Book Keeping – Client Streamlining
1. Initial Client Assessment and Planning
- Understand Client Needs: Gather information about the client’s business and his expectations, including the nature of their operations, industry specifics, and financial management needs.
- General Ledger Scrutiny: It is advisable to go through the ledgers thoroughly to understand the transaction flow and business model of the client.
- Chart of Accounts: Customize the Chart of Accounts to fit the client’s business structure and industry standards. If the client is an exist
2. Setting up and Customization
- Company Information: Enter/verify accurate business information such as company name, address, and contact details.
- Financial Year and Accounting Methods: Set/confirm the correct fiscal year and choose the appropriate accounting method (cash or accrual).
- Users and Permissions: Add users and assign appropriate permissions based on their roles If you are the administrator. However, if you are provided with the accountant role make sure you have all the access required.
3. Integrating Bank Accounts/Credit Cards
- Bank Feeds: Connect the client’s bank accounts and credit cards to QBO for automatic transaction downloads.
- For Review: Look for past transactions those are left uncategorized and take the necessary actions.
- Bank Reconciliation: If the client is an existing one, check whether the banks are reconciled till date if not, make that a priority before working on anything else.
- Historical Data: Import past transactions to provide a complete financial picture.
4. Payroll Setup
- Employee Information: Enter detailed employee information including tax details and payment methods.
- Payroll Schedules: Establish payroll schedules and ensure compliance with tax regulations.
- Payroll Taxes: Set up and automate payroll tax calculations and filings.
5. Specific and Ad-hoc Requirements of Client.
- As a Book-Keeper or virtual CFO often we should focus on client’s requirements which will add value to the client’s business.
- Job Profitability Reports
- Weekly Budgets
- Weekly Performance Dashboard (KPI Reporting)
6. Reporting and Insights
- Customized Reports: Create and save customized reports that provide insights into the client’s financial performance.
- Dashboard Customization: Customize the QBO dashboard to highlight key metrics and KPIs for quick reference.
7. Automation and Workflows
- Recurring Transactions: Be very cautious while setting up recurring invoices, bills, and journal entries to streamline routine transactions.
- Automation Rules: Create bank rules to automatically categorize transactions- You can either keep the auto add option on or you can manually approve the transaction.
8. Weekly Meeting with Client
- Client Training: Provide training sessions to ensure the client’s team is comfortable using QBO.
- Ongoing Support: Establish a support plan for ongoing assistance and troubleshooting.
9. Data Security and Backup
- Access Controls: Ensure strong access controls and regularly update passwords.
- Data Backup: Utilize QBO’s data backup features and consider additional backup solutions for critical data.
10. Compliance and Audit Preparation
- Compliance Checks: Regularly review the setup to ensure compliance with accounting standards and tax regulations.
- Audit Trail: Make use of QBO’s audit trail features to keep track of all changes made in the system.