of these assertions fall squarely into the realm of things that exist within Thiel's mind palace rather than verifiable facts, with at least one notable exception. Relatively early in their chat, Peter tells Ross the following [emphasis ours]: If we look at biotech, something like dementia, Alzheimer's — we've made zero progress in 40 to 50 years. People are completely stuck on beta amyloids. It's obviously not working. It's just some kind of a stupid racket where the people are just reinforcing themselves. It's a pretty bold claim! It's also completely untrue. "There was no treatment 40 or 50 years ago for Alzheimer's disease," Sterling Johnson, a professor of Geriatrics and Gerontology at the University of Wisconsin, Madison, told Engadget. "What we've been able to do in the last 20 years has been actually pretty extraordinary. We've developed markers that help us identify when this disease starts, using the using amyloid markers and tau biomarkers, we know that the disease actually begins 20 years before the symptoms do, and that is a critical thing to know if we are going to prevent this disease." At the moment, Alzheimer's remains incurable. But the absence of a miracle cure does not negate the accomplishments thus far in detection and prevention. "The first treatments were these window dressing treatments. It's like treating the symptoms like you would treat a cold [...] The first generation of amyloid therapy was that kind of approach where it just addressed the symptoms by amping up the neurons and increasing the neurotransmitters available to the to the brain cells." Johnson, whose team runs one of the largest and longest studies on people at risk for developing Alzheimer's diseases, added, "Now we have opportunities to actually modify the disease biology through the amyloid pathway, but also we're focused on the other proteinopathy — which is tau — and there's clinical trials underway." Thiel, a well-known advocate for advancements in radical life extension (including a reported interest in injecting himself with the blood of young people) sees the state of scientific research in this area as sluggish and risk averse. But the groundbreaking work is happening at this moment. Professor Johnson pointed to a monoclonal antibody called gantenerumab. In an early test of 73 participants with inherited mutations that would cause them to overproduce amyloid in the brain, it cut the number of participants who developed Alzheimer's symptoms practically in half. "The big phase three prevention trials [of gantenerumab] are happening right now," For someone who fashions himself as a heterodox thinker, Thiel certainly seems to have stumbled on a remarkably similar talking point to current Trump administration FDA head Robert F Kennedy Jr. "Alzheimer's is a very, very good example of how [National Institute of Health] has gone off the rails over the past 20 years ago with research on amyloid plaques" Kennedy said at a Department of Health budgetary hearing last month. He claimed the NIH was "cutting off any other hypothesis" due to "corruption." Unsurprisingly, the Alzheimer's Association has called this "demonstrably false." "In reality, over the most recent 10 years available (2014-2023), less than 14% of new National Institutes of Health (NIH) Alzheimer's projects focused on amyloid beta as the therapeutic target," the organization wrote, "As of September 2024, the National Institute on Aging was investing in 495 pharmacological and non-pharmacological trials. To state that Alzheimer's research is focused on amyloid to the exclusion of other targets is clearly wrong." If I, personally, wanted more robust medical research and a chance an eternal life (I don't), greasing the wheels of an administration broadly gutting funding for science would be a strange way to make that happen. But this is the sort of incoherence we've come to expect from tech oligarchs: they say what benefits them, even if it's nonsense on its face, even if a moment's reflection reveals it to be patently false. What's embarrassing is the paper of record giving them free reign to do it.
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Should You Hold Onto XYZ Stock in 2025 Beyond Its 19% QTD Growth?
Block 's (XYZ) solid 19.8% quarter-to-date (QTD) return has left many investors questioning whether it remains attractively valued or if a better entry opportunity lies ahead. XYZ stock has not only outpaced its peers, such as PayPal Holdings, Inc. PYPL and Shopify Inc. SHOP, but also outperformed the S&P 500 composite over the same time frame. QTD, PayPal shares have gained 12.1%, while Shopify shares have appreciated 17%. There has been a spate of positive news of late for Block, including the launch of Square Handheld in the United Kingdom, the official partnership of Square and Live Nation Canada for extension of seamless commerce to Rogers Stadium and beyond, teaming up of Cash App and WNBA All-Star Angel Reese as well as its partnership with Bambu Dessert Drinks to streamline and centralize operations. However, the question arises whether these developments are sufficient to keep the momentum, or a challenging macroeconomic environment can jeopardize XYZ's growth tempo. So, here we make a detailed analysis of XYZ to conclude whether it will be prudent enough to hold the stock for now, or accumulate more shares, or discard and book profits. What's Driving Block Stock's Performance? Block is building a powerful fintech ecosystem through its dual growth engines, Square and Cash App. These platforms offer comprehensive solutions that span payments, commerce, banking, and lending, positioning Block as a one-stop provider for both consumers and businesses. The latest innovations like the Square Point of Sale app and the rollout of 'Cash App Afterpay' showcase its commitment to user-centric design and revenue diversification. Square is steadily reclaiming market share, supported by a 9% year-over-year increase in gross profit and an 8.2% rise in gross payment volume on a constant currency basis. These gains highlight Block's successful execution on product innovation and its targeted go-to-market approach, which includes expanding field sales, onboarding larger sellers, and deepening strategic partnerships. Despite shifting spending patterns, Cash App is poised for meaningful network expansion. Block is prioritizing user growth among teens and families, while accelerating the rollout of Cash App Borrow following FDIC approval for nationwide lending — a move that's expected to significantly expand eligibility and enhance unit economics beginning in the third quarter of 2025. At the same time, Block is tapping into new revenue opportunities. The 'Cash App Afterpay,' a retroactive buy-now-pay-later product, launched earlier this year, is already showing strong early adoption. Additionally, Block's Proto division is preparing to enter the Bitcoin mining space, with plans to release custom chips and systems in the second half of 2025, a strategic push into the broader digital asset infrastructure market. What Hinders Block's Progress? Although Block continues to roll out new features and expand its ecosystem, it faces several challenges. Economic headwinds, such as trade tariffs and subdued discretionary spending in areas like travel and media, are dampening activity on the Cash App Card. Its gross profit is forecasted to improve later in the year, but the near-term softness is noticeable. Moreover, the company is contending with stiff competition from established players like PayPal and Shopify, as well as a growing wave of fintech disruptors. Despite its broad-based growth and diverse revenue streams, Block's performance remains vulnerable to macroeconomic fluctuations and changes in consumer spending patterns. As a result, external forces may play a larger role than internal execution in shaping its trajectory in 2025. XYZ's Earnings Estimates Revision Trends Southward The Zacks Consensus Estimate for Block's 2025 sales and EPS implies year-over-year growth of 3.5% and a decline of 27%, respectively. EPS estimates for 2025 and 2026 have been southbound over the past 30 days. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) XYZ Shares Trade at a Premium Block shares are overvalued, as suggested by the Value Score of D. In terms of forward 12-month Price/Earnings (P/E), Block is trading at 22.17X compared with PayPal's 13.66X. Final Take on Block Block continues to strengthen its position as a leading fintech innovator through its expanding Square and Cash App ecosystems. Recent partnerships, product rollouts, and innovation across Square and Cash App highlight the company's strong execution and growing ecosystem. Initiatives like Cash App Borrow, Afterpay integration, and expansion into Bitcoin mining signal long-term potential. While macroeconomic uncertainty and premium valuation raise caution, Block's diversified revenue base, user growth strategies, and continued momentum justify holding the stock. For now, maintaining a position in XYZ seems prudent as it navigates challenges while unlocking new growth avenues. At present, Block carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Block, Inc. (XYZ): Free Stock Analysis Report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report
