Systems
System used for email communication with clients and staff.
What is Outlook.
Reason it is important to learn your client.
What is lower the number of errors and connecting with client and how their business works.
Equity?
What is Money invested or withdrawn from the business by shareholders.
Fiscal Year
What is a specified one year period of time that companies use for accounting purposes.
Typically Jan-Dec but can be another arrangement of 12 months.
Gross Income
What is the total money earned before costs are deducted.
Payroll platforms we use.
What is Patriot and Gusto.
What is the backbone of the QBO file?
What is the Chart of Accounts.
Enrolled Agent
What is a specific license allowing an accountant to represent people and business in IRS encounters.
This is a different licensure than that of a CPA.
Profit and Loss
What is a financial statement that outlines a company's revenue and costs over a set period of time.
Accounts Receivable
What is money owed to a company that has not yet been paid by customers.
Cloud storage system we use currently for client files and important documents.
What is SharePoint.
Common ways we receive documents from clients.
What is owner sends in monthly for manual input or account is linked and synced!
Accrual Basis Accounting
What is the method of accounting that records transactions when they occur, regardless of a payment or not.
Cash Basis
What is the method of accounting that records transactions only when a payment has been exchanged.
Net Income
What is the total money earned after costs are deducted.
Tax software we use.
What is Drake
We also utilize the drake portal for a dropbox for clients to upload and download files to and from us.
When using QBO what button is your best friend?
What is REFRESH!
Chart of Accounts
Balance Sheet
What is a financial statement that reports a company's assets, liabilities, and equity at a point in time.
Accounts payable
Software that is used to convert a PDF of bank statements into QBO files.
What is MoneyThumb.
Order of operations for bookkeeping?
What is
Gather bank/credit card statements
Enter Transactions in to QB
Ask my client questions
Reconcile
Depreciation
Cost of goods sold
What is the direct costs for producing a good or service.
Cash Flow Statement
What is a financial statement that summarizes a company's cash inflows and outflows over a set period of time.