Eunice Jael Mariano

Getting Started with Online Bookkeeping | FVA Business Consultancy Coach Grace: Hi, everyone! My name is Grace and I’m the co-founder, owner and creator of Filipino Virtual Assistance and today we are going to learn about Getting Started with Online Bookkeeping. Online Bookkeeping is one of the fastest growing freelancing niche because a lot of business owners are transitioning into the online bookkeeping avenue in their books, in their sales, in their financing or financial services in order to just really benefit for their businesses because you know their not spending that much in comparison to hiring a bookkeeper. So, a lot of accountants, bookkeepers and other financial related services or people in that niche are transitioning in the online bookkeeping industry in order to serve those businesses and brands needing their services. Today, we have here Coach Cess, she is the FVA trainer for online bookkeeping and she has been coaching for the past five months and there are hundreds of students and the feedback on this course is just really positive. A lot are really enjoying the class. It’s both good for newbies and those with a background in online bookkeeping or accountancy. And today, Coach Cess is just going to share with us tips on how you can start online bookkeeping if that’s something you really like to pursue in your freelancing career. Welcome to this video coach Cess, I know that you’re really busy so thank you for your time as well. Coach Cess: Hi, Coach! Good afternoon! Coach Grace: And maybe Coach would like to share our viewers, we’d like to let them know probably a little bit of your online bookkeeping or even accountancy or bookkeeping experience because this is getting asked a lot, you know, in facebook, in our messenger, in a lot of our emails. Maybe, you know, in order for them to have the knowledge or probably a perspective of who you are, probably mention your experience and other applications that are under your forte when it comes to online bookkeeping. Coach Cess: Okay, Coach, we’ll do that. So, hi, everyone! I’m Cess as introduced by Coach Grace. I am the online bookkeeping trainer. Okay, so, I do have an 18-year experience using softwares like MYOB, QuickBooks is what we are offering here, Xero also, PeachTree and UPS. So, basically, what we are offering is QuickBooks, Coach, because this is the most common and comparing it to others this is the easiest software that I use.This is my fifth month and I’m on the fifth batch of our bookkeeping course. And i can say that so far, it is really good because the feedback is good. There are students who even message me after and that is the best that we can offer, we can really communicate with our students, one-on-one. And we can help them when they need us, even when the course is done already. Coach Grace: That’s one of the many feedbacks that Coaches are supportive, there’s clarity in the coaching sessions, and you are there to really power them. And, a lot of them are getting hired because a lot are also looking for online bookkeepers, especially on onlinejobs, that’s the feedback we’re getting so far. So, go ahead, Coach, why not share them especially to those who are interested in how they can get started with online bookkeeping. So probably, share what are the coverage of your course, the attitude, the needs in order to be successful in the online bookkeeping industry, what are the mindset and everything you’d like to share in the online bookkeeping industry for 18 years now. How can they be successful in their online bookkeeping career and share whatever your tips are. Coach Cess: Okay, Coach. So, basically, how to start as an online bookkeeping virtual assistant? First, why do you want to become a bookkeeper, what is our end goal here? Because if you want to be a bookkeeper just because you want it is not enough, we need to have the attitude as well and what is our end goal. It is for us to have a client at the end of this course? Second, have experience and learn online bookkeeping. If you don’t have any experience, this is the right time for you to learn online bookkeeping. Why do we learn online bookkeeping? It’s for us to understand the business, that is one thing. Second, to help business owners to make decisions. Third, we will be able to supply them the information they will need. Example, how much money are they making? That's very important in online bookkeeping because at the end of the day the business owners would like to know how much they are earning. Third, narrow your focus and specialize with one or two niche industries. Because online bookkeeping is really overwhelming. Other people will tell you: “Online bookkeeping? I don’t have a background of that.” What’s good with online bookkeeping is that you can have a focus and you can have different niches. Example, if you want to become an accounts payable specialist only, that’s fine. Accounts receivable or if you want to go with QuickBooks bank reconciliation which is the most common job for QuickBooks online. Narrow your focus if you want to or if you want to do the bigger part of it like online bookkeeping, per se, then, that is really fine also. Fourth, assure your client of confidentiality or be client-centered because this job really needs honesty. And we should not divulge the information to others because if that is the case, no one will trust us anymore. Make sure that when you’re applying, and when you have your own client with you, you should at least be aware of confidentiality. Sometimes, your client will ask you to sign a confidentiality closure. Next, decide on the fee structure, that is the fifth one. So basically, when you don’t have experience, that is the time when we try to know how much we will charge for the client. Most of the time, I ask my students to start with $5 if you don’t have any background at all. But when you’re done with a bookkeeping job, I think $10-$15 would be really good, together with your experience. Sixth, continue learning and expand your offerings. There are so many softwares we can use but for online bookkeeping what we are having is Quickbooks but if you can, try MYOB, Xero. Those are the most common accounting software that are being used. So I think, if you expand your offerings, definitely, you know already that your fixed fee structure will get higher. Like me, I’m having continuous learning even though I am the coach of FVA already. I still have continuous learning with other softwares and get certified as well because that is really an advantage if you are certified, that’s why I always assist my students to get certified because I want them to get hired as well and have a good payment for the skills that they are having. Seventh, set up your office or your office tools you might need. Okay, for this one, I think, we really need to have a good laptop with good specs, second, a good internet connection because it's online, So, basically, clients want to make sure they are paying not just because it's hanging up or lagging. So a good internet connection and a good backup will be okay. Bookkeeping software like Quickbooks online, you can go around with that. Quickbooks online is giving a 30 day free trial period so it's easy for everyone to go through it. You should have adobe pdf or adobe acrobat and definitely excel because that's the most important tool you’ll need. And last one, I think, of all of the seven I’ve discussed, the right attitude is the real key for this. Determination is the key, time management. But being an online bookkeeper, accuracy and attention detail are the most important because sometimes, if you miss something, example you transaction is 1000, and you put 10000, so attention to detail is really important because one mistake can lead to different information that you can give to your client and the decision will not be the same. Then, honesty. Lastly, confidence to yourself. This is the most common issue that we are having, you don't want to apply, you don’t want to try , be a risk taker, have confidence in yourself because you can do it. So that's the 8 points I can share to you on how to start as an Online Bookkeeping Va. So, Coach, I think that’s okay. What I shared with them. Coach Grace: We’re good. Very short, concise, but very helpful as well. A lot of people, especially freelancers are overwhelmed on how they can get started. So that’s really helpful when it comes to getting started, knowing the foundations to online bookkeeping, because a lot have this mindset that if it has lots on numbers, if it’s online bookkeeping that’s a little too much except for those who are inclined towards that, for example, the CPAs, accountants, bookkeeper tech. Coach Cess: I think that’s the most common issue we’re having Coach, because they feel that if they don’t like Math when they are studying, they cannot learn bookkeeping. So, that’s why I always tell my students, like me, Coach, to be honest, I don’t really like Math. But, bookkeeping is analysis so we should really have that with us for us to learn. Also, I think it’s the determination, Coach, if you really, like I do have some students who don’t have a basic accounting knowledge, Coach, like zero knowledge but when they completed the course, they were able to apply, their Upwork is approved, so they are really happy. Coach Grace: And I know that in there, you will really share it from scratch to success. You also have weekly coaching as well, for them to really be guided. And the coverage for this is, I know you have an introduction for them to at least have a knowledge, balance sheet, income statement, double-entry bookkeeping, adjusting journal entries, computerized accounting. This is where you're adding the apps like QuickBooks, right? So, how would you probably mention or encourage those, I really like what you mentioned towards the end, you know? The accuracy, the attitude that will come as part of the integrity of an online bookkeeper. Because, again, you can’t disclose these and disclose that. Those are really sensitive information, those are the financial information of the business owner and you know, you mention about accuracy, honesty, you mention of having to probably sign up an NDA or confidentiality agreement with the client and with your current students right now, Coach, what are you seeing, you know, in them, what are the attitudes aside from the ones you’ve mentioned earlier that allows them to be hired right away, probably, because I know from my coaching, I’m seeing that in all students coming in, it doesn’t matter if they’re highschool grad or with masters, you know? If they have a computer at home with high speed internet or they are using the internet cafe, it all boils down to their focus on the lessons, determination and time they’re giving to the lessons. So, what can you also share with those who are interested to know what are the attitudes you’re seeing to your students who are hired now? Coach Cess: Coach, I think, it’s really the determination and eagerness to learn. And they really need to focus, that’s the most important thing, Coach, because there are others who feel that if they have basic accounting, they will be able to go through just because they have it and they don’t really follow deadlines. Basically, as what I’ve said, in accounting, Coach, and basic bookkeeping, when you have it with you, study it now while it is fresh. Because when you miss that, it will be difficult for you to go through. And, what’s good in online bookkeeping, because I am teaching here Coach, the foundation, that means wherever they go, whatever the business that they will encounter, as long as they know the debit and credit, the one that I’m teaching, Coach, they will be able to go through that far. So, Coach, I’m having these students who ask me if I can have like, “Coach, can I have an apprenticeship for you? Because I’m having my own client now, and I want to learn.” What I tell them is as long as I can answer, because not everything like an example Coach, it depends on the tax code of the company so it depends. For everything that they are asking, I really answer them within the time frame they are really expecting it Coach. Coach Grace: Probably, I’m going to end this Coach by asking three frequently asked questions for them to have knowledge on what this course is about. You know, giving the avenue, to those who are interested in the online bookkeeping course background. Number one, they’re asking what are the steps in online bookkeeping, what’s the internet speed that they would need in order to sustain because like you’ve mentioned earlier, you have to download pdf, you have to download files, so what do you suggest for them when it comes to computer and internet speed? Coach Cess: Okay, Coach. For the computer, for me Coach, I do have an i3 but even a lesser of that will be fine still because anyway, online bookkeeping, it will not really take up your space or the storage itself so that is okay. Then, for internet connection, I would suggest, at least 20 mbps, Coach, because this is an online software so everytime you will not be able to access it, it will definitely lag, the issue will be, you will not be sure if you were able to record the transaction already so you need to go back again and check. So, 10-20 mbps will be fine, Coach, for online bookkeeping. Then, for Adobe, if you have your own, that is fine because most of the time, Coach, a bookkeeper will receive a receipt from their client, then you will need to download and upload it to Quickbooks or if they have any other note like my client, because I have my own client, Coach as a Quickbooks Pro Advisor, so he is. an Evernote and we’re using dropbox as well, Coach. Dropbox needs internet connection or else it will not update. I think those are the most important things that they should be ready for, if they are looking forward to having this as their bread and butter. Coach Grace: Another question that is often asked as well is the one you've mentioned earlier, is QuickBooks Pro Advisor certification even the QuickBooks certification, is it included or a part of the Online Bookkeeping Certification? I know the answer but probably you wanna have your share with them. Coach Cess: Okay, so for online bookkeeping, the one that we have here in FVA, certification is not part of that, but the one that they will learn here will help them to get the certification. Because, Coach, like how many of my students are already certified. So they are messaging me, Coach, I’m certified, I’m so happy. From here, they will learn a lot, as long as they know how to really, you know, not be afraid to commit mistakes because this is part of it. Only, definitely, if we have our own client, we are not allowed to have our own mistakes but commit mistakes from here, it’s really fine. And that’s the only way for them to learn. If they do it on their own, that;s the reason why we’re having the online bookkeeping course. For them to learn it and for them to be able to tell themselves that they are ready for an online bookkeeping job, Coach. Coach Grace: Okay, so there you go. In online bookkeeping course, we issue a certificate from FVA that you did the online bookkeeping training, alright? So, we get you certified when it comes to the online bookkeeping training or virtual assistance but when it comes to QuickBooks and the other tools or applications or sites, they are the one issuing that certificate. So, if you want to be a QuickBooks Pro Advisor, you have to get that certification. But just like what Coach said you can be ready and prepared in the training in the online bookkeeping course. We’ll empower you and help you to become a certified QuickBooks Pro advisor. Last question Coach, that we can also relay to them, they are also asking if the US tax or more on taxation is also included in this course? Coach Cess: We actually discuss here input tax, the VAT in our country. For US tax Coach, actually it’s most likely the same, UK tax is quite different, but US tax is the same with us except the allowable deduction. They’ll need to really understand that. But for online bookkeeping, the one, that we have here, what I discussed is more on the VAT, the value added tax that we have. Now, they will be able to calculate it. Also, there are companies that are not taxable, Coach. That part I’m discussing on my CS5, Coach. Coach Grace: So, there you go. I hope that those are very helpful and you have the idea on how you can get started with the Filipino Virtual Assistance Online Bookkeeping Course or in other courses as well online industries and be certified as an online Bookkeeper and get started with your freelancing niche as an online bookkeeper. So, thank you for this time, Coach. It has been an honor and it’s very helpful to give guidance and perspective on those who are interested to become an online bookkeeper. Coach Cess: Thank you so much Coach. Thank you. Coach Grace: Bye everyone. God Bless you all.