It’s Business Time Tab
Bookkeeping Business Advice: Put Value to Your Time With Zero Dollar Checks
In the last bookkeeping business advice article, we agreed that tracking your time with QuickBooks Timesheets or QuickBooks Pro Timer is the first step to becoming successful in your bookkeeping business. When you start tracking all of your daily time – and detailing what you did in the “note” section of the timesheet – it is easier to put value to your time.
In my own QuickBooks file, I set my own business mentoring company up as a customer with sub-accounts. Some of those sub-accounts are Marketing, Paid Time Off, Education, Administration Time, Letters/Contracts and Bookkeeping – to use when I work on my own company’s bookkeeping. Breaking it out this way has helped me with my hiring process by calculating the administrative cost to run my company. It has helped me determine how many new clients I can take on, and the value of my unpaid time.
If you are an individual bookkeeper like many of my business mentoring clients, you can enable the timesheets in QuickBooks and use them to keep track of your time and run reports. If you have more than one person in the office, as in my firm, use the QuickBooks Time Tracker, which comes on your QuickBooks Installation CD.
So now what do you do with the information after it is entered? How many of you actually know what your profitability is per client? One of the common practices that I see as a bookkeeping business coach is bookkeeping service owners do not attach a value to their time. Most bookkeeping business owners are ‘dba’s or ‘LLC’s. As you know, owners of these types of business do not take paychecks, they take draws. So how do you put the value to your time?
Before we get started setting this up in QuickBooks, you need to think of how much money you want to make this year in your bookkeeping service business and break it down to an hourly rate. Then you want to set yourself up as a vendor in the list and set a rate and code in the item field for each service you provide. Next, link the expense side to a payroll account or an owner’s wage account.
From this window in QuickBooks create a check and allow it to pull your time from your timesheets. If you notice that all the details post to the “item” tab, just keep in mind that we are not going to pay this entire amount.
Next click on the “expense” tab and post a negative dollar amount to the payroll account.
Save and close the transaction. You have now put value to your time with a zero dollar check.
Now, when you run your ‘Job Profitability Summary’ you have actual cost for your time and you can see if your margins are within 70% of what you billed. If they are not, your pricing is not high enough. I tell my business mentoring clients to always keep in mind that 1/3 of cost goes to overhead, 1/3 of cost goes toward direct cost and the remainder 1/3 goes to the owner.
By using QuickBooks, bookkeeping service owners can put a value to their time, analyze their pricing and manage their time more efficiently.
Stay tuned. In the next bookkeeping business coaching article we will go over how to streamline your invoicing process by pulling data from your time records.
About the Author
Laurie O’Neil is the co-founder of The Bookkeeper’s Referral
Network Inc., the place where business meets great bookkeepers. To get your
copy of a free special report, The 9 Disastrous Mistakes Most Freelance Bookkeeper’s Make in Business (and How You Can Avoid Them!), visit www.bkpr-network.com
Which computer would you recommend for one person social and business use?
I think it’s time to upgrade my PC and am looking for some help and advice. Currently I have a Dell Dimension 4550 (Can anyone tell me the specifications on this so I can ensure I get better?)
I use the internet and tabbed browsing a lot. Have alot of large files for work – often including art work which seems to take up a lot of memory. I also store all my photos on here. I’m not a gamer so don’t need anything on that front! I’m looking for something quick, with lots of memory and of course reliable. Not too mention for a good price!! Would quite it too be wireless too!
Any help and suggestions as to what I have currently and what specs I should go for, what brands you recommends and places to buy would be greatly appreciated.
Also – Windows Vista – heard nothing but bad things but it’s all that seems to be on sale at the moment – will I survive!!!
Thank you!!
Please help!!!!!
Vista is all there is, Windows dropped support for all their other platforms this past year. Honestly if you are happy with it , go to Dell, they are having a sale right now. I looked but the one I want it still a good 800 bucks, but they had a tonne of lower systems on really cheap.
|
|
Totems of Tabu The name of this project was the Totems of Tabu, recorded and produced by Mike Chatman out of Addison, IL., formed by Nick Ray Tabor, which included Tony, on Drums and Joe on bass, as well as Mike Udstuen on percussion. All 6 songs on this demo were written both lyrics and music by Nick Ray Tabor and certain songs were arranged by Tony and Joe Tabor. Dan Rogers was more of a studio musician in thi… |
|
|
GoodFellas $3.97 Martin Scorsese’s 1990 masterpiece GoodFellasimmortalizes the hilarious, horrifying life of actual gangster Henry Hill (Ray Liotta), from his teen years on the streets of New York to his anonymous exile under the Witness Protection Program. The director’s kinetic style is perfect for recounting Hill’s ruthless rise to power in the 1950s as well as his drugged-out fall in the late 1970s; in fact, n… |
|
|
Microsoft Office Home & Student 2010 – 3PC/1User (Disc Version) $110.00 Office 2010: better basics and bold new innovationsProduct Information[Family Pack For Installation on up to 3 Home PCs]Note: Not for use in any mercial nonprofit or revenue generating activities or by any government organization.At home in the office at school or on the go your life never stops moving. Microsoft Office Home and Student 2010 gives you smart simple time-saving tools to help you… |
|
|
Microsoft Office Home & Student 2010 – 3PC/1User [Download] $115.00 With Microsoft Office Home and Student 2010, you and your kids can create great schoolwork and home projects from multi-page bibliographies to multimedia presentations. Capture ideas and set them apart with video-editing features and dynamic text effects. Then easily collaborate with classmates without being face-to-face thanks to new Web Apps tools. The results go well beyond expectations with a … |
|
|
Microsoft Office Home & Business 2010 – 2PC/1User (Disc Version) $279.99 Office Home and Business 2010 32-bit/x64 English US DVDUNSPSC CodeUNSPSC Code : 43231513 … |
|
|
Neoprene Professional Executive Deluxe Business Office Sleeve Cover with Extra Pocket For ACER Iconia Tab A Series Tablet A200 & A500 & A501 & A510 + Includes a 3.5mm Stereo Audio Cable (6 feet) + Includes Size Adjustable Windshield Mount Complete 360 Degrees Rotation Protect your device with our Durable Neoprene Glove Carrying Sleeve, It’s very slim, fits almost anywhere. Will protect your device from bumps, dents and scratches. Looks very professional. This case will keep your device looking like new every time. This case is suitable for your Favorite Device. (Fits well with skin cases for those of you who have a skin case install on your device) + Ships with… |
|
|
Neoprene Professional Executive Deluxe Business Office Sleeve Cover with Extra Pocket For ACER Iconia Tab A Series Tablet A200 & A500 & A501 & A510 + Includes a Crystal Clear High Quality HD Noise Filter Ear buds Earphones Headphones With Mic ( 3.5mm Jack ) + Includes a Professor Pen 3 in 1 Red Laser Pointer / LED White Light / Stylus / White Pen Protect your device with our Durable Neoprene Glove Carrying Sleeve, It’s very slim, fits almost anywhere. Will protect your device from bumps, dents and scratches. Looks very professional. This case will keep your device looking like new every time. This case is suitable for your Favorite Device. (Fits well with skin cases for those of you who have a skin case install on your device) + Ships with… |
|
|
Neoprene Professional Executive Deluxe Business Office Sleeve Cover with Extra Pocket For ACER Iconia Tab A Series Tablet A200 & A500 & A501 & A510 + Includes a 3.5mm Stereo Audio Cable (6 feet) + Includes Headrest Mount Complete 360 Degrees Rotation Protect your device with our Durable Neoprene Glove Carrying Sleeve, It’s very slim, fits almost anywhere. Will protect your device from bumps, dents and scratches. Looks very professional. This case will keep your device looking like new every time. This case is suitable for your Favorite Device. (Fits well with skin cases for those of you who have a skin case install on your device) + Ships with… |
|
|
ZU0262 04 4010 Lamp module includes both housing and bulb Manufactured to the highest ISO9001 standards to fit the projector model(s) listed under the Specifications tab. Carries a Free 6-month manufacturers warranty and has undergone strict quality checks for beam performance, ignition, voltage, appearance, connections, and run-time, so you can trust it to work flawlessly in your projector. 9-month warranty is … |
|
|
3M Privacy Filter for 15.6 Inch Widescreen Laptop (PF15.6W) $36.69 3M’s PF15.6W widescreen notebook privacy filter fits new wider 16:9 aspect ratio notebook computers. It fits widescreen notebook computers with a diagonally measured 15.6″ viewing screen. This filter is designed for widescreen laptop computers with screens that appear more rectangular than square…. |
|
|
Business-Management: Time Management $29.99 Andrew Schwartz Business-Management: Time Management – Photographic Print |
|
|
Avery NoteTabs Perforated Business File Tab $3.99 0% 16331 3″ Width x 7.50″ Height 6 6 / Pack Note Tabs are a flexible organization tool that combines the best of notes, tabs, and flags in one. Self-adhesive tabs are made of a durable film material with a paper tab overlay. Tabs are transparent and repositionable. Perforate design offers the option of separating the body sections from the tab for extra highlighting and note-taking flexibility. Tabs will not lift ink when repositioned. Use them to quickly find pages like a divider for easy reference. Write on both tab and body surfaces. Avery Avery Dennison China File Tab No NoteTabs NoteTabs Perforated Business File Tab Pastel Blue Self-adhesive Removable Taupe Unpunched Write-on www.avery.com |
|
|
It’s Business Time Business time Women’s Dark T-Shirt by CafePress $26 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Business time Women’s Dark T-Shirt Tee, TShirt, Shirt The women’s Dark T-shirt is comfortable, casual, and classy. The shirt is simple, flattering and will quickly become a favorite. The pre-shrunk 100% cotton is soft and durable.5.6 oz 100% cotton. Standard Fit. |
|
|
It’s Business Time T-Shirt $6 Always know what she really means in this subtle and suave t-shirt.• Professionally printed silkscreen• High-quality, 100% cotton tee.• Ships within 2 business days• Designed and printed in the USA |
|
|
It’s Business Time Business time Dark T-Shirt by CafePress $26 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Business time Dark T-Shirt Tee, TShirt, Shirt Don’t waste time deciding on which shirt to put on each morning. This dark shirt t-shirt will never go out of style and hides stains better too. This high-quality t-shirt is pre-shrunk and 100% cotton, which makes it both comfortable and durable. |
|
|
It’s Business Time Business time Long Sleeve Dark T-Shirt by CafePress $32.5 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Business time Long Sleeve Dark T-Shirt Tee, TShirt, Shirt Our Long Sleeve T-Shirt adds an extra element of style for a casual night out, or to keep the chill off. Made of 100% ringspun cotton for maximum comfort, put on your new favorite T-Shirt from a favorite, trusted name in t-shirts, Hanes.6.1 oz. 1 |
|
|
Time After Time $3.99 By Cyndi Lauper. For guitar. Love; Pop; Rock. Guitar TAB. Guitar TAB. 5 pages. Published by Hal Leonard – Digital Sheet Music |
|
|
Write A Business Plan In No Time $14.21 This book is in New – Excellent condition |
|
|
Small Time Business Operator $14.21 This book is in New – Excellent condition |
|
|
Real-time Business $106.28 No Synopsis Available |
|
|
Samsung Galaxy Tab Skin – Space and Time $17.99 Forget about those hard cases, thick epoxy or silicon skins that bulk up your devices and making them look fat and hard to hold. DecalSkin covers the front and back of your Samsung Galaxy Tab and does not add any volume or weight, so you can keep it original with a great new look! Made with RapidAir technology ensures bubble-free application and stress-free removal. Once applied, DecalSkin covers up old ugly scratches and protects the device surface from occasional nicks and scratches. DecalSkin is not a paper sticker, it leaves no harmful residue when removed, so you may change your skin as often as you change your clothes. |
|
|
Samsung Galaxy Tab Skin – Spring Time $17.99 Forget about those hard cases, thick epoxy or silicon skins that bulk up your devices and making them look fat and hard to hold. DecalSkin covers the front and back of your Samsung Galaxy Tab and does not add any volume or weight, so you can keep it original with a great new look! Made with RapidAir technology ensures bubble-free application and stress-free removal. Once applied, DecalSkin covers up old ugly scratches and protects the device surface from occasional nicks and scratches. DecalSkin is not a paper sticker, it leaves no harmful residue when removed, so you may change your skin as often as you change your clothes. |
|
|
It’s Business Time Pop culture Ringer T by CafePress $22.25 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Pop culture Ringer T The Ringer T has made a fashion comeback, and ours is a popular favorite. This classic style is sure to impress even the most discerning t-shirt connoisseur with an eye for retro-coolness. Great for relaxing in comfort year-round.5.5 oz. 100% pres |
|
|
It’s Business Time Pop culture Hooded Sweatshirt by CafePress $45 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Pop culture Hooded Sweatshirt Tee, TShirt, Shirt The hoodie: the perfect utilitarian piece of clothing. Leave your hat and scarf at home Stay warm and comfy in your Pullover Hooded Sweatshirt. This hoodie is constructed with a cotton/polyester blend – both durable and comfortable.Heavyweight 90 |
|
|
It’s Business Time Pop culture Boxer Shorts by CafePress $16 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Pop culture Boxer Shorts Enjoy the roomy comfort of our sexy boxers as underwear or sleepwear. They’re 100% cotton, open fly for thinking outside the boxers. Boxers, because you don’t want to be brief.. . |
|
|
It’s Business Time Pop culture Wall Clock by CafePress $15 Business time t-shirts, gifts for folks ready to get down to some business You know when he’s down to his socks, its business time. FOTC fan gear for guys and gals ready to do business Pop culture Wall Clock Decorate any room in your home or office with our 10 inch wall clock. Black plastic case. Requires 1 AA battery included. |
