Would you mind sharing your chart of accounts on quickbooks for your own business? It may help new bookkeepers starting out on quickbooks to keep their own things organized!
Amazing videos, they've been so helpful thank you! What do you use for file sharing with your clients? Planning on being totally remote so need a secure and simple way for clients to share documents, receipts, etc. And to piggy back off of that, you mention in the video you're not keeping track of receipts. Are you just categorizing bank transactions and clients are in charge of keeping their receipts or can you elaborate a little bit. Hopefully that question makes sense, I'm a little nervous about managing/keeping track of all of the paper trail!
As far as keeping receipts, invoices, and bills secure, Quickbooks has a function where they can upload scans from their phone, Google Drive, computer, or email the files to their Quickbooks. The files will go into an "inbox" that you can just dig through and attach to transactions as appropriate whenever you work on their books. For sharing information another way (like tracking employee hours or bills to be paid on a shared spreadsheet) most cloud-based services have a paid version for companies that includes encryption; perhaps the client is already using such a service, or will be willing to sign up for one, and can give you as bookkeeper access to only the specific folder that contains the shared documents.
I'm a new Subscriber. I've been watching all your videos and love them. ..my one question is does Bookkeeper Launch teach bookkeeping? Or just how to start a business
Ohh, good question. Check out my video on "5 worst types of clients," as I talk about it there. If it seems like an honest mistake, I would work with the client on correcting the problem. If it's something they are consistently doing dishonestly, then I would let them know it's time to part ways. :/
Hi Morgan. I have been so nervous to start bookkeeping due to imposter syndrome but I took the plunge over the weekend and got started. It felt too easy so I'd like to get your feedback if you have a moment. After initially setting up QBO, I reviewed/confirmed all of the transactions QBO pulled in by making sure they were categorized properly and matched the online bank records. I also reviewed the balances across all accounts feeding into QBO to make sure they matched the online bank records. It was so simple that I feel like something is missing from my bookkeeping process or am I overcomplicating things?
That sounds like great news to me! Yes, you might be overcomplicating. At it's core, bookkeeping really isn't that difficult--it's basically what you described (you may run in to hiccups as time goes on, but you can just face them one at a time). Did you use bank statements and the "reconcile" function in QBO? Does your client write checks?
@@FinePointsBookkeeping Thanks for responding. 🙂I just looked at the bank statements online while logged into the business bank account but I did not use the "Reconcile" function in QBO yet. No, this client does not write checks. All transactions are paperless.
Hi Morgan, in one of your videos you said you’ve been doing this for 9 years. What kind of turnover do you experience with clients? Do you find yourself having to find more new clients each year because of turnover for whatever reason?
Almost no turnover at all. :) My biggest change was when I had my 2nd baby and I paused my biz for awhile, then I kind of had to ramp up again when I wanted to work more.
Ohh, good question. I will add this to my list of videos to make. Basically, I would give them warning ("my price will increase in 6 months") and reasoning ("I've kept my prices consistent for x number of years, QB subscriptions have gone up" etc.). I know some bookkeepers will put an annual price increase in their contract.
Wait - you're telling me that there's an easier way than entering each expense individually? How are you capturing GST accurately? Here in Canada, the CRA likes to review meals & entertainment/fuel categories quite regularly. WIthout the receipts, how are you filing accurate GST amounts?
Do you mean sales tax for expenses? I wouldn't need to differentiate that from the expense (like tax on a meal would be in the "meals" category... although in Oregon where I live we don't have sales tax, so it doesn't really come up). I do recommend my clients save receipts in case of audit, but receipt management is only a service I provide in rare cases. I most often use bank feeds and categorize by vendor (and ask the client if it's unclear).
@@FinePointsBookkeeping Wow that's amazing. I did not know that some states don't have sales tax. That makes your life so much easier! Haha thanks for the reply.
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What questions do you have about bookkeeping?
Would you mind sharing your chart of accounts on quickbooks for your own business? It may help new bookkeepers starting out on quickbooks to keep their own things organized!
Great idea! I'll put this on my list of videos to make.
Thank you Morgan!
Thank you for your efforts.
Thanks for watching! :)
Amazing videos, they've been so helpful thank you! What do you use for file sharing with your clients? Planning on being totally remote so need a secure and simple way for clients to share documents, receipts, etc. And to piggy back off of that, you mention in the video you're not keeping track of receipts. Are you just categorizing bank transactions and clients are in charge of keeping their receipts or can you elaborate a little bit. Hopefully that question makes sense, I'm a little nervous about managing/keeping track of all of the paper trail!
As far as keeping receipts, invoices, and bills secure, Quickbooks has a function where they can upload scans from their phone, Google Drive, computer, or email the files to their Quickbooks. The files will go into an "inbox" that you can just dig through and attach to transactions as appropriate whenever you work on their books. For sharing information another way (like tracking employee hours or bills to be paid on a shared spreadsheet) most cloud-based services have a paid version for companies that includes encryption; perhaps the client is already using such a service, or will be willing to sign up for one, and can give you as bookkeeper access to only the specific folder that contains the shared documents.
I'm a new Subscriber. I've been watching all your videos and love them. ..my one question is does Bookkeeper Launch teach bookkeeping? Or just how to start a business
Hi Morgan, First, you're great! Second, what do you do when you know a client is claiming some expenses as business expenses that are, in fact, not.
Ohh, good question. Check out my video on "5 worst types of clients," as I talk about it there. If it seems like an honest mistake, I would work with the client on correcting the problem. If it's something they are consistently doing dishonestly, then I would let them know it's time to part ways. :/
Hi Morgan. I have been so nervous to start bookkeeping due to imposter syndrome but I took the plunge over the weekend and got started. It felt too easy so I'd like to get your feedback if you have a moment. After initially setting up QBO, I reviewed/confirmed all of the transactions QBO pulled in by making sure they were categorized properly and matched the online bank records. I also reviewed the balances across all accounts feeding into QBO to make sure they matched the online bank records. It was so simple that I feel like something is missing from my bookkeeping process or am I overcomplicating things?
That sounds like great news to me! Yes, you might be overcomplicating. At it's core, bookkeeping really isn't that difficult--it's basically what you described (you may run in to hiccups as time goes on, but you can just face them one at a time). Did you use bank statements and the "reconcile" function in QBO? Does your client write checks?
@@FinePointsBookkeeping Thanks for responding. 🙂I just looked at the bank statements online while logged into the business bank account but I did not use the "Reconcile" function in QBO yet. No, this client does not write checks. All transactions are paperless.
Hi Morgan, in one of your videos you said you’ve been doing this for 9 years. What kind of turnover do you experience with clients? Do you find yourself having to find more new clients each year because of turnover for whatever reason?
Almost no turnover at all. :) My biggest change was when I had my 2nd baby and I paused my biz for awhile, then I kind of had to ramp up again when I wanted to work more.
For the "pause" I gave my clients to another bookkeeper, or some clients wanted to do their own books or bring it in-house.
That’s good to know. Thanks! And thanks for sharing your experiences!
How do you handle raising your rate for a client whose business has increased and outgrown your initial contracted rate?
Ohh, good question. I will add this to my list of videos to make. Basically, I would give them warning ("my price will increase in 6 months") and reasoning ("I've kept my prices consistent for x number of years, QB subscriptions have gone up" etc.). I know some bookkeepers will put an annual price increase in their contract.
What is 1099 Form and can i submit 1099 Form to tax authroize as a bookkeeper, can you please explain.
Wait - you're telling me that there's an easier way than entering each expense individually? How are you capturing GST accurately? Here in Canada, the CRA likes to review meals & entertainment/fuel categories quite regularly. WIthout the receipts, how are you filing accurate GST amounts?
Do you mean sales tax for expenses? I wouldn't need to differentiate that from the expense (like tax on a meal would be in the "meals" category... although in Oregon where I live we don't have sales tax, so it doesn't really come up). I do recommend my clients save receipts in case of audit, but receipt management is only a service I provide in rare cases. I most often use bank feeds and categorize by vendor (and ask the client if it's unclear).
@@FinePointsBookkeeping Wow that's amazing. I did not know that some states don't have sales tax. That makes your life so much easier! Haha thanks for the reply.