Company XYZ hired a bookkeeper who they thought was qualified.   One of the bookkeeper’s tasks was to process payroll. The bookkeeper did not know very much about payroll, but she tried her best. In processing payroll one week, she miscalculated the overtime on an employee’s paycheck. When the employee came in to complain about the missing pay, the bookkeeper  just prepared another check for the amount she thought was correct. The amount was still not correct, and the employee began talking with other employees, who had had similar experiences with vacation and sick leave calculation. The employee sought out a labor law attorney who ended up filing a class action suit against the company.

Fortunately, even horror stories can have a happy ending.

During the course of the lawsuit and ensuing Labor Dept. investigation, the company brought in the Queen’s SWAT team who discovered numerous accounting problems. The Queen cleaned up the accounting department and was able to provide accurate accounting records to the attorneys and investigators, ultimately leading to a resolution of both the lawsuit and the investigation. The Queen trained the bookkeeper on correct accounting steps to follow the best protocol in accounting, and followed up and monitored the progress. This company is still open for business, and has not had any payroll or accounting issues since.

In small companies, the “office manager” or “assistant” is often tasked with bookkeeping duties. People skilled at administrative tasks are not necessarily qualified to be doing the bookkeeping, and even the smartest and hardest workers will end up missing important pieces. In the long run it will cost more for the cleanup than to hire a qualified bookkeeper in the first place.

Here is a checklist of things to be aware of for you to avoid such a horror story for your company:

Is your “bookkeeper” working solely on their own with no oversight or review by your CPA or an outside accountant?

• Do you not know how to go into QuickBooks (or your accounting program) and prepare reports or retrieve information?
• Does the “bookkeeper” tell you to not go into QuickBooks because they don’t want you messing up things?
• Is your “bookkeeper” unable to take a vacations or days off because they have no backup?
• Is the “bookkeeper” unable to answer your accounting questions?

These are all signs of potentially serious accounting issues. Call the Queen now and she will make sure your accounting department is being run accurately and efficiently.

Is your paperwork piling up?

Were you unable to take a vacation this summer because the paperwork was piled up, or because you didn’t want to leave your business, even for a few weeks? We don’t always take the time we need to relax and rejuvenate, but the Queen of QuickBooks can help you get away.

Read on to find out how she helped one busy client enjoy his vacation this summer.

Meet Bob:

Bob owns a plumbing and heating business, and most of the time he manages the books himself. For a couple of weeks every year the business hums along nicely while Bob enjoys a well-deserved vacation, knowing all is under control back at the fort. He returns refreshed and ready to dive in to work … but it wasn’t always this easy.

Bob had a problem:

Keeping the accounting books up-to-date was complicated and time-consuming. Bob wasn’t even sure he was doing it right, because the hours his laborers reported never seemed to match up with the hours he invoiced for a job. When he did leave, things really fell through the cracks.

Then Bob called the Queen of QuickBooks.

The Queen helped Bob set up his QuickBooks correctly with labor allocation, job costing, and integrated payroll. Once the accounting was set up correctly, all Bob had to do was enter the hours and what job they were for. The Queen made it easy to determine job costs, prepare invoices, and accurately process payroll—all with a few keystrokes.

Now Bob can do it himself, quickly and accurately. And when vacation time rolls around, one of the Queen’s Royal Bookkeepers steps in to keep things running smoothly.

The Queen’s Bookkeepers work while you relax.

Did you know there’s no vacation in the Land of Accounting? That’s right: The Queen’s specially trained Royal SWAT Team rotates their vacations, so someone is always available to help keep your business running by paying the bills, processing accounts receivable, making deposits, keeping your accounting records up to date, and making sure the payroll checks go out—even if you’re not around.

Would you like to be sitting in Bob’s chair?

Bob was able to enjoy his time off because he planned ahead, got his records in order, and made arrangements for vacation coverage. You can use the same cost-effective strategy. Whether you’re considering a vacation or beginning your year-end tax planning, you’ll rest easier knowing the Queen has set up your company file correctly.

Free consultation…

Call (415) 925-1830 for a free consultation with the Queen herself. She will ask about the specifics of your business and help you determine whether one of the Royal Bookkeepers could be helping you or if direct training for your bookkeeping staff would be the most effective.

Call the Queen of QuickBooks: (415) 925-1830

Who’s on your Team?

We’re well into summer, but I’m not talking baseball here. I’m referring to the teams we all need to help manage our businesses. Your team members may include a tax accountant, a banker, an attorney, and other professionals.

It’s important to get the right team members working for you, because the better your team is, the better your business will be. So, who’s on your team? Do you have all the right players in place?

Do you need a Bookkeeping SWAT Team?

If you need the services of a professional bookkeeper, the Queen of QuickBooks can help. Her team of experts can help you whip your 2009 accounting records into shape. Why do you need ship-shape accounting records?

• To help manage your cash flow better.
• To determine the most profitable segments of your business.
• To get in position for effective end-of-year tax planning.
• So you can make smart, informed business decisions.

Many of the Queen’s clients find this arrangement provides an ideal solution for their bookkeeping needs: it’s professional, efficient, and cost-effective.

Reserve one of the Queen’s bookkeepers today, to ensure that your 2009 accounting records are in good order.

There’s still time to get your 2009 accounting records into good shape, with the help of a good bookkeeper. The Queen will:

• Source qualified bookkeepers.
• Vet them based on your needs.
• Train them on the specifics of your business.
• Manage them.
• Provide backup.
• Act as an expert resource when complex questions arise.

Call today for a free consultation to determine whether one of the Queen’s bookkeepers should be on your team: (415) 925-1830. You won’t believe how easy it can be!

Streamline your business processes and increase
your profitability in just 3 easy sessions…

If you’ve mastered the basics, it’s time to take QuickBooks to the next level. The QuickBooks Pro-Level II class is perfect for people who want to harness the power of QuickBooks to streamline their business processes and increase their profitability.

In just three easy-and enjoyable-sessions, you will learn how to:

• Process payroll efficiently
• Pay payroll taxes accurately and on time
• Track time for your services
• Invoice your clients via email
• Set up and track sales tax
• Manage inventory
• Manage files including backup procedures

Exceptional value … But space is limited!

This is an exceptionally cost-effective way to learn from the Queen of QuickBooks: You get three advanced-level classes for less than $50 per class. Plus, you’ll have the opportunity to ask the Queen bookkeeping and accounting questions relating to your own specific business.

This class is offered at Redwood High School in Larkspur, CA.
3 Tuesdays: July 14, 21, and 28
6:00 p.m. to  9:00 p.m.
Cost $140

Space is limited. Register online today for QuickBooks Pro – Level II.

You should have completed Intro to Quickbooks and/or be a high-level QuickBooks user before taking this class.

More Ways the Queen of QuickBooks Can Help You

If you can’t make it to a class, customized onsite training sessions are an efficient and effective way to take QuickBooks to the next level. Our clients particularly like our remote desktop training options. We also offer online assessments of your company file; click here to learn more about QuickBooks training options,

It’s half past 2009—Do you know where your money is?

In these challenging economic times, it’s more important than ever to manage your money well. With your bookkeeping in order, you can answer crucial questions like:

• How much money do I have?
• Which products and services give me the highest profit?
• Which jobs am I spending too much time on with little return?
• Where am I losing money?
• How can I manage money strategically to maximize my cash flow?

There is still time to get your 2009 bookkeeping records into good shape, and the Queen of Quickbooks can help.

To enjoy the blissful peace of knowing your bookkeeping is in the Queen’s royal and competent hands, please request an audience before June 30.

The Queen of QuickBooks will:

Walk you through the planning stage. She’s helped hundreds of large and small businesses assess where they are and how to accomplish their financial goals. Whether your current accounting system is a QuickBooks file or a shoebox full of receipts, the Queen will evaluate it and develop an optimized system, designed around the way you work.

Guide you through the Land of Accounting with confidence. The Queen is an expert at identifying which accounting practices will work for you and which won’t, and will help you figure out what you need, even when you don’t know what questions to ask. She will develop a step-by-step guide on how to use QuickBooks (and other accounting systems) to maximize your unique accounting information.

Provide you with the steps and tools you need. To attain your present and future financial goals, it is critical that you have a handle on your accounting. Are there questions you have about your business that your current accounting system can’t answer? The Queen will set up your accounting system to give you access to the information you need to make crucial business decisions.

Supply the level of support you need. The Queen will teach you or your staff how to accurately and efficiently enter and retrieve the information needed from your QuickBooks file, assuring you always have up-to-date financial information at your fingertips. Or take advantage of her team of highly skilled, professional bookkeepers to take care of everything from invoicing to payroll to bank reconciliations, working on- or off-site for as many or as few hours as you require.

Get your 2009 accounting organized now, so you can make smart, informed financial decisions. Call the Queen of QuickBooks today to arrange a preliminary meeting: (415) 925-1830.

More Ways the Queen Can Help You

Training sessions are an efficient and effective way to jumpstart your QuickBooks. Our clients particularly like our remote desktop training options.  We also do online assessments of your company file; click here to learn more,

Make your Year End appointment with the Queen:

• Prepare for the inevitable tax crunch now. Before the end of January it is important to review your existing 2008 data with the Queen to make sure all is in order for your tax preparer.
• 1099s are due at the end of January. Make sure you are reconciled and all paid amounts are accurate. These have to be sent out by January 31, and making corrections after that is problematic and expensive.
• April 15th is not your tax deadline. Your tax preparer will want your complete and accurate file by no later than March 1, and maybe sooner.
• January appointments are already filling up—book your appointment now. The Queen will review completed files for accuracy and compliancy, or do the cleanup and past due data input necessary to get it corrected.

Cut Costs Using Good Accounting

With the economic downturn, it can be tempting to cut costs by not having a professional review your financials. However, this review will end up saving you money and avoiding costly corrections.

If money is really getting tight, now is the time to figure out where you are making money, where you are losing money, how to identify unnecessary expenses, and how to maximize your bottom line.

If you have not even begun your 2008 financials, you need to call immediately. There is still time to get your accounting input and up to date, but only if you book your appointment now.

More Ways the Queen Can Help You

Training sessions are an efficient and effective way to jumpstart your QuickBooks. Our clients particularly like our remote desktop training options. Click here to find out more. We also do online assessments of your company file: Click here to read about it.

Happy Holidays to you and your family. We wish you peace and prosperity in the New Year.

Introducing the First Newsletter from the Queen!

The Queen offers professional QuickBooks training and setup. We will implement efficient, reliable systems and educate you on how to use QuickBooks to get the accurate accounting information you need to build your business. We can create your accounting system from scratch, or we can assess and repair your current file. You won’t believe how easy it can be!

New Workshops for 2008

Learn QuickBooks or refresh your QuickBooks skills, and have a good time doing it. You will learn everything you need to know to set up your own company in QuickBooks and run an efficient and accurate accounting system. Workshops are currently being scheduled for July and September 2008.

Click here to read more about the upcoming workshops.

Did you know the year is already over?

It may feel like summer is just approaching, but in the Land of Accounting the year is coming to a close.  Now is the time to make sure that your financials are up to date by:

• Scheduling a strategic meeting for tax planning with your CPA
• Looking at cash flow projections for your business
• Asking important questions: Do I know if I made any money this year, and if so, how much?

Streamline this process by attending a workshop or webinar taught by the Queen.

Email the Queen now and tell her what you want covered in the Webinars currently being scheduled.

More ways the Queen can help you

Training sessions are taking off and the remote desktop training is the most popular.  Click here to find out more. We also do online assessments of your company file: Click here to read about it.

Queen of QuickBooks
336 Bon Air Center, Suite 362
Greenbrae, CA 94904

After a period of time your QuickBooks file will become larger and larger. One way to reduce the file size is to archive or clean up data. Before you begin this process, it is important to know how QuickBooks cleans up data and what transactions are affected.

Below is a detail of how QuickBooks cleans up data and what transactions are affected. The reports on a cash basis will be the most affected and in reality, it is a good idea to run reports on an accrual basis.

How QuickBooks cleans up data

Important: When you clean up your data file, QuickBooks deletes transactions that you no longer need, replacing them with new general journal transactions that summarize, by month, the deleted transactions. You can also choose to have QuickBooks clean up data by removing list items that you no longer need.

An example of what happens during clean up follows:

If an invoice has been paid in full, QuickBooks deletes the details and includes the amount in a summary transaction showing income accounts. Neither the customer name nor the items sold are retained. However, if an invoice is unpaid, QuickBooks leaves the invoice in your file so you can apply future payments to the invoice.

Important: Cleaning up data has a significant effect on your company file. We suggest you print and review this topic before you proceed.

Which transactions are affected?

The ending date, specified for the period of time before which you want to remove transactions, has no effect on transactions dated after the ending date. For example, if your ending date is 12/31/05, all transactions dated 1/1/06 and later remain unchanged in your company file.

Of the transactions dated on or before the ending date, QuickBooks deletes and summarizes only those that have no effect on transactions dated after the ending date.

This table gives examples of the situations that cause QuickBooks to retain transactions dated on or before the ending date:

QuickBooks summarizes deleted transactions

QuickBooks creates summary general journal transactions for the transactions it deletes from your file. Except for transactions that affect the value of your inventory, you can spot the summary transactions by looking for GENJRNL in the Type field of your registers.

There is usually one GENJRNL transaction for each month in which QuickBooks deleted transactions. The transaction amount is the total of the transactions that QuickBooks deleted for the month. For a given month, the register may also show other transactions that QuickBooks did not delete. These are transactions that could be affected by transactions you have yet to enter.

The effect on inventory

QuickBooks removes all inventory transactions until it finds one that cannot be removed. Any inventory transactions falling after the date of the unremovable transaction will not be removed. Upon finding a transaction that cannot be removed, QuickBooks creates an inventory adjustment reflecting the average cost of items on that date.

The effect on your reports

Cleaning up your company file will affect reports that include part or all of the period of time you cleaned up. The main effects are:

The effect on payroll

QuickBooks does not remove payroll transactions dated in the current calendar year.

The effect on estimates and time data

QuickBooks deletes only those estimates that have a job status of Closed. If an estimate has any other job status, QuickBooks retains the estimate.

QuickBooks deletes time data if it is marked as “billed” or “not billable,” or if its job status is Closed. If you base your payroll on time data, you must also have paid your employees for the time. For example, if you billed your customer for the time but you have not yet paid your employee, QuickBooks does not delete the time data.

Income taxes, that is. The Queen has no control over payroll taxes paid to the federal and state governments – if she did, it would be different than it is now. Let’s face it, right now you are recovering from either filing your income tax returns and paying the government a lot of money, or filing an extension and paying a portion of what you will owe the government. If you’re lucky, that is what you have just done. If you are completely in denial, you didn’t file your tax return, you didn’t file your extension, and quite frankly, your next step should be to buy land in Central America and go away for a long time until the IRS stops trying to find you.

Here is how QuickBooks can help you with any of the above scenarios and pay for your vacations. QuickBooks is a very friendly accounting program. It is so friendly that you can install it on your computer, setup the basic structure, and begin writing checks immediately and never have to see the banned words “debit” or “credit” (The Queen loves debits and credits because the Queen is secretly an accountant and lives in the Land of Accounting).

The cost of QuickBooks is very low – in the old days in the Land of Accounting, an accounting program could be very expensive – anywhere from $1,000. to $10,000., depending on the size of your business. You can buy QuickBooks for about $250. and that is a good deal for a business owner. (You can also buy it on the Queen’s website www.queenofquickbooks.com and receive a discount for your purchase – just because you know the Queen).

First let’s talk about your decision to organize your finances, get control of what you make in income, what you spend in expenses and what profit you are going to have to pay taxes on and how you can reduce that net profit and reduce your taxes. You, the business owner, have to make the decision that this is your top priority. After that everything else will fall into place easily. If you are having trouble with this step, you may want to join one of the many support groups available – I recommend the “I don’t want to be M.C. Hammer” group highly. (Signup is on the Queen’s website).

After you buy QuickBooks the next step is easy. Decide how to setup your chart of accounts. What is a Chart of Accounts (is this more accounting babble – no it is not). The Chart of Accounts is a list in QuickBooks. It is one of several lists in QuickBooks and is the most important list which holds all of the money transactions in different categories – Income, Expenses, Checking and Savings Accounts, Accounts Payable, Accounts Receivable and many more categories that are necessary to run an efficient business and keep track of your money.

QuickBooks knows how scary this first step may be and they will walk you through it in the Setup. They even have existing chart of accounts for different types of businesses. For example, you are a contractor – you can choose the chart of accounts “template” for contractors and you will have all of the basic categories you need to run the business. From that template list, you can add or delete accounts you do not need to use.

The Introduction to QuickBooks at the College of Marin taught by the Queen herself thoroughly walks you through the choosing a chart of accounts step. The class also covers many more important QuickBooks steps (see catalog for Community Education classes at: College of Marin, IVC).

OK, now you have installed QuickBooks and setup your basic company with a chart of accounts. Now you are ready to write checks and when you write the check you will choose an account from the Chart of Accounts to keep track of the expense. For example, you write a check to pay your rent on your office or building for $1,000.

• On the main Home page, on the right lower screen, you will see an icon for “Write Checks”. Click it. The window opens and you fill in the check just like you would hand write a check, filling in the person (vendor) you pay the rent to and the amount of $1,000. in the “$” field.
• On the bottom half of the screen you will see a column marked “Account”. You cannot save and close the check window without filling in that field. When your cursor lands on that field, a drop down arrow will appear to the right. You can use that drop down arrow to look at the list of Chart of Accounts and choose the appropriate expense account “Rent”.
• Or magically – you can type the word “Rent” in that field and QuickBooks will go find the correct account for you in the list.
• When you print the check, or manually write it and save and close it, the rent amount of $1,000. will be posted to the category “Rent” in the expenses portion of the Chart of Accounts.

This is how QuickBooks keeps track of all transactions. Every time you issue an invoice from QuickBooks it knows to post the amount to an Income account, every check you write will be posted to an expense account.

At the end of the year, you can prepare a Profit and Loss to anticipate what your net profit will be for the year end and make appropriate business decisions about what to purchase before the year end. At the beginning of the next year, you print out a Profit and Loss and Balance Sheet for your tax preparer, send it off, and go on vacation.

Doesn’t that sound like a much better way to spend January than spending hours and hours pouring over you check register trying to gather together your tax information? Of course it does. And this is how QuickBooks can save you hundreds and maybe thousands of dollars that you will not have to pay in taxes.

The money you save will pay for the vacation you can take in January.