@britt Do you mean like a certain class to take if you want to learn about non-profits (etc.)? That's a great idea... i don't have all of that info in my head, but could do some research!
As always, you summarize things really well. Thanks! I actually have worked with several non-profits throughout my career and you hit the highlights for sure. Just a couple things, when you talked about expense buckets, I always suggest a 4th one called "Allocated". This actually saves time over breaking out individual expenses to the 3 main categories of program, admin & fundraising. You would just toss in shared expenses that need to be split out (like office supplies as you pointed out - but also rent, salaries, depreciation, etc.) Anything you can not identify directly to one of the main three, then goes into allocated. At some regular interval, you would summarize the employees timesheets and come up with a percentage basis to split all the allocated back into the other 3 buckets, I found time spent by each employee is the most defendable come audit time. I typically do this every quarter but some larger NPOs do this monthly. I found this saves time and does not leave questionable decisions about how much of each expense goes into each bucket. Many do what you do and say 1/3 each and normally the program should be getting more and come 990 tax time most NPO's want the majority of their expenses to be in programs. The other thing you mentioned with budgets is very true. QBO is not very easy to build your budget in so I have used Excel to build it, then I get BOD approval then I load it into QBO so the comparatives can be done going forward. I think this is a good niche, looking forward to legal as I would like to get into that area as well. Perhaps cover how we can stand out for the trades people if you have done any (electricians, plumbers, HVAC, etc.). Thanks Morgan - great Info!
Great insight, thanks Mark! Wow, I love your method of "allocated" that would have saved me SO much time if I didn't have to break everything in to thirds (my organization was fairly strict, so not sure if they would have been flexible to make that change... but still great to know). I know a lot who do budgets in Excel also.
I just started working with a nonprofit organization; this was very helpful as a jumping off point to help them get their books in order so I know what questions I should be asking them and what I need to investigate further. Thank you!
Great video! My niche is non-profit bookkeeping. I also deal with ALOT of grants. How would I go about finding more information about that? I focused niche is equine therapy. The bookkeeping end of that has a lot of grants. That is most of our income. I love the specialty.
Hey Courtney! Morgan does not have experience with bookkeeping for short term vacation rentals, but I'll let her know this is something you are interested in and maybe she can find some info on it! Krista (FinePoints Admin)
Thank you for sharing this video. Do you have any information on nondenominational ministries? If so, please let me know. Right now, I am currently doing Bookkeeping and Accounting for a church where I attend; and at the same time, I am trying to get more clients and grow my business. Again, I thank you for the video you have just shared, and look forward to your response.
Hi Olivia! I'll let Morgan know you are interested in a niche video on real estate bookkeeping! Thanks for letting us know it is something you are looking for more information on! Krista (FinePoints Admin)
Hello, I'm dealing with a client who runs a non-profit organization utilizing QBO. His non-profit organization has a non-profit subsidiary. How can I record a main company's investment into it's subsidiary?(on the subsidiary's side) Ex. "ABC company" transfer a fund of $1000 to "XYZ Company"(it's subsidiary) which uses a separate QBO account.(on XYZ QBO account how shall I record this one?) please help.
Hi Morgan, I’m a newbie BL grad and I have a volunteer opportunity to do some bookkeeping for a non profit preschool. I’m very nervous especially after watching a expert BL panel where the speaker warned that you should not take on a NP as your first client. I wont be paid, but this will be my first bookkeeping experience so this warning really scared me! I know you said you did bookkeeping for a nonprofit school. Were you a newbie at that point? Would you advise against this volunteer opportunity to get experience? I’d appreciate any any guidance you can give! You are the inspiration for me diving into this new journey!
Hi! Congrats on getting started! How big is the non profit and how much support will you get? I've worked for 2 non profits... one of them I got complete on the job training (bigger organization) and worked with an in-house accountant. This gave me great experience and a safety net. The other one was a small preschool with very simple finances (it was a pretty "easy" client). So, I guess it depends on the situation, there isn't a hard and fast rule about never take on a NP as your first client.
I wouldn’t have any support other than FB groups. I met with her last night and I feel a little overwhelmed. I know I can help in some ways but she may need someone with more experience. Thanks for your feedback!
@@FinePointsBookkeeping Thank u so much for ur reply mam what are you views about US Tax preparation business, can we do it remotly from overseas country(like Pakistan). I will remain oblige if u make a video on Remote Tax preparation business. Lastly I want to say ur doing great job. Every video is full of knowledge. Though u talk too fast😁 but not a big issue. Still love to hear from u Stay blessed.
Non-profits are very tricky. I work in the tax department of a very large public accounting firm. Non-profits can get in trouble quick, and often penalties are assessed on the individual board members as well as the actual non-profit. Don’t want to discourage anyone from pursuing this niche, but it is inherently more risky than other entities/industries. Also, usually you have an overhead class as well. Otherwise, each transaction should be allocated to only one class.
A few tips to overcome these…1.Admin and general overhead are the same category. 3 classes-Admin/General Operating, Fundraising, programs. 2. There is insurance to cover board members and directors. 3. Find an accountant and lawyer for your board 😅
Hi Bianca, Unfortunately, Morgan is not offering any mentoring services at this time, but it's something she’s thinking about for the future. It's helpful to know it's something you are interested in. Thank you! Krista (FinePoints Admin)
Let me know what other bookkeeping niches you're interested in learning about!
Please do construction industry! Thank you, love your channel! ❤️
cannabis bookkeeping
Creative companies, like tattoo artists or painters
Thank you for your awesome videos! I also have a suggestion for doing a video on if there are any forms of education out there in order to specialize.
@britt Do you mean like a certain class to take if you want to learn about non-profits (etc.)? That's a great idea... i don't have all of that info in my head, but could do some research!
As always, you summarize things really well. Thanks! I actually have worked with several non-profits throughout my career and you hit the highlights for sure. Just a couple things, when you talked about expense buckets, I always suggest a 4th one called "Allocated". This actually saves time over breaking out individual expenses to the 3 main categories of program, admin & fundraising. You would just toss in shared expenses that need to be split out (like office supplies as you pointed out - but also rent, salaries, depreciation, etc.) Anything you can not identify directly to one of the main three, then goes into allocated. At some regular interval, you would summarize the employees timesheets and come up with a percentage basis to split all the allocated back into the other 3 buckets, I found time spent by each employee is the most defendable come audit time. I typically do this every quarter but some larger NPOs do this monthly. I found this saves time and does not leave questionable decisions about how much of each expense goes into each bucket. Many do what you do and say 1/3 each and normally the program should be getting more and come 990 tax time most NPO's want the majority of their expenses to be in programs. The other thing you mentioned with budgets is very true. QBO is not very easy to build your budget in so I have used Excel to build it, then I get BOD approval then I load it into QBO so the comparatives can be done going forward. I think this is a good niche, looking forward to legal as I would like to get into that area as well. Perhaps cover how we can stand out for the trades people if you have done any (electricians, plumbers, HVAC, etc.). Thanks Morgan - great Info!
Great insight, thanks Mark! Wow, I love your method of "allocated" that would have saved me SO much time if I didn't have to break everything in to thirds (my organization was fairly strict, so not sure if they would have been flexible to make that change... but still great to know). I know a lot who do budgets in Excel also.
Wow. What a great tip.
@@kloverend Thanks - glad I could help.
Yes - tradesmen would be a fantastic niche to cover...
Thank you! I am considering non-profit as my niche, and appreciate your videos as always!
You're so welcome!
I just started working with a nonprofit organization; this was very helpful as a jumping off point to help them get their books in order so I know what questions I should be asking them and what I need to investigate further. Thank you!
Glad it was helpful!
Krista (FinePoints Admin)
Great video! My niche is non-profit bookkeeping. I also deal with ALOT of grants. How would I go about finding more information about that? I focused niche is equine therapy. The bookkeeping end of that has a lot of grants. That is most of our income. I love the specialty.
I watch your all videos.
Thanks for sharing such knowledgeable videos !
It's my pleasure
I love your channel! A video on short term vacation rentals would be great (if you don’t have one already)
Hey Courtney! Morgan does not have experience with bookkeeping for short term vacation rentals, but I'll let her know this is something you are interested in and maybe she can find some info on it!
Krista (FinePoints Admin)
Please, create a property/real estate bookkeeping video....humbly request. I'm a great fan of your channel.
Hey! I will let Morgan know this is something you're interested in. Thanks for watching!
Krista (FinePoints Admin)
Thank you for this video!!
Do you have any videos on bookkeeping in QBO for farming clients? Sole Prop
Not specifically for farming clients yet, but that's a great idea for a niche video! -Gabe (FinePoints Admin)
Hi thank you for share this video, I just want to learn about how manage Bookkeeping in Fiundation NonProfits. Blessings.
Why do you need document in-kind donations in your books? There is no money exchange or tax consequences with those, correct?
Thank you for sharing this video. Do you have any information on nondenominational ministries? If so, please let me know. Right now, I am currently doing Bookkeeping and Accounting for a church where I attend; and at the same time, I am trying to get more clients and grow my business. Again, I thank you for the video you have just shared, and look forward to your response.
Good idea! I don't have any more specific advice other than what I mentioned in the video. I think that's a great niche to work in as a bookkeeper.
@@FinePointsBookkeeping Thank you.
@@rickeyhughes7380 You may want to double check with Let Us Worship. Otherwise, I may have an idea in OH sometime
I have one question can you show available the subtitule!. Thank you!!
Your videos are always amazing! How about doing a real estate one?
Hi Olivia! I'll let Morgan know you are interested in a niche video on real estate bookkeeping! Thanks for letting us know it is something you are looking for more information on!
Krista (FinePoints Admin)
Hello, I'm dealing with a client who runs a non-profit organization utilizing QBO. His non-profit organization has a non-profit subsidiary. How can I record a main company's investment into it's subsidiary?(on the subsidiary's side) Ex. "ABC company" transfer a fund of $1000 to "XYZ Company"(it's subsidiary) which uses a separate QBO account.(on XYZ QBO account how shall I record this one?) please help.
trucking bookkeeping
Good idea!
what software do you use to record your videos of you and your screen?
Hi Morgan, I’m a newbie BL grad and I have a volunteer opportunity to do some bookkeeping for a non profit preschool. I’m very nervous especially after watching a expert BL panel where the speaker warned that you should not take on a NP as your first client. I wont be paid, but this will be my first bookkeeping experience so this warning really scared me! I know you said you did bookkeeping for a nonprofit school. Were you a newbie at that point? Would you advise against this volunteer opportunity to get experience? I’d appreciate any any guidance you can give! You are the inspiration for me diving into this new journey!
Hi! Congrats on getting started! How big is the non profit and how much support will you get? I've worked for 2 non profits... one of them I got complete on the job training (bigger organization) and worked with an in-house accountant. This gave me great experience and a safety net. The other one was a small preschool with very simple finances (it was a pretty "easy" client). So, I guess it depends on the situation, there isn't a hard and fast rule about never take on a NP as your first client.
I wouldn’t have any support other than FB groups. I met with her last night and I feel a little overwhelmed. I know I can help in some ways but she may need someone with more experience. Thanks for your feedback!
Do you have any info on Real Estate? Just curious. Thank you for sharing.
I'll add that to my list! :)
Can you turn the caption on??
Mam are u a Quick book Pro advicer as well. Because u seems expert in quick books. If yes then plz tell me are u doing it remotly?.
Yes, I'm a ProAdvisor and I work remotely :)
@@FinePointsBookkeeping Thank u so much for ur reply mam what are you views about US Tax preparation business, can we do it remotly from overseas country(like Pakistan). I will remain oblige if u make a video on Remote Tax preparation business.
Lastly I want to say ur doing great job. Every video is full of knowledge. Though u talk too fast😁 but not a big issue. Still love to hear from u Stay blessed.
Please forgive me if this is off topic. Is there a need for malpractice insurance in a bookkeeping business?
Yes, I recommend getting Errors and Omissions insurance... just call any insurance company and they should be able to get it set up.
Non-profits are very tricky. I work in the tax department of a very large public accounting firm.
Non-profits can get in trouble quick, and often penalties are assessed on the individual board members as well as the actual non-profit.
Don’t want to discourage anyone from pursuing this niche, but it is inherently more risky than other entities/industries.
Also, usually you have an overhead class as well. Otherwise, each transaction should be allocated to only one class.
Thanks for the tips and experienced advice!
A few tips to overcome these…1.Admin and general overhead are the same category. 3 classes-Admin/General Operating, Fundraising, programs.
2. There is insurance to cover board members and directors.
3. Find an accountant and lawyer for your board 😅
Schools/Institutions
Hi morgan! Do you mentor?
Hi Bianca,
Unfortunately, Morgan is not offering any mentoring services at this time, but it's something she’s thinking about for the future. It's helpful to know it's something you are interested in. Thank you!
Krista (FinePoints Admin)