Quickbooks Online Certification A+ Compiled Revision Questions and Correct Answers

Client Needs Assessment Process - Who, What, When, and How Who? - Get to know who your client is, what they stand for, what they're aiming for and where they're coming from What? - Every business, large or small, has a variety of parts. You need to find our what they are in order to best discuss QBO functionality and benefits with them, When? - How often do they run reports? What are their internal and external deadlines? All of your clients will have compliance requirements for their business even if they don't run payroll or collect sales tax. How? - How can you help? You can dive deeper using the client checklist, follow the onboarding process, and begin to plan deliverables and tasks with your client. New Client Checklist - a handy resource for getting to know your new clients, gathering the required info to get their account set up, and discovering what their business needs are in order to best match them to a subscription level. NCC: Client Profile - the basic contact information fro your client and their business. NCC: Needs Assessment - lists all the functionality your client may need from QuickBooks Online, and encourages a better understanding of their business so that you can best advise on the subscription level they will need. NCC: Features and Solutions - dives deeper into the subscription solutions that will best suit your client. The workflows you highlight as needs or requirements in the Needs Assessment tab will be pulled through automatically and displayed in column A. This enables you to see at a glance which subscription level is likely to be best for your client's business. NCC: Mileage - If your client needs to track mileage, then collect their vehicle profile information during the requirements gathering stage. You can do this for each vehicle they need to track mileage for. NCC: Onboarding Checklist - Use the Onboarding Checklist to gather any final additional requirements from your client. This will enable you to set up the appropriate QuickBooks Online subscription quickly and accurately. NCC: Self-Employed Profile - If, after your consultation, it is clear the client requires QuickBooks Self-Employed, the QBSE Profile tab has been designed to ensure you acquire all the additional information you need from your client in order to set up their subscription, including whether they have a healthcare plan or a vehicle to take into consideration. Sales and Accounts Receivable - relates to the transactions relevant to their customers. In this section, you'll get a better idea of their requirements for estimating, invoicing, price levels, and sales-tax circumstances. Expenses and Accounts Payable - This part of the checklist covers their payment preferences, outstanding loans, petty cash limits, and reimbursable expenses, among others. Employees and Payroll - One of the key areas you'll need to discuss is whether the company is run solely by the owner or whether your client has employees (and therefore payroll requirements). Other expense tracking needs - Your new client may also have to track other expenses, such as mileage on a vehicle. They may also want to keep an eye on their income in order to estimate their future income tax bill. Ask your client what their current method for keeping track of their taxes is. If they are selfemployed, they may not know that estimating their taxes is a handy feature of QuickBooks Online Self-Employed. Other daily operations needs - Does your client hold stock as part of the day-to-day running of their business? How do they keep track of their inventory? If your client has inventory, they may want to include inventory tracking. If this is a requirement, you will be able to discuss with them how QuickBooks Online and/or thirdparty apps can help with this. Industry-specific needs - Every client and every business is different, depending on their industry. For example, your client may need QuickBooks Online with third-party apps enabled to track their e-commerce or web-based sales, manage their logistics, manufacturing, shipping, point of sale, or many other variables such as their personal billable time. Specialized application needs - There is a range of apps compatible with QuickBooks Online. Your client may benefit from a specialized app to handle an area of their business. They may even already use one. You will be able to use your knowledge of QuickBooks Online features to spot when a client has a requirement QuickBooks Online can't cater for on its own. That's where integrated apps come into the picture. From cloud storage to time-tracking, there's an app for just about everything. Reporting needs - This section of the New Client Checklist helps you get a clearer picture of how your client prefers to run their reports. Which reports work best for them? How often do they run and analyze their reports? As an additional feature, if the client has employees, they may wish to add users to their accounts who have reports-only access. We'll look into that in more detail later in the course. Any other requirements - Don't forget to ask your client whether there is anything else they may need that you haven't yet covered or asked. They may already have an accounting solution and wish to convert their existing account to QuickBooks Online. Transaction volume - This section is important because it will reveal to ProAdvisors the transactional volume and scope of the client's business. It may, for example, indicate that the client might benefit from a QuickBooks Online Advanced subscription, if transactions exceed a threshold of 43,000. This is because QuickBooks Online Advanced offers accelerated dataentry features.