2/6/14 Budgets in QuickBooks Online

QuickBooks Online Tweet Chat – Budgets

2/6/2014 #QBOchat Transcript

  1. #QBOChat happening now! Today’s topic: “Budgeting for Success.” Just include #QBOChat in your tweet to join the conversation!
  2. @GoHurisko I work for Intuit, there is a #QBOchat happening right now that you may be interested in
  3. Welcome everyone to our weekly #QBOchat. Please introduce yourselves to the group -> Name, location and what you love about your job.
  4. Rebecca here from Atlanta, recovering from a nasty FLU! #QBOChat
  5. I’m Jill aka Accounting Girl. From snowmaggedon… eh hem, St. Louis. #qbochat
  6. @CathyIconis @davidleary @MarnieStretch @jazfun Hey everyone! Jobber is here, ready and excited to take part in our first #qbochat.
  7. Hello everyone! David Leary | Developer Evangelist | Intuit Partner Platform | Tucson, AZ #QBOchat
  8. Today we are going to be discussing everything about Budgeting for Success. #QBOChat
  9. @usetallie Thanks!! Can you share more about your business with the group? #qbochat
  10. Welcome Jill! RT @Accounting6irl I’m Jill aka Accounting Girl. From snowmaggedon… eh hem, St. Louis. #qbochat
  11. RT @IconisGroup Today we are going to be discussing everything about Budgeting for Success. #QBOChat
  12. Welcome David! RT @davidleary Hello everyone! David Leary | Developer Evangelist | Intuit Partner Platform | Tucson, AZ #QBOchat
  13. I’m a budget geek!! I love forecasting and projecting business results. #lifeofaCPA #qbochat
  14. @CathyIconis We provide business management software for field service companies like landscapers, lawn care and maid services. #qbochat.
  15. RT @GetJobber We provide biz management software for field service companies like landscapers, lawn care & maid services. #sweet! #qbochat
  16. Hello all – Jan here from Sunny AZ~ Love #qbochat.. new knowledge every week~
  17. @GoHurisko Welcome to the chat. Introduce yourself to the group. #qbochat
  18. Cathy Iconis here with @IconisGroup. We got @rabshaka21 manning the main twitter handle today! #qbochat
  19. @CathyIconis Hi everyone, I’m Josh tweeting for Hurisko an online accounting and bookkeeping company based in London #QBOchat
  20. The first question is right around the corner, when answering start with A1, A2, etc. #qbochat
  21. Retweet this tweet if you are a #QBOchat groupie and get more people to join in on our fun!
  22. @CathyIconis @QBOnline @QBOnline no I am new to it currently use Kashflow software for my clients want to know the benefits #qbochat
  23. RT @CathyIconis Retweet this tweet if you are a #QBOchat groupie and get more people to join in on our fun!
  24. RT @Accounting6irl RT @CathyIconis Retweet this tweet if you are a #QBOchat groupie and get more people to join in on our fun!
  25. Q1: What word comes to mind when you think “Budget”? #QBOchat
  26. fyi I had to switch from twubs to tweetchat because twubs stopped loading! check ur twubs! #qbochat
  27. @jazfun Awesome thank you! We are starting our pro-advisor affiliate program soon. You should chat with us.  http://getjobber.com/quickbooks-proadvisor  #QBOchat
  28. Fun!!! Opportunities!! RT @IconisGroup Q1: What word comes to mind when you think “Budget”? #QBOchat
  29. A1: I think budgets are pretty awesome. One of my many loves of accounting. #nerd #QBOChat
  30. A1: Budgets give business owners improved clarity and focus when running their business. via @chambermontreal #QBOchat
  31. RT @IconisGroup A1: Budgets give business owners improved clarity and focus when running their business. via @chambermontreal #QBOchat
  32. One of the things I love most about acctg is that it’s like a puzzle: put the pieces together & you get a pretty cool picture. #qbochat
  33. It’s just good for you to check in with us. RT @KeepingBooksCC I’m here, sorry, I am in a webinar too #qbochat
  34. Multi – Tasking today~ Webinar & #QBOCHAT.. I may be slow today
  35. RT @Accounting6irl One thing I love most about acctg is that it’s like a puzzle: put the pieces together & you get a cool picture. #qbochat
  36. @MarnieStretch My daughter is excited about the opening ceremonies tomorrow. #qbochat
  37. That’s sad – you think budgets are time consuming? RT @GoHurisko A1: Time consuming #qbochat
  38. RT @IconisGroup Q1: What word comes to mind when you think “Budget”? #QBOchat
  39. A1: Budgets are one of the most under utilized financial tools by Small Business Owners. #QBOchat #Budgeting
  40. RT @IconisGroup A1: Budgets are one of the most under utilized financial tools by Small Business Owners. #QBOchat #Budgeting
  41. @MarnieStretch My daughter is upset that Gabby isn’t in this olympics #qbochat
  42. RT @IconisGroup A1: Budgets are one of the most under utilized financial tools by Small Business Owners. #QBOchat #Budgeting
  43. A1: Clients don’t want to work on it.. but want one #QBOchat
  44. Build Your Collaborative Client Accounting System, I honestly don’t know who organized it #qbochat
  45. Very true! RT @jazfun A1: Clients don’t want to work on a budget.. but want one #QBOchat
  46. A1: I think it is our role to do a lot of hand-holding with clients to help ensure they get a good budget for their biz. #qbochat
  47. @CathyIconis Me too! I’ve been doing the countdown. Only one more sleep! #qbochat
  48. We stress the importance of budget constantly.U need to control what your spending so you can extend terms accordingly. #qbochat
  49. A1: Not enough to make the budget, have to educate on how to follow it #qbochat
  50. @KeepingBooksCC I got a call from @SmartVault yesterday. Haven’t even listened to the message yet. #qbochat
  51. @CathyIconis I do. Helps with budgeting the simple things a lot. Do you recommend mint to your clients?#QBOchat
  52. RT @Accounting6irl A1: Not enough to make the budget, have to educate on how to follow it #qbochat
  53. RT @fundinggates We stress the importance of budget constantly.U need to control your spending so you can extend terms accordingly. #qbochat
  54. hi #qbochat ! we’re a business software that automates the entire expense report workflow fr point of purchase to accting & reimbursement.
  55. A1: Owners have greater confidence in decision-making when using a budget – @chambermontreal #QBOchat  http://ow.ly/tlEjA 
  56. I recently signed up, love it! RT @CathyIconis I got a call from @SmartVault yesterday. Haven’t even listened to the message yet. #qbochat
  57. RT @fundinggates We stress the importance of budget constantly. U need to control what you’re spending… #qbochat
  58. A1: Helps companies get a better handle on what they’re spending. Most owners don’t even know! #qbochat
  59. Q2: How many of your clients create budgets on their own yearly? #QBOChat #Budgeting
  60. Agreed! RT @IconisGroup: A1: Budgets are one of the most under utilized financial tools by Small Business Owners. #QBOchat #Budgeting
  61. @Accounting6irl We spend a lot of time on calls with clients to help them understand the numbers we give them. #qbochat
  62. RT @Accounting6irl A1: Helps companies get a better handle on what they’re spending. Most owners don’t even know! #qbochat
  63. RT @IconisGroup Q2: How many of your clients create budgets on their own yearly? #QBOChat #Budgeting
  64. Q2: On their own? None that I’m aware. That’s where I come in. #qbochat
  65. RT @Accounting6irl A1: Budgets help companies get a better handle on what they’re spending. Most owners don’t even know! #qbochat
  66. RT @Accounting6irl Q2: On their own? None that I’m aware. That’s where I come in. #qbochat #budgeting
  67. A2: Exactly zero! I do them for my clients the first time and throughout the year try to help them see how much they can help. #qbochat
  68. A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  69. RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  70. A2: I think if any of my clients have had budgets, it was either in their head or in excel. #qbochat
  71. RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  72. Love this! RT @fundinggates RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  73. RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  74. @CathyIconis ah yes, budgets “in the head”. Sounds like what I say about shopping… #qbochat
  75. A2: Follow-up question: how successful do you think your clients are at budgeting? and why? #QBOchat
  76. @CathyIconis @KeepingBooksCC I add this fee into my flat monthly rates – all inclusive services. Keeps it easy #qbochat
  77. A2: ZERO.. budgets? Is that a parakeet? Clients don’t like to work on these
    #QBOchat
  78. If you’re a QB advisor why AREN’T your clients setting budgets? #QBOChat A2
  79. LOL! RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  80. On a monthly client that didn’t choose that level of service I do a dummied-down version for free the first year RT @CathyIconis #qbochat
  81. @LoisMarketing Some of our clients don’t see the value in it. Businesses sometimes have no clue how much a ProAdvisor can help. #qbochat
  82. @IconisGroup Only some of my non-profit clients. I can see a value add in my future…! #qbochat
  83. RT @MarnieStretch LOL! RT @IconisGroup A2: “SALLY” is not a recommended budget technique. “Same as last year” #QBOchat #Budgeting
  84. @LoisMarketing We set budgets.. the clients don’t.. Like pulling teeth
    #QBOchat
  85. RT @jazfun @LoisMarketing We set budgets.. the clients don’t.. Like pulling teeth #QBOchat
  86. RT @MarnieStretch @IconisGroup Only some of my non-profit clients. I can see a value add in my future…! #qbochat
  87. @CathyIconis @LoisMarketing the money they will save for you is worth whatever you spend to hire them! #qbochat
  88. @jazfun I find a lot of things with clients is like pulling teeth! #qbochat
  89. @LoisMarketing @jazfun First off, business owners don’t like to talk about accounting. It’s everyone’s dirty secret. #qbochat
  90. #QBOchat Q: What is the most popular program for creating budgets? Excel Or @QuickBooks or Other?
  91. @KeepingBooksCC They get their first hit for free then keep coming back for more? 🙂 #QBOChat
  92. @CathyIconis @jazfun The tools are built in .. so why not train and advise? And isn’t QB “accounting”??? #qbochat
  93. @LoisMarketing @jazfun What they don’t understand is that everyone’s books are a mess – but we are here to help! #qbochat
  94. Exactly! RT @rabshaka21 @KeepingBooksCC They get their first hit for free then keep coming back for more? 🙂 #QBOChat
  95. A2: Budgets help businesses plan for the future, manage cash flow, and secure financing. via @Intuit #QBOchat  http://ow.ly/tlEE3 
  96. RT @jazfun #QBOchat Q: What is the most popular program for creating budgets? Excel Or @QuickBooks or Other?
  97. @CathyIconis @jazfun Yes .. after the fact. But once cleaned up why not help them maintain? #qbochat
  98. RT @LoisMarketing @CathyIconis @jazfun The tools are built in .. so why not train and advise? And isn’t QB “accounting”??? #qbochat
  99. @IconisGroup Budgets help businesses plan for the future, manage cash flow, and secure financing.via @Intuit #QBOchat  http://ow.ly/tlEE3 
  100. @IconisGroup Budgets help businesses plan for the future, manage cash flow, and secure financing.via @Intuit #QBOchat  http://ow.ly/tlEE3 
  101. @LoisMarketing @jazfun It comes back to how open a business owner is to getting advice from us. We keep on trying!! #qbochat
  102. I tell clients I will be as involved or uninvolved as they’d like – they just need to communicate! #qbochat
  103. RT @IconisGroup A2: Budgets help biz plan for the future, manage cash flow, and secure financing via @Intuit #QBOchat  http://ow.ly/tlEE3 
  104. So true. they all think I am going to tell them their books are the worst ever! RT @CathyIconis everyone’s books are a mess #qbochat
  105. RT @CathyIconis @LoisMarketing @jazfun It comes back to how open a business owner is to getting advice from us. We keep on trying! #qbochat
  106. @MarnieStretch @CathyIconis – ALL of the Non-profits I’ve worked with do a budget~#QBOchat
  107. @MarnieStretch @LoisMarketing I agree – and any insight on how to get owners more engaged in the process is welcome!! #qbochat
  108. @Accounting6irl That’s a great way to put it! I’m going to write that down! #qbochat
  109. @CathyIconis a good budget is a fantastic tool. it keeps the company strategy and goals in place as the year goes on! #QBOchat
  110. @IconisGroup A3 After today I will! I obviously never gave it enough thought! #qbochat
  111. RT @Accounting6irl I tell clients I will be as involved or uninvolved as they’d like – they just need to communicate! #qbochat
  112. @LoisMarketing @MarnieStretch In the Product or the Advisor? You have met accountants, right? Most are introverts 😉 #qbochat
  113. Clients seem to like that. If all you want is a good reconcile, fine. But if you want consult, c/f mgmt, budget, etc… #qbochat
  114. A3: By providing #budgeting services, accountants can deepen their relationships with their clients. #QBOchat
  115. That is soo cool!!!! RT @MarnieStretch @IconisGroup A3 After today I will! I obviously never gave it enough thought! #qbochat
  116. RT @MarnieStretch @IconisGroup A3 After today I will! I obviously never gave it enough thought! #qbochat
  117. @fundinggates Exactly. My non-profit clients are overall more on the ball than any of my other clients. Thanks, Board of Dir! #qbochat
  118. @davidleary @IconisGroup I think of PLANNING & STRATEGY when I think of a budget- spending s/b aligned to the company goals. #QBOchat
  119. RT @IconisGroup A3: By providing #budgeting services, accountants can deepen their relationships with their clients. #QBOchat
  120. RT @IconisGroup A3: By providing #budgeting services, accountants can deepen their relationships with their clients. #QBOchat
  121. @MarnieStretch @fundinggates So, do you think we should recommend each business have an informal board of directiors/advisors? #qbochat
  122. @MarnieStretch @Accounting6irl Reconciling should take a second, if the accountant is doing all the coding, etc. 😉 #qbochat
  123. A3: A CPA’s input is invaluable when reviewing your short- and long-term financial plan. via @EntMagazine #QBOchat #Budgeting
  124. @LoisMarketing I’d love to hear any marketing ideas you might have to help us engage with business owners about budgeting. #qbochat
  125. I can’t imagine being a bookkeeper if you don’t love reconciling! RT @MarnieStretch I’m always up for a good reconcile 😉 #qbochat
  126. RT @IconisGroup A3: A CPA’s input is invaluable when reviewing your short- and long-term financial plan via @EntMagazine #QBOchat #Budgeting
  127. MT @KeepingBooksCC I can’t imagine being a bookkeeper if you don’t love reconciling! #qbochat
  128. QuickBooks is like Microsoft Publisher .. amazing the ‘hidden jewels’ you find on your own! #qbochat
  129. Would be good for accts to help their clients see where they SHOULD be spending their $$. Help them be more strategic with spend #QBOchat
  130. A3: Simply providing and discussing budget reporting to clients will bring more value to your relationship. #QBOchat
  131. RT @alisonatintuit Would be good for accts to help their clients see where they SHOULD be spending their $$. be more strategic #QBOchat
  132. RT @IconisGroup A3: Simply providing and discussing budget reporting to clients will bring more value to your relationship. #QBOchat
  133. MT @alisonatintuit Would be good for accts to help their clients see where they SHOULD spend their $$. Help them be more strategic #QBOchat
  134. RT @alisonatintuit Would be good for accts to help their clients see where they SHOULD spend their $$. Help them be more strategic #QBOchat
  135. RT @IconisGroup A3: Simply providing and discussing budget reporting to clients will bring more value to your relationship. #QBOchat
  136. A3: Budgeting is a great service to provide during some of the slow months for accountants. #QBOchat
  137. Twubs hasn’t been working well lately, I switched to tweetchat, now like it much better @MarnieStretch #qbochat
  138. @Accounting6irl I think it could be different for everybody, depending on your practice’s focus. @IconisGroup #QBOChat
  139. @rabshaka21 @IconisGroup I know! Was being facetious. I don’t have any slow months in my practice. That’s good & bad. #qbochat
  140. Q4: How do you use @QBOnline to help you create or manage your clients’ budgets? #QBOchat
  141. @Accounting6irl and of course #quickbooks and #QBOchat has AWESOME budgeting tools. Super easy and flexible.
  142. A4: Create using previous months, then review monthly by P&L by Month #qbochat
  143. RT @Accounting6irl A4: Create using previous months, then review monthly by P&L by Month #qbochat
  144. Do YOU create the budget — or do you guide THEM to create it? #QBOchat A4
  145. RT @IconisGroup Q4: How do you use @QBOnline to help you create or manage your clients’ budgets? #QBOchat
  146. A4: We help clients first define their goals, and then turn that into numbers projecting future results – aka a budget! #qbochat
  147. @MarnieStretch @IconisGroup Question for this group – what budget line item for you typically see Business Owners over spend on? #QBOchat
  148. @LoisMarketing Aside from my non-profit clients, it’s probably best to collaborate #qbochat
  149. *shakes head* If you’re not budgeting how are you in business? Profitable? Taking advantage of tax savings? #qbochat
  150. A4: I really like being able to do flexible budgets, multiple budgets with different scenarios. @IconisGroup @QBOnline #QBOChat
  151. RT @rabshaka21 A4: I really like being able to do flexible budgets, multiple budgets with different scenarios. @QBOnline #QBOChat
  152. A4: In @QBOnline Plus, you have an unlimited number of budgets you can create. #QBOchat
  153. @Accounting6irl @MarnieStretch @IconisGroup why do you think that is? Abuse of the category, or, legitimate overspend? #QBOchat
  154. A4: budget feature in #qbonline is easy to work with just have to get help from owners.. Create a scratch Budget.. #QBOchat
  155. Love this! –> RT @IconisGroup A4: In @QBOnline Plus, you have an unlimited number of budgets you can create. #QBOchat
  156. @jazfun So do you create one and then export the overview into Excel? #qbochat
  157. A4: QuickBooks Online allows you to prepare budgets by customer, class, location, vendor, etc. #QBOchat
  158. @alisonatintuit Gotta point it out. Lots of business owners use their bank account like a personal ATM. #qbochat
  159. A4: When creating a budget in @QBOnline, you are able to copy a previous budget, last year’s numbers or start fresh. #QBOchat
  160. @MarnieStretch @alisonatintuit Yep!! You get into big trouble when that business is a public company! Seen some fraud cases there. #qbochat
  161. @LoisMarketing I didn’t say were weren’t using.. Just the clients not using. Sometimes too much info for some clients – #overload #QBOchat
  162. @MarnieStretch and take more distributions that they don’t have capacity for? @alisonatintuit #QBOChat
  163. @CathyIconis Yes to modify as needed sometimes or revolving adjustments. How about you? #QBOchat
  164. @MarnieStretch yup! Big surprise for them when they see they can’t deduct certain things & it ends up in Owners Draw #QBOchat
  165. RT @IconisGroup A4: When creating a @QBOnline budget, you are able to copy a previous budget, last year’s numbers or start fresh. #QBOchat
  166. @jazfun I print out the yearly overview for them, I think the monthly one is too much for them. #qbochat
  167. A5: You can memorize customized budget versus actual reports and have them automatically emailed to your clients. #QBOchat
  168. A5: You can memorize customized budget versus actual reports and have them automatically emailed to your clients. #QBOchat
  169. @jazfun Some of my clients are still learning what a Balance Sheet is! #overload is right! #qbochat
  170. @jazfun But I think it is extremely important to budget monthly to help with cash flow #qbochat
  171. @CathyIconis @MarnieStretch Indeed. That’s why Intuit has super-strong guidelines & policies for employees around that. #QBOchat
  172. RT @MarnieStretch @jazfun Some of my clients are still learning what a Balance Sheet is! #overload is right! #qbochat
  173. RT @alisonatintuit That’s why Intuit has super-strong guidelines & policies for employees around that. #QBOchat
  174. @MarnieStretch I feel CPA’s look at Balance Sheet & Owners are P&L driven..
    Budgets? Accounting Team #QBOchat
  175. It’s great that they can open up to you and let you know where they need that help. Good relationship. @MarnieStretch @jazfun #QBOChat
  176. Blanket apologies for missing tweets and using the Q, A, or Number incorrectly! I love you guys! #qbochat
  177. RT @jazfun @MarnieStretch I feel CPA’s look at Balance Sheet & Owners are P&L driven..
    Budgets? Accounting Team #QBOchat
  178. @jazfun @MarnieStretch I feel like I look at the B/S to make sure the numbers are clean – then I translate the P&L to the owner #qbochat
  179. @rabshaka21 @MarnieStretch @LoisMarketing – I sneak it in.. OOPs look what I found a budget comparison~ 🙂 Let’s review.. #QBOchat
  180. @jazfun I agree, before working with businesses I loved and lived in the B/S and now it’s all about the P&L @MarnieStretch #QBOChat
  181. Not as much happens with my companies on the B/S as it does the P&L #qbochat
  182. A5: We advise our clients to start with how much money they need personally and calculate a budget backwards. #QBOchat
  183. I agree, but when starting out with a new client, I start with B/S because that is where the big problems usually come out #qbochat
  184. A5: Don’t just rely on last year’s numbers, investigate those numbers and forecast changes. #QBOchat
  185. My backbone of the books is the Balance Sheet.. then move over to PL and Cashflow #QBOchat In the dark corners by myself I review the budget
  186. RT @IconisGroup A5: We advise our clients to start with how much money they need personally and calculate a budget backwards. #QBOchat
  187. MT @KeepingBooksCC I agree, with a new client, I start with B/S because that is where big problems usually come out #qbochat
  188. A5: Not all expenses are created equal. Split out variable, fixed and semi-variable when projected costs. #QBOchat
  189. W/new client I start w/B/S, compare to last tax return and ending balances first. #qbochat
  190. RT @Accounting6irl Not as much happens with my companies on the B/S as it does the P&L #qbochat
  191. RT @jazfun @rabshaka21 @MarnieStretch @LoisMarketing – I sneak it in.. OOPs look what I found a budget comparison 🙂 Let’s review.. #QBOchat
  192. A5: @Inc describes the many types of expenses and keys for budgeting success. #QBOchat  http://ow.ly/tlFx7 
  193. I did this article forever ago about the cash flow statement – most under utilized statement out there!  http://qub.me/KXmVoL  #qbochat
  194. RT @IconisGroup A5: Not all expenses are created equal. Split out variable, fixed and semi-variable when projected costs. #QBOchat
  195. RT @IconisGroup A5: @Inc describes the many types of expenses and keys for budgeting success. #QBOchat  http://ow.ly/tlFx7 
  196. RT @IconisGroup A5: @Inc describes the many types of expenses and keys for budgeting success. #QBOchat  http://ow.ly/tlFx7 
  197. RT @IconisGroup A5: Remember you can always test QBO’s #Budgeting features on their sample company. #QBOchat  http://ow.ly/tlFTG 
  198. That’s it for today’s #QBOChat, thanks for taking the time to join us!
  199. Next week we’ll be doing an App Roundup on #QBOchat. Join us Thursday, February 13th at 3PM Eastern.
  200. Next week we’ll be doing an App Roundup on #QBOchat. Join us Thursday, February 13th at 3PM Eastern.
  201. You Too! Thanks for joining us! RT @Accounting6irl Have an excellent week! #qbochat

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