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Dan DeLong: Welcome to another workshop Wednesday. It's brought to you by school of bookkeeping.com, where it's casual conversations for serious workflows. You may notice that Carrie looks a little different today.
So Carrie is actually not feeling well. She actually has a case of the Covid after two and a half years of dodging dodging that nasty [00:01:00] virus, she, you finally did come down with it. So we wish her a speedy recovery. She's just not gutting the energy, you know, which is which is typically the, the thing with covid, it just it just lays you out.
So playing the part of. Of Carrie today is Landon. Landon usually is in the, in the background doing our sharing on Facebook groups and, and whatnot. So, and, and every once in a while you may see him inadvertently turn on his camera.
Landon Schwartz: Hey, that's an accident. That's a the where's Landon game.
Dan DeLong: Right.
Yeah. We were thinking of maybe doing a where's Waldo where's Landon type of type of game here, but we'll, we'll, we'll consider that. But Landon, you wanna, you wanna give it a little introduction your, your background, your history of you know, what you've what you've been doing you know, up until this point.
Yeah,
Landon Schwartz: of course. Hi, I'm Landon. I work for [00:02:00] Complete Business Group and it is a pleasure to meet all of you guys. If you guys missed the 10 99 episode that me and Dan put on I was a part of that as well. And so up until now I've been, like Dan said, managing the background of workshop Wednesday. I do data conversions for a complete business group.
I demo the product. I help. The partners out in Facebook and I do QuickAnswers.
Dan DeLong: Yeah. So if you are an elite member of Of school bookkeeping. And you, you go into the, the, the QuickAnswers. You could potentially get either one of us and sometimes both twofer. Sometimes we'll do a, a tag team. So you get the, the best of both, right?
All at once, right? So the collective hive mind of school of Bookkeeping QuickAnswers is potentially available to you. So [00:03:00] Landon used to work at Intuit. Wanna talk a little bit about your your Intuit background? Yeah,
Landon Schwartz: yeah. I worked for Intuit for five years. No longer than that.
It was like seven. It was like seven if I count the partner site in there. So with that, I, I worked on my way all the way up to Supportability representative. That's the guy that you chat when you call into Intuit, that's the guy, three levels ahead of the guy you're speaking with. That helps them.
Dan DeLong: Basically you're never you weren't, you weren't on the phones, but you were helping people who were helping people on the phones. Correct.
Landon Schwartz: I was helping people who were, who were helping people,
Dan DeLong: right. On the phones. So there was a. The people that those, you know, the, the first level, right? When they, and when they need, when they need help, they talk to their, their help desk.
And when tho those that help desk needed help. That was, that was who that was you, [00:04:00] right?
Landon Schwartz: Correct. End all sale be all for escalations and everything. I.
Dan DeLong: All right, so you were Mr. Multitasker. So that's one of the things we we, we love about you, Landon, is that you, you can do like five things at once and, and do them well.
So so Landon's gonna be be helping me here you know, demonstrate cuz we've been talking about the The new QuickBooks online, new QuickBooks Payments situation where when you set up QuickBooks online for the first time it Intuit has been aggressively marketing, I guess that's the, the nicest way to say it, QuickBooks payments where it just seems like it's a normal a normal process in the, in the setup setup.
Set up an interview. There we go. That's the word I'm looking for is the interview. As you're, as you're going [00:05:00] through, it just seems like, okay, well this is just a natural thing. So we wanted to demonstrate it and and we were actually walking through it right before we went. And some of the things that we've been saying in the past where you have this half set up account that allows people to pay, but but then kind of.
Hijacks, the, the funds type of thing is actually not the case now. So you know, either somebody's watching or, or they realize that that wasn't necessarily a the right thing to do. And, and a change has been made. So we are gonna actually walk through the process. Landon is gonna share his screen.
And and we will go through Just a live demonstration of, of what happens and how things can, can kind of get set up. So so Landon started already by, by going to, you know, quickbooks.com or you know, something like that. So I used the link in the [00:06:00] description. Okay. In the description there, I'm gonna put a little QR code if you wanna follow along at home.
You can get to the, get to the same site you know, and you oh, this is the one that you actually do need to put in the a credit card. Right. It's but we don't want you to do that. There is a, there is a trial link. We'll, we'll find that and put that in there. He just started started a new subscription, and then this is what comes up first, which is what did they call it?
Landon, like first use,
Landon Schwartz: yeah. Setup interview.
Dan DeLong: All right. So it's got that little sidebar in the upper right. And like how, how happy are you in this whole process? Did it what, what happened with that? I mean, like, what is, what is that slider bar? Like? Does it go to a team? That you know
Landon Schwartz: of?
Yeah. It goes to the first time setup team if I remember correctly, or unless they haven't changed it. And basically this is going to be for the people that, [00:07:00] the people that change how you first time set up an account. And so they take this slider
Dan DeLong: very. Very seriously. Yeah. So right now by you, you know, flipping it up and down, there's somebody in at Intuit going, what the heck is this guy doing?
It won't. Or is it, is it recognized when you go to the next the next phase, right? Yeah, next phase. Okay. Okay, so this first one is just what's the name of the business? So he's he's creating a, a workshop Wednesday. Then the next one is how have you been managing your finances? You know, what have you been doing up until this point?
Can you make your screen? Can you zoom in a little bit to make, make it a little bigger? That awesome. Alright, Yeah. All right. So how long have you been in business? It just again, you know, these are normal. Regular questions that, that happen during the initial initial setup. What kind of [00:08:00] business is it?
What do you sell? You know, those or this is the entity type, right? Mm-hmm. So whether it's S corp or you know, partnership or what have you. And then now it's asking what do you do? You know, what kind of industry are you? And The, the what, you know, what happens in the background is this is kind of setting up the default chart of accounts for, for that industry.
Right. And you know, typically, you know, one of the things that you know, QuickBooks Online is you know, pretty good at is because they have, you know, anonymized data of all of their. Companies, right? The people that are answering this question, you know, and the, the features and, and settings that they typically will use, they can start to, you know, leverage that data if an accounting firm always has, you know, apply credits turned off. Which is typically the case, you know, automatically apply credits. That [00:09:00] setting , could ultimately be be set up for you, you know, as you're, as you're going through. So it, you know, all of those additional settings and, and preferences may not need to be set up.
So what did you just skip through there? That, that was the, that was the apps. What apps Connect. Okay. So additional apps. Cuz you set up the advanced as correct. As a, as an option, which comes with you know, some premier apps I think they call it. Also, you know, app Connection is
Landon Schwartz: App Connection too.
Dan DeLong: So like the Salesforce connection, the. You know, the, the, the other applications that are kind of, if when you're using the, the top level tier or the feature set of, of QuickBooks Online Advanced, then it gives you a you know, maybe a discount on those things like DocuSign LeanLaw, you know, those are the preferred [00:10:00] apps to use when you're using you know, QuickBooks Online Advanced, and then that.
That particular industry. All right. So what did you select there? Oh,
Landon Schwartz: send and track invoices.
Dan DeLong: Okay. So you, you, you said, how, how do you you know, what do you want to do in, in QuickBooks? And the only thing that you answered there is, is sending and tracking invoices, which is, you know, a, a, a, a normal question.
All right, so the, here's, here's where we start to get into, okay. Setting up Setting up the payments account. Right? So you, your choices here are set up payments, go back or you have this little tiny thing over in the right side. Skip for now. Right. So if you click set up payments, go ahead and, and click on that, then it's gonna start the process of setting up your your invoice template, right?
And then, you know, this is how, how it will look and you can make some, make some changes there if you want. Right. [00:11:00] And then it's gonna ask to set up what, what is it saying?, show you how it works. So we'll pay you $5, right? If they set up payments, right. So you can obvious if you click set up payments now, then it's gonna ask the questions about, about the business, about the the.
The primary principal and where are you gonna deposit the fund? So this is actually the process of setting up, you know, completely setting up an account. How do you, how do you back out of this? So there is a back button, right? Or, or continue later. Yeah, you gotta continue later. Or, and then at this point you can click on skip for now.
So, you know, pe as people are going through this now they're, now they're in this state of like a half set up po possibility, right? Where they're, they haven't completed the, the, the payment process or the, the, the payment account. And they're they're [00:12:00] not able to actually, you know, receive the funds because they haven't finished that process.
Some other information about how you track receipts and those types of things. And at any time, right, if you wanna like, abandon this in this, this first time setup interview, you can press, you can press the escape button and it will just go back to the homepage and whoop, you're on your way.
Right? So it's, it's kind of finishing finishing the setup here. But again, you know, Ideally, you would run through this first time use you know, interview and and, and set that up. So let's go ahead and go to, look, look at an invoice and, and see what that looks like. Right now. All right, so we're bringing up a new invoice.
Okay. So at the top here, I dunno if you can zoom in a little bit more so we can actually see what that actually says. So you've got online payments as an option in the upper right, and you can see that they're checkable, [00:13:00] right? So in, in the past, you know, if you had not done anything with, with payments these would not be checkable right?
To, to be able to allow. Credit card payments or bank transfer payments. But here, of course that you can, right? Like, so we didn't finish anything with regards to setting up the payments, but now, okay, this gives you an option to, to set up a credit card payment on your invoice, right? So, We're, we're again, in that kind of like half, half set up, right?
Because we're not completely setting up the the payments account. We didn't acknowledge that. And, and this could happen with, you know, a similar situation of you know, an office manager is, is is logging in to QBO o for the first time. Maybe they don't have all this information available or. The, the, the owner's not there.
It's like, well, cuz it is gonna ask for the primary principal social [00:14:00] security number and those types of things. Cuz there is risk involved with money movement and, and that sort of thing. So they do have to actually apply for a merchant account and finish that, setting that up. And in this case, they're not maybe they don't have that information to completely set up.
Okay. So when you click on save and send here, so we just Landon created a. An invoice he's sending it to. You're sending it to yourself, right? Yep. And here it's got the review. You can see it's got the review and pay button. But again, he's, he hasn't completely set up the, the payments account yet. So let's see where the, you now, in this particular case, now it's saying, okay, let's finish this because you, you opt in for.
For, for QuickBooks payments. And this was, this was new, right? Like this, this didn't happen before as we were talking about this like a couple weeks ago. He's, he's just [00:15:00] leaving the, the interview cuz again, you know, Landon's playing the role I just heard Escape office manager. Oh, okay. So you pressed escape to, to close out of that and you have Save and Exit.
Okay. So again, he still hasn't finished setting up the, the payments account. Let's take a look at the the invoice that comes through on your on your email
drum roll. And this is what we discovering today was new, right? So the email comes in, it's got the review and pay button. Somebody clicks it, oh, they can't pay it because. Landon didn't finish up, finish setting up the the account yet. So in the past, what we were talking about before is that people could actually pay pay this invoice and now the money's caught halfway between the client and the and the business owner.
Because in order for [00:16:00] Landon to receive this $800 he would actually need to tell QuickBooks, Hey Where do I, you know, finish those, those three things. Tell us about your business, tell about your business owner and tell about your, you know, deposit account. So this is a good safeguard, I think from what we were talking about before where the money is kind of hijacked or, you know, almost held hostage between.
The, the client and the, and the business owner. So in order for them to even pay the invoice, even though they said, Hey, we can accept credit cards, this will stop that process. You can go ahead and I think stop sharing your screen Landon. Okay. So this will, this will stop the process of the, the, the money being hijacked in that in that, in that case where it's, you know, in between the business and the client.
So it does allow [00:17:00] you know, it does kind of force the issue of, hey, you can't accept a credit card until you complete setting up the account. The, the downside of all of this is that, If they're doing it within the product and the, the fees are a little higher than if you had referred them as a, as an accountant or bookkeeper.
You can get ProAdvisor rates and tho those types of things. So you want to, you know, have this conversation with your, with your client or your customer prior to that so that you can maybe save them some money. That was a lot a lot of information at Landon. Do you have any thoughts about what you what you did and experienced?
Landon Schwartz: Yeah, yeah, yeah. So in my experience, this is creating a basically a, just a shell that's just gonna be blank in the back end. Like Dan, I wanna tag onto what Dan said about the rates. One important thing that I saw in here, let me actually pull it up here and show you.
Dan DeLong: while you're doing that, I'm gonna put a little [00:18:00] QR code. In the upper right we have it's Global bookkeeping. We have a QuickBooks Payments course where we're gonna add this workshop to it because, you know, It's changing constantly. Runway. Yeah. So so you can go to the landing page there if you're, you know if you're just looking for, you know, to save your, your clients some, some, some money.
too you can apply. Have them apply on that right on that page for a ProAdvisor pricing merchant account, and we can tie that to to their account. You can do it right there on on that page too. So what were you what were you, I
Landon Schwartz: was just gonna tag on on your rates part. This signs up for the default rates when you do go through this flow.
So definitely, definitely make sure that you take advantage of complete business group's rates because we do get you better rates even if [00:19:00] you don't end up using the payments account. It's always good to sign up for it. Regardless, because then you are locked into having our rate, better
Dan DeLong: rate. Yeah.
So so just by, just by doing this, this referral type of thing, it it's can potentially save them, you know, some money. If they do decide to use it. If they don't decide to use it, they don't use it at all. You know, there's, there's no cost, you know, not to use it. And if they want Exactly. You know, they can choose you know, the monthly fee and get even lower rates, even on the the ProAdvisor discount.
So it's interesting to you know, to have this as a, as an option. You know, Carrie loves QuickBooks payments. I mean, we, we love it here to you, you know, as far as the, the, the ease and the integration. When, when it comes to, you know, [00:20:00] Receiving money. And, and that's what I think Intuit is, is hoping right to, to, to show people that hey, you can get paid a lot faster by sending an invoice.
There's a button to to pay it. And then once you, once it's paid, it's, especially in QuickBooks online, the payment is made for you. The deposit is made for you. The fees are, are, are segregated out for you depo. And, and, and it's now they reconcile it so they can see when the, when the bank deposit is made, and they can automatically be, be reconciled.
So, you know, really once your, once your payment is Went through invoices, been sent and paid. You know, it's pretty much everything else is is automatic. So, any any last final thoughts there Landon on, on what it is that that we're demonstrating today?
Landon Schwartz: No, nothing on. Nothing on my part.
Just remember that if you, if your client does accidentally sign up for a [00:21:00] payments account, it is reversible and you can re-sign up if you want to take advantage.
Dan DeLong: Yeah, we definitely wanna do that sooner rather than later. Cuz the longer especially if they've used it yes, that, that's a big one.
Might be a little bit challenged to kind of backtrack that. So typically they tell us, you know, within the first 30 days You know, letting them, letting 'em know that hey, you can you can get better rates on, on that. So it's actually
Landon Schwartz: interesting on the terms here for the $5 sample invoice this is what I was told when I chatted up with Intuit the other day.
Basically for accounts that are created as a shell mm-hmm. Is they have the 30 days here, so, ah,
Dan DeLong: and be approved. Right. So you gotta finish it within that first 30 days to get the $5. But you can save a lot more than $5 if you have better rates [00:22:00] through the, the ProAdvisor. I like a Geico commercial.
Yeah, that's right. 15 minutes, 30 days could save you five bucks. So next week we're actually There is a an FTC deadline that is looming for and, and for cybersecurity. And we're actually gonna have Practice Protect joining us next week to kind of talk about that and unpack that and see where you as a, as an accounting professional might lie in that.
And, and do you need to do anything about that? So join us next week for fun-filled cybersecurity discussion with with Practice Protect. And we hope you have a great week. And thanks for joining us on the workshop Wednesday. Catch you next week.
