Who is this article for?

How do I sign up and what does it cost?

What is Bookkeeping at 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?

Anyone who has not yet been upgraded to Collective Bookkeeping

How do I sign up and what does it cost?

Collective now provides bookkeeping to all members. This coincides with new pricing for new members that began on December 1st, 2021. If you 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 Collective Bookkeeping?

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. There is a document upload button at app.collective.com > left side menu > documents > document upload button. Please use it to upload the previous month of your pdf bank statements for business checking and credit cards. Even though your bank accounts are connected to the Accounting Software, 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. Please also use it to upload your monthly accountable plan spreadsheet for mixed-use purchases like home office expenses. Click here for the help article that contains the spreadsheet.

  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.

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