Real Money is a radio show about how money works and how to make it work for you. David & I discussed who are the players in the world of small business accounting; tax preparation considerations, and what is the job of the business owner or a privately held company in managing the various players, for a profitable dance?
Early Growth Financial Services Inc. specializes in working with clients who want or have just received Venture Capital Funding.
EGFS offers a range of service providers, including myself as the Seattle area Senior Accountant, and Larry Braden as the Seattle area CFO. Larry Braden, MBA, CPA, is a genius, and the primary reason I accepted this position. The job is quite fun. The clients have
interesting problems, and they want the accounting to be perfect. I get
to use all top of the line software solutions, like QuickBooks hosted
Enterprise, Bill.com, Expensify, and Zen Payroll.
If your company is close to getting Venture Capital funding, or has
just gotten VC funding, you won't find a better solution to your
accounting, compliance, and tax needs than EGFS. Check out their blog, especially the positive review of my book.
We support Intuit payroll in all forms, as well as adding ZenPayroll (now Gusto) to our portfolio now.
Gusto is cloud-based payroll software, built for small businesses. Customers can run
payroll and administer benefits from any connected device. All
government payroll reporting is done automatically and paperlessly, providing
the easiest way for business owners and bookkeepers/accountants to manage payroll taxes
There is one glaring limitation to Gusto or outsourcing payroll at all, over Intuit payroll, and that is job costing. If you need to integrate employee hours and job costing closely with payroll outsourcing payroll is not the right decision for your business.
With Gusto you decide on your payroll schedule. When it's time to run payroll, Gusto sends you an email alert. You connect from any device, (enter hours if the employee is not salaried), and run payroll with the click of a mouse. They take care of the all the rest. What could be simpler?
Weblink to ZenPayroll - Frequently Asked Questions Here is a Cost Analysis of Gusto and Intuit Payroll: Gusto monthly fees are $25 per month, plus $4 per person for the first ten employees or
contractors and $2 per person thereafter. This includes direct deposit,
unlimited payroll runs, year-end W-2s and 1099's, tax liability payments, special payroll runs, and new hire reporting for both employees and contractors.
Intuit's tax tables & forms, costs $28/month, plus $2 per employee.
Sounds like Gusto is cheaper, but a client moved 8 employees from Intuit to Gusto and she said it was a tiny bit more expensive, but still worthwhile to her for the time savings.
I've seen the ads for Costco and Intuit Online and Payroll combined and find them somewhat misleading as the Intuit software only prompts you with what you owe. You still have to file with various agencies, pay, and clear out the liabilities in your software.
Naturally, I am happy to fix any problems you are having with Intuit Payroll. You know more about what's best for your business than I'll ever hope to know.
Let's talk about the QuickBooks integration. I've run the sync/link and all it does is enter the check into QuickBooks that takes money from your bank account, and posts it to Wages & Taxes, Salaries, or whatever you call your payroll expense account. I can enter that in manually, or upload it from the bank feed faster than I can integrate it from ZenPayroll. And if you do ever need more detailed information, such as specifics on employees or tax liabilities, ZenPayroll is storing those reports for you! Or if you require more detail inside QuickBooks, you can break it out yourself via check detail or a journal entry.
Did I mention the 2 free months? That gives you time to sign up and make me a collaborator.
P.S. I had a mentor who shared that the trick to managing employees was to buy cheap dishes from the thrift store that she could then throw against the wall out back of her shop, Let's make having employees easier on you.
Connect, Oct 20-22, 2014, was Intuit's premiere conference to celebrate their foray
into the subscription business of QuickBooks Online. The conference was a
chance to meet people, see the cloud technology, and get the advice needed to
start, run and grow a business. It was a unique experience and an opportunity
to make valuable connections.
The over 4000 attendees
included a veritable who's who of industry movers and shakers. Vendors I work with such as Expensify, and Zen Payroll had sponsorship booths. I got the Zen
t-shirt to prove it.
Accountants, such as myself, attended
to become "Advanced Online Certified", a new certification Intuit
rolled out at the conference. That test is extremely hard to pass, so the day-long
training will be invaluable too.
included entrepreneurs Magic Johnson, Martha Stewart, Kevin Clearly, Cliff Bar
& Co. CEO. Marc Andreessen (Netscape fame) got up from his sick bed to be
interviewed by Scott Cook, Founder, Intuit Inc. Mr Andreessen is a VC now, so perhaps
he wanted first dibs on the next FaceBook developer who might have been in the
crowd? The level of creativity required to create a business such as FB was
what I found most exciting about the conference too.
conference, I gravitated towards Sarah Clansky to answer my Intuit information
booth questions. By the third question, she shared with me that she doesn't actually
work for Intuit Corp. Rather; she's the project manager for doubledutch.me—the business
that developed and managed the QB Connect conference app. She has 3 more
conferences to roll out this month alone. Two years ago that business didn't
exist, or if it did, just as idea, a vision, or maybe a dream?
It's a joy and a blessing to be around attendees, and my clients, who all have such a high
level of business creativity.
Computers and tech support go together. Tech support comes in a variety of packages. I work visually, kinetically, and on a project basis. That means either at the
client's office, or remotely where the client and I can discuss issues.
of people want instant phone and email support, which we don't provide. It's a business decision, based on 100 reasons why. Yesterday I was at a clients that aptly illustrates one of the reason's why.
client called about having me look at his WA State B&O report, and past returns. He didn't trust the report his bookkeeper was giving him, wasn't sure if he was filing
correctly, and wanted to know if he should amend past returns? The
bookkeeper was pretty upset at me for not doing this as a tech support
call. Lots of drama.
The client turned out to be right on all fronts. The bookkeeper's numbers were correct, but QuickBooks wasn't putting the numbers in the right place on the Salestax Liability Report because of how she had learned to use the software. On
invoices that didn't have salestax, she was leaving that space blank,
instead of putting in "non". In a million years, she would have never
asked that, nor would I have imagined that was the problem with the report. While I was there, I got on the phone with the Dept of Revenue and clarified how he should file and what codes he should use. I verified that past returns were 'good enough'. And left the bookkeeper notes and reports so that she could do this correctly in the future.
With visual access to QuickBooks, access to the client or bookkeeper, and a block of time, I have yet to find a QuickBooks problem I can't solve, sometimes with the help of Intuit Tech Phone Support, which I pay handsomely for. So if you need phone support, Intuit can provide it to you too.
The Millionaire Mind Intensive (MMI) is the self-help rich system for becoming a millionaire that I support. After reading the best-seller, Secrets of the
Millionaire Mind, by T. Harv Elk, the founder, I thought, "this is for real". He lists what you must be willing to do to be rich, and I could see the one thing I had not been willing to do. Later, I inadvertently discovered that T Harv Elk was anonymously donating a great deal of money to a spiritual teacher I follow. Charitable giving is absolutely part of the millionaire mindset. You can read his book from any library and attend their introductory seminar for free. At the free seminar, there will be a
DJ, plus lots of handouts and prizes. Most of the seminar was content. They pay for it because they upsell you to more seminars, the real ones that will really help you get rich. And it was a super fun weekend bonding with a group of 160 like-minded local souls. Taking three days off from work is a huge deal, but it's
worth it. Money is very