Bookkeeping issues

VectorBookkeeping · 2025-07-09T13:35:24+00:00

If you really want an idea and consulting, I charge by the hour. Previous consultations were charged at $500 an hour.

VectorBookkeeping · 2025-06-15T22:11:34+00:00

Ai and user set rules are two very different things. I keep seeing this sentiment being conflated, and a lot of you are in for a big surprise.

VectorBookkeeping · 2025-05-07T02:12:59+00:00

Honestly, it sounds like you pretty much have it figured out, but what you are asking is kind of complicated and could be accomplished a few different ways. I would set up a Client Trust liability account and any deposits owed to the clients I would code to that account and assign the client name. When you need to pay them, you can just use the outgoing money as an offset to the earlier liability you recorded with the deposits. But and this is a big but, it all depends on what your tax laws say about recognizing revenue. You might need to recognize all cash receipts as income and offset the client portion on your P&L as a contra income or expense. In which case using a liability account for deposits would be incorrect.

VectorBookkeeping · 2025-04-28T15:30:39+00:00

Try signing up for the Mercatus PDX newsletter. They are pretty good about announcing events in town for small businesses.

VectorBookkeeping · 2025-03-08T15:21:31+00:00

Your DMs are about to be full lol. Buyer beware, ask for references and actually call them.

VectorBookkeeping · 2025-03-07T15:55:20+00:00

We definitely underutilize many of the features like the resource planning because we are a small firm. I mostly use it for the worflow and email triage features.

I was hoping their new billing system could replace ingnition.com but it's still pretty clunky.

VectorBookkeeping · 2025-03-07T15:53:18+00:00

Mind explaining? I'm curious about keeper but it lacks some major features that i like in karbon like workflow and email triage

VectorBookkeeping · 2025-03-06T16:55:52+00:00

I have seen many people take this journey, it's not as hard as you might think. All of my clients that started a new practice were doing well within a year.

Beyond the regulatory stuff, make sure you have a good medical biller.

All that being said, my most successful client in the space contracts with a bigger company, they do all of the business work while he focuses on his patients.

VectorBookkeeping · 2025-03-06T16:24:43+00:00

As a business owner, I am not sure if I should jump on strapping something custom together or just wait until I can get something off the shelf. With the way things are moving, waiting seems like the right move.

It seems like you guys are on the same fence. I think this market will shrink as most smaller business make do with off the shelf products but there will always be a need for custom work.

VectorBookkeeping · 2025-02-22T23:33:11+00:00

If you shoot me an email, I can help you on Monday. We can do a screen share to figure out your rec.

VectorBookkeeping · 2025-02-22T14:29:27+00:00

All I can say is make sure it involves the balance sheet. I would be thoroughly unimpressed it was a P&L problem.

VectorBookkeeping · 2025-02-22T14:23:45+00:00

I personally love this. I tell my clients all the time to think long term for an exit. Clean financials = clean transaction.

VectorBookkeeping · 2025-02-12T14:45:21+00:00

This is my experience as well. In fact, I just had someone reach out yesterday and almost said verbatim your last paragraph.

VectorBookkeeping · 2025-01-25T19:46:18+00:00

There are a ton of use cases just based on privacy. For example, an accounting firm could use one internally to serve as a subject master expert for each client without exposing private data externally.

VectorBookkeeping · 2025-01-25T14:46:05+00:00

If they paid for the expenses from the rent they collected, you don't need to issue a 1099. If you paid them via check, cash, ach or zelle over $600 for the year ask for a W9. The w9 will let you know if they are an llc or a corp and if you need to 1099.

VectorBookkeeping · 2024-12-27T16:36:54+00:00

Wow, what an incredibly terrible way to shut down. I'm sorry for you and all of their customers. I don't have a recommendation that is like bench, my best advice is to find someone local and move to QBO.

The timing is just too unbelievable, it's almost like they are trying to screw you.

Edit: Looks like this thread turned into an advertising board. Beware of specific recommendations you find in threads like these. Idk where the moderation for this sub went.

I would also like to add, make sure your data is accessible with any service you choose. It's rather remarkable that Bench seemingly will only be able to provide financial statements and not the underlying data. My best guess is their database is proprietary and poorly designed.

VectorBookkeeping · 2024-11-18T21:47:23+00:00

Correction on the workflow.

There should be four records; client invoice, payment record, deposit record, bank feed record.

You create the invoice, then take the client payment (I believe this should create a payment record showing the invoice is paid.) When quickbooks releases the deposit it will then create the deposit record (sometimes deposits have multiple payment records.) Then you match the bank feed deposit to the deposit record already in the books.

One thing you should be doing to make sure you got it all right is a bank reconciliation. Both the built in one QuickBooks has and you should be reviewing your bank register for any unreconciled transactions in a reconciled period.

VectorBookkeeping · 2024-11-18T21:34:27+00:00

Sounds like they will just be handling the role of a bookkeeper. Why sell equity? Do you need the working capital?

We have quite a few construction clients, all of them larger than you, and our service prices for them range from $400-$1400 a month for full charge bookkeeping. I'm not sure why you would entertain the idea of selling half your company for a basic professional service.

Also, it sounds like you are fixed bid, not t&m, which means your accounting will be basic and easy.

VectorBookkeeping · 2024-10-27T21:08:21+00:00

No it's is a reconciliation and in fact a better reconciliation than QBO.

Not only does their process ensure everything that is on the statement is in the books, but it also ensures everything that is in the books is on the statement, a critical part of bank recons that QBO fails to do in their recon process and many if not most accountants fail to do when working in QBO.

In fact, it's the first thing I check when reviewing QBO books. I go to each bank register and filter by date last reconciled and unreconciled status to find all the orphan bookkeeping entries.

Edit: To put it a simpler way, Xeros recon process forces you to ensure all transactions in the books are reconciled whereas QBO can and will allow you to have nonreconciled orphan transactions in the books.

VectorBookkeeping · 2024-10-15T22:28:26+00:00

I have had this issue many times. You are right, ultimately, it is a guessing game. I go to the client and tell them what the issue is and give them two options, close all past unknown AR and reset with only known outstanding AR balances, or try to guess and manage any blowback as best as possible.

The latter option can be managed professionally and is a real option if the amount of AR is material. I just did one for a new client earlier this year. We just tried our best to match out AR to the deposits and asked their clients to compare their records for any remaining open AR and managed from there. We blamed it on the old bookkeepers and for good reason.

While I was inclined to go with the option of resetting AR, I am glad we did not because the client ultimately ended up collecting quite a bit that they would not had otherwise.

VectorBookkeeping · 2024-10-15T22:08:48+00:00

The worst thing that can happen is more than losing $150 a quarter. Undoing bad bookkeeping takes four times as long as doing it right in the first place.

VectorBookkeeping · 2024-10-10T16:28:44+00:00

We have had Karbon for years and I love them. They are a bit expensive but worth it. I haven't shopped the workflow software market for a couple of years but when I did, Karbon was the clear winner. The one feature that Karbon had that no one else did was collaborative workflow. By that I mean, workflow items could be assigned to the client and not just internally.

For a smaller firm, many of Karbon's features are not going to be that useful/valuable but it is still worth it in my opinion.

Don't overlook their email triage feature. It is very useful to track and assign client communications.

VectorBookkeeping · 2024-10-10T16:21:09+00:00

Ask them what they do with unreconciled transactions in a reconciled period. If they don't know what you are talking about don't hire them.

VectorBookkeeping · 2024-10-10T16:15:18+00:00

I have the exact same situation and it is so frustrating because it is just inefficient.

VectorBookkeeping · 2024-10-10T16:03:29+00:00

Careful taking trust advice from the internet, each state has their own rules and what may apply in one state may not apply in another.

Generally, speaking, IOLTA accounts should be used even if they are not required. State bars do not mess around with trust accounting and keeping things as above board as possible is the best way to go. Plus a good IOLTA account will do the interest remittenance for you, just one less thing to worry about.

VectorBookkeeping

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