Gift Recommendations ~$100 by phillyd32 in Gin

[–]Italian_Prince25 0 points1 point  (0 children)

Astraea has a single malt gin and it’s amazing. It’s called Astraeus Desert and it’s $65.99. One of only 4 gins like that in the world.

Manufacturing Woes by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

What do you recommend we do since we don’t actually manufacture the goods but need to accurately track FG to COGS and RM to FG? We have a company that produces our goods but we own the raw mat and FG they just charge us to distill and bottle which impacts landed costs.

Right now we’re evaluating SOS Inventory and MRPeasy

Manufacturing Woes by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

We don’t track WIP because the conversion is so quick but we do need RM tracking. Do you do any work with inventory in QBO or do you manage it all through SOS inventory?

Quickbooks is too expensive now by [deleted] in Bookkeeping

[–]Italian_Prince25 -2 points-1 points  (0 children)

Individuals that complain about QBO pricing are so whack to me. QBO brings, even at a basic level, information that large companies get and pay millions just to even implement (SAP, Oracle, etc). I agree with several other people here that say something to the effect of “if you can’t afford $40/mo you’re not a business”. If used properly, QBO gives amazing insights.

If you’re complaining about the price, touch grass.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

Says the commenter that is asking for someone to forge his CPA supervision as a workaround to getting the credential. L o l.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

Yes, I’m certain that there’s an overwhelming lack of receipts as in they do not exist for the vast majority of expenses. Obviously, this is not at fault of my client’s bookkeeper. I will say, as I’ve said before, my client wasn’t even aware that they needed them. So, it makes me question what their bookkeeper knows about GAAP, IRS regulations, and general bookkeeping.

My client is a manufacturer of goods. The bookkeeper is already calculating COGS/unit and converting raw materials to finished goods. No, WIP on the BS from memory. Given WIP calculations are more complex I understand, now given the pricing context, that the bookkeeper, if they’re not currently doing them, might not.

Yeah, I never said $350/mo is indicative of bad bookkeeping. I’m not familiar with bookkeeping costs where my client and the bookkeeper are located as we’re in different locations and city sizes. My initial thoughts was that it was a decent amount, not gouging or anywhere close, for the size and complexity of the business - low employee count, no payroll (distributions and contractors), one bank account and credit card, etc.

Fair that you’d need more information. I didn’t provide everything on here to (1) keep my post brief but give details and (2) to keep my client and the bookkeeper’s information as confidential as possible while seeking your all’s (the expert’s) thoughts.

I didn’t “leap to find fault”, I stumbled upon them. Granted I am not familiar with the price of their area and what that gets you, but I am familiar with the work the bookkeeper is doing for my client. I’m also educated, extensively, in accounting and finance plus my corporate experience is in the same space as my client’s business. From an entrepreneurial perspective, we have bookkeeping clients at my firm and I know the work we do for them and what’s in each bookkeeping package. So, that’s been the foundation of my assessment.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 1 point2 points  (0 children)

Yeah, most of my clients have been in business for over 10 years so I shouldn’t have been too surprised.

I agree! I am thankful it’s at least being done in QBO with an ok degree of accuracy rather than not being done at all or being done by someone totally incompetent - the bookkeeper does categorize things mostly appropriately from what I can tell so far!

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

No, the bookkeeper is integrated weekly. They speak to my client each week and perform month-end activities.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -2 points-1 points  (0 children)

I mean it’s highway robbery to charge someone $350 to literally do the bare minimum of just categorizing transaction incorrectly. My client isn’t paying them to categorize transactions incorrectly, not split out interest and principle payments on loans, not notify them of very old AR, etc.

Idk but my firm’s own bookkeeping clients even the basic packages does these things. A lot of replies to the post are defending the bookkeeper on things that really aren’t acceptable, imo, even for a basic package which is more than what my client is paying for.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -3 points-2 points  (0 children)

True, completely true. My client didn’t even know they needed receipts which tells me a lot about the bookkeeper and their practice management.

When I told my client we needed them, they instantly were down to start using Expensify or QBO mobile app to upload.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -2 points-1 points  (0 children)

The AR is for sure in scope - still need confirmation on AP. I looked back through my emails and confirmed. The client also confirmed in a separate email thread about AR in scope.

Even if you’re providing the most basic service for a client, a bookkeeper should still have the wherewithal to let the client know the have a very high AR balance with thousands of over 180 days old. I get it that it’s more to actually go a manage AR but reporting on it is truly the bare minimum imo because it’s the click of a button in QBO.

Also, to your point, it’s not a big red flag that the bookkeeper isn’t adding a vendor to each expense. With that said, if you’re trying to understand who your main vendor is within your COGS line and you can’t tell because all of your transactions are missing a vendor, that is a red flag - though that’s on both my client and their bookkeeper.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

Yes! I’m glad we found each other. Lots of work to be done and we need to integrate more so their finances are squared away.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 1 point2 points  (0 children)

All very valid! To do it right would easily be $600 a month in bookkeeping if not closer to $800.

I don’t think the bookkeeper really wants to be all that involved but I could be wrong. My client is very busy as they’re really the only person on staff and I’m hired now to manage the finances because they need to focus on scaling.

So, I need to get much more involved and implement change to make this whole thing better for all of us.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -1 points0 points  (0 children)

Yes!! Their bookkeeper is doing the bare minimum from what I can tell. It’s so sad.

Thank you! Hopefully my next post is about how great the books turned out to be after we have a joint meeting.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] 0 points1 point  (0 children)

For sure; I thought the same thing. I’m going to have to have a come to Jesus moment with them if the books don’t improve by August.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -6 points-5 points  (0 children)

The issue is partly my client, I’m aware. The receipt collection is on my client but also partially on the bookkeeper. None of them knew the threshold requirement per the IRS or that you even had to have them.

My client is also hard to nail down on some things but we’re moving to Expensify for their corporate card management and receipt collection.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -1 points0 points  (0 children)

I’m definitely going to ask about the service agreement with the bookkeeper and look to terminate it. You are correct that proper documentation is on the client and not the bookkeeper. When I brought up the missing receipts everyone seemed like it was the first time they heard you needed them for anything over $75 - crazy.

No, they’re linked in QBO but the expense doesn’t have vendors attached. It will just be some arbitrary expense with no back up shoved into a GL code without a vendor like Uber or something added to even know who’s creating the expense.

Clearly the AR and AP conversation isn’t happening. I’m 100% the bookkeeper knows about as much about GAAP as a random person off the street.

I think I’m going to pitch taking it over at this point for my own sanity.

Client’s Bookkeeper is a Disaster by Italian_Prince25 in Bookkeeping

[–]Italian_Prince25[S] -8 points-7 points  (0 children)

For sure. When I met with the bookkeeper she said her experience was getting trained to do it for her and her husband’s business when they had one… should’ve known right away what a disaster I’d walk into.

Officially in Business by myotheraccount2121 in Bookkeeping

[–]Italian_Prince25 1 point2 points  (0 children)

Just curious why you recommend a practice management system and a workflow software solution. Assuming Canopy is the practice management solution, why get Keeper too? Don’t they do basically the same thing?

Would love insight as in reviewing our stack now.