A potential client reached out to me regarding their business setup and ongoing bookkeeping services. Their initial proposal was that I work directly for them, and that I also service their clients' books. Their business is in marketing, so I suggested that rather than become an employee, I handle their books as one of my clients. In regard to their clients' books, I offered a referral setup where I will pay them a percentage of the estimated first year of any contract they refer to me that I sign successfully. I sent them a service agreement with confidentiality clauses for both their busine ..read more

A potential client reached out to me regarding their business setup and ongoing bookkeeping services. Their initial proposal was that I work directly for them, and that I also service their clients' books. Their business is in marketing, so I suggested that rather than become an employee, I handle their books as one of my clients. In regard to their clients' books, I offered a referral setup where I will pay them a percentage of the estimated first year of any contract they refer to me that I sign successfully. I sent them a service agreement with confidentiality clauses for both their busine ..read more

I’m starting bookkeeping practice in the UK and I need to know how to store/ keep track of clients details. How do I file for them on companies house and HMRC? Do they need to give me their log in or can they give me access? How do you organise this with clients who hate admin? Thanks ? submitted by /u/Sweaty-Mission-7448 [visit reddit] [comments ..read more

Hey guys, I'm currently in a bit of a dilemma trying to decide between Xero and QBO for my accounting needs. Both seem to have their own set of pros and cons, but i'm having trouble pinpointing which one would be the best fit for my business. For those of you who have experience with either or both platforms, could you share your insights? What are the standout features of each? Which one offers better value for money? I need a simple way to do invoice as well. Wonder which one offer simpler faster invoice feature. submitted by /u/nahemarose [visit reddit] [comments ..read more

Hi! I have a client who is asking for 2 years of data to be loaded in to QBO from other software. I agreed to do this with the caveat that they know this should be about 20 hours for set up and transition. They want to pay a flat monthly 10 hour rate. Which is fine, I can pause historical data but how do I do that to start getting our regular monthly data and reporting in if I’m not done with old balances? Ie I’m currently loading 2022 data and almost done but they want me to pause the historical data to not bill so many hours this month. How do I get the 2023 amounts in so I’m reporting corr ..read more

This is a new one for me. A potential client has been using QBO as an accountant. How can they switch? Thanks submitted by /u/walkinwild [visit reddit] [comments ..read more

I do bookkeeping as a side hustle for my friends law office and they still use physical checks. I reviewed their check stub and bank statement for their monthly bank reconciliation but I noticed two checks that were numbered showed up on the bank statement as unumbered. What does this mean? submitted by /u/thegabster2000 [visit reddit] [comments ..read more

Does anyone know what the GAAP is for dealing with bills for which we've reached an agreement with the vendor to not pay? Can they just be removed from any books that aren't closed? I'm on QuickBooks Online. US C-Corp. We received invoices (bills) that were added to our books as bills due. Our vendor agreed to close the case, as in monies are no longer oweed. Can the old bils just be removed? submitted by /u/mathiswrong [visit reddit] [comments ..read more

Hello all! For those of you that auto draft payments from your clients, what software or process are you using for this? Thank you! submitted by /u/Handiwork1 [visit reddit] [comments ..read more

Hello! I have a client who had a chq payment made in september of around 10,000 and deposited it with their phone. This chq was deposited alone and has been dispersed to different invoices it has was paying in QBO. Fast forward a month and my client made a larger deposit with multiple chqs at the bank branch. They accidentally included this 10,000$ chq in that deposit. I saw that deposit go in but without the bank book details I just apply it to AR. The next day the bank realized the error and did a return chq. The original deposit and removal are in two different fiscal years or I would just ..read more