Best Computer for Doctors

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Your a medical professional. Your slammed with an influx of new patients and strict HIPAA guidelines. There’s a stack of patients’ charts and hours of dictation left to do. Now your medical group added new goals to meet by quarter end. How will you balance all it all? How can you adapt to a computerized medical field?

The answer is simple:

Get the right computer, learn the basics, and succeed.

The problem is finding the right computer. 

There once was a time that having someone who knew computers in your family was rare, now their as common as Marvel superhero movies. You end up listening to that 14 year old nephew of yours, and you buy buy that $2100 dollar Alienware laptop or that $1900 dollar MacBook Pro. Now you have no idea how it works and your IT department can’t get the programs you need to run on it.

Now your stuck with an expensive brick that will now be demoted to watching Netfilx and YouTube videos.  

Lets avoid the expensive mistake. Keep these two rules in mind:

Rule 1: You computer should be compatible with your medical group’s network.

This is simple to find out. If your medical group uses Microsoft Office, Exchange for your email server(you can ask your IT department), and the rest of the employee’s have Windows XP, 7 or 8 running on their desktops. Then you should use Windows as your main operating system.

Macs are nice, and yes, you can buy Office and Outlooks for a Mac. Macs are expensive though —which is nothing new— but the biggest issue is having them serviced. Your medical group’s IT department will have almost an endless supply of people who know how to fix windows. Which means if your computer breaks, someone will be able to trouble shoot it. If you have a Mac? Then Billy the I-still-have-a-holier-than-thou-IT-mentality network troll will be the only guy to help you. 

Trust me, most of the medical software out there is designed to run on Windows. You could access your medical groups’s programs on a Mac using a local virtual box, dual booting, or using VMWare or Citrix. The problem is now you’ll either have to configure virtual box yourself or be at the mercy of a wireless network. 

Rule 2: Go with a Solid State Hard Drive

I can go into major detail why solid state hard drives are 100x better than traditional hard drives; however, I believe this video will say enough (its 3 minutes long, but its worth the time)

I recently decided to buy a 500GB Samsung 840 EVO for my laptop. I installed Windows 7 Professional and decided to see this speed first hand. 15 seconds later, Windows was up and ready to go. 

Also, using a SSD will make applications load faster like Photoshop, EMR/EHR programs and radiology viewers. 

One of the reasons Macs are so much faster is because their hard drives are SSD not HDD. Now, an SSD will be more expensive than a traditional one, but benefits outweigh the cost.

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I love Macs, but they are not the best tools in an enterprise/medical environment. They fill a specific niche and that niche isn’t the medical field. If you are willing to drop $1400 MacBook, you could buy a HP EliteBook Revolve 810 which has the same specs and doubles as a tablet.

There you have it. Finally some clear advice for a busy professional. 

Accounting for Real Estate Agents

As a Realtor  your paychecks completely depend on your abilities to sell a house. Unlike others types of employees who receive steady paychecks, Realtor paychecks fluctuate wildly from each sale. For this reason, managing your finances is a paramount importance. 

The major question you may ask is what financial software should you use? This should be your second question, your first question to ask is if you are a independent contractor or employee. 

If you are an employee for your brokerage, then you can use any time of personal finance software to manage your money. I would suggest YNAB for its budgeting capabilities read more here, however, if you need to track expenses for tax purposes then using Quicken Premier/Deluxe would be best. 

Independent contractors should aim use QuickBooks Pro or QuickBooks Online Essentials. These programs help make tax season a breeze and will reduce the number of times your accountant rolls their eyes when you come in to have your taxes done. While Quicken does handle businesses, QuickBooks will place your taxes in a format that your account would be familiar with, namely using P/L statements, Balance sheets, and other business reports that accountants use for tax filing. 

QuickBooks has a robust tax line mapping compared to Quicken, and it is solely a business accounting program unlike Quicken home and business. If cost is something you are worried about and you also need a mobile solution. QuickBooks Online Essentials will give your the tax reports, mobility, and excellent money management for less than $30 dollars per month.

If you have any questions about setting up your QuickBooks company file or deciding which program to use, leave a comment!

How to Use the Collection Center in QuickBooks

Managing A/R can become an overwhelming experience. The difficulty is further compounded when a company’s A/R is tracked manually or through spreadsheets. The process of tracking printed invoices, updating aging reports, tracking down customer contact information, and the managing call logs and emailings, waste time and increases labor cost.

QuickBooks Enterprise offers a simple and effective solution to this problem. The solution is often overlooked Collection Center. To access this helpful resource, click on the customer center, then click on the Collection Center icon.Once the new window opens you’ll see the company’s outstanding A/R accounts appear in a table. The columns can be sorted (except for the contact column). All overdue invoices are grouped by customer.

The red numbers represent the total amount past due. The overdue shows the days the invoice is behind, contact would have the point-of-contacts name, and finally notes and warnings. How QuickBooks calculates how the past due days depends on your company’s preferences under the reminders list. QuickBooks will notify you of invoices that are 5 days past the due date, and 15 days before the due date. Invoices that are below 5 days will not show up in this list, but under the almost due (it will be positive number, negative numbers are bills not yet do).


At this screen the bulk of your collection activities will revolve around using notes/warnings. Warnings is a envelope with an exclamation mark. What this represents is that the current customer does not have any email address in the system. QuickBooks uses email to send statements, collection letters, and invoices to customers. Once you fill in an email, this mark will go away. You then get an option to select and send email. At this point you are able to draft up a unique email for the customer, along with the invoices that are past due.


The final aspect of the collection center is the notes. This is just a timestamped notepad that records every time you open the notes. This is a great way to track conversations, promises, insults, or any other useful information. Whenever you speak with a customer, you should always focus on writing everything down.


The collection center is a great way to track outstanding A/R balances. Proper use and solid company policies will keep cash flow up and overdue balances low. The collection center, however, will not remind you to contact people with overdue balances. You have to check this every few times a week to maintain on top of A/R.

How To Track Equipment Rentals In Quickbooks

Some companies expand their revenue streams by renting out equipment to others. As some business owners may have found out, tracking of rentals and properly accounting for the money they generate is a tedious task. The goal is to show you two ways to track rentals using QuickBooks and QuickBooks Point of Sale.

QuickBooks Only Method

QuickBooks does not have a specific area or tool that allows you to track rentals; however, do not let this stop you.

1. Identify all the equipment you will rent out.
2. Enter the equipment as non-inventory items in QuickBooks
3. Setup the individual equipment names as Other Names
4. Use timesheets to track the rental/reservations
5. Mark the time entries as billable and then create an invoice for billable expenses.

QuickBooks Point of Sale Method

Using QuickBooks POS to track rentals is a lot easier than using QuickBooks. QuickBooks Point of Sale is able to use deposits and set up specific items and fees that can be adjusted on the fly instead of QuickBooks.

1. Identify the equipment you will rent out.
2. Create an inventory item for the equipment.
3. Set the cost to zero, the price to zero, and the quantity to the number of units you have to rent out.
4. Create a non-inventory item named Deposit on Equipment make the price zero
5. Repeat the process above but name the item Rental Fee.
6. When a customer rents the item, create a receipt with the inventory item on the first line of the sales receipt.
7. On the same receipt, Deposit on Equipment item will be the next item you add. The inventory item (the rental) will be 0 dollars, while the Deposit on Equipment will have the amount you are charging for the deposit.
8. Record the receipt, take the payment using standard payment methods.
9. Track the equipment using either a spreadsheet or another process.
10. When the item is returned, locate the receipt and reverse it. This will create a refund for the customer. If the deposit was done using a credit card, the card will be automatically refunded. This process places the rented item back into inventory.
11. Create a new receipt using the non-inventory item Rental Fee and enter the amount for the rental charge.

It may be wise to track rental equipment as a fixed asset in QuickBooks so you can depreciate it for tax purposes. Please speak with your accountant about this.

QuickBooks for Mac

Moving from QuickBooks to QuickBooks for Mac, worth the hassle?

 When you decide to switch your company file from a standard QuickBooks on Windows to the Mac version of QuickBooks, there are some things you need to know:

• Mac 2013 will not have the same features as Pro, let alone Premier and Enterprise. Please review this link before you decide to purchase Mac 2013
• If you do buy Mac 2013, make sure your QuickBooks for windows is no older than two years old.This means if you are using Pro 2010, you have to upgrade to Pro 2013 and then convert the file to Mac 2013. Talk about an added expense.
• Remember that going from Mac to Windows, it has to be the same year.
• Only data files from QuickBooks Simple Start, Pro, Premier, and Premier Accountant can be converted to Mac 2013.
• While the majority of your information will be imported, there are some things that will not
• Any data for multiple currency will be lost.
• Intuit integrated payroll and payroll list items will be lost. (QuickBooks for Mac uses PayCycle and Aatrix Top Pay for payroll services)
• Online banking transactions that were not accepted into the register.
• Online banking aliases
• Customized settings for forms, invoices, estimates, statements, and POs, they can be customized in Mac though.
• Multi User data, such as sales reps info.
• User passwords
• memorized reports
• Business planning, expert analysis and business optimization tools
• Customized price levels
• 3rd party apps are lost (word, outlook, act)
• Merchant services
• Sales orders and back order tracking
• assembly items will be converted into non inventory part items
• budgets created without associated accounts
• workers comp list
• Fixed asset item list
• Multiple ship to addresses, preferred send method, payment info for customer:jobs
• User added columns to list.

There is a lot of info that will be lost during this transition. What would be the best solution? Run a Windows virtual machine on your Mac using VMware or Parallels. This way you don’t have to buy another copy (or two) of QuickBooks. Keep your license number for Windows so you can use it on the virtual machine. This gives you the best of both worlds, you get a Mac and you’re able to keep using vital Microsoft programs such as Office.

Using YNAB for Small Business Finances

I've used YNAB for a while now, and as you can see from my blog, I like the program. My wife and I are not perfect and sometimes we hit financial setbacks that are beyond our control; however, each time we do we stick with our budget. What we see is that we always have enough to pay for bills and get food. YNAB does work, and it works well for personal finances. 

However, what about small businesses? Does YNAB work for a business owner? 

The answer is... It depends.

It depends on your business. YNAB does extremely well for cash flow budgeting and cash based businesses. If you use a cash based accounting system (you get paid when a product/service is rendered and you pay bills when you receive them) then YNAB is great for you. If you need to have an accrual system, YNAB may not be the best choice.

I have a small company that I run part-time, I sell items online and also do some consulting work. I have QuickBooks Pro (since I am a QuickBooks consultant), but I find myself using YNAB more often. Even though I use both systems, there isn't a lot of work since both programs are able to import and categorize transactions. 

I use YNAB to help me keep my cash flow steady and also keep my spending under control. It has the same effect on my company's finances like it does on my personal finances. There are some things that QuickBooks does that YNAB doesn't, like track and manage taxes. Also, YNAB doesn't track inventory. Lastly, the reporting features are lacking when it comes to business reporting, and it cannot do a balance sheet yet.

However, Jesse (the creator of YNAB) is working on improving YNAB for small business owners, so I believe these features will be available eventually. 

If you want more information follow these links:

YNAB for Small Business

Different businesses who use YNAB

Video about YNAB for small business

How To Pay Off Credit Card Debt

Debt is a horrible master. Nothing saps wealth like being in debt. Just take your monthly payments, add them together, then times it by twelve.

How much do you spend on debt?

Once you get the number go to this compound interest calculator. Set as the interest rate a reasonable rate (try 6%). Then set the years to the average length of a car loan (5 years), then take your monthly amount you spend on debt and add it to the calculator. Select the compound interval to yearly. What is the number you get? Image what you could buy or save if you paid off debt!

How do you pay off debt? Follow these simple steps:

1. Get the current balances for your debt accounts.
2. Throw the amounts and list in excel or Google spreadsheets.
3. Sort the list from smallest to greatest.
4. Add due dates, minimum monthly payments
5. Pay off the smallest amount ASAP
6. Take the minimum payment you were paying for the smallest balance and add it to the next smallest balance. Ex: Visa minimum is $50 per month, Master Card is $100. After VISA is paid off, apply th $50 to the Master Card monthly payment making it $150
7. Keep doing this until you reach your mortgage.
8. At this point I would apply half of what you were spending on consumer debt to pay off your mortgage faster!
9. Celebrate!!

How to Use Credit Cards

A better title for this would be How to Use Credit Cards Properly.

See depending on which personal financial expert you listen too, credit cards can either be a tool or a death sentence.

Many people would say that credit cards are useful for emergencies or to pay for large items. They also mention that the reward programs (airline miles) are alone worth using a credit card. They also mention that credit cards help build your credit for mortgages and other forms of credit.

The people against credit cards say that the hardships and cost of using credit cards outweigh the meager benefits. Credit cards, as the naysayers would mention, are a very expensive way to borrow money. They give people more funds to purchase things that they normally could not afford. They inspire bad spending habits. They would also say that using credit cards for emergencies is an expensive way to cover whenever one happens. One should have cash on hand for such things. According to them, you should always use cash to buy things, and that financing should be done with large ticket items, like a house.

Now, I see both sides pros and cons. Unlike the past having a good FICO (credit score) is a requirement for modern life. Some jobs require that you have a good FICO score to be considered for a job! Staying way from credit cards is really a personal choice. My goal is to give a guideline on how to use them if you decide too.

Guidelines:

• Pick a card with good rewards, low interest rate, and no annual fee. Cash back is my favorite choice.
• When using a credit card, make sure you have the money in the bank to cover the purchase!
• Some may say this goes against why people use credit cards in the first place. I do this because it keeps me from overspending and allows me to build rewards. You should only spend what you've budgeted!
• If you decide to use your credit card for everyday expenses then go for it. HOWEVER, make sure you don't spend the money in your checking account that you would normally use for the expenses. If you do, then you are spending way more than what you earn!
• Use YNAB to track credit card expenses. Make sure that every time you swipe the card, you deduct that transaction from the proper category. This keeps you with in your means.
• Know when the credit card cycle closes, when they charge interest on the balance. You want to use the money without paying interest if possible.
• If you decide to buy a large item on credit, have a special card that you use only for that purpose, and get ready to pay interest

These tips should help you prepare yourself when you use credit.

How to Control Spending

One of the key areas of controlling your finances is to control expenses. To many, this might be a very obvious point, but in reality it is much harder to do. We all know that the less you spend the more you can save, but do we really apply that advice? How many of us can put off instant gratification so we can save?

The problem boils down to psychology. Our present selves view our future selves as complete strangers. Because of this, we tend not to take our futures too seriously. We do things and expect our future selves to fix the problem. Sound familiar  Take diets and exercise. We choose to eat poorly and not exercise, we gain weight. We know we should exercise and reduce the amount we eat, we know that if we don't we will develop health problems, but we can do it later. We wholeheartedly expect that our future selves will fix the problems. The failure of this method, this thought, is that we are the future selves, and eventually (as will all people) we won't have a future self that will fix the problem. 

To go back to my point, how do we control spending? The easiest way to do it is to track spending. Record every time you spend money. This sounds very tedious, but it is illuminating. Do this for one week, and you will be amazed on what you spend. Many times, we swipe our cards and not thinking about it. These purchases, the ones we do without thinking, cost us the most. The goal of this exercise is to make us conscious of our spending. 

After doing this for a few weeks one will become more aware of the flow of money. This is a key point of taking control of your money. YNAB helps, because unlike other software (Quicken and Mint) you have to manually enter each transaction. Quicken and Mint automatically categorizes your transactions. This means your daily routine of analysing your finances becomes nothing more than viewing graphs and making sure your software categorized everything correctly. 

One final method of controlling expenses is to use cash. Cash is finite. How hard is it for you to break a hundred dollar bill? You are more frugal when your wallet is filled with hundred dollar bills than with singles. You can visibly see your money deplete, and once it is gone you cannot spend more. If you combine this method with tracking your expenses (either using a spreadsheet, Quicken, Mint or YNAB) you will see an increase of funds within a month. My wife and I noticed an increase of $200.

YNAB vs Mint

Get a $6.00 Coupon Code by clicking this link

I've tried many different personal finance software. From the uber complex Quicken, to the free services of Mint.com, and now YNAB. I've gone over why YNAB is superior to Quicken. To quickly sum up why, it is because YNAB helps you on the path of saving money by being a forward thinking financial program. Quicken is excellent looking at past data but it doesn't show you were you are going.

When I compare Mint against YNAB the choice is clear. YNAB is the best choice to start controlling your financial destiny.

Mint is a less robust version of Quicken. It imports and categorize transactions in your checking account, and creates fancy graphs. It allows you to track (though limited) investments. It is a great way to get organized with your finances, and get a complete picture of your state of affairs. The biggest problem I have is that Mint then tries to sell you financial items (credit cards, home loans, auto loans, etc...).Another issue is that its budgeting tool is mediocre at best. The best factor of Mint, its free.

YNAB is 60 dollars (get 6 dollars off by clicking this link). It is as expensive as Quicken Deluxe. It doesn't offer the same reporting or major tracking abilities like Quicken and Mint. At first this was a reason why I didn't buy this program, but I realized that if I don't get my money in order, no amount of reports will change my habits. I switched to YNAB and used it, and the methodology does work.

Unlike my last post about YNAB vs Quicken, if you are just starting to get into managing your personal finances. Start with Mint, since it is free. I would just go straight to YNAB. My wife and I started March first with 1395 in our checking account. We ended March with 1675, which is a gain of 280 dollars. Trust me, one month of using YNAB will easily pay for itself.

How to Increase Your Net Worth

Want to increase your net worth quickly? Pay off your high interest debt (credit cards, payday loans, etc...). Take that money and split it between paying off other debt and savings. Below are quotes that should help motivate you and show current state of American finances.

Wired magazine, "In a 2006 survey, 30 percent of people without a high school degree said that playing the lottery was a wealth-building strategy. ... On average, households that make less than $12,400 a year spend 5 percent of their income on lotteries."

While some may argue that this does not apply to them, the concept is still the same. Any investment, whether in stocks, forex, gambling, binary options, that promise high returns with low risk and with little investment are most likely scams. Due diligence is required when it comes to investing. Get rid of the thoughts that high rewards can come to you via "risk-free" investments with "little or no money down". Also, gambling never succeeds in the long run, only the house wins. Prudent investing equals good returns with moderate risk.

According to David Wessel of The Wall Street Journal, Americans "spend about half of their food budgets at restaurants now, compared to a third in the 1970s."

I like going out to eat. I love the idea of not having dishes to clean up afterwards. It allows me to talk with my wife and enjoy the night out, but not long ago we use to spend around $500 per month going out to eat! Imagine what I could have done with 500 dollars a month? Pay off high interest debt, invest in mutual funds, donate to charity, but I decided that eating at Cracker Barrel was better investment. I don't suggest to become an ascetic and never go out to eat, or buy lattes again, but I just suggest to cut back. We reduced our restaurant budget to 100 dollars, and with the extra $400 dollars we paid off our two credit cards.

In the 1960s, wages and salary income made up more than 50% of GDP. By 2011, it was less than 44%, as dividends, interest, and capital gains made up a growing share of the nation's income.

Who are the wealthiest individuals in the nation? I can tell you they are not wage earners, so what does that say to you? Pursuing a higher wage works out in the short term, but in an increasingly global environment wages will continue to drop. Why pay $20 per hour for an American worker while I can pay someone $5 for the same labor. Look on freelance job boards. People in other nations charge rates below the USA minimum wage for skills that would land an American a decent job, like programming. This all leads that the only way to retire wealthy is to invest, and do so constantly.

According to ConvergEx Group, "Only 58% of us are even saving for retirement in the first place. Of that group, 60% have less than $25,000 put away. ... A full 30% have less than $1,000.

This is self explanatory. The sooner you invest, the more rich you'll be later.

On a final note, don't rely on some government pension. Only you know what is best for you and your family.

Why Use Quicken

The minimum recommended version of Quicken I would suggest to anyone who is seeking to control their financial situation is Quicken Deluxe. The problem most people would have with that advice is that Quicken Deluxe cost 60 dollars to purchase.

You can find it cheaper on Amazon but the problem is the same. Quicken is expensive. Why spend 60 when you can get the same thing using Mint.com?

I've used Mint before. It is a great program that helps anyone,  regardless of financial ability,  to start tracking their personal finances. Mint is a program that helps track money. Quicken manages your cash.  Quicken is the big leagues.  The reports you can generate,  the different types of accounts you can track,  even the unique way to track gold and airline miles in Quicken.

I like Mint.  I think every 16 year old should sign up for a free account to start forming the habit of budgets and spending patterns. But after one gets a full time job,  or has multiple accounts from loans to investments,  Quicken should be used.  The ability for Quicken to track important tax info has paid for the program this tax season.

Quicken,  when used regularly and when you read how to use its features, is a powerful tool for the management of money. Quicken gives you the greatest tool in personal finance. Knowledge.

How To Track Gold and Silver in Quicken

Many people, in times of economic uncertainty  run to precious metals to hedge against inflation. I believe that having physical on hand gold may be a little extreme, but having precious metals in your portfolio isn't an extreme or far-out idea. Precious metals bring a constant and steady rate of return. Precious metals have done great the past couple of years because of the uncertainty in the world market. I do believe that silver might be over sold, but gold would be a good hedge since it is the international unit of exchange after the US dollar.

But this post isn't to talk about the value of precious metals or why you should or shouldn't buy them. The point of this post is to explain on how to track them in Quicken. I  believe the more you know of your finances the better you are at understanding how well you are. Knowledge is important. You have to know what your net worth is. You have to know the value of the gold you keep in a safe in your bedroom behind the painted portrait of your mom. Why? Knowing your net worth is a way to see how well you are doing. If you have a negative net worth, you know you are doing something wrong or its been a bad year. If you have a net worth of over a million? Congratulations, you are a millionaire.

Since some people have physical gold on hand, and not in a brokerage  how would you track it in Quicken? You could just create an asset account and update the total amount using transactions  but that takes time and is inefficient.

The best choice is to go to add an account-->Advanced Set-up-->Click I want to enter my transactions manually-->Create account name "Gold in safe, or gold at Bank of America"-->Set the start date to the beginning of the year with the account amount being zero (This will allow my purchase of a gold to become a transfer into my account)--> Then enter the ETF symbol for gold (GLD)*** or SLV*** for silver, Quicken will automatically adjust your value every time you update you stock quotes-->Once Quicken finds you quote for gold, click other-->Enter your total shares (for gold see note below)-->Click done--> Say no to the mutual fund option that Quicken gives.

Congratulations, you are now tracking the value of your physical on hand gold in Quicken!

*** NOTE: The Silver exchange-traded fund tracks the price of one ounce of silver, so if you have 10 10 troy ounce ingots  then you say you have 100 ounces of silver. Gold is tracked by one tenth an ounce of gold, so when you enter your investments, you’ll need to multiply your quantity by ten. For example, if you buy two ounces of gold, you would enter this as a purchase of 20 shares rather than two.