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got a little sidetracked over the weekend and i apologize but we're right back at it so um but this is a lesson to you around christmas time around anytime if you ever challenge yourself you fall back off and you fall off the horse just get back on and keep on moving right like don't let this momentum stop us i know we've got a lot of things going on the holidays are right around the corner merry christmas to all of you i hope that some of you have gotten enough done on your christmas list of things to do um because i know mines keeps growing but i want to make sure that i am just keeping back to my goals and still doing what i'm doing so for those of you that don't know me i'm cece crossley i am the founder of bookkeeper boot camp and i'm here to teach you guys tips tricks and whatever i can to help you guys become successful freelance bookkeepers virtual bookkeepers and for those of you that are out there that are new to this system of virtual bookkeeping and you're interested this channel is for you and that's what i'm working on so today what we're working on um talking about our topic working on uh is the services that you need to offer right now meaning this is december 2020 and we are at a prime time for people looking to to get new clients this is the time we need to capitalize so uh if you're watching this now and it's december 2020 or towards the the end of the year in the beginning of the following year this is the time we need to capitalize and having services um that you offer for particular things that's what we want to do that's what we need to start getting ahead of the game for so right now right now we're gonna talk about one of the most important ones and uh literally if you're looking at me and wondering why i have a jacket on it's because it's freezing in my office and um the rest of my house likes it cold but i just i don't know i just put on jackets in the house to stay warm so everyone else is happy um anyway back to the topic just wondering if you know i have an outside jacket on that's why i have an outside jacket on we're going to talk about the service of clean up bookkeeping cleanup can be very detailed and there's many different steps and levels to doing the bookkeeping cleanup so what i want to talk about are the different things that i offer especially right now towards the end of the year that you guys can capitalize on and help push you to either make new clients or do kind of a package upgrade something you guys can add on to your services now if you're doing just monthly maintenance this is something that you guys want to do so the bookkeeping cleanup is part one of my many parts of the services that we need to offer to our clients now and to potential clients the first part is learning how to read a balance sheet and income statement aka the profit and loss statement so those are the two main things that we need to know as bookkeepers how to read it can be a little bit difficult if you've never read a balance sheet before for those of you joining me now hi and let me know what you guys are watching from i'm here in freezing cold arizona where it's probably only 40 degrees but in my house it's freezing uh anyway i want to talk about the balance sheet first okay reading the balance sheet hey from la hope it's nice and warm and cozy there it's not here um so anyway reading the balance sheet um the balance sheet is going to have your bank um your bank balances so if you're utilizing say hey jersey what's up east coast in the house i bet it's snowing there now right freezing you guys are nuts i don't do snow um you guys want to make sure that you guys know how to look at at least in quickbooks now i'm talking about quickbooks the first part are going to be your bank accounts so whether you guys have checking a savings account by you guys i mean your clients uh credit cards will be a part of that petty cash so bank accounts uh holding accounts like gl accounts those are going to be the top part and then i believe it's going to be your oh i can't think right now your assets and your liabilities will also be a part of that i think it's your liabilities that are right there after it oh yeah oh terrible it's been a long day um but your assets your liabilities your bank statements and your equity are all going to be located on top of your bank statement yes and what you want to do with those is at least specifically for cleanup you want to make sure one a your balance sheet and your bank statements are matching in the uh ending balance that's the most important part because when you're dealing with the cpa and they're looking at your your paperwork uh meaning your reports these are the numbers that they need to create that tax return for your client so if you're working with a cpa the first thing they're going to look at is the bank statements at the end of the month versus uh the balance sheet bank statement at the end of the month so they have to match so january balance sheet has to match january bank statement ending balances and that is that is going to be something that i mean if it's already off and you can pull it up if you're getting new clients if it's already off you already know that you've got guaranteed work you can for sure say okay i can tell you right now just by looking at your bank statement say present day present day bank day or you can go two months back whatever you do you can ask your client to bring those documents for you or if you're a quickbooks user like i am you guys can ask for access if they're okay with it temporary access for them to show you what their balance sheet looks like because that right there can tell you right away their actual bank statement versus their balance sheet statement that's guaranteed work you're gonna be busy that's guaranteed clean up because what that tells you is that their reconciliations are off so you're going to be doing a lot of reconciliations so that is part of the cleanup um then you're going to want to the second part is categorize i call them all the uns what i mean by all the uns is you're going to see some most of the time if there's going to be cleanup work you're going to see uncategorized undeposited and unapplied these are going to be like uncut uh uncategorized um assets or um uncategorized uncategorized anything uh undeposited funds undeposited yeah undeposited funds are going to be a main one and then unapplied payments things like that anything with the on cpas don't want to see that things need to be categorized accordingly so if you guys see the uns on the balance sheet guaranteed cleanup work needs to be done now how much cleanup work i'm not sure no one's going to be completely sure but i can tell you right now that when you see the uns you're guaranteed to have at least i mean you're you're looking at at least possibly at minimum a week's worth of work so you guys can uh address that accordingly and it depends on how many transactions are in those ends if you're looking at the whole year because it's december you're looking at a lot of work there so if you're looking at a lot of work why not let's do it that's what you guys can capitalize on all right the next topic that i've got on my handy-dandy paperwork because i always do um oh it's i'm talking about just the reviewing all the categories see i jump ahead of myself i already know what i'm talking about so i'm i'm already there those are the numbers that your cpa wants and they want you to validate those so cpas are not happy when they see all those ons no go not good um let's see it also it's also good because you're talking about the cash flow and the revenue there so let me just jump backwards a little bit and let's talk about the income statement aka the profit and loss statement it's the same thing um they're just used in different terminologies sometimes depending on your client and their softwares so the income statement is going to have the revenue that comes in and of that revenue it's going to show all the expenses that your client has and the reason why this is important is because these are where all the deductions come from for your clients tax returns so what you want to do is you want to make sure you're reviewing every single column even if it's just a quick couple minute review do it and i mean same goes for the balance sheet if numbers if you haven't if here's the thing if you didn't look at those numbers and you're doing a full cleanup and your client or the cpa goes hey how come this number's so high and you go oh i don't know because i really didn't look at it i was only taking care of a few of those no that is our duty as the bookkeepers that are doing the cleanup we need to look at all of the numbers we need to make sure everything on the balance sheet that's recorded is accurate you don't have to go um one by one but you can i just briefly skim over i mean for instance if i'm looking at the p l's right p l's is the expensive expenses if i see that in office supplies we're looking at fifty thousand dollars in office supplies that's a red flag i'm going to click on that fifty thousand dollars in office supplies because i'm thinking why do we have fifty thousand dollars in office supplies maybe hey phoenix what's up in the house right az um anyway fifty thousand dollars in office supplies might actually be considered an asset so i'm going to take a look at that because that's something that the cpa might ask me as well so i'm looking at every single one and if i'm doing a cleanup you can guarantee that i'm opening every single category on the balance sheet and on the trend on the p l sheet to make sure that i've got my eyes on that so if someone ever came back to ask me whether it be the cpa or the client i can confidently tell them that i looked at that so that would be my recommendation for the beginning services of cleanup that you guys can start offering right this minute like right as we hang up on this live i want you guys to see if you guys can use this if you can come back and leave me a comment if you have questions about how to utilize the balance sheet and the profit and loss sheet more accurately leave me a comment now if we're here on the live i definitely want to answer all questions that you guys have and the allotted time that i have you for i try not to keep my lives more than 30 minutes because that's a long video and it's just me gabbing gabbing gabbing so anyway as i say that the second part of the cleanup services that i'm talking about today is the bank and credit card reconciliations um this again if you go back to what i had just previously spoke about the balance sheet and the bank reconciliations and the credit card reconciliations those go hand in hand why because that is the that is the double check that is uh i can't the words escaping me that is that is the way we make sure that all of the transactions in our quickbooks software uh tallies up to the bank statement meaning when the cash comes in and out and as we're recording it we want to make sure we one don't have duplicates because that could be a big problem we're recording it twice double transactions you know that that's a big problem our numbers and our reports will be off um so that's what will catch that um anybody who's got you know outstanding um checks that are out there that's what the reconciliation is supposed to do it's supposed to catch everything that's lingering and everything that needed to be accounted for in our reconciliations from the bank so the bank feed is now located on our quickbooks before it wasn't uh many years ago and we had to do make sure that those transactions were in there manually well with quickbooks you guys can take a look at their reconciliation reports so if you're looking at the reconciliation reports then you can make sure that you are looking at the un um the ones that unreconcile the unreconciled um transactions on the report will be towards the bottom so if you see anything that's really old say from july august you can start to question those ask ask your client you know or do your research make sure that you know those are either valid charges that we're waiting for or um maybe they might be duplicated if they are let's get rid of them let's clean that up so the reconciliation summary reports those monthly reports that's something that you guys can really start to look at now and right i can tell you what right there if you start to see anything that's over 60 days from right now if you were to look at your clients books you guys can use it that's cleanup that's money in your pocket right now um all right so that's the topic for right now today look at that made it fast clean and it rambled too much yes uh i'm gonna see if i've got any questions here give me one second one second i think i've got one from brian all right brian brian says what if a client uses one credit card for two different businesses how do i figure out the actual ending balance that i need to reconcile um well brian i hope that i hope that's not the case cause if it really is the case here's what i would recommend i would recommend um i would recommend so the reason why this makes it hard is because if you have one credit card for two different for two different uh businesses you're gonna need two different softwares to begin with right well not software's two different companies within quickbooks so if you're using quickbooks i don't know if you are or not let me know in the comments if you are if you're still watching um what i would recommend in this case is um i would kind of have to do this on the end on an excel sheet uh or i would this does make it a little difficult or what i would do is uh if you're using quickbooks so there's two different ways you can do it if you're using quickbooks uh make sure that you're using two different um let's see oh it's been a pain for three years i would try to get your client to stop doing that but if you can't and i get it i totally get it it's such a pain in the butt um i would just make sure that you know you're doing the two different companies you've got it you know company number one here and then company number two in a different file so a whole different profile because that's the only way that you can absolutely make sure that those numbers are not being included on the other business so meaning you've got say uh business number one and then business number two okay so you did say different accounts and you're a quickbook advice okay so i mean i would just recommend doing it like that um when i present the work to my cpa i would explain that and i would manually just tally out the um uh and total up the bank statement so i guess i'm doing two bank statements uh of the same or same credit card statement not bank statement two of the same credit card statements and then i would probably just like highlight or circle the ones manually uh tally them up to make sure that i showed a beginning and ending balance because at least that's that's the only way i can prove that that was the full statement um what i would almost recommend is uh yeah i mean are they if they're using it that way that would that would be the best way if you were to export that into an excel would be a little more harder anyway but that'll probably be the most less painful way i i don't know if that's the way you're doing it now but if it is let me know um i'm curious to know how you're doing it actually because that is such a pain in the butt and guys this is why it's a pain in the butt if you're not if you're not familiar and you're watching this now and you're like why are they like what's such a pain it's because um and it's kind of the same reason why people shouldn't use their business accounts for personal uses uh it's because it's it's not it's not good business practice because we need to capture it makes it harder on the bookkeeper and it makes it harder to produce accurate reports if your client is still using their personal uh using actually taking money out of their bank to pay personal things rent um car payments what have you bills telephone things like that um it really doesn't look fantastic on the on the p l's and the bank think uh the balance sheet because um they make payments with different things oh brian i'm gonna drink some win for you tonight buddy that's not fun um but again going back to that the reason why it's such a pain in the ass is because and i've pardoned my french uh it's it's because as an owner you should they should get they should be getting paid okay whether they are an s corp or sole proprietor things like that we need to make sure that your clients have their own wages and [Music] by doing that we are showing how much your client makes not how much the business makes now if you stay tuned that's going to be part three of my services you need to offer now so not tomorrow because tomorrow's a whole new topic but uh the following day i'm gonna go over that exact reason why you guys need to start offering this service now and i want you guys to fully understand it about how clients need to pay themselves and why it's so important for you to know as a bookkeeper and for them to know why so i'm gonna i mean it's a whole nother topic and i can just go on and on and on but like i said i don't like to keep you guys too long um and today's is more about cleanup uh if you guys have questions now if you're just watching me now if you have questions about cleanup anything that you're doing uh brian was just telling me how uh each business has about six six hundred uh six thousand transactions a year okay so i mean it's not too high it's a pretty good that's a pretty good amount um so i mean it's kind of i would say it's it's not too bad it's not too bad i feel like that's manageable per business still a pain in the butt i would definitely i wish i wish you could do it differently um but if you could tell me how they're doing it that would be wonderful so just to let's uh do a little quick recap on what we should do because i don't want to keep you guys too long i'm watching my clock here okay so how to read a balance sheet uh in the income statement because you need to look at the balance sheet and the income statement income statement is the profit and loss statement because if you're seeing things like inconsistencies on the balance sheet on the bank statement ending balance and the balance sheet ending balance if those don't match at the end of the month so if you pull for instance if you pull november um the last uh the balance sheet as of the end of november that ending balance in the bank part section should match the november bank statement or credit card statement those ending balances should match if they are not matching at any point in the year of 2020 that's cleanup work you guys can capitalize on that right now and use that for to your advantage especially if you're getting new clients because new clients we need to capitalize it now get them in the door look at these balance sheets um categorizing the uns on the balance sheet so if you're looking at a balance sheet and you see undeposited or unapplied anything that's clean up work all right and you guys can charge anywhere from 700 800 at minimum minimum seven to eight okay guys seven eight for cleanup depending on transactions and i say minimum because it's always depending on what it how many transactions and how bad the cleanup is my minimum is probably a lot higher but that's because i have a lot more experience and for those of you that have experience like i do i have about 15 years of experience in doing this you guys should be charging a higher rate because you have the knowledge if you're just starting off that's okay you guys can still start at a pretty good rate around 700 hundred but you guys need to know what you're doing so if you have questions about cleanup like that hit me up at hello at bookkeeperbootcamp.com or questions at bookkeeperbootcamp.com and i will do my best to answer them the bookkeeping cleanup can get really tricky and that's one thing that i have been trying to get better at um with my coaching uh it's just it can get tricky because each is a little different for each client anyway income statement same thing anything that is uncategorized open every single category on the balance sheet and on the income statement get your guys eyes on both so that you guys can determine each trend you know each group of transactions or each you know each line transaction on each report is accurate that's our job our job is to make sure that these transactions are valid for the cpa and ready because if you guys make these if you guys make it easier for the cpa the cpa wants to work with good knowledgeable bookkeepers and that's how you get referrals that's also part of the 15 day um challenge that i'm setting so keep an eye out i i try to do live so i can answer questions um i find that that's a lot easier for me but somewhere down the road i will do some videos so you guys can have some uh some actual visuals i might just get old school and just like use my you know i can grab it it's stuck my little notepad um it's just easier to teach in that mode for me anyway the next and last one was the bank and credit card reconciliations if those reconciliations aren't completed and they're back dated and they haven't done them guess what that's cleanup work right now for you clean up that's money in your pocket and i do recommend that you guys are not charging by the hour charge as a package it's better it's faster you guys can get more clients that way um and you're not limited to if your knowledge is vast and you can do the cleanup like that then it takes you say two weeks to do the cleanup one week don't limit yourself on the hours you guys are you guys are just ripping yourselves off it needs to be in packages anyway that's the end of my life tonight join me again tomorrow about the same time i'm gonna do i'm gonna try to shoot for 5 p.m pacific standard time every day so if you're if you're tuning in live now and you know my next live i'll make sure to try and get you guys out there about 5 p.m pacific standard time i feel like is the best time for everyone i still have some time for questions guys if not if you don't have any questions just drop me a line tell me you guys uh watching from i love to know uh but tomorrow's tomorrow's uh video is going to be about sales tax and the south dakota versus wayfarer mandate and why this is important for you guys to capitalize on and make this a service for you now to offer and this one is a big one okay i really want you i really want to talk about this because this has been my money maker so tune in tomorrow that's going to be december 23rd so it's going to be early pre-christmas present for you guys because this is a big one if it's too long to talk about um in my life i might break it up into two pieces but i think i think i should cover it i just need to make sure that i don't ramble too much for you guys but this one's a really good topic okay uh thanks brian email me i can't wait to talk about this maybe we can meet up in phoenix who knows and for those of you that are in phoenix drop me a line at hello bookkeeperbootcamp.com let me know if we can somehow do a meet-up one of these days you know when kova is not so crazy um we could do like a big oh we can't do a big group gosh kobet sucks anyway uh i hope you guys are having a great evening shoot me a line uh if you have any more questions about the part one to this services you need to offer now which is clean up norma you're welcome i'll talk to you guys all soon have a great rest of your evening and i hope this this part one is really helpful for you guys and that you guys can use it right now bye