Small Business Tip: Import Your Shoeboxed Receipts Into Quickbooks

Shoeboxed, the leading online service for organizing receipts, released a new feature today allowing users to download their receipt information into a format that they can import into Quickbooks, a popular accounting software program for small businesses.

Since many small businesses use Shoeboxed to organize their receipts, this move makes a lot of sense.

Follow these easy steps to import your Shoeboxed receipts into Quickbooks:

  1. On the Export page in your Shoeboxed account, select the “Quickbooks (IIF file)” option.
  2. Choose the category or categories of receipts you want to export and what dates range you want.
  3. Input the Debit and Credit account numbers that you have in your Quickbooks account. If you want to create a new Debit and Credit account, enter a new name in the fields, and Quickbooks will create new accounts for you.
  4. Open Quickbooks. Go to File >> Utilities >> Import >> IIF Files. Then choose the file that you exported from Shoeboxed. On a Mac, the Import option is just under the File menu.
Use Shoeboxed to import your receipts into Quickbooks
Use Shoeboxed to import your receipts into Quickbooks

Now you can mail your receipts to Shoeboxed, have them scanned and organized for you, and then export them to Quickbooks in just a few clicks. You can get all your business expenses into Quickbooks without doing any of the hard work.  Look for more Shoeboxed integrations with other services in the near future. Your receipts will be more useful as we begin to add compatibilities with other services that offer complementary value-adds for our customers.

USPS May Cut Tuesday Delivery

Perhaps the long awaited announcement that was supposed to come out on January 16, the United States Postal Service finally announced a major potential change to its operations yesterday: no Tuesday delivery.
The United States Postal Service
Massive deficits and declining mail circulation could force the USPS to cut delivery, John Potter, the postmaster general told Congress. Though many would first guess that Saturday delivery would be the first day to be cut from the current 5-day delivery schedule, Tuesday is typically the lowest-volume day of the week, and would thus be most vulnerable to cuts.

“It is possible that the cost of six-day delivery may simply prove to be unaffordable,” Potter said. “I reluctantly request that Congress remove the annual appropriation bill rider, first added in 1983, that requires the Postal Service to deliver mail six days each week.”

“The ability to suspend delivery on the lightest delivery days, for example, could save dollars in both our delivery and our processing and distribution networks. I do not make this request lightly, but I am forced to consider every option given the severity of our challenge,” Potter said.

An independent study from George Mason University last year estimated that moving from a six-day to a five-day delivery would save the post office about $1.9 billion annually. This may not be enough, though. Last year the post office was $2.8 billion in the red last year. “If current trends continue, we could experience a net loss of $6 billion or more this fiscal year,” Potter said in testimony for a Senate Homeland Security and Governmental Affairs subcommittee.

The Postal Service will consider additional options as well, including further postage increases and limited the amount that it contributes to health benefits via advanced payments.

Target Issues Layoffs: At Least 1,000 To Lose Jobs

Target to cut workforce, issue layoffs
Target to cut workforce, issue layoffs

Target has announced that it will cut 9% of its headquarters staff and close a Arkansas distribution center,  which includes 600 employees and 400 open positions, according to a statement issued by the company. These changes will be effective immediately.

Target will also close a distribution center in Arkansas, which employes another 500 people, later in the year.

“We are clearly operating in an unprecedented economic environment that requires us to make some extremely difficult decisions to ensure Target remains competitive over the long term,” Gregg Steinhafel, president and chief executive, said in the release.

Target has taken other steps to cut costs as well, including salary freezes for senior management, suspending share repurchase activity, tightening credit card underwriting and granting, improving store productivity as well as cutting back on opening new stores.

This follows months of lower-than-expected sales at Target stores, as the retail industry continues to struggle. This, combined with a poor outlook throughout 2009, the company claims its actions are a conservative approach to planning.

From the release:

Headquarters employees affected by the announcement will continue to receive their full pay and benefits through April 1, after which they will receive a comprehensive separation package based on their years of service. As part of that package, Target also will provide these employees with 12 months of continued Target health care benefits in addition to 12 months COBRA benefit, and outplacement support to assist them in transitioning to their next position. Little Rock distribution center employees will be offered positions at other Target distribution centers, or will receive comparable severance.

As a result of these actions, the company expects to record a charge of approximately 3 cents per diluted share, the majority of which will occur in the company’s 2008 fourth quarter. The company believes the annualized benefit resulting from these actions will exceed the charge.