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Billing & Account

How do I change my payment method?

Click on Profile at the top of the Education Center. Go to Billing Details and choose Add New Credit Card.

How do I change my email address?

Click on Profile at the top of the Education Center, enter new email in both fields in the bottom left corner of the Profile screen then click “Change Email” button.

How do I change my password?

Click on Profile at the top of the Education Center, click Change Password.

When do I get charged each month for my payment plan?

You will be charged on the same day each month based on the day that you purchased. For example, if you purchased on the 9th day of the current month, you will be charged on the 9th day every month following.

How do I cancel my account?

Click on Profile at the top of the Education Center and click Cancel Account.

How do I change my personal information?

Click on Profile at the top of the Education Center, update information and click “Update my Profile” button.

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General

How do I share my electronic BL Certificate of Completion badge?

Directly from the badge, you will have the option to share on LinkedIn, Facebook, etc. Here is a video from Acclaim with information on how to share your badge.

Why isn't my star showing?

You may need to click on the star and fill out the form that pops up. If you completed the course prior to the launch of the 5 Star program, click here.

Where is the 90 Day Success Plan?

Under the Foundations Unit and START HERE module. Or you can download it directly here.

How do I get the "Completed BL Course" star?

There are 18 units marked with an asterisks that need to be completed to earn your Completed BL Star.

Can I be an affiliate?

Yes! Email affiliates@bookkeepers.com and we’ll help you get setup.

Where do I find the Q&A recordings?

Under Live Q&A Recordings -> Course Q&A (or older recordings by date range).

How do I get help from Bookkeeper Launch?

We are here to help our students succeed and support is a big part of that. Aside from the 6000+ student Facebook group you have access to our Student Success Team via email M-F, 9am – 5pm Eastern. You can email them at prosper@learntobeabookkeeper.com and they will respond during business hours. This help is unlimited!

Additionally, resources found in the Education Center (must be logged in):
Client Q&A Calls
Course Q&A Calls
Expert Panel Calls
Monthly Legal Lunch Calls
Key Processes and Checklists

What is Freshbooks software?

This would be a step up from Quicken. Geared for small service-based businesses. Lacks a lot of the bells and whistles of bigger programs but has great customer support and is a good option for many small businesses. I have no experience with it but in reading reviews it seems that this is geared for the business owner to handle and not something they would pay a bookkeeper to manage for them. For this, it’s great to the right business types.

What is Quicken?

This is more of a personal or family accounting/budgeting app. It can be fine for a small family business (more like a side hustle) but is not designed to be a business accounting platform.

What is Wave software?

Free accounting platform geared, as with Freshbooks, toward small businesses who need to manage their books but can’t yet afford a bookkeeper. For certain businesses this is a good option.

What is Zoho software?

A great, full-service accounting suite. Their pricing should be taken into consideration, however. They are more of an a la carte solution. They have a CRM but if you don’t want or need it, don’t get it. You can get basic bookkeeping and then add on the other features you need. This is very handy for small or medium businesses; however, at some point you’ll be paying more to use all of the features you need with Zoho than you would be with Xero or QBO. Just keep that in mind. But it is a very robust accounting platform.

What is Sage software?

Sage 50 is the product most similar to QBO but they do have others (Sage 100, Sage 300…). It’s been around awhile and is more commonly used in Canada. As with just about anything, some like it and some hate it. It seems most BL students are in the latter camp though.

What is Xero software?

Bookkeeper Launch 2.0 taught bookkeeping using Xero. We switched to QBO for BL 3.0. Xero is based out of New Zealand and it very popular in Australia and NZ. It is growing in popularity in North America for many reasons. It is comparable to QBO for the vast majority of bookkeeping needs but QBO is better suited for some businesses and situations. Xero is the second most popular accounting software in BL with some businesses being exclusively Xero. There are also several businesses that have clients in both QBO and Xero.

What is OPP?

NOTE: This program may or may not be open to join when you read this. We don’t leave most of the courses open year round.

Outstanding People & Processes
You down with OPP? YEAH YOU KNOW ME (if you don’t get that you aren’t missing anything). OPP stands for Outstanding People and Processes. This is a separate program NOT for most students. This is advanced material that was an intensive of Bookkeeper Elite. This is best for those with 10-29 clients who want to streamline their business and step it up a notch or five. If that doesn’t describe you yet, don’t worry! It will be here when you are ready for it.

What does OPP teach exactly?

How to:
Document a process
Optimize a process
Get buy-in of a process
Identify WHO you need to hire
Interview, select and onboard the right person

How do I join the private Facebook group for students?

You can click HERE and request to join the private Facebook group.

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Bookkeeping Skills

Will I ever learn Debits and Credits?

Yes! It will eventually click and make sense. Here are two extra videos Ben made to help explain Debits and Credits as well as a cheat sheet:
Video 1
Video 2

Should I worry about AI or "botkeepers"?

Short answer: NO! Not even for a second.

Clients who can truly benefit from these aren’t your potential clients. You offer far more than they will be able to offer in our lifetime. Remember, bookkeeping is primarily a relationship business. Your potential clients need more than they offer and this means they aren’t competition.

Also, the better they get the more likely you can use them to handle the basics of your clients so that you can work on the higher level things they can’t. This makes it actually exciting that they exist!

 

My screen froze at the end of the knowledge exam, is it all lost?

Nope! This happens sometimes because the test is just so big but it doesn’t affect your completion of it. This is usually fixed by clearing your cache and cookies and going back in. This is actually how you can fix a lot of sites not working right, like QBO.

When I purchase Inventory why doesn't it show up in my COGS?

Inventory is an asset to the business until it is sold to the customer. Once the inventory item is sold to the customer, the cost of that item is moved out of the asset account and into COGS.

When I make an inventory adjustment, why doesn't it show up in my revenue accounts?

Unless the inventory is sold to a customer, that inventory does not bring in revenue for the company. When inventory is adjusted, typically it is for inventory used internally, lost, or something similar and not sold for revenue.

When do I use Adjusting Journal Entry instead of just a regular Journal Entry?

An Adjusting JE is used to capture value movement when no actual money is moving. For example, we make an adjusting entry for prepaid expenses to show the value that is being used per month for that expense although no actual money is going out of the company each month.

When should I get QBO certified?

You can become QBO certified any time you’d like. However, we recommend you complete at least the Skills section of the training. View the 90 Day Success Plan for further details.

What is the passing score on the knowledge exam?

You must earn a grade of 80% or better to pass.

What is the passing score on the final exam?

You must earn a grade of 100% to pass.

What's the difference between a catchup and a cleanup?

Catch up: Get books that have not been done in months/years caught up. Clean ups can involve undoing a lot of incorrect bookkeeping, redoing it correctly and then finding that this causes additional problems. It can really be outrageous how much time goes into a clean up. Be careful on offering discounts on cleanups.

How many times can I take the test?

You are allowed to take the exams as many times as you’d like, without penalty.

How do I purge my QBO and start over?

Here is the link to instructions on how to purge your account. You will want to follow the instructions for “Account active for less than 60 days.”

You may want to do this if you want to go through the modules again from scratch to really ensure you understand it or if you somehow got really confused with the numbers and just want to try again.

You can only perform a purge if the account is less than 60 days old. If your account is over 60 days old you’ll need to create a new QBO account with another email address. NOTE: This is a free trial that is only 30 days long.

How do I get QBO certified?

There is a ProAdvisor tab to the left of your dashboard when you are logged into your QBO ProAdvisor account. When you click on that tab it will take you to a screen that discusses the benefits of getting your certification as well as the different types of training they offer. Once you take either the self-paced training or webinars, you will be able to take their series of exams.

I can't get past the practical exam! How do I get help?

The most common causes are pretty simple things like formatting or minor details. So slow down and pay attention to things like spaces, commas etc… Read the instruction slowly and make sure you understand what it’s saying and that your answer matches the instructions.

If you don’t see anything wrong, step away for some time and let your brain relax from it. Come back to it and if you still have trouble finding it you can email prosper@learntobeabookkeeper.com. They are available M-F, 9-5 Eastern time.

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Client

Where do I start with a cleanup?

Start by analyzing the statements and compare them to what is in the accounting software. You will want to have something handy to take notes on as you review the books and do the prep work to start the cleanup.

The cleanup lessons begin here.
You can find the cleanup checklist here.

How do I price a cleanup?

There are several ways students have done this. We do have a pricing calculator under the video on this page as well.

Method 1: Charge a flat rate per block of time. For instance: $50 per hour for a 10 hour block paid up front. They pay you $500, you do 10 hours of work and you communicate with the owner what was done what is left and if another 10 hours is likely needed you repeat. Or, adjust based on what is left.

Method 2: A discounted flat rate. If it’s a year’s worth of clean up and your rate would normally be around $500/mo for that client then cleanup would be discounted, say $400/mo, times 12 months.

Method 3: A per transaction charge. Example: prospect has 500 transactions to be cleaned up. Regardless of how far back that is, 2 years or 2 months, it’s $2.00 per transaction which would be $1000 up front. If it takes you an hour or a week it doesn’t change.

What is the best way to handle receipts?

First and foremost, receipt management is a premium (service). As the bookkeeper, you don’t have to manage their receipts. However, if you are managing their receipts, I think it’s worth it to invest on a third party receipt management tool like HubDoc. [optional] You can give your client up to 7 days after the month is over to submit any receipts they forgot to send earlier. If by the 7th day there are transactions that do not have a receipt to match, I assume it is lost. If they send me the receipt after the cutoff date, it gets deleted.

How do I know when to classify as COGS vs. expense?

If the expense is directly related to the cost of providing the service the client sells – COGS.

What do I do when a client returns a purchase?

Code the return back to the same expense account where the original transaction was coded to

Why does net income show profit but there’s no money in the bank?

The first thing you need to do is make sure the report is reliable to begin with. If it is, then look at AR and owner draws. The Statement of Cash Flows is the best report for showing where their money went.

How do I know when to classify something as an asset or as an expense?

Most of the time you can identify an asset by these two criteria. If the item has a useful life greater than one year, and if the cost of the item is larger than the amount set on the company’s capitalization policy

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Marketing

When can I start looking for my first client?

Right now!! Tell everyone you know that you are starting a bookkeeping business from the very beginning. The first person you talk usually won’t be your first client so you want to start yakkity yak as soon as possible!

If I can't go to networking events, can I still network?

Of course! Thanks to social media, you can do a lot of networking from the comfort of your home. Use the tools in the LinkedIn Marketing module and use them in any platform that your ideal client is in.

What marketing or advertising can I do for free or really cheap?

Craigslist ($5 ad runs for 30 days), Alignable, LinkedIn, Facebook, Google Business, Yelp, referral marketing with EA, CPA, bank(s) and credit unions are starters.

What is a referral relationship? How do they work? Any legal issues?

A relationship between two business where they can both receive a benefit. Refer clients to a CPA and the CPA refer clients back to you for bookkeeping. No legal issues. Similar to when someone asks do you know a good painter. Yes you should call so and so. Giving and taking works best but not always necessary.

I live in a rural area; how should I yakkity yak?

You can start by calling or texting your friends and family and telling them about your new business. Make sure to mention that you work virtually so you can have clients in any state. Some cities/areas have Facebook groups for locals that allow business ad postings. Some of them allow it a certain day a week so check the rules before you post.

Another way to do this is to join a forum or Facebook group for a specific niche you’re interested in and, if allowed,

Can I call myself an accountant?

Once you complete the course, you can call yourself a professional bookkeeper. Although some states allow you to use the term “accountant” legally, we do not recommend this. If you insist, check with your state’s laws and be very certain you understand them well before you do. Remember, laws change so even if it’s legal now it may not be in the future.

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Consultation

What should I say when a prospect says my price is too high?

Remember that bookkeeping is a relationship business. You are interviewing them as a client, just as much as they are interviewing you as their bookkeeper. If your price is too high, that’s okay. There will be other business owner’s willing to pay for your prices and those are the business owners you want to target.

What access do I need in my prospect's software to figure out my price?

READ ONLY access, sometimes called Accountant access. Using this access only, and not the client’s login info, protects you from making any changes accidentally.

How should I host a virtual consultation?

This is covered in the video Understanding Your Prospect under Consult to Close here: https://bookkeeperlaunch.com/lessons/understanding-your-prospect/

You can use Zoom.us, Skype or any similar app but you want it to be able to record the call. Why? So that you can review later to 1.) ensure you got all of the info and 2.) ensure you answer all of their questions.

Can I quote a price for someone that doesn't have bookkeeping software yet?

Yes. You’ll look through their bank and credit card statements instead of accounting software.

Can I offer a discount for my first client or a cleanup?

Yes. You can price any of your services however you see fit. But the goal is a business and not a hobby so hopefully any discounts you offer will be part of a strategy. An example would be offering a discounted price on cleanup if they sign up for monthly services. The risk is that they get the cleanup discounted rate and then you never hear from them again.

How can I get access to my prospect's accounts to give them a proper proposal?

Your prospect will have to get you read only or accountant access to their books in whatever accounting software they use. If they don’t have books started then you can get copies of their bank statements for the last 3-6 months and use that instead.

Read only aka Accountant access is important because it doesn’t allow for moving money or spending money only viewing how it has been spent. This protects you and them. You do not want to use their login or any account with full access.

Do I have to pay for my clients QBO/Xero Subscription?

The cost for their account is usually included in your fee and paid for by you. You are the “middle man” in this. You will likely be able to get them cheaper account access so it behooves them do it this way. If they insist on paying it themselves then you can set it up that way if you’d like.

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Systems

How do I reimburse myself?

Most students use ACH via QBO. It can take a day or two for the funds to transfer. Another option is Stripe or similar for credit card payments.

How should I remind my clients about documents that I STILL need from them?

This depends on your method of communication with the client. Email, text or a phone call are all options. Are they more responsive to one method? They need to understand why this matters to them. You can’t give them an accurate report without this information and the time to process it. Help them see that it affects their time or their business in some way if you don’t have the information.

When should I start working on processes?

When starting out you should perform all tasks manually 1.) to ensure you really understand them and 2.) to figure out how YOU like to do things. When the manual processes become bottlenecks (or a bit before) look for ways to simplify, then automate them using apps or services. Doing this well will be easier if you really understand the steps from doing them manually.

How do I know when I need to hire help?

Before you feel like you can’t keep up even though your processes and systems are at peak efficiency. If you wait too long you’ll struggle to find the time to go through the process of hiring anyone.

For more information you may want to listen to the podcast Ben did on this subject found here: https://ilovebookkeeping.com/podcasts/tracy-thomas-when-how-and-who-to-hire-encore-presentation/

How do I find content for social media posting?

It can be frustrating to figure out what to post to your social media. One strategy is to not try to write all of the content you share but to be an aggregator, or sharer of content created by others. Why would you want to do this? If you are consistent with sharing on your social media you are more likely to be seen and if you use it well, it can help establish you as an expert.

This presentation (in Powerpoint.pps format) goes through the setup process to have relevant articles delivered to you, and once you determine which you will share, how you would schedule them to be posted to your social media accounts automatically.

I will show you how to use Google Alerts (free) and Buffer (free) to:

1.) Easily find content to share on social media

2.) Minimize the time I spend actually fiddling with posting to social media but scheduling posts in Buffer

Google-Alerts-and-Buffer

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