Supporting QuickBooks Clients: Best Practices for the Modern Accountant Brought to you by: Written and presented by: MB Raimondi, CPA.CITP Presenter: MB Raimondi, CPA.CITP • Certified QuickBooks Advanced ProAdvisor • Certified in QuickBooks Enterprise Solutions • Certified in QuickBooks Point of Sale • Certified in QuickBooks Online • 15+ Years teaching QuickBooks nationally to end users and accountants/consultants • Charter Member, Intuit Trainer/Writer Network (TWN) • CITP (Certified Information-Technology Professional) Trumbull, CT • MS, Taxation • Sleeter Group Certified Consultant www.mbraimondicpa.com • Member/Instructor, National Advisor Network (NAN) • Co-Leader of Greater Fairfield Cy Chapter of NAN • Intuit Premier Reseller Agenda/Learning Objectives • Prepare a needs assessment • Determine the correct accounting solution • Understand QuickBooks Online offerings • Discover additional tools in the QuickBooks ecosystem to extend functionality • Review scenarios to understand offerings • Understand QuickBooks Online Accountant 3 Needs Assessment • Ask basic questions • Choose an accounting solution • Research industry needs • Research appropriate additional add-ons 4 Basic Questions • What is your industry • What is your current accounting software • Are you using additional software to enhance financial information • Do you want to track Accounts Payable • Do you want to track Accounts Receivable • How many QB users do you need • Do you have employees? Payroll Service? • Do you accept credit cards? Merchant Service? • Do you need to track inventory • Do you need multi-currency 5 Basic Questions - Reports • Do you need a departmental Profit and Loss • Do you need budget report • Do you need job cost reports • Directly allocated costs only • Indirect costs (i.e. payroll) included • What reports are you using now from current software • What reports are you generating outside your current software • What reports do you wish you had 6 Basic Questions - Mobility • Do you need 24/7 access • Does your accountant need access • Do you need mobile access 7 How do you choose? 8 Needs Assessment Admin/IT: Cloud, Mobile, Docs Sales & A/R: Marketing Invoicing, POS/eCommerce Payments, CRM Financial: Reporting, KPIs, Tax Accounting System Purchases & Payables: Bills, Expenses, Approvals HR: Time, Payroll Operations: Inventory, Job Costing, Scheduling 9 Choosing Accounting Solution KNOW YOUR CHOICES 10 Overview of QBO Versions QBOA is a portal to access your clients QBO files Tools available to the Accountant Only S9ll limited to your client’s subscrip9on level 11 QBO Simple Start • Anywhere, anytime access from any device • Auto updates/backups • Same security & encryption as banks • Auto bank feeds • Estimates & invoices • Record transactions and print checks • Import from Excel (lists) • Integrate with apps • 20+ reports • 1 user + 2 accountant users 12 QBO Essentials All that is in Simple Start Plus….. • Can convert from QuickBooks Desktop • Automatic Invoicing • Accounts payable • Delayed Billing • Scorecard / industry trends • User permissions • 40+ business reports • 3 users + 2 accountant users 13 QBO Plus • Class / Location Tracking • Purchase Orders • Inventory • 1099s • Billable expenses • Income by Customer (basic job costing) • Budgets • 65+ business reports • 5 users (up to 25) + 2 accountant users + unlimited reports only & time tracking users 14 Pricing QBO Version MSRP / Wholesale Price Simple Start $12.95 Essentials $26.95 / $18.87 Plus $39.95 / $27.97 Important – start at the lowest level and upgrade if / when needed You can NOT downgrade 15 QuickBooks Desktop Versions • QuickBooks Pro • QuickBooks Premier • QuickBooks Enterprise Solutions • Advanced Inventory • Advanced Pricing 16 QuickBooks Premier/Enterprise Accountant Features that are in Premier and Enterprise plus… Accountant Only Features • Accountants Copy • Client Collaborator • Client Data Review • Troubleshoot prior account balances • Batch reclassify • Auto apply customer & vendor credits • Troubleshoot inventory • Find and fix incorrectly paid sales tax • Send journal entries to client • File Manager 17 Let’s Evaluate Three Scenarios • Service based business • Wholesale & Manufacturer • Contractor 18 Initial Consideration for all users Who needs access – how many users? QBO Version Users Simple Start 1 + 2 Accountant Users Essentials 3 + 2 Accountant Users Plus 5 + 2 Accountant Users + Unlimited Reports Only + Unlimited Time Tracking Needs Assessment – Service Can I use QBO Simple Start?. Yes….if you only need 1 user and want to track receivables but not payables But I want to be able to send recurring invoices for my service contracts • QBO Essentials has recurring invoices/sales receipts and you can even have them email automatically • And, if you’re using QB Payments – you can set up for recurring charges • Also, if you just want to keep track of work you’ve done but not actually invoice until the end of the month, you can use the “delayed charges” feature20 Needs Assessment – Service I have two offices – one in New York and one in San Diego – how can I track my profit for each office? • Then you need to be in QBO Plus. It allows for two kinds of tracking….class (could be department, lines of business, locations, personnel) and location tracking • In addition, QBO Plus adds the ability to create budgets • And another feature you might use as a service business is the “billable time and expense” feature. This allows you to assign an expense or time to a customer and pass through that cost (and mark up too) on a future invoice 21 Needs Assessment – Service I need some kind of CRM to track all the leads and orders. Can QBO do that for me? You can’t do it in QBO, but if you go to apps.com and search for CRM, you’ll see a few choices The one that I’m most familiar with is Method CRM. It has seamless integration with QBO and it’s completely customizable Think about what you want. You may want a project management add-on. Mavenlink might be something you want to look at And remember, these all work with QuickBooks Online, making you very productive and efficient. 22 Needs Assessment – Service Is there anything else you think I need to know? If you have your service people making service calls why not give them the opportunity to collect payment? You have some options. You could sign them up as a QBO user and they can use the mobile QBO to create an invoice or you just tell them the price of the service call. Then, sign up for QuickBooks Payments with it’s mobile option to swipe credit cards directly on your mobile device. The best thing is….it syncs into QBO! 23 Let’s take a look! 24 Needs Assessment – Wholesale & Manufacturer Tell me about your business I do wholesale and light manufacturing. Although I have my employees back at the office, I travel a lot and need an accounting program that I can access from wherever I am. Sounds interesting. What features do you need? I’m not sure – you probably need to talk to my bookkeeper. We need to: • Invoice customers • Pay bills • Pay my employees • Track inventory Oh – and we charge sales tax. 25 Needs Assessment – Wholesale & Manufacturer How many people need to access QBO? I’m thinking it’s me and my bookkeeper, though I’d like my accountant to be able to log in. Do you need budgeting or tracking by department or location? Not really. The accounting part is pretty simple. It’s the inventory that I’m worried about and tracking orders. I think I might have the appropriate solutions that would work. 26 Needs Assessment – Wholesale & Manufacturer First of all, QBO, although it can do inventory tracking, will not build assemblies for you. That sounds interesting. Can you tell me more? Take a look as SOS Inventory. It has: • Sales Orders • Assemblies • Serial/Lot Number But….there are a couple of really good 3rd party add-ons that will track your inventory, manufacturing and wholesale needs. I think you can sign up for QBO Essentials. The only reasons you might need Plus is 1) if you need more than 3 users and 2) if you want your PO’s to sync with QBO. Also, review Exact Online – it has both a Wholesale Distribution module and a manufacturing module. Pick what you need. 27 Needs Assessment – Wholesale & Manufacturer You also need to take a look at payroll. Intuit has a couple of payroll services that integrate with QBO But what if I don’t want to do payroll? I don’t want that responsibility. That sounds awesome! It looks like QBO will work for me. If you want to do everything yourself, you can sign up for QBOP (QuickBooks Online Payroll). It’s built right into QBO. Then sign up for Intuit Full Service Payroll. It has it’s own app where you can enter hours and approve paychecks. When it’s done creating payroll, you just export it to QBO and all the checks are entered. No double entry. Plus, they take care of tax deposits and quarterly and annual filings. 28 Let’s take a look! 29 Needs Assessment – Contractor I’m really hoping you can help me. We are a contracting business. We want the mobility of using QBO but don’t know if it will do what we need it to do. Thanks for coming to see me. Let’s talk about what you need the program to do. Many contractors use QBO but their needs vary I have some questions for you: • What kind of work do you do • Do you create estimates • Do you create progress invoices • Do you need job costing – if so, do you want to see direct costs and revenue or do you need indirect costs, such as payroll allocated to the job • Do you need to schedule your workers • What is your budget Okay….lots of questions! Easy one first – I build homes and do renovations 30 Needs Assessment – Contractor Yes, we create estimates and do progress invoices. I’d like job costing. Can you tell me more about how job costing works? I don’t need to schedule my workers, though it would be nice. Budget???? What’s that? She says you need to be using QBO Plus. You can basically do job costing for direct job costs by setting up your items correctly. It gets a little more difficult if you do progress invoicing, but Stacy has a work around for that. It can be more work on your part, but no need for 3rd party apps Let’s start simple – can we do this in QBO? Then look at apps that may help. Stacy Kildal wrote a great blog about how you can job cost in QBO. http://www.sleeter.com/blog/ 2013/06/job-costing-inquickbooks-online/ This seems to work well if you are basically a GC and use a lot of subcontractors 31 Needs Assessment – Contractor Is there anything out there that allows me to do bids, track leads and then when I get the job, track change orders, allow me to communicate with my customers and schedule my crews? Or maybe look at Service Manager Plus if you just want a scheduling software. Now you’re going from “keep it simple” to “I want everything”! So – let’s go out to the App Center and see what’s there. BuilderTrend is Home Builder and Remodeler software that not only integrates with QBO but tracks your projects from beginning to end, including change orders, customer communication and scheduling project tasks. Make sure to keep an eye on the App Center. New apps are being added all the time. 32 Let’s take a look! 33 What if I decide QuickBooks Online is not right for me? Think about using QuickBooks Desktop in a hosted Environment http://www.intuithostingprogram.com/ 34 Recap of features • • • • • • • QuickBooks Online Automatic invoice / sales receipts (created & emailed) Automatic emailing of reports Audit Log (aka Activity Log) Multiple A/R or A/P in one JE Multiple budgets Service dates Delayed Charges QuickBooks Desktop • Inventory – units of measure, groups, assemblies, reorder points, etc. • Allocating labor/payroll to Jobs • Multiple templates and more customization of templates • Premier / Industry specific reports • Sales Orders (Premier) • Batch Invoicing • Progress Invoices • Price Levels • Lead Center • Mileage Tracking How the accountant works with QBO clients Sign up for QuickBooks Online Accountant (QBOA) – it’s free! Go to: accountant.intuit.com 36 What does QBOA do for me? • Have your client invite you as an accountant user • QBO supports 2 Accountant users per QBO client file • Client account is now in your client list when you log into QBOA 37 What does QBOA do? Cross Workflow Tools: ü Client List ü Accountant Center Let’s take a look! 39 Resources to Help You QuickBooks Cloud ProAdvisor Program What is it? • Cloud-only program for accounting professionals Who is this for? • Accounting professionals considering Online working in the cloud Pricing: • FREE! Where to Sign Up: • Sign up within QuickBooks Online Accountant • http://bit.ly/CloudProAdvisor 40 What Will It Do For You? Help You Launch & Grow Your Cloud-Based Practice Help Grow Your Knowledge of QuickBooks Online… To Help You Serve Your Clients Better By making available special: • Products • Training & Certifications • Support • Marketing tools 41 Why Get Certified? Grow Your Knowledge with QuickBooks Online Certification: • Get a free listing on Find-a-ProAdvisor, an online directory visited by over 500,000 small businesses per year • Be better prepared to serve the rapidly growing QuickBooks Online user base (1.3 M worldwide users, 39% of all new QB users start with QBO!) • Stay up-to-date on product knowledge of a rapidly evolving, cutting-edge cloud product • Distinguish yourself with the “Certified QuickBooks Online ProAdvisor” title • Get logo/badge and certificate to help market your practice 42 Q&A 43 Thanks for Participating! Please don’t forget to provide your feedback! It is very important as we strive for continuous improvement.
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