Who is this article for?

How do I sign up and what does it cost?

What is Bookkeeping By Collective?

Why?

What does it include?

What doesn't it include?

What do I do each month?

How do I opt out?

Who is this article for?

Members with a first payment date before December 1, 2021.

How do I sign up and what does it cost?

Collective now provides Bookkeeping by Collective to all members. This coincides with new pricing for new members that began on December 1st, 2021. As you are a valued legacy member who joined us before December 1st 2021, you will maintain your current pricing through the end of 2022. We will reach out to you with 2023 pricing at a later date.

What is Bookkeeping By Collective?

You've now got an Accounting Department that will create, review, and publish your company's monthly financial reports.

Why?

At a fraction of the price, Collective replicates for you, what smart CEOs do every month with the Accounting Department they've hired:

  1. Monthly reports are created and initially reviewed by the Accounting Department

  2. The CEO performs a second review

  3. The CEO partners with the Accounting Department for deeper insights and to make adjustments if needed.

These reports are at the core of our quarterly and annual tax services. It is critical you review them in partnership with us.

What does it include?

  • Categorization of your business transactions

  • Reconciliation of your business banks and credit card accounts

  • Review of your financial reports

  • Delivery of reports package: Profit & Loss comparison, Balance Sheet, Cash Flow Statement, General Ledger, Accounts Receivable and Accounts Payable Summary (if applicable)

  • Closing your books at the end of the year and getting them ready for taxes

What doesn't it include?

  • Sending invoices to your customers

  • Paying bills to your vendors

  • Filing or calculating sales tax returns

  • Processing your payroll

What do I do each month?

The following steps are crucial for our successful partnership. They are standard practice between smart CEOs and the accounting departments they've hired... but at a fraction of the price.

  1. Dropbox us your monthly PDF bank statements for the business checking and credit cards attached to your QuickBooks Online. Email [email protected] to get a dropbox link for secure document upload. Even though your bank accounts are connected to QuickBooks Online, this only pulls in transaction data. We still need the monthly PDF bank statements to perform reconciliations for you. This important monthly activity ensures data integrity of your financial reports.

  2. Sometimes there will be transactions we’ll need your help with. We’ll reach out to you monthly if we need more clarity about your transactions. We appreciate your timely response so we can keep your books up to date.

  3. We also ask that you review your monthly financial statements published on your Collective Dashboard. These reports are at the core of our quarterly and annual tax services. Email us at [email protected] anytime you have questions about them. We will answer your questions, teach you how to analyze them, and make adjustments if needed. These monthly reports, your review of them, and our partnership replicate what smart CEOs do every month with the accounting department they've hired... but at a fraction of the price.

How do I opt out?

Send us a message at [email protected] and let us know that you’d like to opt out of Bookkeeping By Collective.

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