Lily Chambers

Michelle Long, who is a phenomenal author!, has a quick video here on the best way to clean these undeposited funds up... I'm sorry these were a nightmare for you, and hope this helps.

In the US, QuickBooks is probably the most frequently used accounting software available. It is relatively user-friendly, but it helps if you are familiar with basic accounting procedures. There are both an online and desktop version available. I prefer the desktop version as it has more extended functionality than the online version, and is a one-time payment rather than a monthly subscription. Other folks like the freedom of accessing their QB online from anywhere. The desktop version can be accessed remotely through various software options. You will find various pro and con opinions in this forum section, as well as ways to remotely access this, as well as other software.

Frank - basically, bookkeeping software helps you to track your income and expenses, account balances, etc., keeping you abreast of the financial health of your company. This also helps you to have the information to file your taxes properly.

Thanks, Jessica! I don't use QB Online so I appreciate your filling in the blank!

That was very helpful! I always encourage my clients to keep on top of their books and verify questions with their CPA.

Sorry. I don't know anything about Canadian tax laws...

If you get an interested client, you could suggest they have a minimum wage high school or college student come in a couple of hours/week to do the scanning/uploading for them.

I rarely get receipts from my clients. Unless it is unclear how to book a charge, I can usually figure out where the best place is to log it. Most of it will be self-explanatory.

I would check into either QBox (Coral tree qbox) or right networks. Qbox is $9/client/month

I was recently asked a question about choosing invoice software by a new VA that’s just started their business and wondered with which software I suggested they start. The VA said “I've been leaning towards using Freshbooks but then I recently learned that Xero has a great project management feature which can be great for a small business.” My response to them was pretty straight forward. “I have no experience with Xero, which is fairly new on the scene and my little bit of experience with Freshbooks I was not impressed. I will tell you that for US Based bookkeeping, the majority of small businesses (and CPAs) prefer QuickBooks primarily; of course this is mostly due to marketing (think Microsoft vs. Apple). I think you would be best off going with bookkeeping specific software and separate management software (many of which are free and info can be found on this forum.) I then explained that if they had considered and discarded QuickBooks because it is so expensive I could suggest an alternative to the high-priced versions. In 2010, QuickBooks put out a free version of "QuickBooks Simple Start", which is great for basic bookkeeping when you are starting out. My first version of my book "How To Do Your Own Small Business Bookkeeping" was based on QB Simple Start. Because the software was free, I still include a cd-rom copy of the software with the book when folks purchase the book through me. A cd-rom copy means that it is not cloud based and that it will be on your hard drive only. I am not a big fan of cloud-based when folks are starting out as it can be fairly expensive as there are usually monthly if not annual charges involved. So, when possible, I load software on my desktop computer. The QB Simple Start 2010 version of my book with the free software is $24.99 including shipping if you order it directly from me. The full version of my book, which is currently for QB 2014 (and is a completely different program than the QB Simple Start) is available at Amazon for $44.95, but you have to buy the software separately, which can run over $150.00. Please note I don't recommend purchasing any software used as if it has been registered once you can't re-register it without buying a new license, so you would be back to paying for full price software. I have attached sample pages for QBSS 2010. If anyone is interested in purchasing the book/software package, simply pay me for for it through Paypal (send a payment to lily@virtualofficegoddess.com); Be sure and include your mailing address in the notes section of the payment and I will get it right out to you. And, of course, you can always PM me here or email me if you have any questions regarding this or any other bookkeeping-related questions. CLICK link below to DOWNLOAD how_to_bookkeeping_QBSSexample.pdf

I HATE QB online! For hosting, I suggest either QBox or Rightnetworks... Qbox is only $9/month per client so I generally use them.

I start by doing their books on an hourly basis for three months to determine how much work is involved. Then I offer them a flat monthly fee with a reduced hourly rate for 'non-standard' activities, such as end-of-year 1099 filing, etc.

In the US, if you buy it online we don't currently pay sales tax so its a straight - "this is what I paid, this is what you owe me back" line item on the invoice. I would post it into the correct category, say software - then post the credit back to the same account to nullify the cost.

Check with a CPA, but if it is paid this year, I believe it is booked as a liability this year.

A good bookkeeper knows the basics and is basically a date entry person. A GREAT bookkeeper knows how to fix problems, understand the various reports, SEE potential problems, and teach the client (in a kind a loving way ) how to either do it right, or ask for help. I recommend taking a community college basic accounting course in order to understand the basics. Then, volunteer as a p-t bookkeeper somewhere (a non-profit, church, etc.) that already has a bookkeeper and see if you can learn more 'on-the-job' experience from them.