All tied up! Emily, one of our ZümiFi account managers, recently completed a project for one of our clients who is a law firm. This client needed all their books brought up to date, and more importantly, they needed to account for all the client retainer activity. Emily put on her best Sherlock hat...
CA AB5 just made things a lot clearer, but also much stricter regarding how is legitimately considered a contractor vs. who is an employee. This new law (passed in Sept 2019) takes effect on January 1, 2020. ZümiFi is encouraging ALL clients to be aware of these new legal requirements, and understand now how this...
This is such a gift for recordkeeping! You can attach all kinds of documents within QuickBooks Online. At ZümiFi, we love attaching ALL W9 forms received from vendors. We also love attaching copies of vendor bills and/or their receipts for expenses. But you can also attach documents on the sales side as well. You can...
One of our account managers, Megan is working with a client who is in a large growth mode. They are also seeking investments to support that growth. So Megan worked closely with the client to develop a five-year forecast. This detailed dive into the financial assumptions for growth was anchored in the client’s actual financial...
The capitalization policy is the threshold that will be used to determine whether a larger purchase should be considered an asset of the business, or if it can be directly expensed. Generally, your tax preparer will make this determination. Traditionally we saw many tax preparers use low thresholds, such as $500. Meaning any purchase over...
We are exploring a new feature in the QuickBooks app – Mileage! This is actually very cool. You can allow the app to automatically track your mileage. With a few quick initial settings, you can authorize the app to automatically record all miles driven. That’s right -GPS locations and mileage are automatically recorded. You can...
We have a newer client who has a LOT going on – the couple each owns their respective own business. They also own rental properties. And of course, they have their own personal financial activity that they want to track. Like many business owners, they are super busy. They pay bills as they need to,...
Documentation is critical in your business. Hopefully, you will never be audited, but if you are, you will need to produce that documentation to substantiate what you are claiming on your income tax returns. As a virtual bookkeeping firm, we receive almost all documentation electronically. ZümiFi’s best practice is to attach that documentation WITHIN QuickBooks...
If you work in Google Sheets, you already know how easy it is to collaborate real-time in a shared spreadsheet stored in the cloud. One of our favorite tools within Google Sheets is the use of comments. You can add a comment to a particular cell, and assign an action item for that comment to...
One of our account managers, Jean recently untangled a mess caused by a third party biller. It seems like they didn’t do their job consistently, and despite being authorized to process numerous invoices for payment they did not! Our client knew things were wrong but didn’t have the time to sort it out themselves directly....