I had a situation where an office had a new bookkeeper (employee), but was pretty much a novice and the books were off when she got there. I was expected to clean up the books and 'teach' the new employee while doing it. That was a red flag that our relationship was going to be temporary, so I charged accordingly for my time and passing on some skills (not too much, but enough) knowing that if she didn't work out, I'd have a pretty good idea when the subsequent problems started when they called me back for help.
Could you do a video about the best methods or steps and things to do/look for when cleaning up books? I could really use some pointers in that area as I'm a bit rusty and feeling VERY overwhelmed by the job and books I have ahead of me! Knowing your experienced thoughts would be greatly appreciated!! I really enjoy your videos!
I just released the Virtual Bookkeeper's Toolbox - lots of free checklists, resources, and forms you can use for your virtual bookkeeping business. Sign up here 5mbacademy.teachable.com/p/toolbox
@@5MinuteBookkeeping yes our firm developed this model based six critical factors that consume most time for doing bookkeeping business of most clients. We pick six most relevant factors that may impact the job of a client. Since the client is made aware of specific factors relevant to the business, so pricing is negotiated more professionally.
I love your videos, so very helpful! Like another viewer asked below, I’d love to see a video on your diagnostic review process!!!! I’ve been searching all over for a process for this and haven’t found a lot that is useful.
I have another question during this cleanup are you expected to be working on current bookkeeping along with the cleanup. Or do you tell your clients that this time is only for cleanup and any reports or any information would be at a later date
It's all dependent on the service agreement that you have with the client. I provide my clients with a service agreement that lists the services I will provide. They sign it in acceptance and agreement of what I will do.
Hi April. I used to charge clients based on number of transactions and bank accounts but I don't do that anymore. I charge based on a percentage of revenues for monthly bookkeeping services. For anything else I start first with a paid diagnostic review.
I really like your added value videos, I have a question; how do I clean up "uncategorized Income" in QBO overview, Althought it's categorized? Transactions related Timely filing Discount... when I checked out it's already categorized. Thanks.
If the transaction is already categorized, perhaps the QBO overview is incorrect. I recommend that you run a Profit & Loss report and check to make sure that there is no income recorded to the Uncategorized Income account.
@@5MinuteBookkeeping it is there in P&L. I wish I could send you a pic for these kind of transactions... Anyhow, the case is: we are paying off our sales tax early and we process the payment through sales tax center, we got credit for timely filing, that's why QBO classified it under uncategorized income. When I open Reclassify Transaction.. I found it's categorized under main account "comptroller of Public" which is correct. What do you think ? Thanks for your support and understanding.
Hi Veronica, I like your videos very much... Would like to know if it is possible to run a virtual bookkeeping business from India for Global cusgomers?
Yes, you can work with virtual customers around the world using QuickBooks Online and other cloud-based applications. I have worked with clients all around the world.
A video would be great! Also can you include how long would certain cleanups take? For example a complete cleanup of inventory and accounting a years worth.
GIRL, GRATEFUL for ALL so far. Brand NEW and a ROOKIE!
I'm so glad my videos are helping you.
I had a situation where an office had a new bookkeeper (employee), but was pretty much a novice and the books were off when she got there. I was expected to clean up the books and 'teach' the new employee while doing it. That was a red flag that our relationship was going to be temporary, so I charged accordingly for my time and passing on some skills (not too much, but enough) knowing that if she didn't work out, I'd have a pretty good idea when the subsequent problems started when they called me back for help.
Yes, I have trained many employees who had no bookkeeping experience. Their boss, my client, decided that the employee was now the bookkeeper.
I like how you explain things! Thank you!
You're welcome!
Could you do a video about the best methods or steps and things to do/look for when cleaning up books? I could really use some pointers in that area as I'm a bit rusty and feeling VERY overwhelmed by the job and books I have ahead of me! Knowing your experienced thoughts would be greatly appreciated!! I really enjoy your videos!
Great suggestion. I'll add it to my list.
Thanks again.
You're welcome.
Thank you so much for this, it has been very valuable! New subscriber and fan! Happy Holidays!
Thank you so much!
Thanks! Great information!
Glad it was helpful!
Yes, I like this video. It is informative.
Thanks.
Glad you liked it!
Thaanks for helpfull videos. It's encourage me.
So glad to hear that.
I just released the Virtual Bookkeeper's Toolbox - lots of free checklists, resources, and forms you can use for your virtual bookkeeping business. Sign up here 5mbacademy.teachable.com/p/toolbox
I charge my clients based on Hexagon pricing model developed by my firm, and it works pretty well in most situations.
Hi. I'm not familiar with the Hexagon pricing model. Glad your firm had a pricing model they can use. Pricing can be challenging.
@@5MinuteBookkeeping yes our firm developed this model based six critical factors that consume most time for doing bookkeeping business of most clients. We pick six most relevant factors that may impact the job of a client. Since the client is made aware of specific factors relevant to the business, so pricing is negotiated more professionally.
@@bhb9926 Sounds very interesting. Communication with the client about pricing and the factors affecting pricing is very important.
@@5MinuteBookkeeping definitely
This really helps! Thanks, Veronica :)
You're welcome, Ann.
Excellent information.
Thank you, Arelis!
Love having another perspective! :)
Great!
Thanks Veronica - great information.
You're welcome!
I love your videos, so very helpful! Like another viewer asked below, I’d love to see a video on your diagnostic review process!!!! I’ve been searching all over for a process for this and haven’t found a lot that is useful.
Thanks. Yes, I'll be publishing that video in the next couple of weeks. Subscribe to my channel so that you can get my latest videos.
Yes. I like this video it’s very informative.
Very helpful, thanks!
You're welcome!
I have another question during this cleanup are you expected to be working on current bookkeeping along with the cleanup. Or do you tell your clients that this time is only for cleanup and any reports or any information would be at a later date
It's all dependent on the service agreement that you have with the client. I provide my clients with a service agreement that lists the services I will provide. They sign it in acceptance and agreement of what I will do.
How bout charging per bank rec , 6 months behind , new company set up ? . Thank u
Hi April. I used to charge clients based on number of transactions and bank accounts but I don't do that anymore. I charge based on a percentage of revenues for monthly bookkeeping services. For anything else I start first with a paid diagnostic review.
@@5MinuteBookkeeping ok thank you for the tip
Great videos; what is the $ range for a paid diagnostic?
The paid diagnostic starts at $500.
I really like your added value videos, I have a question; how do I clean up "uncategorized Income" in QBO overview, Althought it's categorized? Transactions related Timely filing Discount... when I checked out it's already categorized. Thanks.
If the transaction is already categorized, perhaps the QBO overview is incorrect. I recommend that you run a Profit & Loss report and check to make sure that there is no income recorded to the Uncategorized Income account.
@@5MinuteBookkeeping it is there in P&L. I wish I could send you a pic for these kind of transactions... Anyhow, the case is: we are paying off our sales tax early and we process the payment through sales tax center, we got credit for timely filing, that's why QBO classified it under uncategorized income.
When I open Reclassify Transaction.. I found it's categorized under main account "comptroller of Public" which is correct. What do you think ? Thanks for your support and understanding.
Very informative video. Can you make a video on diagnostic review of the books. Thank you!
I second this suggestion. I’d love to know what your diagnostic review process is!!!
I'll be publishing a video about my diagnostic review in the next couple of weeks. Subscribe to my channel so that you can get my latest videos.
Hi Veronica, I like your videos very much... Would like to know if it is possible to run a virtual bookkeeping business from India for Global cusgomers?
Yes, you can work with virtual customers around the world using QuickBooks Online and other cloud-based applications. I have worked with clients all around the world.
Many thanks Veronica!!! Keep doing such awesome videos..👍
A video would be great! Also can you include how long would certain cleanups take? For example a complete cleanup of inventory and accounting a years worth.
Thanks for the feedback. I'll add that to my list of videos to produce.
What’s your Facebook? I found you through FB but I lost it
Here is the link to my Facebook group facebook.com/groups/5minutebookkeeping. Be sure to answer both questions to be allowed in the group.