1. 6/3/15 RootWorks.com The Bookkeeping Delivery Model Leah Reid Education Services

2. Learning Objectives This class will cover the following items: Review fee calculator Set client bill-pay processing schedules Walkthrough bookkeeping workflow Learn recommended technology Discuss roles and responsibilities

3. Client Analysis Thorough review of client QB/QBO file RootWorks Fee Calculator Client bill-pay schedules Engagement Letter

4. Polling Question

5. Engagement Letter Include required online access items – Online banking/ credit card accounts – Other financial institutions Include any set schedules – Bill pay/ payroll Include statement that fees will be reviewed after 12 months

6. Engagement Letter

7. Client Login

8. Bookkeeping Model Bill PayPayroll Monthly Reconciliation Financial Statements Tax Integration

9. Two Core Principles #1 Leverage a paperless workflow #2 Offer an environment that drives client collaboration

10. Technology Paperless document storage – Bill.com & SmartVault Bill pay technology – Bill.com & QB Desktop/ QBO Accounting platforms – QB Desktop / QBO Payroll platform – Accounting CS Financial statement generation – Accounting CS Tax Integration – Ultra Tax CS

11. Bill Pay Goal: Paperless workflow – Accomplished by using: Bill.com -OR- SmartVault Bill pay process – Accomplished by using: Bill.com -OR- QB Desktop/ QBO, Online Banking, QB Bill Pay Note: Both Bill.com and SmartVault integrate with QB Desktop and QBO

12. RootWorks.com Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches scanned document to bill using SV add-inAttaches scanned document to bill using SV add-in Selects ‘Pay Online’ if using QB Bill Pay or prints paper check,Selects ‘Pay Online’ if using QB Bill Pay or prints paper check, Accounting Firm: Client Manager Reconciles bank recReconciles bank rec Produces financialsProduces financials Bill.com Workflow & Roles SmartVault Workflow & Roles Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to Bill.com InboxUploads scanned document(s) to Bill.com Inbox Accounting Firm: Bookkeeper Attaches scanned document, codes GL accounts to billAttaches scanned document, codes GL accounts to bill Bill paid by Bill.com per due date and method selectedBill paid by Bill.com per due date and method selected Manual or automatic ‘Sync’Manual or automatic ‘Sync’ Accounting Firm: Client Manager Reconciles bank accountReconciles bank account Produces financialsProduces financials

13. Payroll Technology Goal: Increase firm efficiencies with batch processing Accomplished by using: – Accounting CS Payroll

14. Payroll Workflow Client sends payroll hours – Manual, import (TimeRack, remote payroll, Excel) Payroll processor prints payroll checks* – Direct deposit (InterceptEFT), paycard – WebEE: checkstubs Payroll processor pays payroll taxes – Federal: InterceptEFT – State/Local: Per state requirements

15. Payroll Tax Form Processing Performed by Firm 941/940 – Register as a reporting agent – Electronically file W2 – Sign up at SSA website – Create file for upload on SSA website 1099 – Sign up through IRS Fire System – Create file for upload on IRS website

16. Payroll Journal Entry* Client Manager – Mark option for payroll checks not to post to GL in ACS – Enter payroll journal entry into QB/QBO as summary JE This is possible because employees are paid by direct deposit and paycards

17. Polling Question

18. Monthly Reconciliation Technology Goal: Provide client collaboration as needed and reduce time spent on reconciliation by client manager Accomplished by using: – Hosted QB Desktop and QBO

19. Monthly Reconciliation Workflow Bill pay services: Process kicked off with paperless workflow – Digital invoice linked to bill and coded by bookkeeper Monthly reconciliation time is reduced Client manager performs bank rec(s) Note: QBO Bank feeds download automatically Auto match and bank feed rules

20. Financial Statements Technology Goal: Provide clients with professional, high quality financials using efficient tools and paperless delivery Accomplished by using: – Accounting CS – FileCabinetCS – NetClientCS Portals

21. Financial Statements Workflow Client Manager: – Exports trial balance from QB Desktop/QBO Monthly/ Quarterly basis – Imports trial balance into ACS – Prints financial statements to FileCabinetCS Push financial statements to client portals from FileCabinetCS

22. Tax Integration Technology Goal: Reduce duplicate data entry and data entry error by leveraging a tax integration for annual tax return Accomplished by using: – Ultra Tax CS & Accounting CS Integration

23. Tax Integration Workflow Client Manager: – Follows same monthly/ quarterly TB import process for generating financial statements – Makes any necessary tax adjustments – Integrates with UltraTax CS, which uses the entity type and tax codes setup on the chart of accounts in Accounting CS

24. Polling Question

25. Recap Reviewed the fee calculator Discussed client schedules Walked through bookkeeping workflow Learned recommended technology Discussed roles and responsibilities

26. Thank you! Questions? Email coaching@rootworks.com