Beware of overly aggressive Intuit sales people!

 It's mind boggling to me to see a company who's done so much in the past to help small businesses now getting greedy and hurting them by over-selling their expensive, clumsy online subscription called QuickBooks Online, or QBO for short.

Case #1  I've seen them selling full service payroll to clients who don't necessarily need payroll yet.  They sell them on their merchant services that gives them a link on their emailed invoices for their customers to pay.  What price are you willing to pay for convenience?  Actual case this season, a young man in his 20's purchased an existing lawn care business that came with a QuickBooks Desktop license and employees, however he only had a Mac.  Intuit sold him on the most expensive subscriptions of everything they offer.  In only 2 months he paid over $2,000 in various Intuit fees.  AND THEY NEVER REMITTED PAYROLL TAXES!  That young man came to me for help, he purchased a PC so he could run QuickBooks Desktop, I helped to convert the file.  Then we discovered they sold him the basic payroll tax table, not the enhanced version that comes with tax forms.  I was on the call with him when he called to upgrade the payroll subscription and the salesman was HARDBALL selling him on QBO again.  Despite our objections, he persisted and never did upgrade to enhanced version.  When the young man asked to be refunded for QBO, they refused and only offered to refund what he spend on QBDT if he came back to QBO.  He did and that's the last I saw of him.  I wish him well, but a salesman is NOT a bookkeeper/business coach to help teach him how to be a business owner.

Case #2 A woman came to me for help with QBO.  Again was victim of  an aggressive Intuit salesman.  They taught her how to create sales invoices and how to link to her bank to download transactions but not how link deposits to sales invoices.  So in only 2 months her taxable income was doubled by $17,000.  She was also using a lot of cash apps and I explained to her that in order for us to record income and expenses correctly, we would have to look at the cash app statements, an extra step for bookkeeping.  I explained to her how easy it is to print checks but she wasn't interested.  I call this spending dollars (bookkeeping time) to save pennies (postage).

Intuit will discontinue selling new QuickBooks Desktop licenses as of 7/31/2024.  They will continue to support existing customers with security updates.  If you prefer to use the desktop solution, IMHO the "Cadillac" of small business bookkeeping, you can but you can only get it by calling this number.

844-437-2660

Before deciding, please consult with your accounting or tax professional, don't rely solely on Intuit sales people to tell you what you need or teach you how to use it.  

Here at The Bottom Line Bookkeeping & Consulting we do work with all versions of QuickBooks to find the solution that best serves your needs.  Use this link Schedule an appointment with a bookkeeping professional with over 30 years experience.

Intuit will stop selling new Desktop subscriptions after July 2024.

It's finally here... they will continue to support and renew current customers, so as far as it stands right now, we won't be forced to QBO, but any and all new users after July 2024 will NOT have the option to purchase QBDT.

The future of QuickBooks Desktop

Do you have all the W-9's you need from subcontractors?

This is an exercise I run every Nov/Dec with my clients to prepare them for the upcoming 1099 filings.  All too often we forget to request a W-9 and certificate of insurance from a new subcontractor.  If you don't get their tax ID# and mailing address you may never hear from them again and can be responsible for paying income tax on what should be a tax write-off.  On top of that, your workers compensation may cost more if you don't have the certificates of insurance at your annual Workers Comp Audit.

Get your blank W-9 with this link.

You need to issue a 1099 NEC (Non-Employee Compensation) for every subcontractor you paid $600 or more to during the year.  

You need to issue a 1099 Misc. most commonly for rent paid if you are renting commercial space.  Instructions and requirements in the link.

If you don't know how to determine if you've met the threshold, please schedule an appointment with The Bottom Line Bookkeeping & Consulting before the end of the year.

Happy Holidays!

Is Intuit starving the hand that feeds it?

I cannot tell you how beyond irritated I am right now with Intuit and QuickBooks. They routinely over-sell products that are beyond what a small start-up company needs and make it nearly impossible for them to purchase the QBDT Pro. They try instead to sell them the Enterprise Solution for Desktop which will run over $3k/yr.

I just got off the phone with a new startup who was talked into buying the most expensive QBO product with full payroll and the data is so screwed up I don't think even the most proficient QBO accountant can fix what's happening. He's spend over $2k in three months on QBO, when the QBDT Pro should be $549/yr., and enhanced payroll $649/yr.

SaaS = Software as a Subscription is the model most software companies are using, why... greed! Not everyone has stable broadband internet, it's coming, but it's not here yet. Even with a great connection the software is lagging, you must use it in a browser and continually wait for the screen to refresh. It requires a lot of mouse clicks rather than faster keyboard strokes.

Mac users are screwed, parallels that allows Mac to run PC software doesn't work any longer, so Mac users must either use QBO or buy a PC. I actually had a new client this year who didn't own a computer at all and was under the impression he could do everything he needed from the QBO phone app! Shame on Intuit! Can you imagine, phones break and get lost all the time and if that's your only recourse for small business accounting, you're in big trouble!

I am so tempted to revert new start ups back to using a spreadsheet!

30 Years of Service!

This month has 3 major milestones.

#1 It was 30 years ago I registered my first DBA and began this business. It's been a pleasure working with so many business owners in the 5 county area, helping them to succeed, grow and eventually to sell their successful businesses and retire.

#2 My baby boy turns 40 this month! Yikes!

#3 For the very first time, I'm taking a week off for spring break. I figure that's my perk for this anniversay. So, if you're not yet ready for your accountant, schedule your appointment ASAP, the airline ticket is already paid for! https://thebottomlinebookkeepingconsulting.fullslate.com/

I look forward to continuing to serve the 5 county area in the years to come... this IS what I'm doing in my retirement.

Thank you everyone!

PPP Forgiveness

15 minutes into a 2 hour webinar about PPP forgiveness... they just don't know yet. The one big difference is the amount you must spend on payroll was 75%, that's now down to 60%. We have 24 weeks from the date of the loan to calculate that amount in order to get 100% forgiveness. Right now, that date is Thanksgiving day.

Keep good records people! If you need help please don't hesitate to call. We may not know how this is exactly going to wash out at the end of the forgiveness period, but what's not forgiven, the repayment period has changed, it's now 5 years. Your goal now should be to spend on payroll!
If you need help with your record keeping, please schedule an appointment.

https://thebottomlinebookkeepingconsulting.fullslate.com/

Social Distancing Bookkeeping continued....

I will continue working remotely until we reach stage 5 of this pandemic. I'm not afraid for myself, I believe I have a strong immune system because I work in many offices on different keyboards. And because of that, I could be a carrier. I want to keep YOU safe!

Please continue to practice safe distancing, wear face masks and wash your hands! The faster we get to phases 5-6 the happier we will all be!