Updated: Feb 21
We like prospective clients to understand all that is involved with assessing someone's current financial scene and the ins and outs of their Quickbooks account. There are many techniques we are trained in to make the process easier to face and there are many items on the checklist we go through to assess your accounts thoroughly to provide an accurate estimate.
We've narrowed down exactly what is involved in doing this service and the value that is provided. Therefore, our set-up/clean-up fees are based on the following:
1) Our ability to wear a "counselor hat" during the most stressful phase of working with us.
We could write a whole book on what we've experienced with clients during the clean-up project. We understand it's not easy to face the mound of financial confusion that will need to be sorted through. We've been yelled at, cried at, etc. Thank goodness we work online because there may have been a few punches thrown if we were in person. We've learned to not take it personal and understand that emotions can rise and drop as we work through the confusions and stresses of getting order in the financial area!
2) Our ability to handle your confusions as we move through Step 1
There are reasons people have confusions. We have trained ourselves to become very good "teachers." We've learned how to explain Quickbooks and our system to our clients. We've learned how to notice what reactions determine what troubles a client has within the area. This all helps us support them during this time of organization and change.
3) Our ability to detect red flags that former professionals may not have detected.
Our attention to detail is meticulous. We enjoy the detective process and maybe that's why we catch more red flags. This is important when you want to set up an efficient foundation for finances and get the most out of money management and tax strategy.
4) Our structure that we develop that assists in growth.
When we set up your Chart of Accounts (a place that lists the categories of your transactions), we do it for tax strategy AND money management! We also have additional tools we set up so we can monitor trends and make financial decisions.
6) Types of banks and statements you have
Believe it or not, some banks don't sync with Quickbooks! This means we have to upload the transactions a different way or possible enter them manually. That's a lot of work! Some statements are not user-friendly when trying to sort out a discrepancy. For example, certain statement's do not separate out deposit and expense sections. Some banks do not allow you to see checks, you have to request and retrieve them.
7) How many bank accounts you have
Each bank account needs to be added to Quickbooks. All transactions need to be entered and reconciled through the most recent statement. To reconcile is to compare the bank statement to your Quickbooks account to ensure everything matches so the balances match. This also shows you the discrepancies between current balance and Quickbooks balance for money management. For example, if you write out checks but they haven't cleared the bank, you want to pay attention to your Quickbooks balance NOT the bank!
8) How many discrepancies we discover
Here's where the estimate can increase more than average. Let's say, we discover loan payments weren't added correctly or your invoice payments weren't done correctly. You used the Bill Pay window but payments weren't applied to bills. Credit cards were added as expenses and not as a register. These are all things that contribute to a higher than normal detective process and handling. We often tell prospective clients our work is like that of a plumber. We can give an estimate based on what we see from scanning through your books but until we get under the sink and start removing pipes, we won't know the full scene of things! It's better to be mentally prepared for that just in case!
9) How many Quickbooks accounts do you have
If you own more than one entity and have more than one Quickbooks, chances are there will be transfers and Journal Entries between them. When we have to compare two different sets of books to see how they should match, then it's more time consuming and involves more skill. Journal Entries are transactions that need to be added to the books to record certain transactions that didn't go through the bank. For example, let's say you have a consulting company and it paid for an expense that belonged to your dental practice. Well we would have to enter a Journal Entry in your dental practice Quickbooks to show the expense in the Profit and Loss reports.
10) How many months are your records behind?
If your Quickbooks records is only behind two months and not much needs to be fixed, then you are looking good and a very affordable Clean-Up Estimate is probably going to result. If your books are a mess and behind a year or more, you are looking at a much larger sum of money.
Our estimates take into account the skill, time and effort it will take to get your books up to date, accurate and set up to create a financial foundation for success. It also takes into account our customized customer service to cater to different personality types.
We've learned that Clean-Up Projects can range anywhere between $1500 to $15,000. With one-man-bands it can be a more affordable starting range due to the fact they don't have much to set up. Please contact us to get a free estimate and consult to find out how much your project could be and what monthly services would cost you.