How do you run your practice? Do you react to the type of client that comes through the door and adjust your business accordingly? Or do you work out the best way to handle clients in the most efficient (and profitable) manner?
Many accountants and bookkeepers will add a couple of QuickBooks Online clients to their pipeline of work. The more the merrier. However, these holidays it’s worth taking a step back and reviewing how you process your QuickBooks Online clients. There are many ways you can improve the way you process a file, reconcile accounts and generate reports and returns.
The most recent Macpherson Report, “How to Run a Highly Efficient QuickBooks Online Practice”, looked at the apps, workflows and processes in two best-practice firms in Australia. The report contains many incredibly useful recommendations to maximise your efficiency.
For example, take the powerful concept of bank rules. Most online accounting programs will automatically categorise a transaction to the general ledger based on the name of the supplier. However, QuickBooks Online is the only program which will let you copy one set of rules to a new file.
You can set up a core group of rules (eg. Qantas and Virgin Australia are always marked Travel) to import into a new customer’s account. Keep adding bank rules for regular suppliers and the monthly or weekly bank rec will take a couple of minutes, says Lilette Calleja of All That Counts, a bookkeeping practice based in Baulkham Hills, NSW.
Another great way to automate the bank rec process is to use an accounts payable app. Shoeboxed, Receipt Bank and Invitbox are the best known in this field and work in similar ways. They either use optical character recognition (the technology in scanners that turns a paper document into a Word document) or an offsite typing pool to add receipts and bills to a spreadsheet.
The app then imports the data directly into QuickBooks Online and automatically reconciles against the relevant transaction from the bank feed. Kane Munro of Accountancy Online tip is to use Entryless, a competing app that is free for the first 300 receipts a month.
Kane and Lilette share many more of the tips and workflows that have helped them grow quickly into leading QuickBooks Online practices.
If you want to find out more about the Macpherson Report you can see a sample here.