What do you think of H&R Block/Jackson Hewett vs. Smaller private companies for entry level into bookkeeping and tax?? I'm 29 and have a business degree I haven't completed yet(I made the mistake of transferring to the art institute and got sick of being forced to create meaningless art when I should be learning about statistics and finance. I love art! But I'm not interested in starving myself and forever being broke, hence why I went there for BUSINESS). I'm considering returning to the embarrassing Art Institute to finish my final year so I can take the 4 CPA exams.
I don't have any personal experience with those companies, but it would likely be a good way to get some experience starting out. The earning potential is more when you're working for yourself & you can niche down and charge a higher rate. I was an English & Art major in college, so I understand the struggle of enjoyment/practicality, ha!
@@ayyyejesterdazed I took the H&R block tax prep intro course last year and they encouraged us to apply for jobs there. But they have a non compete clause that (essentially) prevents you from practicing for 2 years or take your clients with you, after you quit. That's why I didn't apply after taking that class. Now I work at a law firm that does takes and make more doing the same things than what they were offering. ($13/hr vs $15/hr + bonuses) Another thing to consider is not being able to control what types of clients you get at big companies. You have to deal with whoever walks thru the doors and there's a wide variety of things to know. Very big learning curve compared to small / specialized firms that handle only a few types of cases, which you can quickly dive deeper into. Also, being a CPA only helps in very very specific situations. You have to follow stricter regulations to do the same thing as non CPAs. Anyone can do taxes or bookkeeping since it has very low barriers to entry and is a necessity of life/business. But CPAs just make things certified which is usually only needed for high level and corporate stuff. Would only recommend going CPA if you plan to focus on medium (10+) to large (100+) businesses or do auditing/forensic accounting. Hope this helps you with your decision!
@@TheAvataroo That was amazing!Thanks for taking the time to let me know your experience. Definitely not cool about not being able to take clients with me if they are my personal acquaintances that I brought to H&R. Will look more into that for any possible loopholes to cover my butt in those situations 😉
I’m a stay at home mom looking to contribute to my household, considering bookkeeping as an income source. I can’t thank you enough for all of your content.
TLDR: Bookkeepers play a crucial role in helping businesses manage their finances by categorizing transactions, preparing financial statements, and partnering with accountants during tax time. 00:00 📚 Bookkeeper categorizes income and expenses for tax purposes. 00:42 📚 A bookkeeper links clients' accounts to Quickbooks, categorizes transactions for taxes, and provides additional services as needed. 02:03 💼 Bookkeepers handle invoicing and accounts payable for clients, setting up specific systems for each and organizing bill payment. 03:13 📚 Bookkeepers handle accounts receivable, including sending invoices, tracking payments, and providing receipts to clients. 04:06 💼 Bookkeepers handle payroll, including taxes, deductions, and insurance, and many businesses now use specialized payroll companies for this task. 05:26 📊 Bookkeepers categorize transactions and prepare monthly financial statements, including profit and loss statements, to help business owners manage their finances. 06:41 📚 Bookkeepers handle outstanding invoices, balance sheets, and year-end reporting, and a follow-up video on becoming a bookkeeper is coming next week. 07:34 📚 Bookkeepers partner with accountants during tax time, providing profit and loss statements, balance sheets, and other requested information, but do not need to know how to do taxes.
This was very clear and concise. Thank you for this info. I am working on learning quickbooks and getting certified. I currently work as a staff accountant but we use a different software.
Explained this better than my teacher I’m in community for business (taking beginner accounting classes) this has been very helpful with describing the lingo
I have just watched your video about "What Do Bookkeepers Do". I thank you for sharing this video. I think what you said, in the video, was encouraging and informative. Although I do have a Bookkeeping and Accounting business at home, so far I haven't had too many Bookkeepers or Accountants to encourage me along the way in this. Wherefore, I have been getting such information on how to do business in Bookkeeping and Accounting by watching TH-cam. Anyway, I think what you said, in the video, was helpful, and I am willing to try what you said. Again, I thank you for sharing this video, and do look forward to more of your upcoming videos if you will have any. I wish you well in your success, and do look forward to hearing from you. Take care.
Im doing a online course and I’m almost done and I’m feeling overwhelmed about what the job will actually entail and these videos helped a lot. Thank you!
Thank you so much for you videos. I am definitely gonna start bookkeeping and your videos are great information. I’ve never done bookkeeping. So a big thank you
Thanks! Just enough detail so I understand, but not so much I got bored and tuned out. My parents were both CPAs and I've done night audit (by hand!) at a hotel for a while, bookkeeping sounds interesting and fun! None of this sounds difficult from what I'm used to, except Payroll. And I imagine there's more to invoices than just sending them out, what do you do when they're 60-90-120 days out?
@@FinePointsBookkeeping Hi Morgan, awesome video, appreciate the update from the older video! Im curious how many clients want to pay you for A/R debt collection and how much time you spend on it per client that wants it? (asking because I've done debt collection calls and didn't enjoy it)
I love this video! Thank you for posting this... I have a question... I'm starting a bookkeeping job and I want to know how you deal with difficult customers?
Hi Morgan, thanks for the video! very helpful! I have two questions: 1. regarding categorization of expenses, can you always tell what the spending relates to from the bank feed? Aside from asking the client, is there other ways to figure out the categorization if the bank feed info is not enough? 2. do you keep supporting documents for clients (in the attachment for each entry)? if you do, how do you manage the process of obtaining supporting document for the transactions from bank feed? thanks!
Hey Joel, great questions. 1. Once I learn a client's business, I can tell about 90% of the time what the expense is from the bank feed. I also sometimes google things (like, is this a local restaurant?) or look at check stubs/images online, and ideally the client will give me a heads up about a weird new purchase (holiday party, etc). I do usually save a few things to ask the client about and send them the list monthly. 2. I try not to take/save any paper from client (I talk about this more in my video coming soon "paperless bookkeeper"), they are responsible for keeping docs. I have used the receipt capture function in QBO and that works pretty well (clients can email in their receipts and then they match). Some bookkeepers will use hubdoc for this or similar, and of course be sure to charge accordingly if you are responsible for organizing/keeping supporting docs.
Thank you for the knowledgeable video, appreciate it. I'm an ACCA student and living in a country where there is a lot of job competition and that too with less salary. So I'm interested in starting freelancing and my starting is going to be providing bookkeeping services, but before that I need to be fully satisfied by learning more about quickbook softwares, so can you provide me some guidelines from where I can learn the accounting software in minimum price and what other accounting should I be learning according to my accounting qualification and accounting freelancing? Thanks a lot
Hi, I am new to this but interested in doing this on the side .. question- can I do this business all online - example I live in this state and my client is in another state ? Or … do I have to meet the client in person every so often ? And .. how do I get those types of clients ? Where do I look on the internet for them ?
Hi Rachell! Check out Morgan's course Bookkeeper Business Coach:(finepoints.newzenler.com/courses/bookkeeper-business-coach) Bookkeeper Business Coach is a simple and effective way to get your business up and running (registered with your state, etc), understand basic QuickBooks functions, market yourself for new clients, and onboard those clients well. It's a step-by-step to getting started as a bookkeeping business owner. If you have further questions, please reach out to us at hello.finepoints@gmail.com. Krista (FinePoints Admin)
2 questions, do you ever see something come through a clients bank account and you don’t know what it is so you have to give them a call to find out? And, for the clients that you are managing their AR and AP, do your clients expect you to call their clients/customer if there is an outstanding AR not paid yet…. Like a delinquent payment. Or do they have in house office staff to make those phone calls?
Hi Teri! It is not uncommon to have to ask your client what a transaction may be for so that it is entered correctly. As for who is supposed to make the call for outstanding payments, that is something you will want to discuss with your client and find out who is responsible. Thanks for asking! Krista (FinePoints Assistant)
Thank you for your video! It was very interesting! How do you record personal transactions made by owners , like, you know, hair salon or spa, or buying clothes ? Like - loans to/from shareholders , Personal ? ( Equity ?)
I'm glad I found you.Your videos has been extremely helpful. I'm trying to learn everything about Quickbooks now that have not been able to contact my bookkeeper. I meet with my her every January for reconciliation for the previous year. ( I'm relazing now that I shouldn't have made that arrangement) I just found out a few days ago that my Quickbooks account has been inactive due to failure to pay since July 2022, and now at collections. Billing was set up by my bookkeeper, however I have not been able to contact her. Is there a way to update billing information/subscription to myself, if I'm now listed as the master admin? I've been talking to QBO support with no clear resolution. I know I can't be the only one this has happened to. Any insight? Thanks in advance!
What do you do when the client loses the receipts. Not all of them but some of them? Do you still categorize the transaction or do you exclude and classify it as owners expense?
Thank you for your videos! I find them to be very helpful. I'm currently working on getting my bookkeeping business registered! Should I wait until I open a business bank account to start getting quickbooks certified? I have been a bookkeeper for an HOA property management company for the past 2.5 years? Is that enough experience to start out on my own?
Hi Ashley! No you do not need to wait to start your QBO certification. You can work on that now and get your business bank account whenever it's convenient for you before you start taking on clients. Krista (FinePoints Admin)
So I go into Staples and buy: Notepad, chair, candy bar, and a tub of Red Vine Licorice (walk in customers have come to expect a free Licorice). Pay for it with a Credit Card. Credit Card statement comes in, and just says $110 at Staples. How is a book keeper going to sort that out?
@@FinePointsBookkeeping Do you have to have a copy of the receipt? Will the Credit Card statement work as a receipt? If you do make a pdf of the receipt, does each entry/category need to make reference to the same receipt?
@@tubejim101 Best practice would be to attach the receipt to the transaction (pdf or photo). You'd only need to do it once b/c Quickbooks will show each "split" in a column within that single transaction. On the P&L it will show up under each expense category, but when you click into it, it will again be grouped together with the total amount and one receipt.
I do my own bookkeeping for my 2 rental houses. I hate when I do that and I have been writing on the paper receipt deducting my snacks ect. I feel like a hack when I do that. I need to teach myself how to use this technology.... I have now gone down a rabbit hole... why dont I teach myself howto be an actual bookkeeper ??? I have been a RN the last 28 years and I am about OVER it
Do you think a new bookkeeper should try to specialize right away? I.e. should they pick a certain business category to work with? Or should they cast a broad net? Thank you!
Morgan recommends finding a niche you are interested in and starting there. Casting a wide net can make things more difficult, especially when it comes to marketing. Krista (FinePoints Admin)
Hello I wanna stady for Bookkeeper or payroll. If I wanna stady for those positions can I go and stady in community college? Or I have to stady in university? Thank you.
I'm in a financial critical situation right now and I need some very serious advice. What happens if you don't lodge or report your tax return, at the End of Financial for two years? And what if the bookkeeper you have didn't do everything right for those two years, and can quickbooks backup data from 2021...
Hi Annie. I'm sorry to hear you are in a financial situation. Morgan recommends asking your accountant what you will need to do to sort our your tax returns. QuickBooks should have all of your information backed up, but it sounds like you will want to find a skilled bookkeeper to come in and "clean-up" your books. If you're wanting to try to do it yourself, Morgan has a video on how to clean up a clients messy books that you might find helpful! th-cam.com/video/moRR3fc61XE/w-d-xo.html Krista (FinePoints Admin)
Thank you Kristal, my bookkeeper didn't use any well known software, apparently she had her own but now that she's no longer working for me, I don't know what she did or what she used to update or report the records from my business accounts. She didn't leave me anything at all. What I meant by QuickBooks (I have never used this software before)...but can I add data from 2021 till now...I want to do my own bookkeeping and the bookkeeper I had was also the accountant (so terrible 😭). So I'm looking for a reliable and honest accountant. So I'm trying to get back as much useful information about bookkeeping and what I can do to solve this terrible situation before lodging my tax return. And I'm scared for any consequences or fees that may apply after lodging my taxes 😭 I have to start from scratch and it's stressful. I can't barely pay an accountant right now but I'm trying to manage, the reason I have to do the bookkeeping myself. So any information or links to solving this problem I would be so grateful and it would be a lifesaver.
Hi Anna Marie. Ouch, that does sound difficult! Morgan recommends entering in as much of your information as you can into QuickBooks to help get you caught up. If you don't have experience with QuickBooks, check out the free QuickBooks ProAdvisor training and certification. You could take the training and skip the certification if you're not wanting to be an actual bookkeeper (besides doing your own books). This will give you a start on figuring out how QuickBooks works. Here is a video that Morgan made that will help you locate the training within QuickBooks. th-cam.com/video/H90PyiBJ8Kw/w-d-xo.html Krista (FinePoints Admin)
I really want to do this I'm already in school for accounting but I feel like I can do this, if i was to do this business part time how much money could I make a month
Hi Nicole, I'm unsure about the donation receipts vs invoices, but here is a video where Morgan talks about bookkeeping for non-profit clients (th-cam.com/video/CzxSFRetgDo/w-d-xo.html). Hope that helps! Krista (FinePoints Admin)
Hi Morgan, thank you for your video. It was helpful. I'm thinking about taking a bookkeeping course and it includes quickbooks. I know bookkeepers (as you said in video) do accounts payable, accounts receivable, expenses, categorizing, reconciliations, etc, but do they also do alot of journal entries. How do you know when to do that, What do you do if you don't have experience as a bookkeeper for example doing property management, or attorney's in quickbooks. Does the client tell you how they want it set up? Also, how do you know what reports to send out. I would appreciate any advice you can give me. Thank you so much.
Hmmm, good questions, and a lot of it you will need to kind of pick up slowly as you go along (you won't need to do all of that at once for one client!). The first time I needed to do a JE, I watched a youtube tutorial (or five!) about how to do it... same with clients of different types. Attorneys have trust accounts, but at first I didn't know about them, I just had to learn as I went along. If you're working for a bigger client, they may already have a bookkeeping process that you can be trained on. But, for solo entrepreneurs, you will be the one figuring out the process of how to work with their business. You can just start sending a simple profit & loss report, and go from there as the client requests. Not sure if that was helpful, but generally, I'd say just take one small step at a time, you don't need to have it figured out all at once. :)
I graduated a year ago with a bachelor's in science with an accounting emphasis. I have been having a hard time finding accounting jobs that don't want 5 years experience. Would book keeping be a good option to look into?
Bookkeeping could be a great option! You have a solid financial background it sounds like, and you don't need any certifications to get started. -Gabe (FinePoints Admin)
Thanks for the video. I am thinking about taking classes for this. Question... Does the Bookkeeper higher a "payroll company" to handle payroll issues, or will that business owner higher the payroll company? Thanks!
Hi Johari! Typically the business owner will hire the payroll company, but you can certainly recommend to your client which payroll company's you like to work with. Morgan's favorite payroll company is Gusto. She has also heard of Paychex and ADP. Here is a discount link for Gusto if you end up liking that: gusto.com/partners/accountants?referral_token=morgan5110& Also, check out Morgan's video (th-cam.com/video/ww_mdee7sNo/w-d-xo.html) where she talks a little bit more about payroll services for bookkeepers. Krista (FinePoints Admin)
hello, my name is Ceilia from the Bahamas. Am thinking about going to school in January for Bookkeeping but am afraid to waste the little money that I dint really have. I work in the hotel industry and because of the virus all the hotels in the Bahamas is close. I want to go back to school its been awhile over 20 years. do you thin i should try. Keep in mind I have to experience. Help me make a decision please.
Is there anyone that you can work for locally to gain some experience? Maybe a friend or family member who is starting a business? That is where I would start if I were you. I understand not being able to invest in pricey programs when starting out! I took a $100 class at a local community college when I first started. Best of luck to you, and I'm so sorry to hear about the hotel industry there. :(
I have a bachelor's degree in marketing and an associates degree computer programming. I would like to find an entry level job in bookkeeping working for a company. So with no valid experience along with the degrees I hold, what would you suggest I do to gain the credibility to get hired? Thank you!
Question, if you're only categorizing transactions that appear in bank accounts, does that mean you're following cash based accounting? Is it possible to do accrual based accounting while bookkeeping virtually and how would that work exactly? Do I ask my clients to continuously send their bills and invoices?
@@FriendTrue2008 only accrual based accounting is accepted under both GAAP (US) and IFRS (International) standards. Meaning, you record expenses and income as they occur, not when cash is paid or received. Let me know if you need further clarification.
Hi … I want to start my career in bookkeeping as freelancer … i have experience of 6 years in banking sector … but i am very new to this profession .. can you guide me that how can I start ? Thank you
Hlo mam, i like your videos soo much. I did the QuickBooks Online certification and along with it i am enrolled in an accounting diploma. So, while doing my studies can you suggest me how and where can I apply for a part time job or can you make video on how to find a Bookkeeper job without diploma in accounting.
Hi Belen, Here are links to some of Morgan's free resources that detail how to get started that you may find helpful! Video: How to become a bookkeeper (th-cam.com/video/IyZvsc0gavM/w-d-xo.html) Video: How to start your bookkeeping business (th-cam.com/video/QP6O6Qj6bCA/w-d-xo.html) Free Download: Decision Tree Chart - where do I start? (finepoints.newzenler.com/f/decision-tree-chart) Morgan also has a free masterclass that could help you in deciding if you want to get started with bookkeeping: Is bookkeeping right for me? (finepoints.newzenler.com/fp/beginner-bookkeeping-masterclass-1) We hope these resources can help give you a jump start. Please reach out to hello.finepoints@gmail.com if you have any additional questions along the way. Krista (FinePoints Admin)
Yes, definitely! It's a great PT job that's super flexible. These vids have more info: Start here: th-cam.com/video/sGEfflomJDo/w-d-xo.html How to start your business: th-cam.com/video/W089i96rbzI/w-d-xo.html
Good questions, maybe I'll ask that in a bookkeeper facebook group to see the average. I've always worked part time (2ish days a week) and had 3-7 clients.
If i have an LLC that is taxed as an s-corp, do I need a separate quickbooks and book keeper for business and personal? or can they all be done in the same quick books and be seperated as needed when filing/paying taxes? Thanks in advance!
Hey Sam! Check out this video Morgan made "Am I Read to be a Bookkeeper?" (th-cam.com/video/nWs9I0WwG_o/w-d-xo.html) Hope this helps you decide if you are ready to start your bookkeeping business! Krista (FinePoints Admin)
Morgan has a getting started playlist that may help you with this as well as a free masterclass. Here's a link to that:finepoints.newzenler.com/fp/beginner-bookkeeping-masterclass-1 -Gabe (FinePoints Admin)
Thank you for the video it’s very helpful as I am planning to start my own bookkeeping business soon. How much would you charge for cleaning up the books before you are starting the monthly fees? I am sure there will be alot more work in the beginning if they didn’t have a bookkeeper before
It's really hard to say without me knowing the scope of the client. You can charge by the hour when getting to know the client's business, but often $1,000 or more is not unusual for a clean up. Here's my video on pricing that may help you: th-cam.com/video/tm-Eo3tke0E/w-d-xo.html
Good questions! Those could definitely be things included in some bookkeeper's duties. But they are things I don't have a ton of experience with--the majority of my clients have been on a cash (not accrual basis) and haven't required adjusting or closing entries. I'll often close the books at the end of the year, but will usually partner with a client's accountant if other entries are needed for depreciating assets, etc.
Hey! It really depends on where you live and what services are being provided. Here is a video Morgan made about how much a bookkeeper can earn: th-cam.com/video/tm-Eo3tke0E/w-d-xo.html Krista (FinePoints Admin)
First, I absolutely love your videos!! I am a New Bookkeeper getting started with a Customer who has not updated their books all year long. Is there a helpful step by step video that would give me an idea of where to start with their books? Input checks, start with A/P? I am at a complete loss.
Thanks! Are you starting from scratch with a new QB account? I would start by hooking up their bank account and categorizing transactions starting in January.
You should be Eminem's Personal Secretary Or 50 cent's hip-hop helper. As a non native English speaker i am Shout out my comment in front of you. 😤😤😤 To much speed........ Plz slow down my dear....
I have few questions. There are 3 partners A,B,C in partnership llc. So what type of accounts to make for them in chart of accounts in QuickBooks at the time of their investments. Suppose A has invested $100,000, B has invested $ 200,000 and C $200,000. The second question is that the business has incurred loss in first year of its operations $ 150,000 and in second year 100,000. A profit and share ratios are A 50%, B 25% and C 30%. So which account and how they will be distributed in QuickBooks accounts. I want to know the specific chart of accounts for these 3 partners. How to make current accounts for these 3 partners with debit balances due to loss. Please reply me and make 1 video also for partnership business with the 3 partners A, B, C in QuickBooks.
Hi there. My name is Gregory. I'm currently taking the QBOPA certification exam.(I'm almost done with it) And I would love to work with a bookkeeper that has their hands full and need some one to help out with basic stuff. That would give me a little bit of experience as well which I do need. If you have any spot available , please contact me by email. Thanks.
Thanks for watching! Are you a bookkeeper or thinking of starting a bookkeeping business? Let me know what questions you have!
What do you think of H&R Block/Jackson Hewett vs. Smaller private companies for entry level into bookkeeping and tax?? I'm 29 and have a business degree I haven't completed yet(I made the mistake of transferring to the art institute and got sick of being forced to create meaningless art when I should be learning about statistics and finance. I love art! But I'm not interested in starving myself and forever being broke, hence why I went there for BUSINESS). I'm considering returning to the embarrassing Art Institute to finish my final year so I can take the 4 CPA exams.
I don't have any personal experience with those companies, but it would likely be a good way to get some experience starting out. The earning potential is more when you're working for yourself & you can niche down and charge a higher rate. I was an English & Art major in college, so I understand the struggle of enjoyment/practicality, ha!
@@ayyyejesterdazed I took the H&R block tax prep intro course last year and they encouraged us to apply for jobs there. But they have a non compete clause that (essentially) prevents you from practicing for 2 years or take your clients with you, after you quit.
That's why I didn't apply after taking that class. Now I work at a law firm that does takes and make more doing the same things than what they were offering. ($13/hr vs $15/hr + bonuses)
Another thing to consider is not being able to control what types of clients you get at big companies. You have to deal with whoever walks thru the doors and there's a wide variety of things to know. Very big learning curve compared to small / specialized firms that handle only a few types of cases, which you can quickly dive deeper into.
Also, being a CPA only helps in very very specific situations. You have to follow stricter regulations to do the same thing as non CPAs. Anyone can do taxes or bookkeeping since it has very low barriers to entry and is a necessity of life/business. But CPAs just make things certified which is usually only needed for high level and corporate stuff. Would only recommend going CPA if you plan to focus on medium (10+) to large (100+) businesses or do auditing/forensic accounting.
Hope this helps you with your decision!
@@TheAvataroo That was amazing!Thanks for taking the time to let me know your experience. Definitely not cool about not being able to take clients with me if they are my personal acquaintances that I brought to H&R. Will look more into that for any possible loopholes to cover my butt in those situations 😉
What are your thoughts on Bookkeeping Launch?
I’m a stay at home mom looking to contribute to my household, considering bookkeeping as an income source. I can’t thank you enough for all of your content.
Tomorrow i have a bookkeeping position interview. Wish me the best 🤞
How'd it go?
How’s life been since?
How did it go?
How was it?
Did you get the job?
TLDR: Bookkeepers play a crucial role in helping businesses manage their finances by categorizing transactions, preparing financial statements, and partnering with accountants during tax time.
00:00 📚 Bookkeeper categorizes income and expenses for tax purposes.
00:42 📚 A bookkeeper links clients' accounts to Quickbooks, categorizes transactions for taxes, and provides additional services as needed.
02:03 💼 Bookkeepers handle invoicing and accounts payable for clients, setting up specific systems for each and organizing bill payment.
03:13 📚 Bookkeepers handle accounts receivable, including sending invoices, tracking payments, and providing receipts to clients.
04:06 💼 Bookkeepers handle payroll, including taxes, deductions, and insurance, and many businesses now use specialized payroll companies for this task.
05:26 📊 Bookkeepers categorize transactions and prepare monthly financial statements, including profit and loss statements, to help business owners manage their finances.
06:41 📚 Bookkeepers handle outstanding invoices, balance sheets, and year-end reporting, and a follow-up video on becoming a bookkeeper is coming next week.
07:34 📚 Bookkeepers partner with accountants during tax time, providing profit and loss statements, balance sheets, and other requested information, but do not need to know how to do taxes.
I was asked to do bookkeeping (extra pay) but I don't have background so I need this! :) Ty :)
THE MAIN AIM OF BOOKKEEPING IS PROCESSING ,SUMMARISING RECORDING AND REPORTING
This was very clear and concise. Thank you for this info. I am working on learning quickbooks and getting certified. I currently work as a staff accountant but we use a different software.
Hi Daniela! Glad you enjoyed the video! Krista (FinePoints Admin)
Where are you practicing QB?
Explained this better than my teacher I’m in community for business (taking beginner accounting classes) this has been very helpful with describing the lingo
So glad this was helpful for you! -Gabe (FinePoints Admin)
I have just watched your video about "What Do Bookkeepers Do". I thank you for sharing this video. I think what you said, in the video, was encouraging and informative. Although I do have a Bookkeeping and Accounting business at home, so far I haven't had too many Bookkeepers or Accountants to encourage me along the way in this. Wherefore, I have been getting such information on how to do business in Bookkeeping and Accounting by watching TH-cam. Anyway, I think what you said, in the video, was helpful, and I am willing to try what you said. Again, I thank you for sharing this video, and do look forward to more of your upcoming videos if you will have any. I wish you well in your success, and do look forward to hearing from you. Take care.
Thanks so much for watching Rickey! Glad it was an encouragement. Hope your business is going well!
Great Info. Cathy & Harry
I’m a regular visitor to this channel. Thanks for your awesome videos.
Thanks for being a loyal watcher!
Krista (FinePoints Assistant)
I have an interview on Friday that’s coming up so wish me luck y’all 🤞🏽
Im doing a online course and I’m almost done and I’m feeling overwhelmed about what the job will actually entail and these videos helped a lot. Thank you!
Hi! I am interested in this course! May I know how are the classes!? It’s easy?
Hi.Can you give an information of the course.where do you do the course.
What course did you take?
@@Aaliyah.Kendrex look into Coursera bookkeeping.
Thank you so much for you videos. I am definitely gonna start bookkeeping and your videos are great information. I’ve never done bookkeeping. So a big thank you
Awesome! That's great news, let me know if you need anything!
FinePoints I really don’t know what I need, since I’m starting fresh new. 😁
@@shadowh801 Okay, that makes sense!
Thanks! Just enough detail so I understand, but not so much I got bored and tuned out. My parents were both CPAs and I've done night audit (by hand!) at a hotel for a while, bookkeeping sounds interesting and fun! None of this sounds difficult from what I'm used to, except Payroll. And I imagine there's more to invoices than just sending them out, what do you do when they're 60-90-120 days out?
Bookkeping seems pretty easy. Is it hard when we actually do it? I would like to hear from you or bookkeepers themselves. Thank you
@Graveyard Booze but not for developed countries?
awsome information i am new to this and trying to get information and experience i want to work for a book keeper
So glad this was helpful for you! -Gabe (FinePoints Admin)
Thanks great video. Well explained!
Love your videos! Your videos have inspired me to start my own bookkeeping business. Working on learning QuickBooks right now.💗
Yay, that's great to hear! Let me know if there are any videos that you'd like to see that would help you out!
@@FinePointsBookkeeping Hi Morgan, awesome video, appreciate the update from the older video! Im curious how many clients want to pay you for A/R debt collection and how much time you spend on it per client that wants it? (asking because I've done debt collection calls and didn't enjoy it)
thank u for the video but I have a question.what does a bookkeeper do about banking
I love this video! Thank you for posting this... I have a question... I'm starting a bookkeeping job and I want to know how you deal with difficult customers?
Iam going for an interview !!
Do you set up depreciation schedules for your clients or no? Just list assets on bs?
Such a good and informative video! Subscribed!
hope you can show an actual do of what does bookkeeping is
Hi Morgan, thanks for the video! very helpful! I have two questions: 1. regarding categorization of expenses, can you always tell what the spending relates to from the bank feed? Aside from asking the client, is there other ways to figure out the categorization if the bank feed info is not enough? 2. do you keep supporting documents for clients (in the attachment for each entry)? if you do, how do you manage the process of obtaining supporting document for the transactions from bank feed? thanks!
Hey Joel, great questions. 1. Once I learn a client's business, I can tell about 90% of the time what the expense is from the bank feed. I also sometimes google things (like, is this a local restaurant?) or look at check stubs/images online, and ideally the client will give me a heads up about a weird new purchase (holiday party, etc). I do usually save a few things to ask the client about and send them the list monthly. 2. I try not to take/save any paper from client (I talk about this more in my video coming soon "paperless bookkeeper"), they are responsible for keeping docs. I have used the receipt capture function in QBO and that works pretty well (clients can email in their receipts and then they match). Some bookkeepers will use hubdoc for this or similar, and of course be sure to charge accordingly if you are responsible for organizing/keeping supporting docs.
@@FinePointsBookkeeping thanks!
Paperless bookkeeper: th-cam.com/video/0E1CYrCBJXY/w-d-xo.html
Thank you for the knowledgeable video, appreciate it. I'm an ACCA student and living in a country where there is a lot of job competition and that too with less salary. So I'm interested in starting freelancing and my starting is going to be providing bookkeeping services, but before that I need to be fully satisfied by learning more about quickbook softwares, so can you provide me some guidelines from where I can learn the accounting software in minimum price and what other accounting should I be learning according to my accounting qualification and accounting freelancing? Thanks a lot
Very useful video, thank you so much!
Hi, I am new to this but interested in doing this on the side .. question- can I do this business all online - example I live in this state and my client is in another state ? Or … do I have to meet the client in person every so often ? And .. how do I get those types of clients ? Where do I look on the internet for them ?
Hello,
I love your videos. I was wondering if you knew of a good program that can guide me on starting a bookkeeping business?
Hi Rachell!
Check out Morgan's course Bookkeeper Business Coach:(finepoints.newzenler.com/courses/bookkeeper-business-coach)
Bookkeeper Business Coach is a simple and effective way to get your business up and running (registered with your state, etc), understand basic QuickBooks functions, market yourself for new clients, and onboard those clients well. It's a step-by-step to getting started as a bookkeeping business owner.
If you have further questions, please reach out to us at hello.finepoints@gmail.com.
Krista (FinePoints Admin)
2 questions, do you ever see something come through a clients bank account and you don’t know what it is so you have to give them a call to find out?
And, for the clients that you are managing their AR and AP, do your clients expect you to call their clients/customer if there is an outstanding AR not paid yet…. Like a delinquent payment. Or do they have in house office staff to make those phone calls?
Hi Teri! It is not uncommon to have to ask your client what a transaction may be for so that it is entered correctly. As for who is supposed to make the call for outstanding payments, that is something you will want to discuss with your client and find out who is responsible. Thanks for asking!
Krista (FinePoints Assistant)
Thank you for your video! It was very interesting!
How do you record personal transactions made by owners , like, you know, hair salon or spa, or buying clothes ? Like - loans to/from shareholders , Personal ? ( Equity ?)
I'm glad I found you.Your videos has been extremely helpful. I'm trying to learn everything about Quickbooks now that have not been able to contact my bookkeeper. I meet with my her every January for reconciliation for the previous year. ( I'm relazing now that I shouldn't have made that arrangement) I just found out a few days ago that my Quickbooks account has been inactive due to failure to pay since July 2022, and now at collections. Billing was set up by my bookkeeper, however I have not been able to contact her. Is there a way to update billing information/subscription to myself, if I'm now listed as the master admin? I've been talking to QBO support with no clear resolution. I know I can't be the only one this has happened to. Any insight? Thanks in advance!
Have you got any info coz I want to know to...I'm learning to use QuickBooks
Thank youuu
What do you do when the client loses the receipts. Not all of them but some of them? Do you still categorize the transaction or do you exclude and classify it as owners expense?
That's a good question. I asked the same on another post
Thank you for your videos! I find them to be very helpful. I'm currently working on getting my bookkeeping business registered! Should I wait until I open a business bank account to start getting quickbooks certified? I have been a bookkeeper for an HOA property management company for the past 2.5 years? Is that enough experience to start out on my own?
Hi Ashley! No you do not need to wait to start your QBO certification. You can work on that now and get your business bank account whenever it's convenient for you before you start taking on clients.
Krista (FinePoints Admin)
So I go into Staples and buy: Notepad, chair, candy bar, and a tub of Red Vine Licorice (walk in customers have come to expect a free Licorice). Pay for it with a Credit Card. Credit Card statement comes in, and just says $110 at Staples. How is a book keeper going to sort that out?
You can split the transaction into different categories, office supplies, client snacks, etc. :)
@@FinePointsBookkeeping Do you have to have a copy of the receipt? Will the Credit Card statement work as a receipt? If you do make a pdf of the receipt, does each entry/category need to make reference to the same receipt?
@@tubejim101 Best practice would be to attach the receipt to the transaction (pdf or photo). You'd only need to do it once b/c Quickbooks will show each "split" in a column within that single transaction. On the P&L it will show up under each expense category, but when you click into it, it will again be grouped together with the total amount and one receipt.
@@FinePointsBookkeeping Thanks for the help. Maybe a video idea. So one receipt with split categories :)
I do my own bookkeeping for my 2 rental houses. I hate when I do that and I have been writing on the paper receipt deducting my snacks ect. I feel like a hack when I do that. I need to teach myself how to use this technology.... I have now gone down a rabbit hole... why dont I teach myself howto be an actual bookkeeper ??? I have been a RN the last 28 years and I am about OVER it
Do you think a new bookkeeper should try to specialize right away? I.e. should they pick a certain business category to work with? Or should they cast a broad net? Thank you!
Morgan recommends finding a niche you are interested in and starting there. Casting a wide net can make things more difficult, especially when it comes to marketing.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Thank you!
Hello
I wanna stady for Bookkeeper or payroll. If I wanna stady for those positions can I go and stady in community college? Or I have to stady in university?
Thank you.
I'm in a financial critical situation right now and I need some very serious advice. What happens if you don't lodge or report your tax return, at the End of Financial for two years? And what if the bookkeeper you have didn't do everything right for those two years, and can quickbooks backup data from 2021...
Hi Annie. I'm sorry to hear you are in a financial situation. Morgan recommends asking your accountant what you will need to do to sort our your tax returns. QuickBooks should have all of your information backed up, but it sounds like you will want to find a skilled bookkeeper to come in and "clean-up" your books. If you're wanting to try to do it yourself, Morgan has a video on how to clean up a clients messy books that you might find helpful! th-cam.com/video/moRR3fc61XE/w-d-xo.html
Krista (FinePoints Admin)
Thank you Kristal, my bookkeeper didn't use any well known software, apparently she had her own but now that she's no longer working for me, I don't know what she did or what she used to update or report the records from my business accounts. She didn't leave me anything at all. What I meant by QuickBooks (I have never used this software before)...but can I add data from 2021 till now...I want to do my own bookkeeping and the bookkeeper I had was also the accountant (so terrible 😭). So I'm looking for a reliable and honest accountant. So I'm trying to get back as much useful information about bookkeeping and what I can do to solve this terrible situation before lodging my tax return. And I'm scared for any consequences or fees that may apply after lodging my taxes 😭
I have to start from scratch and it's stressful. I can't barely pay an accountant right now but I'm trying to manage, the reason I have to do the bookkeeping myself. So any information or links to solving this problem I would be so grateful and it would be a lifesaver.
Hi Anna Marie. Ouch, that does sound difficult! Morgan recommends entering in as much of your information as you can into QuickBooks to help get you caught up. If you don't have experience with QuickBooks, check out the free QuickBooks ProAdvisor training and certification. You could take the training and skip the certification if you're not wanting to be an actual bookkeeper (besides doing your own books). This will give you a start on figuring out how QuickBooks works. Here is a video that Morgan made that will help you locate the training within QuickBooks. th-cam.com/video/H90PyiBJ8Kw/w-d-xo.html
Krista (FinePoints Admin)
I really want to do this I'm already in school for accounting but I feel like I can do this, if i was to do this business part time how much money could I make a month
What would you charge a roofing contractor for this kinda a service? Per month ?
Have you had non-profit clients? I'm interested in that niche. Does QBO give donation receipts instead of invoices?
Hi Nicole,
I'm unsure about the donation receipts vs invoices, but here is a video where Morgan talks about bookkeeping for non-profit clients (th-cam.com/video/CzxSFRetgDo/w-d-xo.html). Hope that helps!
Krista (FinePoints Admin)
As a bookkeeper do you create a statement of cash flows?
Yes, you can! That is a report within QBO.
@@FinePointsBookkeeping How do you decide if your client needs a statement of cash flows?
Hi Morgan, thank you for your video. It was helpful. I'm thinking about taking a bookkeeping course and it includes quickbooks. I know bookkeepers (as you said in video) do accounts payable, accounts receivable, expenses, categorizing, reconciliations, etc, but do they also do alot of journal entries. How do you know when to do that, What do you do if you don't have experience as a bookkeeper for example doing property management, or attorney's in quickbooks. Does the client tell you how they want it set up? Also, how do you know what reports to send out. I would appreciate any advice you can give me. Thank you so much.
Hmmm, good questions, and a lot of it you will need to kind of pick up slowly as you go along (you won't need to do all of that at once for one client!). The first time I needed to do a JE, I watched a youtube tutorial (or five!) about how to do it... same with clients of different types. Attorneys have trust accounts, but at first I didn't know about them, I just had to learn as I went along. If you're working for a bigger client, they may already have a bookkeeping process that you can be trained on. But, for solo entrepreneurs, you will be the one figuring out the process of how to work with their business. You can just start sending a simple profit & loss report, and go from there as the client requests. Not sure if that was helpful, but generally, I'd say just take one small step at a time, you don't need to have it figured out all at once. :)
@@FinePointsBookkeeping thank you so much!
I graduated a year ago with a bachelor's in science with an accounting emphasis. I have been having a hard time finding accounting jobs that don't want 5 years experience. Would book keeping be a good option to look into?
Bookkeeping could be a great option! You have a solid financial background it sounds like, and you don't need any certifications to get started. -Gabe (FinePoints Admin)
@@FinePointsBookkeeping thanks for responding. It's hard to find any jobs sadly. I'll keep looking though!
I don't get why for example a contractor would need to use a bookkeeping service...can't he just write an invoice by himself?
Thanks for the video. I am thinking about taking classes for this. Question... Does the Bookkeeper higher a "payroll company" to handle payroll issues, or will that business owner higher the payroll company? Thanks!
Hi Johari! Typically the business owner will hire the payroll company, but you can certainly recommend to your client which payroll company's you like to work with. Morgan's favorite payroll company is Gusto. She has also heard of Paychex and ADP. Here is a discount link for Gusto if you end up liking that: gusto.com/partners/accountants?referral_token=morgan5110&
Also, check out Morgan's video (th-cam.com/video/ww_mdee7sNo/w-d-xo.html) where she talks a little bit more about payroll services for bookkeepers.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Thank you!
hello, my name is Ceilia from the Bahamas. Am thinking about going to school in January for Bookkeeping but am afraid to waste the little money that I dint really have. I work in the hotel industry and because of the virus all the hotels in the Bahamas is close. I want to go back to school its been awhile over 20 years. do you thin i should try. Keep in mind I have to experience. Help me make a decision please.
Is there anyone that you can work for locally to gain some experience? Maybe a friend or family member who is starting a business? That is where I would start if I were you. I understand not being able to invest in pricey programs when starting out! I took a $100 class at a local community college when I first started. Best of luck to you, and I'm so sorry to hear about the hotel industry there. :(
I have a bachelor's degree in marketing and an associates degree computer programming. I would like to find an entry level job in bookkeeping working for a company. So with no valid experience along with the degrees I hold, what would you suggest I do to gain the credibility to get hired? Thank you!
I did not see your link to the paperless video you mentioned in this video. Can you share that video link? Thank you!!
Sorry, my vids got out of order! It should be posted in the next 2 weeks. I'll link it when it's live! :)
Here it is! th-cam.com/video/0E1CYrCBJXY/w-d-xo.html
Thank you so much!! You are doing a fabulous job, I am inspired!!
Hi: another question... Do most companies use their bookkeeper to file taxes, or does the company hire someone else to do their company taxes? Thanks.
Hi Johari! The bookkeeper may do some tax prep, but the accountant typically files the taxes for the company.
Krista (FinePoints Admin)
@@FinePointsBookkeeping Thanks.
Question, if you're only categorizing transactions that appear in bank accounts, does that mean you're following cash based accounting? Is it possible to do accrual based accounting while bookkeeping virtually and how would that work exactly? Do I ask my clients to continuously send their bills and invoices?
Right, in that case cash basis, what are you doing nowadays?
@@FriendTrue2008 only accrual based accounting is accepted under both GAAP (US) and IFRS (International) standards. Meaning, you record expenses and income as they occur, not when cash is paid or received. Let me know if you need further clarification.
Hi …
I want to start my career in bookkeeping as freelancer … i have experience of 6 years in banking sector … but i am very new to this profession .. can you guide me that how can I start ?
Thank you
Hlo mam, i like your videos soo much.
I did the QuickBooks Online certification and along with it i am enrolled in an accounting diploma. So, while doing my studies can you suggest me how and where can I apply for a part time job or can you make video on how to find a Bookkeeper job without diploma in accounting.
Great job completing your certification! Check out my video called "Hacks to gain experience" that should help you!
FinePoints Sure, 😊
Thank you teacher
I would like to learn how to be a book kepper !! how can start to Learn?
Hi Belen,
Here are links to some of Morgan's free resources that detail how to get started that you may find helpful!
Video: How to become a bookkeeper (th-cam.com/video/IyZvsc0gavM/w-d-xo.html)
Video: How to start your bookkeeping business (th-cam.com/video/QP6O6Qj6bCA/w-d-xo.html)
Free Download: Decision Tree Chart - where do I start? (finepoints.newzenler.com/f/decision-tree-chart)
Morgan also has a free masterclass that could help you in deciding if you want to get started with bookkeeping: Is bookkeeping right for me? (finepoints.newzenler.com/fp/beginner-bookkeeping-masterclass-1)
We hope these resources can help give you a jump start. Please reach out to hello.finepoints@gmail.com if you have any additional questions along the way.
Krista (FinePoints Admin)
Hi, does there any way to do a part time job such as bookkeeping
Yes, definitely! It's a great PT job that's super flexible. These vids have more info:
Start here: th-cam.com/video/sGEfflomJDo/w-d-xo.html
How to start your business: th-cam.com/video/W089i96rbzI/w-d-xo.html
I’d like to ask if bookkeeping is a job that will consume s lot of your time?
How many clients does the average bookkeeper have?
Good questions, maybe I'll ask that in a bookkeeper facebook group to see the average. I've always worked part time (2ish days a week) and had 3-7 clients.
If i have an LLC that is taxed as an s-corp, do I need a separate quickbooks and book keeper for business and personal? or can they all be done in the same quick books and be seperated as needed when filing/paying taxes? Thanks in advance!
I would separate them.
I have done my fa1,fa2,f3 and ma1,ma2 and f2
Can I get a bookkeeper job now?
Hey Sam! Check out this video Morgan made "Am I Read to be a Bookkeeper?" (th-cam.com/video/nWs9I0WwG_o/w-d-xo.html) Hope this helps you decide if you are ready to start your bookkeeping business!
Krista (FinePoints Admin)
Dear , how I can to you for learning .
I have no pre knowledge of bookkeeping, how I can start?
Morgan has a getting started playlist that may help you with this as well as a free masterclass. Here's a link to that:finepoints.newzenler.com/fp/beginner-bookkeeping-masterclass-1 -Gabe (FinePoints Admin)
Thank you for the comment. Do you know any schools available for to help people with learning disability
Love the content!
Thanks so much!
Hi I want to study a bookeeping course where can I find the online course
Bookkeeper Launch: sk293.isrefer.com/go/BLFAQ/ML82/
Bookkeeper Launch free series: sk293.isrefer.com/go/BLFS/ML82/
Do you HAVE to be a QBO pro advisor ( get certified) to use QBO in your business?Can you just learn the software and get certified later?
Yes, you can definitely get certified later, that's how I did it. :)
@@FinePointsBookkeeping Good to hear. That's a relief 🙂
Thank you for the video it’s very helpful as I am planning to start my own bookkeeping business soon. How much would you charge for cleaning up the books before you are starting the monthly fees? I am sure there will be alot more work in the beginning if they didn’t have a bookkeeper before
It's really hard to say without me knowing the scope of the client. You can charge by the hour when getting to know the client's business, but often $1,000 or more is not unusual for a clean up. Here's my video on pricing that may help you: th-cam.com/video/tm-Eo3tke0E/w-d-xo.html
FinePoints Thank you 💕
Do you do adjusting entries as part of bookkeeping Morgan? If so how often . And closing entries?
Good questions! Those could definitely be things included in some bookkeeper's duties. But they are things I don't have a ton of experience with--the majority of my clients have been on a cash (not accrual basis) and haven't required adjusting or closing entries. I'll often close the books at the end of the year, but will usually partner with a client's accountant if other entries are needed for depreciating assets, etc.
What’s the average cost of a book keeper
Hey! It really depends on where you live and what services are being provided. Here is a video Morgan made about how much a bookkeeper can earn: th-cam.com/video/tm-Eo3tke0E/w-d-xo.html
Krista (FinePoints Admin)
First, I absolutely love your videos!! I am a New Bookkeeper getting started with a Customer who has not updated their books all year long. Is there a helpful step by step video that would give me an idea of where to start with their books? Input checks, start with A/P? I am at a complete loss.
Thanks! Are you starting from scratch with a new QB account? I would start by hooking up their bank account and categorizing transactions starting in January.
🤩
He keeps books.
I have a virtual bookkeeping interview tomorrow. Wish me luck!
Hope your interview went well!!
Krista (FinePoints Admin)
A bookkeeper do not do taxes ??? 😳😳😳 I thought that
I have 8 years of experience in sap fico
You should be Eminem's Personal Secretary Or 50 cent's hip-hop helper. As a non native English speaker i am Shout out my comment in front of you. 😤😤😤 To much speed........ Plz slow down my dear....
A job ready to be automated
I have few questions. There are 3 partners A,B,C in partnership llc. So what type of accounts to make for them in chart of accounts in QuickBooks at the time of their investments. Suppose A has invested $100,000, B has invested $ 200,000 and C $200,000. The second question is that the business has incurred loss in first year of its operations $ 150,000 and in second year 100,000. A profit and share ratios are A 50%, B 25% and C 30%. So which account and how they will be distributed in QuickBooks accounts. I want to know the specific chart of accounts for these 3 partners. How to make current accounts for these 3 partners with debit balances due to loss. Please reply me and make 1 video also for partnership business with the 3 partners A, B, C in QuickBooks.
This is a specific question, and we recommend networking inside different FB groups to get answers like this :) -Gabe (FinePoints Admin)
@@FinePointsBookkeeping thanks
Hi there. My name is Gregory. I'm currently taking the QBOPA certification exam.(I'm almost done with it) And I would love to work with a bookkeeper that has their hands full and need some one to help out with basic stuff. That would give me a little bit of experience as well which I do need. If you have any spot available , please contact me by email. Thanks.