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VSCPA Northern Chapter Cloud Accounting Using QuickBooks Online With Not for Profits.

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Presentation on theme: "VSCPA Northern Chapter Cloud Accounting Using QuickBooks Online With Not for Profits."— Presentation transcript:

1 VSCPA Northern Chapter Cloud Accounting Using QuickBooks Online With Not for Profits

2 Wendroff & Associates 2 Specialized Services Full Service Accounting Firm Individual QuickBooks Training and Review Services  Specialize in Small Business and Not for Profit Accounting, Tax Planning, Outsourced Accounting and CFO Consulting  Customized to Your Specific Needs  Prepare Financial Statements, Make Adjusting Journal Entries, Accounting System Clean Up and Overview  Available Monthly, Quarterly or Biannually

3 Today’s Agenda 3 Agenda for Cloud Accounting Using QuickBooks Online (QBO) What is Cloud Accounting and QBO QBO Compared to QuickBooks Desktop Top 10 Features of QBO How Not for Profits Use QBO to Grow Open Q&A Session

4 What is Cloud Accounting and QBO? 4 % 34 of Businesses are Interested in Moving to the Cloud % 28 Business Increase in QuickBooks Online Users for 2012 % 6 Decrease in QuickBooks Desktop Users for 2012

5 QuickBooks Online vs. QuickBooks Desktop 5 QuickBooks OnlineQuickBooks Desktop What’s the difference?  Allows multiple users to access account simultaneously from different locations (executive director, project managers, office manager/bookkeeper, accountant, etc.)  More seamless management, is updated and backed up automatically every hour and stored in two separate hard drives  Offers seamless access, can be viewed anywhere as long as there is Internet and even on your smart phone or Ipad  Accessible without internet, though data is limited to one computer  No monthly fee  QuickBooks Desktop has additional customization features and reporting functionality than QBO  More third party software integration

6 Costs and Fees QuickBooks Online 6 QuickBooks Online Three Platforms SIMPLE START Create invoices, checks, basic financial reports $12.95 /Month ONLINE ESSENTIALS Does what Simple Start does, download bank and credit card transactions, accounts payable and provides more reporting $26.95 /Month ONLINE PLUS Does what Online Essentials does, plus has classes, inventory management, time tracking and budgets $39.95 /Month

7 Costs and Fees QuickBooks Desktop 7 QuickBooks Desktop Two Most Common Platforms QUICKBOOKS PRO Create invoices, checks, financial reports, can attach external documents (PDF, Word, etc.) to file and downloads bank and credit card transactions $151 QUICKBOOKS PREMIER (Industry Focused) Similar to QB Pro, also provides more industry focused reports (i.e. Not for Profit, General Business, Contractor, Retail, etc.), job costing, and allows you to track time by employee and expenses by project, client or service $230

8 Costs and Fees Other Considerations... 8 You should update QB Desktop every 3 years since phone assistance is not supported for software older than 3 years and there updates that usually enhances the software capabilities WendroffCPA is a QuickBooks Pro-Advisor and we can get you a 20 to 30% discount off QBO

9 9 Features with QuickBooks Online

10 10 Activity Log 1

11 11 Banking and Credit Card Downloads 2

12 12 Location in Addition to Class Tracking 3

13 13 Memorized and Push Reporting 4&5

14 14 Multiple Budgets for Fiscal Year, Program and Grant 6

15 15 7 Unlimited Report Reader and Time Track Users

16 16 8 You Can Use Intuit Payment Network (IPN) to Get Paid Online

17 17 9 Can View QuickBooks on I-phone, Android and Tablets QuickBooks Online Free Mobile Apps

18 18 Recurring Transactions (i.e. Journal Entries, Invoices, etc.) 10

19 How Not for Profits Are Using QBO to Grow 19 Customizing Reports and Memorizing Them Customizing Journal Entries and Memorizing Them Using the Budget Versus Actual Report for Organization, Grants and Programs Giving Access to Reports to Finance Committee on Board, Other Support Staff, Outside CPA Firm, Etc.

20 How Not for Profits Are Using QBO to Grow 20 Use online time sheets for staff to input time and use as a driver for indirect expenses (i.e. rent, accounting fees, etc.) Scale with accounting staff by giving it customized permissions depending on each staff’s role Sign up for IPN and insert “Donate” button on website, and only get charged 50 cents per transaction Develop paperless accounting office and third party software

21 Not for Profit Accounting 21 Open Q&A Session

22 Thank You 22 P. 703-553-1099 E. Brian Wendroff, CPA Managing Partner Wendroff & Associates, CPA

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