NPOs - Wendroff CPA

Report
VSCPA Northern Chapter
Cloud Accounting Using QuickBooks Online
With Not for Profits
Wendroff & Associates
Specialized Services
Full Service Accounting Firm
 Specialize in Small Business and Not for Profit Accounting,
Tax Planning, Outsourced Accounting and CFO Consulting
Individual QuickBooks Training and Review Services
 Customized to Your Specific Needs
 Prepare Financial Statements, Make Adjusting Journal Entries,
Accounting System Clean Up and Overview
 Available Monthly, Quarterly or Biannually
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Today’s Agenda
Agenda for Cloud Accounting Using
QuickBooks Online (QBO)
What is Cloud Accounting and QBO
QBO Compared to QuickBooks Desktop
Top 10 Features of QBO
How Not for Profits Use QBO to Grow
Open Q&A Session
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What is Cloud Accounting and QBO?
34
%
of Businesses are Interested
in Moving to the Cloud
Business Increase in QuickBooks
Online Users for 2012
6
%
28
%
Decrease in QuickBooks
Desktop Users for 2012
4
QuickBooks Online vs. QuickBooks Desktop
What’s the difference?
QuickBooks Online
QuickBooks Desktop
 Allows multiple users to access account
simultaneously from different locations
(executive director, project managers, office
manager/bookkeeper, accountant, etc.)
 Accessible without internet, though data
is limited to one computer
 More seamless management, is updated
and backed up automatically every hour
and stored in two separate hard drives
 QuickBooks Desktop has additional
customization features and reporting
functionality than QBO
 Offers seamless access, can be viewed
anywhere as long as there is Internet
and even on your smart phone or Ipad
 More third party software integration
 No monthly fee
5
Costs and Fees
QuickBooks Online
QuickBooks Online
Three Platforms
SIMPLE START
ONLINE ESSENTIALS
ONLINE PLUS
Create invoices, checks,
basic financial reports
Does what Simple Start
does, download bank
and credit card
transactions, accounts
payable and provides
more reporting
Does what Online
Essentials does, plus has
classes, inventory
management, time
tracking and budgets
$12.95 /Month
$26.95 /Month
$39.95 /Month
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Costs and Fees
QuickBooks Desktop
QuickBooks Desktop
Two Most Common Platforms
QUICKBOOKS PRO
QUICKBOOKS PREMIER
(Industry Focused)
Create invoices, checks, financial
reports, can attach external
documents (PDF, Word, etc.)
to file and downloads bank
and credit card transactions
Similar to QB Pro, also provides
more industry focused reports
(i.e. Not for Profit, General Business,
Contractor, Retail, etc.), job costing,
and allows you to track time by
employee and expenses by project,
client or service
$151
$230
amazon.com
amazon.com
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Costs and Fees
Other Considerations...
You should update QB Desktop every 3 years since
phone assistance is not supported for software older
than 3 years and there updates that usually
enhances the software capabilities
WendroffCPA is a QuickBooks Pro-Advisor and we
can get you a 20 to 30% discount off QBO
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Features with QuickBooks Online
9
1
Activity Log
10
2
Banking and Credit Card Downloads
11
3
Location in Addition to Class Tracking
12
4&5
Memorized and Push Reporting
13
6
Multiple Budgets for Fiscal Year,
Program and Grant
14
7
Unlimited Report Reader
and Time Track Users
15
8
You Can Use Intuit Payment Network (IPN)
to Get Paid Online
16
9
Can View QuickBooks on I-phone,
Android and Tablets
QuickBooks Online Free Mobile Apps
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10
Recurring Transactions (i.e. Journal Entries,
Invoices, etc.)
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How Not for Profits Are Using QBO to Grow
Customizing Reports and Memorizing Them
Customizing Journal Entries and Memorizing Them
Using the Budget Versus Actual Report for Organization,
Grants and Programs
Giving Access to Reports to
Finance Committee on Board,
Other Support Staff, Outside
CPA Firm, Etc.
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How Not for Profits Are Using QBO to Grow
Use online time sheets for staff to input time and use as a
driver for indirect expenses (i.e. rent, accounting fees, etc.)
Scale with accounting staff by giving it customized
permissions depending on each staff’s role
Sign up for IPN and insert “Donate” button
on website, and only get charged 50 cents
per transaction
Develop paperless accounting office and third party
software
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Not for Profit Accounting
Open Q&A Session
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Thank You
Brian Wendroff, CPA
Managing Partner
Wendroff & Associates, CPA
P. 703-553-1099
E. [email protected]
www.wendroffcpa.com
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