One Client, START TO FINISH (part 2: Monthly Tasks) Be a bookkeeper!

how to onboard a new client and from start to finish so from first getting them all the way until finishing their books at the end in the month and sending an invoice definitely subscribe to my channel and a thumbs-up is a huge compliment that you can give me all right so it kind of broke this up into four parts the first one is kind of the initial interview the second part is kind of a time of training then there is the initial kind of first couple months where you're ramping up and then there's just the normal bookkeeping month month work alright so all that is about the beginning training process and then you just get into your normal routine bookkeeping which is my favorite part so usually I'll make a list just for myself of like but usually it's like five to ten tasks I need to do so first thing they input the tech but first I'm the input the checks then I need to download all the transactions that I need to worry about this little payroll thing then I need to reconcile their bank accounts so I have a list of what needs to be done it does vary client by client but basically usually it's inputting checks categorizing expenses figuring out their credit card transactions and each bank account you need to categorize input reconcile so it is helpful for me to kind of have just like a little checklist so I have these five bank accounts I've done this this and this for each one if you're doing payroll then you'll get a statement from the payroll company and you need to enter that in a certain way I personally don't do manual payroll and QuickBooks but if my client has a payroll company they're using I'll get a report from the payroll company and then any transactions that I can't figure out on my own I will put into the ask my accountant category and then I'll send my client a list of all of those transactions at the end of the month and usually I'll do it in an Excel document so they can just write their answers in there like this I bought from Target it was a desk I bought from Target so that I could put into office furniture so those are kind of the ongoing main bookkeeper tasks and at the end of the month of course I'll reconcile as I mentioned so a lot of the bookkeeping tasks the categories and you can do week by week especially if you have a client with a large amount of transactions you might want to keep up on it as you know each week but then you reconcile once at the end of the month you get the big statement from the bank website and then you reconcile the bank account and then I always emailed the client their updated reports so I always email a profit and loss sometimes I find it interesting to compare the last few months or compare it to last year there's tons of different reports you can pull up QuickBooks so I kind of think about what would give the owner interesting or a helpful picture of their finances so I don't know I just recently I've been pulling like the last three months so they can see how their expenses this month compared to the previous few months and then I sometimes send a balance sheet that often isn't something that in every month but and also something that owners often like to see is their owners drawers so if they are not a corporation but they take distributions or owners drawers then that doesn't show up on the profit and loss statement because it is an equity account so you need to go to the balance sheets to get how much money they're taking home how much money is going into their personal bank account and my kind of drop-dead date for to give clients their reporting is by the 10th of the month I usually try to get it significantly sooner than that but often the state's statements are available on the first or second and then depending on my workload it'll take me a couple days to kind of get everything settled in and then the 10th is the absolute latest that I ever want to have the previous month's information tonight new client all right so I send them their reporting and then I also send them the invoice with my work hours so like I said I'm inputting like if I'm doing it hourly I'm putting my hours in every time I work and then I can create an invoice in QuickBooks you create an invoice you type your clients name at the top and then because you've linked your hours to that client it'll pull up oh you've worked 15 hours for this night and then you'll say do you want to add them all to your invoice you say yes and then so it creates an invoice for you and then it totals totals up how much they owe you and then I email that to my client as well and typically right now my clients are sending me paper checks I think I've talked about that before and so they will receive my invoice through email they'll mail me a check and then when I deposit apply that payment to the invoice otherwise you'll have a whole bunch of open invoices in your QuickBooks account and then I also try to send them a receipt that says I got your check if you're just learning QuickBooks all that might seem like a lot but it really is very manageable there's tons of tutorials online about how to make invoices how to do all the things I just mentioned like I said I don't really do QuickBooks tutorials at this point but if there's a big need for that that's something I might consider in the future so definitely give me as much feedback as you want in the comments below a couple quarterly or yearly tasks that have to do so at the end of the year actually at the beginning of the next year so every January I send all of my clients information to their accountant so you can either invite the accountant to QuickBooks Online or you can just pull a report and email it to the accountant kind of depends on what the accountants preference is and some clients also want me to check in quarterly about their tax payments their quarterly tax payments so if their income is fluctuating a lot then it's possible that they might owe a different amount of taxes it's not as common but sometimes it is good to have those checks with the accountant periodically through the year to make sure that the amount of taxes the client is paying quarterly are correct and then of course I'm always available for phone calls with my clients or Xoom calls sometimes they'll want to talk about you know strategies or holes or because I'm so close to their books I often form opinions about you know where they could be more efficient or maybe this vendor is charging too much or their advertising budget is too high based on how much it's bringing into the business so I'm not accountant and I'm not a tax preparer so I don't have credentials that allow me to give certain advice but just as a person who's smart who's looking at their finds finances day in a day out I am able to just be kind of a business advisor and a help to the owner in another task you can do annually is a budget so make an annual budget the really know the two clients I've had that want me to make budgets we're both nonprofits I think they have to make budgets as part of their shareholder meetings and stuff but you can make a budget in QuickBooks and you can compare it month to month you know you can see oh I'm this much over budget and this much under budget so that's like a whole nother thing you could work on as well as well as just any loose ends you know that you see that you might want to tie up so maybe there is a check that never got cashed they wrote out a check but the person never put it in their bank so just give them a heads up up of that or invoices open invoices if they have tons of open invoices from this certain one of their clients that haven't been paid if they have a lot of money waiting to be collected like that's something you have visibility to that would be helpful for the owner to know or the your Boston Ellen sometimes being a bookkeeper seems almost simple like it's hard for me to really express to people everything that I'm doing for the business but just laying it all out like that it was actually really helpful for me because I'm like there is a lot of things that you do as a bookkeeper so hopefully this is helpful to you guys as well and if you guys made at the end definitely hit that subscribe button because you are a rockstar mmm

Channel: FinePoints

Views: 29,993

Keywords: one client START TO FINISH (part 2: Monthly Tasks) Be a bookkeeper!, bookkeeping clients, bookkeeping monthly tasks, bookkeeper annual tasks, bookkeeper, bookkeeping, qbo, bookkeeper workflow, finepoints, finepoints bookkeeping, one client start to finish bookkeeper, invoicing bookkeeping clients, one client start to finish, bookkeeper jobs, bookkeeper tasks, how to be a bookkeeper, how to start a bookkeeping business, start a bookkeeping business, monthly bookkeeper tasks

Id: FuBEt0CKIt4

Length: 7min 51sec (471 seconds)

Published: Tue Mar 10 2020