Category Archives: QuickBooks Software

Education, IRS, QuickBooks Software, Tips

CPA Practice Advisor to Host Free Online CPE Conference for CPAs & Tax Pros: Dec. 12, 2019

Leave a comment

For CPAs and other Tax Professionals: please join CPA Practice Advisor on Thursday December 12, from 9 am to 7 pm EST, at www.ensuringsuccess.com —  its annual free live-streaming conference — to earn up to 10 hours of continuing professional education at no cost.

This free online conference is recognized by the AICPA, and NASBA for CPE credit, and certain sessions also qualify for IRS CE credit. The first session starts at 9 am EST, with sessions starting each hour, on the hour, until 7 pm.

Check out the full session list here — https://www.ensuringsuccess.com/2019-sessions — there are courses on marketing, payroll, sales taxes, tax planning, HR, tech advisory, auditing, accounting trends, financial planning and more.

Source: CPA Practice Advisor to Host Free Online CPE Conference for CPAs & Tax Pros: Dec. 12, 2019

QuickBooks Software, Software

Construction Payments Slowest of All Industries, Surveys Show

Leave a comment

I recently attended the annual QBConnect conference and met some colleagues who specialize in the construction industry. We chatted about the pros and cons, rewards and challenges, and of course the specialized software and accounting practices.

So it was with particular interest that I read the results of this new survey of construction professionals — the majority of which are small businesses. It turns out that the construction industry lags behind all others in collection of accounts receivable, especially where subcontractors are concerned.

You might expect there to be repercussions for withholding or delaying payments—but you’d be wrong. The majority (78%) of people rarely or never charge interest on late payments. Desperate to get paid at all, over half (55%) of the contractors say they have gone as far as to negotiate payment terms or even provide a discount.

Collecting on retainage is a major pain point. Contractors say that it can be difficult and time-consuming to track down, which compounds cash flow strains and makes renting equipment and paying suppliers for the job itself extremely difficult.

Unfortunately, funds due to subcontractors are frequently used by general contractors to cover overhead on other projects, which leads to a large percentage of parties having to file liens in order to get paid.

The survey concludes with suggestions for improving the payment cycle in the industry, including: visibility documents; multi-tiered communication; trust- and relationship-building; down-payments/ installment payments; requiring the project owner to pay for materials and supplies; and making information accessible to all parties.

Source: 2019 National Construction Payments Report

Education, Illinois, IRS, POS - Point of Sale, QuickBooks Software, Site News, Software, Tips

Come See Me Speak at “Drink & Think”: Wednesday June 26th

Leave a comment

I’ll be giving a presentation this Wednesday, June 26th at 5:30 pm at Ampersand Cowork in Logan Square (Chicago) for their series Drink & Think: Entrepreneurship @ Ampersand! The topic is, “Thinking About Starting a Small Business – Side Business – Freelance Gig? Here’s What You Need To Know First.”

Come out and enjoy some drinks & snacks on their gorgeous rooftop deck and learn what you need to know before starting a small business. Tickets are only $5 — get them here:
https://www.eventbrite.com/e/drink-think-entrepreneurship-tickets-63579032598

You’ll learn:
– Why NOT to run a small business… and why bother if it’s that hard?

– When to start it (and what that even means)

– What will you need? Bank accounts, EINs, Business Plans and more

– Technology tips – bookkeeping, payroll, data entry, paperwork

– What’s deductible?

– Choice of entity

– Employees or independent contractors?

– And plenty more fascinating and essential tips.

See you there!

 

QuickBooks Software, Site News

Insightful Accountant’s 2019 Top 100 ProAdvisors

Leave a comment

Insightful Accountant just released their annual awards list of the Top 100 ProAdvisors, and it reads like a who’s-who of the QuickBooks accounting industry. Many congratulations to my many colleagues and friends who are featured this year! The Categorical Winners and “ProAdvisor of the Year” will be announced during one of the Main Stage Events at next month’s “Scaling New Heights” conference in Salt Lake City.

Insightful Accountant identifies and recognizes the Top 100 QuickBooks ProAdvisors each year in its annual Top 100 ProAdvisor awards program.  This awards program recognizes the leading ProAdvisors and ultimately the ProAdvisor of the Year based on a thorough vetting.

Humblebrag: I was honored to be nominated this year for my first time (no, I have no idea how many total nominees they had to choose among) and was shocked and humbled to be held in such highly-esteemed company! My very warmest wishes to all the winners. You really are the best of the best!

Source: Insightful Accountant’s 2019 Top 100 ProAdvisors – insightfulaccountant.com

QuickBooks Software, Software, Tips

List of State Payroll Tax Returns Filed by Gusto

Leave a comment

Just a quick post — courtesy of a conversation I had with Gusto support yesterday. For those of you using Gusto for your payroll needs (and I highly recommend them — far superior to any payroll company I’ve ever used, and their integration with QuickBooks Online is seamless and available at no extra charge), it turns out there’s a comprehensive list of the state tax returns they file on behalf of their payroll clients.

I (and my clients) have often received payroll documents from various state and local tax agencies and wondered, “is this something I’m supposed to be filling out or does Gusto handle it for me?” In the past I’ve emailed their support team to ask, but at some point apparently they came up with a list, so I don’t have to take that extra step anymore. I figured I’d post it here so that other Gusto users can now do the same thing when that confusing notice arrives at your place of business.

And if you’re not already using Gusto and are interested, use my referral link to get the first month of your subscription free.

Source: State taxes filed by Gusto

QuickBooks Software, Tips

How to Clear Bills in QBO When Bank Feed Expenses Have Been Accepted

Leave a comment

A wonderful colleague of mine, Melissa from Bookkeeping for Good, recently shared this excellent article from Insightful Accountant and I wanted to share it here as well.

It’s a common occurrence: a client will accept an Online Bank Feed entry as an expense instead of creating a bill payment. As a result, the expense is entered and the bill remains, causing the costs to be duplicated. Furthermore, Accounts Payable is now overstated, since the vendor invoice should have been relieved via bill payment. How do you fix this?

The solution is to re-categorize the accepted expenses to Accounts Payable and then apply them to open bills — and this short article does a great job of walking you through the print-screens to show you how to make it happen: Clearing Bills when Bank Feed Expenses have been Accepted. – insightfulaccountant.com

Education, QuickBooks Software, Tips

Income Statement (Profit & Loss) Template, Example and Guide

Leave a comment

A colleague recently shared this link on her facebook page — first, I was just curious — and then, I was actually pretty impressed. Most of the Income Statement (also known as a Profit & Loss) descriptions I’ve read have been entirely too technical, assuming not only a familiarity with accounting, but also an old-world understanding of manual ledger-keeping. As a result, I developed my own way through the years of explaining the Income Statement to clients.

I felt this description, provided (surprisingly) by Intuit, the company that produces QuickBooks, did a nice, succinct job of explaining the relationship between the three main financial statements: Income Statement, Balance Sheet, and Statement of Cash Flows. It also walks through a few examples of how real financial data is expressed on each of the reports, and then how the Income Statement itself is organized between Operating and Non-Operating income.

They offer a free template for all three statements for those using the DIY approach or want to familiarize themselves with the structure before starting their own business. A guide to financial reporting is among the many resources on the site.

Source: Free Income Statement (i.e. Profit and Loss Statement) Template, Example and Guide

IRS, QuickBooks Software, Software, Tips

Short-Term Rental Clients Need To Navigate Tax Concerns

Leave a comment

Rob Stephens of The Progressive Accountant recently shared his top four recommendations when advising clients to make sure they avoid costly mistakes when working with short-term vacation rentals:

1. Listing quality and rental rates.
2. Hotel occupancy taxes.
3. Get organized and find the right tools.
4. Administrative risk around taxes and regulations.

And I’d like to add that there’s an additional concern folded into the above, which is whether this is truly a Schedule C hotel operation business or a Schedule E rental property — a entire topic on its own.

He points out that:

More and more people are renting their homes, which triggers new and unique tax requirements. Being on the alert for these pitfalls can protect your client (or you) from hidden tax liability and operational problems.

He is recommending Avalara’s MyLodgeTax as a hotel occupancy tax solution. (Though, full disclosure, he sold his compliance software to them and it is currently being rebranded. Still, as Avalara is a trusted name in sales taxes, I feel confident sharing the recommendation.)

Source: Helping Your Short-Term Rental Market Clients Navigate Tax Concerns and Avoid Costly Mistakes | Sales Tax & Compliance

IRS, QuickBooks Software, Tips

Why Small Businesses Should Have an Accountant on Their Team

1 Comment

QuickBooks Certified ProAdvisorYou may not know that Intuit, the owner of popular small business accounting software QuickBooks, has a resource center for small businesses on its website. And tucked away in there is a great article on the reasons to bring an accountant onto your team.

Now, I’ve often complained about Intuit’s sales pitch — whether it’s hawking QuickBooks Desktop, Online, Mobile or even one of its tax preparation solutions such as TurboTax — they make it sound like anyone can do their own books or taxes as long as they have the right tools. And it’s simply not true. To clarify: this is not a problem with the tools themselves — it’s an issue with the marketing and advertising. (The tools tend to be pretty great, in fact.)

The issue is that you need to know not only how to use the tools, but how the internal systems for using those tools should be customized to suit your specific situation. Accounting and bookkeeping rules — the basics, anyway — are pretty solid; but the workflow is extremely specific to each company. This is one reason it’s essential to work with a professional bookkeeper or accountant to interview you, get your books set up right, train you, and then review things on a periodic basis.

I’m not saying any of this because I’m trying to get more work — I have a waiting list that’s too long already. I share this because over and over, I’ve watched small businesses spend more time and money on clean-up or mistakes (some of which involved the IRS or state agencies) than they ever would have spent on proper set-up and training in the first place.

Intuit lists some specific reasons to engage the services of a professional bookkeeper or accountant:

  1. Getting Your Business Properly Set Up
  2. Spending Your Time Wisely
  3. Providing Expert Advice and Help
  4. Focusing on Growth
  5. Staying Up-to-Date on Tax Laws
  6. Reducing Your Tax Bill
  7. Audit Prep and Representation
  8. Accounting Mistakes Are Expensive

So if you haven’t made the commitment to seeking at least an initial professional consultation yet, maybe this is the time. Ask around within your neighborhood or industry and see if other business owners are happy with their bookkeeper or accountant and schedule an initial session where you bring a list of questions and get some answers. If you feel a connection, then maybe this is the right person for your team. If you don’t — at least you got some questions answered, and you’re better off for the experience.

Source: Why Small Businesses Should Have an Accountant on Their Team – QuickBooks

QuickBooks Software, Software, Tips

Report Comparison Chart for Different Types of QBO Subscriptions

Leave a comment

QuickBooks Certified ProAdvisorA colleague recently shared this wonderful link that compares each type of QuickBooks Online subscription and which reports are available in each one:

Report comparison between QuickBooks Online subscriptions (US) – QuickBooks Learn & Support

Her note was, “Here’s a handy chart comparing all of the reports available in the different versions of QBO. I know I can use this reference all the time!”

I had no idea it existed and I was glad to see it… so I thought I’d pass along this convenient summary. Use it in good health. :)