Introduction

This chapter introduces the tools utilized in our Accounting System.

Accounting Analytics utilizes leading support, bookkeeping, payroll, and accounting tools. We utilize today’s technology, automation, hardware, and applications that maximize efficiency and productivity.

The tools are categorized as support, bookkeeping, payroll, and accounting tools.

Support Tools

Personal Computer

A personal computer (PC) is the most versatile and efficient tool in just about any present-day vocation. If the user is stationary, a desktop PC is the most versatile PC. If the user is mobile, a laptop PC is the most versatile PC. If a person is stationary and mobile, they generally have a desktop and a laptop PC.

The pros of a desktop are the ease of upgrading components in the larger housing, larger display(s), full-size keyboard, and mouse. All great advantages for stationary users. However, if the user is mobile, the pros become the cons. It is difficult to transport the larger desktop housing and the external larger display(s), full-size keyboard, and mouse. Thus, the laptop PC. The laptop was developed for mobility.

The pro of a laptop is the smaller size of the housing and its internal display, keyboard, and touchpad. However, like the desktop, the pro becomes the con. The smaller size of the housing and its internal display, keyboard, and touchpad are not as user friendly when compared to a desktop.

Accounting Analytics professional personnel are both stationary and mobile. They prefer the stationary advantages of a desktop and the mobility advantage of a laptop. Therefore, to obtain both advantages, our professionals have the larger displays, a full-size keyboard, and mouse where they are most stationary (at the office for some and at home for others), and a laptop for when mobile.

Instead of investing in a desktop and a laptop, our professionals only invest in a laptop. However, when stationary, they connect their laptop to a docking station or dock to obtain the advantages of a desktop.

When some individuals think of a docking station, they think of the old, clunky docking stations where they insert and encase their laptops into the docking stations. However, today’s docking stations are external devices that connect their laptops to their peripheral devices with a single connection cable.

Dual Monitors

To maximize productivity, an accountant should use a dual monitor setup. This involves having two monitors set up and used simultaneously side-by-side. Doing this makes it much easier to organize, manage, and perform work by being able to display multiple programs or pages at a time.

We use dual monitors to use an application on the right and reference the documentation on the left. For example, when performing a bank reconciliation, we display the QuickBooks Online Reconcile page on the right monitor and the bank statement on the left, allowing us to reference the bank statement as we perform the reconciliation.

With Windows 10, you can do this with one monitor splitting the screen, but you have limited visibility.

Additional advantages of using dual monitors include:  

1. Increased productivity
2. Reduction in errors
3. Using two applications simultaneously
4. Sharing data between applications
5. Comparing data on one monitor to data on the other monitor

It is also helpful to have dual monitors that allow you to adjust the monitors from a horizontal to a vertical position when viewing certain documentation such as a tax return.

Cloud Computing

Cloud computing is the ability to access, store, manage, and process data on a network of remote servers (data centers) hosted on the Internet, rather than on a personal computer or local server. The Cloud is a metaphor for the Internet. Cloud computing is storing and accessing applications and data over the Internet instead of your computer’s hard drive. The user accesses the Cloud via an Internet connected device such as a computer, tablet, or phone. For example, QuickBooks Online is a cloud-based application. You access the application and manage and process your stored company data through an Internet connected device.

The benefits of Cloud computing are as follows:

• Safe storage (never losing data to hardware issues or disasters)
• Ease of access (access the application and data at any time and from anywhere with any Internet connected device)
• Shared access (share your application and data with associates or clients)
• Up to date software (when you access Cloud software, it’s the latest version)
• Little to no maintenance or hardware costs

Microsoft 365

Microsoft 365 (formerly Microsoft Office 365) is a cloud-based subscription service that combines Word (word processing), Excel (spreadsheets), Outlook (email), and PowerPoint (presentations), with OneDrive (Cloud-based file storage service). The subscription allows users to create and share documents at anytime and anywhere on any device.

Microsoft 365 has two subscription plan categories: Home and Business. Home has Family (up to 6 people) and Personal (1 person) subscriptions.  Business has Basic, Standard, and Premium subscriptions. The most popular and best value Home subscription is Family. The Family subscription is $99.99 per year or $9.99 per month. The Personal subscription is $69.99 per year or $6.99 per month. The Business Basic subscription is $5 per month. The Standard subscription is $12.50 per month. The Premium subscription is $20 per month.

Microsoft 365 Cloud-based subscriptions include all the Cloud-computing benefits discussed above.

You can subscribe to Microsoft 365 at https://www.microsoft.com/en-us/microsoft-365.

eCommerce Website

A website is a collection of web pages of codes that describe the layout, format, and content on a page. A website resides on a web server. A web server is an Internet-connected computer that receives a request for a web page sent by a web browser. A web browser connects your device to the web server through an IP (Internet Protocol) address.

An eCommerce website is a website with eCommerce functionality that allows customers or clients to purchase and pay for products or services via the Internet.

Your website should increase your sales and receipts. It should also integrate with your accounting system so you can gather, record, and classify sale and receipt transactions and analyze, summarize, interpret, and communicate sales and receipt information.

Online Bank and Credit Card Accounts

Online bank and credit card accounts allow you to access, manage, and process your bank and credit card accounts with an Internet connected device such as a computer, tablet, or phone.

Online banking allows you to:

• View current and past transactions
• Check your balances
• View current and previous bank statements
• Deposit checks
• Transfer funds
• Pay bills
• Import transactions into QuickBooks Online

Online credit cards allow you to:

• View current and past transactions
• Check your balances
• View current and previous credit card statements
• Pay your bill
• View your rewards balance
• Report lost or stolen credit cards
• Import transactions into QuickBooks Online

Most banks and credit card companies allow customers to access their bank and credit card accounts via the Internet and connect to QuickBooks Online.

Online bank and credit card accounts include all the Cloud-computing benefits discussed above.

Bookkeeping Tools

Note: The Guide assumes your clients are using QuickBooks Online and QuickBooks Online Payments (formally QuickBooks Merchant Account). QuickBooks Online and QuickBooks Online Payments are the leading bookkeeping and payments applications.

QuickBooks Online

Note: In this Guide, when we refer to “QuickBooks”, we’re referring to QuickBooks Online.

QuickBooks is a Cloud-based application that allows businesses to access, store, manage, and process their company’s bookkeeping at any time and from anywhere with an Internet connected device. The features of QuickBooks allow businesses to access, store, manage, and process their bank and credit card accounts, sales and receipts, purchases and payments, payroll and 1099s, and financial reports.

QuickBooks has several subscription plans: Simple Start, Essentials, and Plus. The most popular plan is Plus. The Plus monthly subscription is $80.

QuickBooks includes all the Cloud-computing benefits discussed above.

Note: Accounting Analytics’ QuickBooks Online Accounting System bookkeeping service fee includes the QuickBooks monthly subscription.

QuickBooks Online Payments

QuickBooks Online Payments (formerly QuickBooks Merchant Account) is a Cloud-based application that allows you or your customers (when making online invoice payments) to access, store, manage, and process your company’s sales receipts including invoice, phone, mobile, and recurring payments at any time and from anywhere with an Internet connected device.

QuickBooks Online Payments is 2.4% (swiped), 2.9% (invoiced), and 3.4% (Keyed) plus 25 cents per transaction and 1% per bank transfer or eCheck (ACH). You can save up to 40% on monthly payment amounts over $7,500.

QuickBooks Online Payments integrates with your QuickBooks account and can be accessed directly or through your QuickBooks account.

QuickBooks Online Payments includes all the Cloud-computing benefits discussed above.

Payroll Tools

Note: The Guide assumes you’re using QuickBooks Online Payroll. QuickBooks Online Payroll is the leading payroll application.

QuickBooks Online Payroll

Note: In this Guide, when we refer to “QuickBooks Payroll”, we’re referring to QuickBooks Online Payroll.

QuickBooks Payroll is a Cloud-based application that allows you to access, store, manage, and process your company’s payroll at any time and from anywhere with an Internet connected device. The features of QuickBooks Payroll allow you to access, store, manage, and process your employees’ payroll, benefits, tax reports, and tax payments; and contractor 1099 forms and reports.

QuickBooks Payroll has three subscription plans: Core, Premium, and Elite. The Core plan has a monthly subscription of $35 plus $4 per employee and includes the necessary features to process your payroll. The Guide uses the Core subscription plan.

QuickBooks Payroll includes all the Cloud-computing benefits discussed above.

QuickBooks Payroll is different than Intuit Online Payroll. QuickBooks Payroll integrates with your QuickBooks account; Intuit Online Payroll doesn’t and is used as a stand-alone subscription.

Note: Accounting Analytics’ QuickBooks Online Accounting System payroll service fee includes the QuickBooks Payroll subscription.

Accounting Tools

Note: The Guide assumes you’re using QuickBooks Online Accountant. QuickBooks Online Accountant is the leading accounting application.

QuickBooks Online Accountant

Note: In this Guide, when we refer to “QuickBooks Accountant”, we’re referring to QuickBooks Online Accountant.

QuickBooks Accountant is a Cloud-based application that allows accountants to access, store, manage, and process their bookkeeping, payroll, accounting, business analysis, and tax preparation at any time and from anywhere with an Internet connected device. The features of QuickBooks Accountant also allow accountants to access, store, manage, and process their clients’ bookkeeping, payroll, accounting, business analysis, and tax preparation.

Accounting Analytics uses QuickBooks Accountant to:

1. Perform our bookkeeping, payroll, accounting, business analysis, and tax preparation
2. Manage, support, and supervise our team (professional staff of payroll personnel, bookkeepers, accountants, business analysts, and tax preparers)
3. Manage, support, and supervise our clients’ bookkeepers
4. Perform our clients’ accounting, business analysis, and tax preparation

QuickBooks Accountant includes all the Cloud-computing benefits discussed above.

Fathom

Fathom is a cloud-based financial reporting and analysis application that allows accounting analysts to access, store, manage, and process their QuickBooks Online client financial reports at any time and from anywhere with an Internet connected device. The features of Fathom allow analysts to access, store, manage, and process their client’s financial reports.

ProConnect Tax Online

ProConnect Tax Online is a cloud-based tax application that allows tax preparers to access, store, manage, and process their QuickBooks Online client tax returns at any time and from anywhere with an Internet connected device. The features of ProConnect Tax Online allow tax preparers to access, store, manage, and process their clients’ tax returns.

QuickBooks Online Ecosystem

QuickBooks Online Ecosystem is a family of cloud-based applications that seamlessly integrate and allow you to increase your efficiency and productivity.

Join the Free QuickBooks Online ProAdvisor Program

The free QuickBooks Online ProAdvisor program has the QuickBooks tools you need, including:

• QuickBooks Online Accountant
• QuickBooks Online Payroll
• QuickBooks Time subscription
• Training
• Certification
• Profile Directory listing
• QuickBooks ProAdvisor subscription discounts for your clients
• Discount off your and your clients’ QuickBooks Online Payments subscription
• Discount off your ProConnect Tax Online subscription
• Discount on DocuSign

When you sign up for the QuickBooks Online ProAdvisor program, you can complete Intuit’s QuickBooks Online Certification and QuickBooks Online Advanced Certification for free.

Once you obtain the QuickBooks Online Certification, you can fill out and publish your profile on Intuit’s ProAdvisor Find an Accountant directory.

To sign up for the QuickBooks ProAdvisor Program, go to quickbooks.intuit.com/accountants/proadvisor. Select the Sign up for free button.