Billing & Account
Click on Profile at the top of the Education Center. Go to Billing Details and choose Add New Credit Card.
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.
Click on Profile at the top of the Education Center, click Change Password.
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.
Click on Profile at the top of the Education Center and click Cancel Account.
Click on Profile at the top of the Education Center, update information and click “Update my Profile” button.
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.
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.
There are 18 units marked with an asterisks that need to be completed to earn your Completed BL Star.
Yes! Email email@example.com and we’ll help you get setup.
Under Live Q&A Recordings -> Course Q&A (or older recordings by date range).
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 firstname.lastname@example.org and they will respond during business hours. This help is unlimited!
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.
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.
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.
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.
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.
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.
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?
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
You can click HERE and request to join the private Facebook group.
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!
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.
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.
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.
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.
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.
You must earn a grade of 80% or better to pass.
You must earn a grade of 100% to pass.
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.
You are allowed to take the exams as many times as you’d like, without penalty.
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.
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.
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 email@example.com. They are available M-F, 9-5 Eastern time.
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.
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.
If the expense is directly related to the cost of providing the service the client sells – COGS.
Code the return back to the same expense account where the original transaction was coded to
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.
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
Create a journal entry.
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!
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.
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.
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.
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,
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.
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.
This is covered in the Consultation Questions module under Consult to Close here: https://bookkeeperlaunch.com/lessons/consultation-questions/
And the list of questions can be found here: https://s3-us-west-2.amazonaws.com/mktg2018/mod6consulttoclient/Consultation-Questions-List-of-Questions.pdf
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.
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.
Yes. You’ll look through their bank and credit card statements instead of accounting software.
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.
This is covered in the Reviewing The Books Demo
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.
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.
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.
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 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.
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/
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