Bookkeeping Delivery Model - Efficient and Collaborative Bookkeeping Solutions

1. 6/3/15 The Bookkeeping Delivery Model Leah ReidEducation Services RootWorks.com

2. Learning Objectives This class will cover the following items: • Review fee calculator • Set client bill-pay processing schedules • Walkthrough bookkeeping workflow • Learn recommended technology • Discuss roles and responsibilities

3. Client Analysis Thorough review of client QB/QBO file • RootWorks Fee Calculator • Client bill-pay schedules • Engagement Letter

4. Polling Question

5. Engagement Letter • Include required online access items • Online banking/ credit card accounts • Other financial institutions • Include any set schedules • Bill pay/ payroll • Include statement that fees will be reviewed after 12 months

6. Engagement Letter

7. Client Login

8. Bookkeeping Model

9. Two Core Principles #1 Leverage a paperless workflow #2 Offer an environment that drives client collaboration

10. Bill Pay • Goal: Paperless workflow • Accomplished by using: • Bill.com -OR- • SmartVault • Bill pay process • Accomplished by using: • Bill.com -OR- • QB Desktop/ QBO, Online Banking, QB Bill Pay Note: Both Bill.com and SmartVault integrate with QB Desktop and QBO

11. SmartVault Workflow & Roles Bill.com Workflow & Roles RootWorks.com

12. Payroll Technology • Goal: Increase firm efficiencies with batch processing • Accomplished by using: • Accounting CS Payroll

13. Payroll Workflow • Client sends payroll hours • Manual, import (TimeRack, remote payroll, Excel) • Payroll processor prints payroll checks* • Direct deposit (InterceptEFT), paycard • WebEE: checkstubs • Payroll processor pays payroll taxes • Federal: InterceptEFT • State/Local: Per state requirements

14. Payroll Tax Form ProcessingPerformed by Firm • 941/940 • Register as a reporting agent • Electronically file • W2 • Sign up at SSA website • Create file for upload on SSA website • 1099 • Sign up through IRS Fire System • Create file for upload on IRS website

15. Payroll Journal Entry* • Client Manager • Mark option for payroll checks not to post to GL in ACS • Enter payroll journal entry into QB/QBO as summary JE • This is possible because employees are paid by direct deposit and paycards

16. Polling Question

17. Monthly Reconciliation Technology • Goal: Provide client collaboration as needed and reduce time spent on reconciliation by client manager • Accomplished by using: • Hosted QB Desktop and QBO

18. Monthly Reconciliation Workflow • Bill pay services: • Process kicked off with paperless workflow • Digital invoice linked to bill and coded by bookkeeper • Monthly reconciliation time is reduced • Client manager performs bank rec(s) • Note: QBO • Bank feeds download automatically • Auto match and bank feed rules

19. Financial Statements Technology • Goal: Provide clients with professional, high quality financials using efficient tools and paperless delivery • Accomplished by using: • Accounting CS • FileCabinetCS • NetClientCS Portals

20. Financial Statements Workflow • Client Manager: • Exports trial balance from QB Desktop/QBO • Monthly/ Quarterly basis • Imports trial balance into ACS • Prints financial statements to FileCabinetCS • Push financial statements to client portals from FileCabinetCS

21. Tax Integration Technology • Goal: Reduce duplicate data entry and data entry error by leveraging a tax integration for annual tax return • Accomplished by using: • Ultra Tax CS & Accounting CS Integration

22. Tax Integration Workflow • Client Manager: • Follows same monthly/ quarterly TB import process for generating financial statements • Makes any necessary tax adjustments • Integrates with UltraTax CS, which uses the entity type and tax codes setup on the chart of accounts in Accounting CS

23. Polling Question

24. Recap • Reviewed the fee calculator • Discussed client schedules • Walked through bookkeeping workflow • Learned recommended technology • Discussed roles and responsibilities

25. Thank you! Questions? Email coaching@rootworks.com