New Client On-Boarding

BOOKKEEPING

Welcome to One Stop Consulting Shop! We are excited to have you as a client and to be your trusted partner as your accounting team!  We believe transparency is crucial as we outline our working relationship.  Please follow the instructions outlined below and if you have any questions, please email:  info@onestopconsultingshop.com.

Together, we will plan today for a successful tomorrow!

INSTRUCTIONS

  1. Complete the Bookkeeping Onboarding Section (Step 1).
  2. Download, complete and return the Recurring Payment Terms (Step 2).
  3. Review Instructions for View Only Bank Access, QBO Invitations, mileage and home office deductions and Tangible Personal Property requirements (Step 3).

Bookkeeping Onboarding

Step 1:

Note: Please fill out the fields marked with an asterisk.


Recurring Payment Terms

Step 2:

Required for Bookkeeping & Payroll Clients:

Download
Form 1 - Recurring Payment Form and Engagement Terms (No Term Contract Required - Cancel At Any Time)
Payment Auth Form - Recurring Payment Fo
Adobe Acrobat Document 249.4 KB

For Your Information!

Step 3:

As a new business owner, we understand you may not be aware of or have questions about things like mileage deductions, home office deductions and Tangible Personal Property returns which are required to be sent to your County by April 1st.  Please also remember that any business expenses you have incurred that we may not have access to must be provided to us so we can ensure they are added to your bookkeeping.  Please make sure we have a list of these items including date, vendor, amount, what it was for and how it was paid.

 

Below is a summary of these items as well as how to obtain certain access we may need.  If you have questions, please reach out to us to schedule a phone call or email us:  info@onestopconsultingshop.com


For Clients with an Existing QuickBooks Online file:

To provide us accountant access, please:     

Click on the “gear” symbol (Upper Right of Screen)

Click on “Manage Users” and then Click on the “Accountants” Tab

 

Click “Invite Accountant” and use:  onestopconsultingshop@gmail.com

 

For View Only Access to Business Banking:

Email info@onestopconsultingshop.com if you have one of the following banks:

  • Chase / Wells Fargo / American Express / Bank of America / BB&T-Truist

If you have another bank or credit union, you may need to contact them directly for assistance.  For most credit cards, "view only" access is not an option and your own credentials are required using security codes to assist us with access. 

 

Mileage Deduction

You are going to want to keep a mileage log (and may need to recreate one from the beginning of the year if you are not already keeping one).  What needs to be tracked is the following is bulleted below. We have also attached a template for you to use.  Some clients like to use Mile IQ which is fine, but keep in mind it needs to be properly set up (with addresses).  You cannot just enter a City to City and list “for Business” for the entire log.

Mileage (You must have a written mileage log even if you claim actual receipts):

a.      Year, make and model of the vehicle

b.      Starting odometer on January 1st (of the tax year) and Ending odometer on December 31st

c.      Total business miles

Also, keep in mind that if you are using a personal vehicle for business, you may want to consider obtaining Commercial Vehicle Insurance for liability protection.

 

Home Office Deduction

To take a home office deduction, you must have a separate and distinct area of your home used solely for business.  To track this, there are two options.  The option that you can use depends on the type of tax structure you have set up for your business.  Let’s discuss this in further detail during our next conversation if you have questions about it.

 

There is the method that takes a percentage of actual expenses or what is called the “simplified method”.

 

Actual Receipts Method:

a.    Square footage of the home

b.    Square footage of the office area

c.   If your own your home, we need (total paid for the year): utilities, mortgage interest, property taxes, home owners’ insurance, cleaning, home security, water bill, internet only, landscaping and any improvements made to the home that also affect the office area

d.   If you rent your home, the we need the total rent paid for the year and total fees for utilities, home security, cleaning, renters’ insurance, internet only and any improvements to the rental that affect the office area

 

Simplified Method:

Or, if you choose to not itemize your expenses on the home office deduction and use the Simplified Method, we simply take $5 per square foot deduction for home office, up to 300 square feet, (a total of $1500 deduction), no questions asked, no expenses needed!  Then, there is no depreciation recapture when you sell the property if you own the home.

 

Tangible Personal Property (annual return due April 1st to your County):

You are also going to want to keep a running list of your fixed assets (these are things that are permanent, meaning they have a lifespan longer than 6 months and usually a cost of above $500.  Each April a TPP (Tangible Personal Property) return must be submitted to your county. Usually, most small businesses will do the first one and because your assets are under $25,000, there will be no tax and you’d have a postcard exemption from filing for the next 5 years UNLESS you purchased new items that needed to be reported.