Hello, Thank you for your channel. I have a question. Have you hear about botkeeper? it is an AI service for Accountants. Do you think the bookkeeper business opportunity will shrink in the future? and what can we do to compete in a market with technology advancing fast.
Great question! I haven't heard of botkeeper in particular, but I just took a look. There are definite varied opinions about this--I personally feel there is still more than enough bookkeeping business. Even with a more automated system, there are still a ton of business owners that don't want to take the time to oversee another online program. And, I find a lot of my bookkeeping revolves around making systems and helping the client stay organized. But, I do think bookkeeping is changing (it has already in the time that I've been doing it!) and will continue to do so. I'm so happy that I don't need to record transactions from receipts on paper now (I love the tech of bank feeds). I also enjoy taking a more analytical role with clients (which adds value for them). Lots to say about this topic... maybe a future video! :)
Sorry to be offtopic but does any of you know a method to log back into an instagram account? I stupidly lost the account password. I would love any assistance you can give me!
You're correct..I was an accounting major and started working for a tax accountant..tax accountants need bookkeepers to keep accounting integrity.. (no accounting professional should do books and taxes for the same client)
Thank you so much for your videos! I'm a college student looking to do bookkeeping as a side hustle to help pay for tuition, and the information you have on your channel is invaluable. Thank you
Love it! I think that's a great side hustle for a college student. You can make a much higher hourly rate thank the jobs I did in college. :) Let me know if there are any videos you'd like to see!
Knowing a little about taxes also helps with bookkeeping and categorizing expenses. The IRS website has tax centers/guides for specific professions too and their relevant credits or deductions. So if you have a niche already, that's really helpful with Chart of Accounts based on your clients' profession. I'm currently working for a lawyer who does a lot of back-taxes for clients that don't understand quickbooks but do it themselves. We always have so many questions. ^_^; Even I doubt myself sometimes when I look at a balance sheet and have no idea why it's wrong. It's a mini emotional roller coaster, but I feel relieved when i can figure it out and its an entry or adjustment error. What sort of mistakes do you usually see when someone hands over their books for the first time?
Yes, great points!! I've learned I don't really like clean-ups (some bookkeepers actually do!), but the biggest problems I see are duplicate transactions that make the bank not reconcile, and I had once client that had a big issue with not using undeposited funds correctly (this can be a big issue if it's not caught), invoicing can also be an issue if it's not done right. Thanks so much for watching!
@@FinePointsBookkeeping oh yeah, we had a tax client recently who kept carrying forward unreconciled owners draws in their QB. Yikes! 5 years worth of income listed as liabilities. Boss was not amused. Thanks for all the helpful tips and inspiration! I wish I could say I was also able to (legally) start my bk business this year thanks to your help, but the state offices are closed and not accepting my LLC articles. So I'm just going SP and got E&O insurance
@@TheAvataroo may i ask, is an LLC the best option for this? Also, if we already have a company but in a different industry, is it possible to reclassify or add a clasification to a different market?
Sad to say, but if it's really bad, don't rule out the possibility of fraud. Sometimes by the time they ask for help, someone has been stealing from the company for a long time. And then they wonder why they're always out of money...
I'm still in highschool I want to go to school after but not for too long, I kinda just want an associates degree. I just want something simple that pays enough to pay my bills. Do you think bookkeeping is a good career choice?
I Thank You For This Video .. You put the Good Points For How to be a bookkeeping And I have A question.. Is the Bookkeeper Knowledge Give an Advancing to Be an Accountant?
Hello, Thank you for your channel. I have a question. Have you hear about botkeeper? it is an AI service for Accountants. Do you think the bookkeeper business opportunity will shrink in the future? and what can we do to compete in a market with technology advancing fast.
Great question! I haven't heard of botkeeper in particular, but I just took a look. There are definite varied opinions about this--I personally feel there is still more than enough bookkeeping business. Even with a more automated system, there are still a ton of business owners that don't want to take the time to oversee another online program. And, I find a lot of my bookkeeping revolves around making systems and helping the client stay organized. But, I do think bookkeeping is changing (it has already in the time that I've been doing it!) and will continue to do so. I'm so happy that I don't need to record transactions from receipts on paper now (I love the tech of bank feeds). I also enjoy taking a more analytical role with clients (which adds value for them). Lots to say about this topic... maybe a future video! :)
Thank you for this awesome video. I have a vending machine business and have no clue where to start for bookkeeping. I recently took a quick book training for the desktop version but I still have no clue what I need to do. Please help. I know I need a profit and loss statement but I don’t know what else or where to look.
Hi! I don't really do QB tutorials at this point (I mostly talk to bookkeepers), but you should check out nerd enterprises or 5 minute bookkeeping. I would start by hooking up your bank and categorizing the transactions. In QB Online that's in the "Banking" tab. Sorry I can't be of more help!
hi morgan, great video as always! i was just wondering what method(s) of payment you accept from your clients? i'd like to run the same system as you (invoice then receive payment) but i'm not sure which methods to offer/are more efficient than others. thanks so much!
Thanks! My favorite is a bank transfer (you just need the client's account and routing number). Some of my clients do write me paper checks, which doesn't bother me--I'd also use the credit card system through QBO if they didn't want to use bank transfer for some reason.
Hey! Check out Morgan's technology tips and resources: www.finepoints.biz/blog/technology-tips-for-bookkeepers (she lists her laptop recommendations there) Krista (FinePoints Admin)
Yeah, I understand, that's a common problem. I suppose you could hire it out if you wanted, otherwise just learn all you can about marketing. Maybe read some books on the subject--and I also have a video coming out on that next week. Not sure if you've seen this video I made about marketing ideas: th-cam.com/video/v92DBK9dbLA/w-d-xo.html
Morgan piece-mealed together much of her bookkeeping training, which is why she is passionate about helping you all through video. She did get the ProAdvisor certification as well as took Bookkeeper Launch, which is a fantastic training: sk293.isrefer.com/go/BLFAQ/ML82/ -Gabe (FinePoints Admin)
Great video!!! I am an Accountant (from Sri Lanka) who wants to start an online bookkeeping firm for US & UK Clients. Do you think it is possible to provide only the Bookkeeping service to a client without providing the Tax service? is it practical?
Yes, most definitely! I don't do taxes. I talked about this at the end of my last video during the Q&A section. You could, however, likely get more business and be able to charge a higher rate if you have a licence to do taxes (not sure about doing it from overseas). Hope that helps! :)
@@FinePointsBookkeeping Thanks a lot for the prompt reply... I also do not believe Tax service can be done from overseas, Bookkeeping will be my focus.
It's possible to earn 100K as a solo business owner, it all depends on the types of clients you help and how many you have the capacity to have at one time. -Gabe (FinePoints Admin)
Thanks so much for watching and supporting my channel! What question do you want me to answer in my next Q&A?
Hello, Thank you for your channel. I have a question. Have you hear about botkeeper? it is an AI service for Accountants. Do you think the bookkeeper business opportunity will shrink in the future? and what can we do to compete in a market with technology advancing fast.
Great question! I haven't heard of botkeeper in particular, but I just took a look. There are definite varied opinions about this--I personally feel there is still more than enough bookkeeping business. Even with a more automated system, there are still a ton of business owners that don't want to take the time to oversee another online program. And, I find a lot of my bookkeeping revolves around making systems and helping the client stay organized. But, I do think bookkeeping is changing (it has already in the time that I've been doing it!) and will continue to do so. I'm so happy that I don't need to record transactions from receipts on paper now (I love the tech of bank feeds). I also enjoy taking a more analytical role with clients (which adds value for them). Lots to say about this topic... maybe a future video! :)
@@FinePointsBookkeeping Thank you for your respond. Can you expand on the analytical role you do?
Hi Morgan! Are you planning on having another coaching/training class?
Sorry to be offtopic but does any of you know a method to log back into an instagram account?
I stupidly lost the account password. I would love any assistance you can give me!
You're correct..I was an accounting major and started working for a tax accountant..tax accountants need bookkeepers to keep accounting integrity.. (no accounting professional should do books and taxes for the same client)
That's really good to know! Do you do some bookkeeping as well? -Gabe (FinePoints Admin)
Thank you so much for your videos! I'm a college student looking to do bookkeeping as a side hustle to help pay for tuition, and the information you have on your channel is invaluable. Thank you
Love it! I think that's a great side hustle for a college student. You can make a much higher hourly rate thank the jobs I did in college. :) Let me know if there are any videos you'd like to see!
You're so amazing. You give me a lot of hope and motivation every day I watch your videos to DO THIS!
I really Love your style of teaching. Thank You!!
Hello Morgan, I'm a fan! May I know what's your niche? As a newbie bookkeeper what's a good niche to start?
Knowing a little about taxes also helps with bookkeeping and categorizing expenses. The IRS website has tax centers/guides for specific professions too and their relevant credits or deductions. So if you have a niche already, that's really helpful with Chart of Accounts based on your clients' profession.
I'm currently working for a lawyer who does a lot of back-taxes for clients that don't understand quickbooks but do it themselves. We always have so many questions. ^_^; Even I doubt myself sometimes when I look at a balance sheet and have no idea why it's wrong. It's a mini emotional roller coaster, but I feel relieved when i can figure it out and its an entry or adjustment error.
What sort of mistakes do you usually see when someone hands over their books for the first time?
Yes, great points!! I've learned I don't really like clean-ups (some bookkeepers actually do!), but the biggest problems I see are duplicate transactions that make the bank not reconcile, and I had once client that had a big issue with not using undeposited funds correctly (this can be a big issue if it's not caught), invoicing can also be an issue if it's not done right. Thanks so much for watching!
@@FinePointsBookkeeping oh yeah, we had a tax client recently who kept carrying forward unreconciled owners draws in their QB. Yikes!
5 years worth of income listed as liabilities. Boss was not amused.
Thanks for all the helpful tips and inspiration!
I wish I could say I was also able to (legally) start my bk business this year thanks to your help, but the state offices are closed and not accepting my LLC articles. So I'm just going SP and got E&O insurance
@@TheAvataroo may i ask, is an LLC the best option for this? Also, if we already have a company but in a different industry, is it possible to reclassify or add a clasification to a different market?
Sad to say, but if it's really bad, don't rule out the possibility of fraud. Sometimes by the time they ask for help, someone has been stealing from the company for a long time. And then they wonder why they're always out of money...
250 Assets/Liabilities Chart of Accounts avail in QBO depending on the subscription you choose.
Thank you for your channel i am serious about training with quick books to start my part time bookkeeping business from home
You can do it!
hello there thank you so much for the tips!
No problem 😊
I'm still in highschool I want to go to school after but not for too long, I kinda just want an associates degree. I just want something simple that pays enough to pay my bills. Do you think bookkeeping is a good career choice?
I Thank You For This Video ..
You put the Good Points For How to be a bookkeeping
And I have A question..
Is the Bookkeeper Knowledge Give an Advancing to Be an Accountant?
Hello, Thank you for your channel. I have a question. Have you hear about botkeeper? it is an AI service for Accountants. Do you think the bookkeeper business opportunity will shrink in the future? and what can we do to compete in a market with technology advancing fast.
Great question! I haven't heard of botkeeper in particular, but I just took a look. There are definite varied opinions about this--I personally feel there is still more than enough bookkeeping business. Even with a more automated system, there are still a ton of business owners that don't want to take the time to oversee another online program. And, I find a lot of my bookkeeping revolves around making systems and helping the client stay organized. But, I do think bookkeeping is changing (it has already in the time that I've been doing it!) and will continue to do so. I'm so happy that I don't need to record transactions from receipts on paper now (I love the tech of bank feeds). I also enjoy taking a more analytical role with clients (which adds value for them). Lots to say about this topic... maybe a future video! :)
Thank you for this awesome video. I have a vending machine business and have no clue where to start for bookkeeping. I recently took a quick book training for the desktop version but I still have no clue what I need to do. Please help. I know I need a profit and loss statement but I don’t know what else or where to look.
Hi! I don't really do QB tutorials at this point (I mostly talk to bookkeepers), but you should check out nerd enterprises or 5 minute bookkeeping. I would start by hooking up your bank and categorizing the transactions. In QB Online that's in the "Banking" tab. Sorry I can't be of more help!
FinePoints Thank you
hi morgan, great video as always! i was just wondering what method(s) of payment you accept from your clients? i'd like to run the same system as you (invoice then receive payment) but i'm not sure which methods to offer/are more efficient than others. thanks so much!
Thanks! My favorite is a bank transfer (you just need the client's account and routing number). Some of my clients do write me paper checks, which doesn't bother me--I'd also use the credit card system through QBO if they didn't want to use bank transfer for some reason.
What is the best laptop for doing bookkeeping with Quickbooks online?
Hey! Check out Morgan's technology tips and resources: www.finepoints.biz/blog/technology-tips-for-bookkeepers (she lists her laptop recommendations there)
Krista (FinePoints Admin)
What if I don't do marketing too well, wherein I don't? I feel like I could do Bookkeeping and Accounting better than I could do marketing.
Yeah, I understand, that's a common problem. I suppose you could hire it out if you wanted, otherwise just learn all you can about marketing. Maybe read some books on the subject--and I also have a video coming out on that next week. Not sure if you've seen this video I made about marketing ideas: th-cam.com/video/v92DBK9dbLA/w-d-xo.html
Where did you take your bookkeeping classes?
Morgan piece-mealed together much of her bookkeeping training, which is why she is passionate about helping you all through video. She did get the ProAdvisor certification as well as took Bookkeeper Launch, which is a fantastic training: sk293.isrefer.com/go/BLFAQ/ML82/ -Gabe (FinePoints Admin)
Like Gabe said, my training was a bit random, but I started out with an online class at a local community college. -Morgan
Great video!!! I am an Accountant (from Sri Lanka) who wants to start an online bookkeeping firm for US & UK Clients. Do you think it is possible to provide only the Bookkeeping service to a client without providing the Tax service? is it practical?
Yes, most definitely! I don't do taxes. I talked about this at the end of my last video during the Q&A section. You could, however, likely get more business and be able to charge a higher rate if you have a licence to do taxes (not sure about doing it from overseas). Hope that helps! :)
@@FinePointsBookkeeping Thanks a lot for the prompt reply... I also do not believe Tax service can be done from overseas, Bookkeeping will be my focus.
@@roshanagamage1805 did u start???
100k USD by single hand or By team?
It's possible to earn 100K as a solo business owner, it all depends on the types of clients you help and how many you have the capacity to have at one time. -Gabe (FinePoints Admin)
Do you mean bookkeeping job by bookkeeping business?
Hey! This video is referring to starting a bookkeeping business.
Krista (FinePoints Admin)
This doesn’t really explain anything that you do tho
Overpriced! You can find same training or better for under $100 or free!