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How the Reconciliation Summary Report Can Save You a Lot of Trouble

September 25, 2018 by Michelle Mangen Leave a Comment

Quickbooks“You have to amend last year’s tax return,” I said to a new bookkeeping client.

It was early May and I was going through our Deep Dive 25 checklist for a new client. During this audit, I discovered that the current bookkeeper never did December.

While probably slightly less panic ridden than, “You’re getting audited,” no one wants to hear they have to amend a prior year return. Sure, amending a return typically doesn’t cost more than the original tax return…but it’s still an expense (and headache) that could have easily been avoided had the business owner known there was a report available to do a quick double check.

Enter the Reconciliation Summary report. It’s one of the most useful QuickBooks Online reports available to business owners.

It’s an easy way for a business owner to confirm that their bookkeeper or accountant has reconciled all financial accounts (checking, savings, PayPal, credit cards, lines of credit, loans, etc.) prior to providing reports to their tax preparer.

Click to Tweet

How To Find The Reconciliation Report in QuickBooks Online

There is a video at the end of this post.

NOTE: These instructions are for the regular users. The instructions are slightly different for users with Accountant access.

Step One:

  • Select Reports from the left navigation menu
  • Type: Reconciliation Reports in the search bar

Where To Find QuickBooks Reconciliation Reports

Step Two: Select “Summary” in the upper right corner

Bank Account Doesn't Balance in QuickBooks

You should now have a summary of all banking related accounts, the last statement reconciled and when that reconciliation was done.

From the example below, you can see all accounts were reconciled on August 11, 2018 for the July statements, except for the Wells Fargo savings account. In this case, the statements are only generated quarterly, so it’s as current as it can be.

QuickBooks Online Reconciliation Summary

There’s a certain peace of mind that comes–especially at tax time–with knowing that bank accounts are reconciled.

Now you know how to run the report, and knowledge is power!

YVA Tip: Ask your bookkeeper to provide this report prior to filing taxes. Review it to assure accuracy, and then provide it to your tax preparer, too.

PS: You can hire us to do an audit of your books! Learn more here.

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Video Instructions

Filed Under: Quickbooks Tips

Download This Free Bookkeeping Check-Up Guide Today!

September 20, 2018 by Michelle Mangen Leave a Comment

One of the most common things we’ve heard from small business owners is that they aren’t sure how things are with the bookkeeping. There are some who believe everything is fine…and there are others who have a nagging sense that things aren’t quite right.

(Drum roll please!)

We’re excited to announce a free guide we’ve put together for any small business owner who is interested in doing a bookkeeping check-up. This will help whether you want to check the work you did yourself or what you hired a paid bookkeeper to do (As much as it pains me, please don’t assume a paid bookkeeper doesn’t ever muck things up!)

This free guide is for both the Fact Checker (it’s always good to check things when it comes to the IRS!) and the Doubting Thomas (hey, skepticism can help you save money). So no matter which nickname suits you best, you need this guide for your own peace of mind!

Click to Tweet: Download this free #bookkeeping check-up guide today!

The included exercises will either confirm that all appears fine, or they will alert you that something is amiss so you can take steps to rectify any problems before filing your next tax return. Basically, this is a win-win scenario!

Grab your free guide today! 

PS: If you already know you need a more in-depth audit, you can purchase our Deep Dive 25 right now!

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Filed Under: Bookkeeping Tips

How to Invite Your Bookkeeper to QuickBooks

September 11, 2018 by Michelle Mangen Leave a Comment

Quickbooks onlineDo you use any cloud-based software? (If you’re rolling your eyes at me, I get it! But you know what they say about assuming, right?)

So (assuming) you do indeed use some cloud-based software, then you know that just as soon as you’re familiar with the current layout, colors and navigation…the company goes and changes things! And then it takes us–well, most of us– another few times using it to get re-accustomed to things. And then? They change it again! (Groundhog’s Day, anyone?)

Well, QuickBooks Online is no different. In fact, I’m betting this post will be obsolete by the time it publishes! (I’m only sorta kidding…)

Business owners who outsource their bookkeeping and accounting need to grant their accountant access to QuickBooks Online. Note that the super special “Accountant” access is slightly different than a regular user and allows access to special features that aren’t granted to the typical user.

How to Invite Your Accountant to QuickBooks Online

You’ll find video instructions at the end of the post.

How to Invite Your Accountant to your QuickBooks Online account Click to Tweet

YVA Tip: Sending the invite through Chrome often fails. Firefox is best.

Step One: Click on the cog icon in the upper right corner and go to “Manage Users”

Add User in QuickBooks Online Under Settings

Step Two: Click on “Accountants” and then click on the green “Invite Accountant Button”

Invite Accountant User to QuickBooks Online

Step Three: Enter in the first and last names, the email address and then save (lower right corner)

Manage Users in QuickBooks Online

You’re done! Once your bookkeeper accepts the invitation, they will be able to work in your books.

PS: You’d follow these same steps if you wanted to also grant your tax preparer access.

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Video Instructions

Filed Under: Quickbooks Tips

How a Complaint Can Be an Opportunity to Improve

September 4, 2018 by Michelle Mangen Leave a Comment

Some time ago, I posted in a Facebook group for virtual assistants that I was looking to hire for a small project that had a quick turnaround.

The PowerPoint project had three deliverables:

  1. Confirm consistent formatting throughout (font size, type, text alignment, bullet styles, etc.)
  2. Find and add a handful of stock photos
  3. Create a separate handout (not merely just creating a PDF of the slide deck) *** this was identified as the most time-intensive part

I had also been considering hiring an executive assistant, so in the back of mind, I was simultaneously reviewing submissions to see if I could find someone who may be a good fit as a long-term assistant.

I had an overwhelming number of responses, as there often is for any general administrative type of project. Many virtual assistants didn’t follow instructions, and they were promptly and unapologetically excluded from consideration.

The woman I selected quickly sent her contract over, which I scanned and signed. Because this was a time-sensitive project, I didn’t go through my normal channels of properly vetting candidates. Since we didn’t know each other, I offered to pay a deposit toward the estimated four hours of work. I assumed the majority of the four hours would be needed for creating the requested handout.

It doesn’t go well.

First, I had to check in with her the following morning to ensure she had gotten the file and written instructions that I had sent. Then, I found that the submitted work was incredibly sloppy. I pointed out what was missed. I requested corrections.

After two unsatisfactory revisions, I indicated I’d just finish it myself (including the handouts that were part of the scope). I asked for the final invoice.

Nothing.

No response to my email. No invoice. There was absolutely nothing. Radio silence.

Fast forward 10 days.

Out of the blue, I get an “I’m sorry, I had a family emergency” email. Several minutes later, the final invoice shows up as well.

I’m shocked and somewhat upset. I ended up putting in two hours on the slide deck to do what I had hired her to do.

I’m getting ready to pay the invoice. After all, it’s only $37.50 (I had already paid a deposit at the time of signing the contract) and I figured it’s probably just better to “be done with it”.

Then I changed my mind.

I exit out of the invoice (without paying it). I email that I won’t be paying the final invoice, with a full explanation as to why.

A few email exchanges ensue.

My points (summarized):

  • I will not be paying the final invoice because work was sloppy and it included work I didn’t request (and that I actually had to remove).
  • If there were a family emergency, I would have expected to receive an out-of-office reply indicating such (I’m thinking: No one checked your email for 10 days? What about regular clients?)
  • Our original agreement was made on a Monday, with delivery on Wednesday. If I had not indicated I’d finish the slide deck, that deadline would have been missed.
  • I don’t want to pay for the work she did that wasn’t requested (according to her that was “only 20 minutes”).

Her replies (summarized):

  • It is not very professional to not want to pay her for work she did.
  • Fixing the 20 minutes of work she did would have only taken 5 seconds (But still…why am I being billed for work I didn’t request?)
  • It’s not her fault she had an emergency. (Fair enough)
  • It only took her 2.5 hours of the estimated 4 to do the work (but the handouts were never done and were part of the original scope of work and estimate).
  • She’s never had clients complain.

And here’s the main point of this post.

“She’s never had clients complain.”

Stop and think about that for a minute.

Click to Tweet

What exactly does that mean?

It could mean a number of things:

  • Maybe my instructions weren’t clear
  • Maybe she rushed
  • Maybe our ideas of satisfactory were different
  • Maybe X
  • Maybe Y
  • Maybe Z

Or maybe…maybe clients have been upset…but it was easier to just pay the invoice and walk away without saying a word.

That’s exactly what I nearly did.

I wanted to write back (but didn’t) to ask:

  • How long have you been in business?
  • What is your client turnover?
  • How many clients hired you for one or two projects and never came back?
  • What is the approximate length of time of your working relationships?
  • How many referrals come from existing clients?

A complaint is a gift.

Sometimes feedback can sting.

I know. I’ve made mistakes…more than once. And undoubtedly, more mistakes will follow.

What we have to find in the feedback are the nuggets that can make us a better service provider, and often that comes from being able to put ourselves in the other person’s shoes.

It really comes down to The Golden Rule.

Here are some of the lessons I hope this VA eventually realizes as a result of this experience:

  • Have an emergency plan in place, and make sure that person has the access they need.
  • It only takes a moment to set up an autoresponder. Family emergency? Your emergency contact can (should) set up the autoresponder.
  • Confirm receipt of the project files and details.
  • Double check work before submitting it to the client to assure accuracy.
  • Clarify before doing any work that wasn’t requested.
  • FUBAR something? **Admit it! And heaven forbid…don’t make the client pay for your mistake (or for work they didn’t request or need).

Lessons I hope business owners glean from this:

  • Do your own due diligence and vetting prior to hiring. I should have looked through her website and her social media profiles, paying special attention to any testimonials.
  • Carefully read agreements before signing them. In hindsight, the “in case of emergency” clause in the agreement made me wonder how often she has “family emergencies.”

I was trying to help this woman become a better virtual assistant. It would have been considerably less stressful if I had merely paid the invoice and left it at that.

To say something or not say something when things don’t go as planned? That’s really up to you.

In case you’re wondering: I paid the invoice because I didn’t want a cosmic or karmic debt for a mere $37.50.

I’ve also since hired Leverage and I’m handing off so much more than general administrative tasks.

FUBAR = Fucked Up Beyond All Recognition

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Filed Under: Small Business Ideas, Virtual Assistant Industry, Virtual Assistants

20 Ways To Be a Professional Worth Referring

August 23, 2018 by Michelle Mangen Leave a Comment

Virtual Assistants are much more common than they were just 10 short years ago when I started my business. It’s incredibly easy to throw up the proverbial shingle (aka website) now. The low barrier to entry means it’s easy to break into the industry, which also means there’s more competition than ever.

That’s why it’s not uncommon for open positions to garner hundreds of applicants. Company owners have so many choices…and that means they can replace a low-performing professional relatively easily!

Click to Tweet

The suggestions below can help increase your odds of being considered for a project, help you retain existing clients and become a professional worth referring:

  1. Follow directions. Failure to follow directions can lead to immediate disqualification.
  2. Be Positive.
  3. Avoid Blame.
  4. Always be honest, especially with weaknesses and experience.
  5. Constantly be growing and learning. Stay abreast of the tools and changes in your industry. Read industry related books. Listen to relevant podcasts.
  6. Become an “expert.” Sharpen your existing skills.
  7. Be curious. Ask open-ended questions, like “What if….?” and “How can I….?”
  8. Acknowledge assignments. Tech gremlins exist. Alleviate worry and anxiety by acknowledging emails.
  9. Set expectations. Deliver.
  10. FUBAR something? *** Say you’re sorry. Make it right!
  11. Be Proactive. Know you’ll be out of town on a deliverable date? Get the work done early or ask for an extension.
  12. Communicate clearly.
  13. Try to avoid typos and grammatical mistakes.
  14. Be flexible, but have boundaries.
  15. Have (and use) the proper tools. Pay money for them, if necessary.
  16. Have systems, especially for deliverables. The online equivalent of “the dog ate my homework” is “I found this email stuck in drafts”. Don’t play that game.
  17. Know thyself. Plan accordingly. Know you’re sharpest in the morning? Work on the most important tasks during that time. Don’t worry; you can watch cat videos later!
  18. Have integrity. Follow the Golden Rule.
  19. Be reliable. Many a relationship will burn to the ground when one party is consistently unreliable.
  20. Be professional. This doesn’t mean you can’t be playful, and it certainly doesn’t mean you can never swear! (Warning: Judge your audience before letting loose!) But it does mean that you’re a business…so act like one. Don’t cry about PayPal fees or ask clients to make your payments payable to your three-month-old nephew. Some things are better kept to yourself, not out there for your clients to deal with.

Most of these things are relatively easy. Others, of course, will be harder and may require more effort.

Regardless, you’ve got this!

***FUBAR: Fucked up beyond all recognition

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Filed Under: Small Business Ideas, Virtual Assistant Industry, Virtual Assistants

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