why do u need workpapers? just use QuickBooks

why do u need workpapers? just use QuickBooks

What do u say when a client asks that question?

“Here is my final fee note. I wish the best with your new QuickBooks Pro Adviser, who may or may not be a professional accountant.”

Haha nice.

Wish i could, but this is also my employer.
Now he saying a bank rec can be done automatically, with just a push of a button.
Everybody in the office is drinking the kool-aid. The owner just parrots whatever the manager says to me.

So you need to demonstrate the value of a workpaper. A good few years ago, a former employer had a client who insisted that he could do a bank reconciliation in twenty seconds. He said that to my face in the middle of the office. So then I did the bank rec the proper way - we were an old-fashioned firm that used an Excel spreadsheet to do bank recs. Then I presented a workpaper to my boss, explaining the "reconciliation discrepancy," He showed it to the client. Of course, the client didn't understand but accepted that you can't do a proper bank rec in twenty seconds.

With all the modules in QBD, it eliminates the need for a lot of the workpapers. Bank recs can be done within QBD, AR, AP, even depreciation book and tax.

It doesn't eliminate the need for all workpapers as I haven't found a way for QBD to do amortization schedules for NP. I like to keep those in excel.

Bank recs in 20 seconds would have to have VERY few transactions.

Bank recs in 20 seconds would have to have VERY few transactions.

we have several hundred transactions per month.

So you need to demonstrate the value of a workpaper. A good few years ago, a former employer had a client who insisted that he could do a bank reconciliation in twenty seconds. He said that to my face in the middle of the office. So then I did the bank rec the proper way - we were an old-fashioned firm that used an Excel spreadsheet to do bank recs. Then I presented a workpaper to my boss, explaining the "reconciliation discrepancy," He showed it to the client. Of course, the client didn't understand but accepted that you can't do a proper bank rec in twenty seconds.

He'll just say i'm doing it wrong & it can be automated with software. He has never worked in this field.

They went nuts when i said i look at every single item & transaction. They say that is a waste of time,
Should be looking only at exceptions, they say.

I do bank recs thru QBD. I seem to recall maybe in Timberline Accounting or Sage that you could download the banking transactions and their bank rec module would go thru and match up check numbers and amounts and clear them. Not sure if QBD could do that. Maybe, but I am still old school and prefer clicking one at the time.

Spending thoughtful time on a bank reconciliation is good time spent. This is a primary completeness activity. It's also a primary review of cash activity process to identify any unauthorized transactions.
While much of this can be automated through matching of vendors and amounts already entered to QB, it's not a foolproof/perfectly automated process.

I'm sorry you have to seemingly justify your work to your boss, but you might need to get someone he trusts in the conversation to nail down what he will accept as the process. I've been this voice with some of my clients in similar conversations.

On a broader note, QB is a software program that is not infallible. Do you make daily full backup files? There is value in maintaining records outside of one location...the timeless "don't put all your eggs in one basket" idea.

Bushmaster, this was an optometrist's office with ten employees. Anyone can do a bank rec in QB in twenty seconds if one does not mind having a reconciliation discrepancy. This client just checked off his deposits and checks every day, but then forgot about the time delay with credit card receipts, so they often got booked twice. Sometimes he posted check deposits when received and again when banked. The twenty seconds was simply a matter of a few mouse clicks and he was done until I asked about the reconciliation discrepancies.

I'd consider looking for an employer that values proper accounting.....or at least doesn't claim to know how to do the job...when they obviously don't.

I'm on contract part-time for a client, and I am going to have a sit down with them and write down what they think is important. ...because I'm tired of this guy telling me what isn't important. And then when the sh*t hits the fan, I'm going to show him the list of stuff that he told me not to work on. Normally, I'd just move on. But this guy is generally fair and fun to work with, but he can be a pain sometimes.

I have another client that tries to tell what is not important. I ask him to send me an email confirming that these items are not important....then he gets nervous, and the work gets done.

I do routine controller/accounting work for clients and my bank recs do take less than 20 seconds, overall, because everything is done throughout the month.

BUT, non-routine clients? MUCH longer. I still often use QBD to generate working papers.

Also they want me to upload every single receipt from company credit cards into QBO.
hundreds of these every month.

Also they want me to upload every single receipt from company credit cards into QBO.
hundreds of these every month.

Huge waste of time, not to mention risk of losing them. Receipts are probably the only thing I still keep paper copies of and in an expandable folder, unless they are very quick and easy to scan. But, no way would I waste my time uploading to any accounting software.

Also they want me to upload every single receipt from company credit cards into QBO.
hundreds of these every month.

If you're talking about the credit card company providing an Excel spreadsheet to import, then that shouldn't be too hard. Some credit cards will summarize by expense so totals could be entered but how do you propose expensing these correctly?

If you're talking about the credit card company providing an Excel spreadsheet to import, then that shouldn't be too hard. Some credit cards will summarize by expense so totals could be entered but how do you propose expensing these correctly?

hi
we use bank feed to import all charges from the company credit card into the G/L expenses accts in QBO. We have dozens of employees who use the credit card , & i track any missing receipts. Every month I produce a report to mgmt showing which employees are missing what receipts. If a charge has a job listed in the customer field, that means we got the receipt; if customer field is blank, it means we are missing the receipt.

Spreadsheets were being used before i took over, but i don't use them for this.

Huge waste of time, not to mention risk of losing them. Receipts are probably the only thing I still keep paper copies of and in an expandable folder, unless they are very quick and easy to scan. But, no way would I waste my time uploading to any accounting software.

thank u for ur support

all receipts have been uploaded to my folder on Google Drive, along with all bank & cc stmts, etc
Mgmt has been down on it for a long time, they say there are too many folders, etc
They say they will lock it to keep me from using it.

I'd consider scanning receipts somehow. They don't always stay in a readable state for all that long in my experience. I've had several estate accountings where one or more receipts from months ago were functionally illegible by the time I got them.

I'd consider scanning receipts somehow. They don't always stay in a readable state for all that long in my experience. I've had several estate accountings where one or more receipts from months ago were functionally illegible by the time I got them.

that's what i do. i hate paper.

I'd consider scanning receipts somehow. They don't always stay in a readable state for all that long in my experience. I've had several estate accountings where one or more receipts from months ago were functionally illegible by the time I got them.

I keep telling clients i want their stuff monthly but I get almost a year's worth late January. If I can't read a faded receipt, then no deduction. I also look for ways to fire these clients. I don't need the stress.