For the Week Ending June 27, 2020
“A Quality BLOG over Quantity BLOG”
Another full week of small business webinars – Reviews, Hits and Misses, and Maybe Just a Plain Waste of TIME
It is a new week, my fellow Entrepreneurs. Let’s get down to business. Let me know what you think! Watch replays, where available and drop your comments below if you agree or disagree with my ratings!
Celebration of Juneteenth – “Walker’s Legacy Presents Ask a Boss with Ivy McGregor, CEO and Chief Architect of IVY Inc.”.
I absolutely LOVED this LIVE webinar
Ms. McGregor is a force to be reckoned with. Ms. McGregor along with Ms. Natalie Cofield gave a very informative presentation with thoughtful and engaging questions regarding the current business and philanthropic climate. Ms. McGregor with ease and familiarity of speaking to an audience spoke about how she was able to feed and provide funding to businesses that were affected by the CoronaVirus. Ms. McGregor stated that she had a strong network of “sisters” who she affectionately calls “sorors”. These sorors come together to support the front-line hospitals in their community with purchasing food from local restaurants. The interview reminded me of why and how women provide that strong emotional safety net, when everything seems to fall apart.
To listen to these and other Walker Legacy webinars, consider becoming a member of this multicultural women’s platform at https://walkerslegacy.com/
Verizon Presents Roadmap to success for the new small business majority with Alice Gore
I rate this webinar two stars…BYE, Alice
Well, the message was there, but I believe that a better messenger could have been chosen to deliver the message. This webinar was hosted along with Ramon Ray, an entrepreneur and the owner of “Smart Hustle Media”. Ms. Gore is the Co-Founder and President of Hello Alice, whose main message spoke about tools that could help women, women of color, LGBTQ, and the Veteran community. These communities are now considered “the new majority.” Ms. Gore stated that she is from a military family – so from what I gathered, her initial interest was really in knocking down barriers for Veteran businesses. Here were some of the statistics stated in this webinar:
“Women, Women of Color, LGBTQ and Veterans are now considered the new majority”Alice Gore – Hello Alice
- African American women, are the largest percentage of growth founders in the U.S
- Women feel more comfortable joining other women of the same race to speak about business concerns (Ex: If I am a Latina female in Detroit, I want to talk to other Latina females in Detroit
- Black females want to join organizations such as Black Female Founders
- Quickbooks has so much information regarding data that is needed for applying for business loans. That was the best advice that I heard during this webinar.
Hello Alice currently has a COVID-19 business center that has been designed to help owners survive during the pandemic. Help is on the platform with applying for the CARES act as well as other financial assistance. An Emergency grant center also exists within the portal. According to Ms. Gore, 140,000 owners speak and network with others on her platform. Well, it is no secret that White woman have mostly benefitted from affirmative action programs. Maybe that was the message received for the “Roadmap to Success?”
Visit helloalice.com to check out the platform. It is free.
Quickbooks Monthly Online Product Release “In the Know LIVE Webinar”
I rate this webinar 4 stars – it had a lot of content in a very short time
This was my very FIRST Quickbooks Online (QBO) In the Know Webinar as a QuickBooks Online Certified Partner. The Webinar was hosted by Jessica McCraken, very pleasant and knowledgeable. Chock full of information, however, it was worth only one CPE credit, and you must answer the poll questions. There was a real time team available with handout to view later after the webinar.
We started right of the bat with the first poll question – if we (QBO Partners) were using advisory tools??? Looks like QBO is looking to expand their advisory services. 53% of those on the webinar were not using any tools, (myself included), but these tools turn out to be the essence for the planning of future goals for a business.
“QBO is Powering Prosperity Around the World”Harsha Jagadish, QBO in the Know Live Webinar June 23, 2020
The QBO product lead Harsha Jagadish, led the webinar on how essential this is to the growth of your customer. “Powering Prosperity Around the World” is QuickBooks Online’s goal. Small businesses are making financial decisions today, but they do not have the tools to make those decisions. They need to know their numbers not just to survive, but to thrive. Accounting professionals are looking to expand their services past the reconciliations and auditing services. QBO data tools will provide Partner clients with the new performance dashboard.
Statistics were available at this point of the webinar – 27% of businesses are using various business performance information. Demos are shown at this point. This dashboard is available to the QBO Accountants only – and for those clients that have QuickBooks Online Simple start, Essentials or Plus.
The dashboard also showed and described key financial metrics for the generation of income, cost of goods sold, expenses, and net profit. Also the comparison for year over year metrics regarding how well your business is doing can also be shown on the dashboard. You can also see trends (i.e. how is income is generated from month to month). Eight different trends are available. Accounts payable and Accounts Receivable days (how long does it take to get paid, and how long does it take to pay your vendors). The dashboard provides the explanation of what numbers are used to calculate important financial indicators such as gross profit margin. And these numbers can be exported into a PDF and send it to the client. How about that!
More features in this dashboard include a 360 View into client financials. QBO Partners can show their client how its business is performing against other businesses also using QBOnline. Turning on industry benchmarks will give you this valuable information. Several different indicators are available; Location, Industry; etc.
33% of QBO participants stated that their clients wanted improved budgeting/goal setting.QBO poll participants, June 23, 2020
Another poll question is given here: Which of the following advisory goals that will help your firms the most: 33% said improved budgeting/goal setting.
David Toper then reviews the month-end review processes. Next poll question – Do you have a monthly bookkeeping reconciliation process? 47% state they have a monthly process. QB Online has now developed a new month-end 3 step review.
New month-end review features
- Transaction Review (can be found in the Accountant’s tool now)- start with any unaccepted transactions. Also, now QBO Partners can identify common transactions.
- Account Reconciliation- start with any unaccepted transactions – identify common transactions. This feature will give you the last time the books were reconciled.
- Final Review- Review your common reports for accuracy. Unusual balances will also be highlighted at this step.
- Automated tracking will be added soon to show where you are in the process stated above. A manager ‘s view to see where your bookkeepers are stuck in the process will be forthcoming.
Jason Willoughby covered bank statement updates, and email receipts. New updates included connected accounts that will have statements auto-imported (depending on what bank you have your account with). QBO found that tremendous help is needed for monthly reconciliation of accounts including easy reference back to bank statements (PDF versions included). This feature is available for QBO PLUS and Advanced customers ONLY. Bank of America is currently onboard with bank statements available. Other banks are expected to be included in the near future.
With regards to the email feature for forwarding of receipts -this process has changed – receipts can now be forwarded for multiple QuickBooks online companies. Each QBOnline Company can set up their own unique email for receiving receipts. One time set-up. It will have to be unique, cannot be changed once it setup. You will be asked to update your email from receipts@Quickbooks.com. You also must be a current user.
Finally, the client billing migration overview by Cat Nyberg ended the webinar with security billing updates. The updates make it more secure to have direct billing more secure during the migration process. A 48-hour timer is now available. Permission must be granted by the client. This feature will be available in the next couple of days.
Go to firstname.lastname@example.org to get the QBOnline “In the Know” pdf for all this information and more!