cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

ACCOUNTANTS

My current accountant is charging a fortune, since changing to Quickbooks, the work involved has reduced, how much should I be expecting to pay and does anyone recommend an online e accountant?

Solved
Best answer October 15, 2018

Best Answers
Highlighted
Level 8

ACCOUNTANTS

I work almost 100% remote with all of my clients and most I never meet in person and rarely speak to most of them on the phone ever, but is always their choice and they are welcome to call or we can meet anytime, but I tell them that is totally their call. All works fine remote with several for many years.  Two of them I had never met for a few years until the day they were finally audited I went to their office to assist (on DCAA Accounting System Audit) so met the client and the auditors (3) at the same time, but had been training them prior to audit and advising them on accounting for years before that, all knowing the audit would be coming. Industry-specific is definitely required in my GovCon industry, anyone not knowing industry will most likely not have a chance of getting through first audit much less the first 10 audits. Since I am talking from the consultant vs. client side, I will spare you on my hourly rate since I expect it would only be in range in my industry, so would likely sound very high to anyone here.

View solution in original post

9 Comments
Highlighted
Level 15

ACCOUNTANTS

How much you pay is really a local thing depending on the degree of service you get.

 

I would call around the local small business owners and see who they use, then contact them with your requirements. 

 

I know the web allows for remote accountants, but I am a dinosaur, I want to be able to walk in and do a face to face when something is wrong.

 

you can use this link to find a "local" proadvisor if you want

https://quickbooks.intuit.com/find-an-accountant/

Highlighted
Community Champion

ACCOUNTANTS


@Rustler wrote:

 

"I know the web allows for remote accountants, but I am a dinosaur..."

 

Ah, I have it in writing now!   LOL

 

Great answer for @MEANWOODBAXTER from Rustler. Spot on advice, as always. 

 

And I might add, it has been my experience that it is very important  to ask your potential accountant, "Do you USE QuickBooks Online and are comfortable logging in and making entries in it?"

 

I have had the opportunity to work with CPA's.  Many will begrudgingly use it.  When I finally found one to work with that is a wiz in QBO, it made the client processing so much easier at tax time.  

 

Lynda


 

Highlighted
Anonymous
Not applicable

ACCOUNTANTS

@MEANWOODBAXTER,

 

Great question. I think a large part of it depends on your preferences. Online/remote accounting is becoming increasingly popular, but are you the type of person who needs in-person meetings to get the most out of your consultation? How many times a year do you see your accountant? Do they need to be industry-specific or are you fine with generalists? 

 

Glad to hear the work has been drastically reduced. Has your accountant now become more of a checker than an advisor? 

 

And finally, with all the above answered, what do you think is a fair price for what you need? 

Highlighted
Level 8

ACCOUNTANTS

I work almost 100% remote with all of my clients and most I never meet in person and rarely speak to most of them on the phone ever, but is always their choice and they are welcome to call or we can meet anytime, but I tell them that is totally their call. All works fine remote with several for many years.  Two of them I had never met for a few years until the day they were finally audited I went to their office to assist (on DCAA Accounting System Audit) so met the client and the auditors (3) at the same time, but had been training them prior to audit and advising them on accounting for years before that, all knowing the audit would be coming. Industry-specific is definitely required in my GovCon industry, anyone not knowing industry will most likely not have a chance of getting through first audit much less the first 10 audits. Since I am talking from the consultant vs. client side, I will spare you on my hourly rate since I expect it would only be in range in my industry, so would likely sound very high to anyone here.

View solution in original post

Highlighted
Level 8

ACCOUNTANTS

Interesting, since I work 100% remote in all 5 U.S. time zones and charge based on company size.

$25 more per hour for companies with over 500 employees.

Highlighted
Anonymous
Not applicable

ACCOUNTANTS

@Teri

 

What about custom jobs or "one-off projects" that require you to learn a new set of tools and systems? 

Highlighted
Level 8

ACCOUNTANTS

Good question, but all of my jobs are custom since I only work with Government contractors and each client is unique with regard to the starting point and how much they want to do themselves.  Don't do much routine bookkeeping since I train clients to do their own along with accounting system implementation.  I do not teach things I don't know, but if I needed to learn to do anything new, I would do that on my own time. Interesting question since I could see that both ways, that I might charge more or less depending on the situation.  Perhaps if there was something that I did really want to learn, maybe I would charge less or if I had to learn something unexpected in order to complete a project I had already committed to but was not made aware of beforehand, then I might be inclined to charge more for that expanded scope of work.  However, as far as learning new systems or tools that is pretty common in my work, so is just part of the job I do.  Cheers!

Teri 

Highlighted
Level 1

ACCOUNTANTS

How to record a loan in quick books to reflect in the general account?  

Highlighted
QuickBooks Team

ACCOUNTANTS

Glad to see your post here in this forum, @qu1 2278. I'm here to guide you on how you can record a loan in QuickBooks to reflect in the general account. 

 

If you're a Quickbooks Online user, you'll need to set up a business loan account first. Then, enter an opening balance for a loan. Here's how: 

 

Step 1. Set up a business loan

 

  1. Click the Gear icon at the top right.
  2. Select Chart of Accounts.
  3. Click the New button.
  4. In the drop-down list under Set the Account Type, use either: 
  • Other Current Liability if you'll pay the loan within the current fiscal year.
  • Long Term Liability if it's after the current fiscal year.

       5. Set the Detail Type to Loan Payable.
       6. Enter the name of the account.
       7. Click Save and close.

 

Step 2. Enter an opening balance for a loan

 

  1. Go to the Plus (+) icon and select Bank Deposit.
  2. From the Account ▼ drop-down list, choose the bank account where the loan funds will be deposited, then enter the date of the deposit.
  3. Under the Account column, enter the loan payable account with the amount.
  4. Click Save and close.

 

Once done, you can record a loan payment in QB Online by following Step 3 in this help article: Record a loan and its payment

 

If you're using QuickBooks Desktop, you'll need to set up a liability account first. Then, set up the vendor (Bank/Lending company) and record the loan amount. Here's how: 

 

Step 1: Set up a Liability account

 

  1. Go to the Lists menu. 
  2. Click Chart of Accounts, then right-click anywhere and select New.
  3. In the Add New Account screen, select the radio button for Other Account Types.
  4. From Other Account types drop-down list, choose either:
  • Other Current Liability for short-term loans payable over one year.
  • Long Term Liability for long-term loans payable over a longer period.

       5. Click Continue.
       6. Enter the name and number to the account.
       7. Click Save & Close.

 

Step 2: Set up the vendor (Bank/Lending company)

 

  1. Go to the Vendors menu.
  2. Click Vendor Center, then click New Vendor.
  3. In the New Vendor window, enter the name of the bank or the company you need to pay for the loan.
  4. You can also enter other vendor info such as phone number and email address.
  5. Click OK.

 

Once done, you can record the loan amount and its payment in QB Desktop by following Steps 3 and 4 in this help article: Manually track loans

 

If you have questions related to this topic, you can message us again by clicking the Reply button below. You can also start a new discussion for your other concerns. We're always glad to be of your service. 


 

Need to get in touch?

Contact us