Bookkeeping Q&A (What if I can't reconcile?? +More!)

Summary

Morgan from Fine Points Tapas answers various bookkeeping questions in a casual Q&A session. She discusses when to deny services to clients, dealing with bookkeeping errors, handling client paperwork, and managing accounts payable and receivable. Morgan also covers client setup, duration of client relationships, rate increases, finding clients, and who pays for QuickBooks. She provides practical advice for new bookkeepers, including pricing strategies and networking tips, while encouraging viewers to ask more questions for future videos.

Takeaways

• 😀 Morgan from Fine Points Tapas is hosting a casual Q&A session to address bookkeeping questions from her audience.
• 🚫 Morgan may deny services to potential clients who are too small for bookkeeping needs, prefer not to use QuickBooks, or are not a good fit in terms of work style or ethics.
• 🔍 Morgan emphasizes the importance of reconciling client books meticulously, noting that small discrepancies can indicate larger issues.
• 📚 She prefers not to handle clients' physical paperwork, advocating for digital solutions like QuickBooks Online receipt capture for a paperless approach.
• 💼 Morgan has experience with accounts payable and receivable, offering examples of bill-paying and invoicing in different business contexts.
• 📈 For new clients, Morgan discusses the process of setting up QuickBooks files, including recording opening balances or continuing from existing files.
• 💰 She addresses the topic of rate increases for long-term clients, suggesting transparent communication and providing advance notice.
• 📝 Morgan recommends becoming a QuickBooks Online Accountant for free training and potential client leads through their directory.
• 🤝 She highlights the value of meeting clients in person or via conference calls to build relationships, especially when first starting to work together.
• 💻 Many of Morgan's clients use traditional paper checks, but for those who prefer digital payments, she would use QuickBooks merchant services.
• 📈 Finding clients often comes down to networking and word-of-mouth, with social media being a useful tool for getting one's name out there.
• 💼 Morgan discusses different payment arrangements for QuickBooks subscriptions, including scenarios where the bookkeeper or the client covers the cost.
• 💰 Pricing for bookkeeping services can start at $40 per hour, with recommendations to adjust rates based on experience and location.

Q & A

What is the purpose of the video session conducted by Morgan?

The purpose of the video session is to address bookkeeping questions collected from various sources in a casual format, providing insights and advice to viewers interested in bookkeeping.

Under what circumstances would Morgan consider denying services to a potential client?

Morgan would consider denying services if a client's business is too small to afford a bookkeeper, if they do not want to use QuickBooks, or if there is a fundamental mismatch in working styles or values.

What is Morgan's stance on using QuickBooks for bookkeeping services?

Morgan specializes in using QuickBooks and prefers not to learn multiple programs, allowing for higher efficiency and the ability to charge a premium for her specialized service.

Has Morgan ever encountered a situation where she couldn't reconcile a client's books?

Morgan has not personally encountered a situation where she couldn't reconcile a client's books, as she believes there is always an error to be found, even if it's a small discrepancy.

What is Morgan's view on using the forced reconciliation function in QuickBooks?

Morgan acknowledges the existence of the forced reconciliation function but suggests that it should be used judiciously, as small discrepancies can sometimes indicate larger underlying issues in the books.

How does Morgan handle paperwork with her clients, such as receipts and invoices?

Morgan prefers not to handle physical paperwork and encourages clients to file their own receipts. She also utilizes QuickBooks Online's receipt capture feature for a paperless approach.

What are Morgan's experiences with clients handling their own accounts payable and receivable?

Morgan has worked with clients who handle their own invoicing and bill pay, and she has also taken on these tasks for clients, adapting her services based on their needs and preferences.

How does Morgan approach setting up new clients in QuickBooks?

If a client is new to QuickBooks, Morgan records the opening balance based on their current bank statement. If they already have a QuickBooks file, she reviews and continues from where they left off.

How does Morgan inform her clients about rate increases?

Morgan suggests giving clients fair warning and explaining the reasons for the rate increase, such as increased expenses or additional experience.

What is Morgan's approach to meeting with clients?

Morgan meets with clients in person when possible, especially initially, and uses conference calls for clients in other states to build relationships and understand their businesses.

How does Morgan handle client billing and payment methods?

Some of Morgan's clients use paper checks, while others may use QuickBooks merchant services. She incorporates credit card fees into her pricing structure if necessary.

What are Morgan's strategies for finding new clients?

Morgan relies heavily on word-of-mouth and networking, as well as leveraging social media to inform her network that she is available for bookkeeping services.

Who typically pays for the QuickBooks subscription when working with clients?

The payment for QuickBooks can be handled either by the bookkeeper or the client. Morgan sometimes gets a wholesale deal and covers the cost, which is then included in her fees.

How should a new bookkeeper determine their rates?

Morgan recommends starting at $40 an hour and adjusting based on experience and location. Fixed pricing is also an option, providing predictability for both the bookkeeper and the client.

Outlines

00:00

🤔 Deciding When to Deny Bookkeeping Services

Morgan from Fine Points Tapas addresses the question of when to deny bookkeeping services to potential clients. She explains that she might not take on a client if they are too small to afford a bookkeeper or if they do not wish to use QuickBooks, as she specializes in this software. Additionally, she discusses the importance of a good fit between bookkeeper and client, including shared values and compatible working styles. Morgan also shares her experience with reconciling clients' books, mentioning that she has not encountered a situation where she couldn't reconcile an error, but acknowledges the existence of the forced reconciliation function in QuickBooks and the debate among bookkeepers about its use.

05:03

📄 Client Paperwork and Invoicing Preferences

Christina's question about the handling of paperwork and invoicing leads Morgan to discuss her preference for minimizing paperwork and not dealing with clients' physical receipts or invoices. She explains that she prefers clients to file their own receipts and has started using QuickBooks Online's receipt capture feature for a paperless approach. Morgan also shares examples of her past work with accounts payable and receivable, including a non-profit organization where she handled bill payments in person and a medical practice where she managed digital invoicing after insurance claims.

10:08

🔍 Setting Up New Client Accounts and Reconciliation

Craig's inquiry about the initial setup for new clients prompts Morgan to describe her process for establishing open accounts and reconciling bank accounts. If a client is new to QuickBooks, she records the opening balance as an equity account. For existing clients, she reviews previous reconciliations and continues from the current state. Morgan emphasizes the importance of understanding the client's current situation and working from there.

15:09

💰 Client Retention and Rate Increase Strategies

Stephanie asks about client retention and how to handle rate increases. Morgan admits she hasn't had much experience with rate increases but suggests providing clients with advance notice and explaining the reasons for the increase. She believes that rate adjustments are a normal part of business and that clients will generally understand. Morgan also discusses the benefits of being a QuickBooks Online accountant, including free training and the potential for client referrals.

20:10

🤝 Meeting Clients and Billing Methods

Sandra's question about meeting clients and billing methods is answered by Morgan, who explains that she often meets with clients, especially initially, either in person or via conference calls to build relationships. She also discusses her preference for clients to write paper checks, but mentions that she would use QuickBooks merchant services for clients who prefer not to use paper checks. Morgan highlights the convenience of integrating services and incorporating credit card fees into her pricing structure.

📈 Finding Clients and Determining Pricing

Tracy's question on finding clients leads Morgan to share her strategies, including networking and word-of-mouth referrals. She also mentions the importance of letting people in one's network know about her bookkeeping services. Regarding pricing, Morgan advises starting at $40 an hour and adjusting rates based on experience and location. She also discusses the option of fixed pricing for clients, providing predictability for both parties.

👋 Closing Remarks and Invitation for Further Questions

In the final paragraph, Morgan thanks the viewers for their submitted questions and encourages them to leave more in the comments or for future videos. She expresses her hope for continued support and engagement with her bookkeeping business content.

Keywords

💡Bookkeeping

Bookkeeping is the process of recording financial transactions in a company's books. It is a foundational aspect of accounting and involves organizing, summarizing, and analyzing financial data. In the video, the speaker discusses various aspects of bookkeeping, such as reconciling client books, handling accounts payable and receivable, and setting up new client accounts. This is central to the video's theme as it addresses common questions and concerns in the field.

💡QuickBooks

QuickBooks is a widely used accounting software that helps small and medium-sized businesses manage their financial records. The speaker in the video emphasizes their specialization in QuickBooks, indicating that they prefer to work with clients who use this software. This is significant as it shows the speaker's niche and expertise, and also highlights the importance of using a standardized platform for efficiency in bookkeeping.

💡Bank Reconciliation

Bank reconciliation is a critical task in bookkeeping where a company's bank records are compared with its own financial records to ensure accuracy. The speaker mentions that they often deal with bank reconciliations and that they use the forced reconciliation function in QuickBooks when discrepancies are too small to find manually. This highlights the practical challenges and solutions in maintaining accurate financial records.

💡Accounts Payable (AP)

Accounts payable refers to the money a business owes to its creditors or suppliers. The speaker discusses handling accounts payable, explaining how they have worked with clients to process bill payments and manage vendor relationships. This is relevant to the video's theme as it showcases one of the key responsibilities a bookkeeper might have in managing a client's financial transactions.

💡Accounts Receivable (AR)

Accounts receivable is the money owed to a business by its customers. The speaker provides examples of how they have managed accounts receivable, such as invoicing patients in a medical practice and handling insurance payments. This demonstrates another core aspect of bookkeeping where the speaker's expertise is applied in real-world scenarios.

💡Reconciliation Discrepancy

Reconciliation discrepancy refers to the small differences that sometimes occur between a company's records and its bank statement. The speaker discusses the debate among bookkeepers about whether to use the forced reconciliation function in QuickBooks to adjust for these discrepancies. This is an important concept in the video as it touches on the ethical and practical considerations in bookkeeping.

💡Pro Advisor

A Pro Advisor is a designation given to professionals who have demonstrated expertise in QuickBooks. The speaker encourages viewers to become Pro Advisors by signing up for QuickBooks Online Accountant, which offers free training and benefits. This is significant as it provides a pathway for bookkeepers to enhance their credibility and professional development.

💡Networking

Networking is the process of building and maintaining relationships with others in one's industry. The speaker mentions that some of their best clients came from word-of-mouth and networking, emphasizing the importance of personal connections in business. This is relevant to the video's theme as it offers practical advice for bookkeepers looking to grow their client base.

💡Rate Increases

Rate increases refer to the practice of raising the fees or prices for services over time. The speaker discusses how they would inform clients about rate increases, suggesting a transparent approach with advance notice. This is an important aspect of running a business, as it affects client relationships and the sustainability of the bookkeeper's services.

💡Remote Work

Remote work involves working from a location outside of a traditional office setting, often from home. The speaker mentions the challenges of working remotely, such as the lack of immediate access to clients for questions. This is relevant to the video's theme as it addresses the modern work environment and how bookkeepers can effectively manage client relationships in a remote setting.

💡Invoice

An invoice is a document issued by a seller to a buyer, indicating the products or services provided, their cost, and payment terms. The speaker provides examples of invoicing in different contexts, such as a medical practice where insurance payments are involved. This is a fundamental concept in the video as it relates to the bookkeeper's role in managing a client's financial transactions.

Highlights

Morgan from Fine Points Tapas discusses bookkeeping questions in a casual Q&A format.

Denying services to potential clients is based on factors like size, use of QuickBooks, and compatibility.

QuickBooks specialization allows for higher charges and efficiency.

Forced reconciliation in QuickBooks can be used for minor discrepancies, but caution is advised.

Morgan has not encountered a client's books that couldn't be reconciled.

Preference for dealing with bank reconciliations and financial statements rather than paperwork.

QuickBooks Online receipt capture is a tool for going paperless.

Examples of handling accounts payable and receivable in different business scenarios.

Setting up new clients in QuickBooks involves recording opening balances or continuing from existing files.

Client retention and rate increases are managed through communication and understanding.

Free training for bookkeepers is available through QuickBooks Online Accountant.

Meeting clients in person or virtually is crucial for building relationships, especially in the beginning.

Billing clients can be done through paper checks, ACH, or QuickBooks merchant services.

Word-of-mouth and networking are effective ways to find bookkeeping clients.

Who pays for QuickBooks depends on the client's existing subscription or the bookkeeper's arrangement.

Starting bookkeepers are advised to charge $40 an hour, with potential for rate increases as experience grows.

Fixed pricing for bookkeeping services can provide predictability for both the bookkeeper and the client.

Transcripts

hi I'm Morgan from fine points tapas and

today I'm gonna be doing a question and

answer session with all of your guys's

bookkeeping questions so I collected

questions from different places and I've

put them all together I have my computer

sitting here today this will probably be

a little bit more casual format I

probably won't edit every single piece

of dead space as much as I usually do

I'll just go through these questions and

chat with you guys give this video a

thumbs up if you liked it that helps me

out so much helps you to know that

you're engaged in my video and you want

more to see more like these and don't

forget to hit the red subscribe button

down below

to get a bikini video for me every week

so the first question is from Alexis and

she asked at what point would you deny

services to a potential client so that's

a really good question one instance that

I probably wouldn't take on a client is

if they're really just too small and I

don't think that they can or should

afford a bookkeeper yet so in that case

you know I might be like you know great

you're getting started in your business

why don't you contact me in like six

months to a year and then maybe you'll

have like the income that we'll really

be able to support a bookkeeper as well

as if a client doesn't want to use

QuickBooks then I usually won't take

them on because I really just want to

specialize in QuickBooks and I don't

want to be learning a bunch of different

programs all the time because that's not

um not efficient for me and I'm able to

charge a higher amount if I really

specialize and have that niche in just

QuickBooks and then um other times I've

found that sometimes it's just like not

a good fit like in any other job

situation you know usually like both

people kind of like sense it either like

maybe like sometimes morals aren't the

same or just your style or maybe the

client um is kind of unwilling and

unable to have someone work remotely and

they just don't have like the technology

in place for that so just like those

type of styles I wouldn't say like the

phrase deny services you know seems like

kind of dramatic to me but um yeah so I

don't really think as denying services

or like firing a client which I would do

if I needed to if they weren't working

out or if they weren't paying me or

something but I do think that usually

it's just you kind of feeling out to see

you guys are a good fit together alright

and then she also asked have I ever come

across a client's books that I wasn't

able to reconcile so personally no I was

trying to think back I can't remember a

time that I like really couldn't find an

error like usually there's always

something you know something's off

you're like usually you can just go back

through the bank and find it I have I

know that there is a forced

reconciliation function in QuickBooks

that you can use if you can't you know

if you're off by like a few cents and

you can't find it and then I believe

that makes a journal entry and it has

its own like expense category in the

chart of accounts that just says like

reconciliation discrepancy or something

so I know you learned about that in like

classes I've taken and then I've heard

of other bookkeepers talk about that and

it kind of is a little bit of a

bookkeeper like discussion like some

bookkeepers are like you should never

ever use that because you know there's

something wrong like those few pennies

are telling you something's wrong in

your books and you need to figure out

what it is and it took me a while to

kind of grasp this but really like a

small a couple pennies could be like so

you know you're out you have your income

and your expenses so say you have a

thousand dollars like incorrect extra

income and then you have nine hundred

and ninety-nine dollars and 99 cents of

extra or of an error in your expenses so

those things you know will equal out to

just be like a penny or a very small

amount but really the error is like

almost $2,000 worth of mistake you know

if you're not supposed to have this and

you're not supposed to have this

thousand dollars and of course yeah it

equals out but you know those small

pennies the small errors or a couple

dollars can help you uncover maybe a

bigger problem within your books and so

that's kind of like one school of

thought of bookkeepers like never use

that function and then the other school

of thought is you know the client is

paying me you know 40 60 70 80 dollars

an hour to reconcile

books and it's not worth my time because

I'm actually gonna be charging the

client for that time searching for those

pennies so to the client you know it's

more money that they'd be spending than

you're really saving then so I mean I'm

kind of somewhere in the middle I try I

would always try as hard as I can to

find any discrepancies but at some point

I do think it's fine to use the

reconciliation discrepancy function or

the forced reconciliation all right and

then Christina asked um okay so she was

kind of asking about the layout of my

business and how I work with paperwork

specifically so she said do I exchange

any type of paperwork of clients like

receipts or invoices and then do clients

handle their own AP and AR so that's

like invoice in their own invoicing in

their own bill pay so any accounts

receivable and accounts payable so she

made the observation that the things I

talk about most are bank reconciliations

for financial statements and that

analysis and the payroll is an add-on

and she said she's trying to start her

business are just saying to figure out

what um what services to provide it so

this actually made me realize that that

is true that's kind of almost like a

niche or specialty I have that I kind of

have the preference that I just want to

be dealing with people's bank

reconciliations and and that type of

thing and I prefer not to take any

paperwork so you can definitely be a

bookkeeper that deals with a lot more

paper than I do but that's just not my

preference so in terms of paperwork I

try it as hard as I can not to take any

of my clients paperwork I'll have them

file their own receipts in their offices

and depending on the client and their

size and the type of business I've

started been starting to use the

QuickBooks Online receipt capture so

they can take a picture of it and it'll

send it to QuickBooks and then

I can attach it to that expense so that

is a great way to go paperless I know

also sometimes you know bookkeepers do

use Dropbox or other types of online

programs like that too to deal with

paper or deal with you know Records and

stuff um so I did want to give you a

couple examples of clients that I have

done accounts payable and accounts

receivables with so so I'll start with

bill-paying so for a larger client I had

it was a non-profit with about like 40

people that worked there and I would go

into their office once a week and

basically pay bills for them and then do

other things in QuickBooks as well but

how the bill paying worked was they

would get all their paper statements in

the mail it was pretty paper-based and

then there was different department

heads so there was I think there's three

different departments so the department

heads would get their bill they'd verify

that it was the right amount they would

sign it or approve it and then they

would code it so tell me like what

category they wanted it in QuickBooks

and then so each week I would be I would

have a stack of maybe like 20 or so

bills to pay and then I would put them

in QuickBooks in the write checks area

and then print them out and then made a

mail I'm in the physical mail to each

vendor so and in QuickBooks you can keep

all the vendor information so you can

keep you know it usually be a lot of the

same vendors so every month I could that

addresses were saved in there and then

when they print it out they print out in

the cheque so you can just get their

little envelopes with Windows where it

Peaks through so it's pretty easy and

then all the checks are earning

QuickBooks and so when the vendor cashes

them you just would match what comes

through the bank with what you've

already entered in QuickBooks so that is

definitely a way to do Bill Pay and yeah

so that's one option of that's a very

paper-based system and then in terms of

invoicing I worked for a client that was

like a medical practice and this one was

a little bit more digital

based business so it was a medical

practice so I was in terms of invoicing

all the clients and the difference there

was it would go through insurance first

so anytime a patient would come to the

medical practice they'd go to first get

billed insurance and then we had a

separate um like a website or service

that told me how much insurance paid and

then how much was left to charge the

patient so then I would go take say it

was $130 I take that $130 I would put it

in QuickBooks as an invoice and then I

would email the invoice to the to a

patient and then they would be

responsible for paying that often I had

their credit card information on file

and so I could just run their credit

card if they had approved that ahead of

time otherwise they could also bring a

check into the office and then the

someone an office would cash it because

I was off-site so that worked well for

that business so that's just two

examples of I can do payables and

receivables depending on the client and

how they want their offices set up other

clients just do their bill pay like

maybe the owner would do the bill pace

through their bank account and then I

would just see you know all the expenses

hit the bank and then I would just

categorize and be like okay Comcast I

know that's you know Internet and etc

all right next one is Craig so he asked

like about when you first get a new

client how you do it so he said when you

get a new client how do you set up open

accounts and do you reconcile their bank

account or do you just record an opening

balance when you take over so this most

so yeah so this mostly depends on if the

client is starting a new QuickBooks file

or not so anytime a client so say the

client was using a different software or

they're just using Excel documents or

does something other than QuickBooks

then when you open the QuickBooks file

you were to record the opening balance

so whatever their bank account says on

that day

and usually you'd start it on January

first not all the time but typically a

client would want their you know

QuickBooks file for an entire year so

you'd start it probably January first

you'd write the opening balance that

would be an equity account because it's

money it's not income that they made

just then it was like equity that was

already in the business so yeah so in

that case if it's a new file you record

the opening balance but alternatively if

they already had a QuickBooks file that

was looking good I would just you know

look over it make sure that all the

reconciliations look good maybe

reconcile the the months previous

and then just start off wherever they

ended or where you know I would just

start with the present and go forward

from there Stephanie asks how long do

clients typically stay with you do you

have a lifelong clients and if so how do

you inform them of rate increases as I

grow over the years so that's a great

question as well you know I actually

really haven't had to deal with this too

much yet because I worked when my first

daughter was born I worked for a few

years and then I kind of like took a

pretty big step back when I had my

second kid so I don't have I gave away

all the clients from the first couple

years to other bookkeepers and then I

haven't really had to you know do rate

increases since then but I would imagine

you just do it similarly to you know

like a hairdresser or any other service

provider that has rate increases maybe

give your clients like some notice be

like you know in six months my rates are

going up and it's for these reasons

maybe because QuickBooks has raised

their rates and so my expenses have gone

up you know I have more experience now

so give them fair warning give them kind

of the reasons why and then you know I

think it's perfectly understandable and

reasonable for you to raise your rates

from time to time I think that's a

normal part of business and I think

people will understand and maybe if

there's a client that's not able to

afford that maybe that's just a sign for

both of you guys that maybe it's time to

you know end that relationship and then

maybe you can spend that time working

for a new client you'll have extra time

to

and on someone else who is able to

afford that and then I have a lot of

questions about just where to get free

that free training and I made a video

all about that so I'll link it up in the

cards and then down in the description

box you just want to make sure you go to

QuickBooks Online accountant and then

there's pro advisor training within

there it's totally free to sign up for a

QuickBooks Online accountant definitely

do that if you haven't already just

being a pro advisor has a lot of

benefits you can it's kind of like an

industry standard you can use this

little badge on your website and say

like I'm a pro advisor and I'm certified

in QuickBooks Online as well as they

have like a directory where you can

people can look you up so you can make a

little profile in there so in theory

clients could find you that way and then

oh the other thing I was gonna say about

QuickBooks Online accounting is try as

hard as you can to find deals a lot of

times they'll have the deal that five if

you sign up five new clients there are

only $5 each every month and that's for

two years so that's I think the best

deal I've seen on QuickBooks Online

accountant but so yeah definitely try to

get that deal if you can all right

Sandra said that I work from home but do

I ever meet with my clients so I

definitely do especially at the

beginning as I'm kind of getting to know

them if it's a local client then I will

meet with them and personally theirs at

their office or at a neutral location

like a coffee shop or something and then

if it is someone that works or some of

it's in another state I'll usually do a

conference call or two or three as we're

kind of getting started getting training

and I'm learning their business so that

just really helps build usually I use

zoom for that as well it's a free

resource that you can use for conference

calls that just helps you really build

like relationship with people get to

know them and just the more you can

communicate the better because that is a

challenge I'm working from home is just

that you know you don't always you're

not right there asking questions all the

time so I do find it it can be pretty

efficient because you just I just have a

list of all my questions go through them

all and then

we're able to communicate that way so

that works well and then same ass with

billing clients do I use a ACH feature

via your bank or is there another way um

I said I would say actually a lot of my

clients right now writing paper checks

and put them in the mail and I'm like

that's perfectly fine with me because

that's part of it how their business

system is working like they are used to

writing checks and then it there's no

fee for me which is nice but any clients

that don't want to use paper chips I

would probably use the QuickBooks the

merchant services through QuickBooks

mainly because it's easy cuz all kind of

tied together and I wouldn't have to do

extra work for it

and credit card fees I would just fold

into my pricing structure so that I

wouldn't be charging them the you know

one two three percent make sure it's

included as part of my services all

right Tracy asks how do you find clients

um I do have a video on how to get

clients as a freelancer I'll link it

down below so check that out for like a

bunch of ideas I'd say my best clients

came really from word-of-mouth and

networking I feel like that's how

everyone says that's the best way to get

a job now and I would agree yeah I think

some of my best clients were like kind

of like acquaintances like classmates of

my sister or classmates of my husband or

you know just someone I knew but like

they weren't like my best friend but

they were you know kind of connected to

me somehow and then I was recommended to

them so yeah I would definitely work on

networking that's awesome anytime you

can get your name out there tell your

friends a family post on your Facebook

or Instagram that you're a book keeper

and you're looking for clients and you'd

be surprised how many people need a book

keeper and how common it is and when

people need a book keeper they don't

really know where to look sometimes so

they are happy to have you as you know a

resource that that's in their network

who pays for QuickBooks so bookkeepers

do it both ways sometime

the bookkeeper will pay or the client

will pay how I usually set it up is if

the client already has a quick

QuickBooks subscription and they're

going and they're you know I'm just

taking over then I'll just I won't

change anything I'll just pick up where

they left off they'll invite me as a

user and then I will work on their

QuickBooks file if it's a newer client

who is new to QuickBooks then I can get

them a wholesale deal and so then I

would be paying for QuickBooks as long

as my clients meet like a monthly

minimum

I personally cover the cost for them so

it's like kind of like free for them

even though it's kind of included in

like my fees or my cost so in that case

I'm paying for QuickBooks I've also had

it done where the client for a variety

of reasons it's maybe they want to do

the books themselves or you know it's a

friend or something then they can buy

QuickBooks at a at the wholesale price

my wholesale price as a QuickBooks

accountant member and then I just charge

them usually I charge them for the year

so I'll just send them an invoice at the

beginning at the end of the year and be

like this is your QuickBooks

subscription that I paid for you and

QuickBooks does have it set up where if

you want to get that wholesale price the

account the bookkeeper has to be the one

to pay and then it's your choice how you

want to be repaid for that if you want

to roll it into your services or if you

want to put a separate line item on an

invoice and that's up to you but

bookkeepers do it both ways so just kind

of find out what's easiest for you and

what makes the most sense all right and

Ricky asked how much should I charge

clients when I do their bookkeeping so

this is still something that I am kind

of working through in figuring out and I

want to like test as much as I can

before I get a video up for you guys

um but I recommend if you're just

starting out charge $40 an hour and it

depends on what area you live in of

course kind of you might want to do some

price matching or price research in your

area and see how much bookkeepers charge

so start out there then you can as you

get more experienced you can raise your

rates every so often maybe when you get

a new client

you'll quote them a little higher

there's also fixed race fixed pricing

which means just charging a set amount

per month that is preferable because

then both you and the client know what

to expect and then if you do you're

quicker than you you know you're kind of

rewarded with that because you have time

left over and you get the same amount of

money so yeah so those are kind of the

basics I'd say you start out hourly for

new clients I start out hourly because

it's often hard to figure out how much

how long with their books will take when

you're first getting to know their

business alright this video is getting

pretty long so I'm going to cut it off

for now for today's video so thank you

guys so much for submitting questions

let me know in the comments down below

any other questions you might have

and I can answer down there or and

definitely include it in another video

if it's something that I get in getting

a lot so good luck guys

I hope you enjoy starting your

bookkeeping business and I would love to

talk to you more soon thanks Mike

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