Oct 1, 2020 Meeting Notes

/

Oct 1 2020

Kim Boaz presiding over the meeting

Woodard group is meeting on 10/12

Happy hour is Thur Oct 15

Next luncheon is Nov 5th 

IMG_3412 2.jpg

Introductions


What do you do to help prepare for year end?

  • Prepare year end letter for clients

  • Send out new engagement letter with price increase

  • Send out Next steps for clients

  • Get clients to book first appointment for Jan

  • Send out reminders about 1099s

  • Bring out whiteboard for 1099 prep

  • Look now through clients for 1099s

  • 1099 prep

  • Look at investment options for my financial advisory options

  • Working on personal property tax returns

  • I am available to help others with year end as a subcontractor

  • Send out client gifts and ask for reviews!

  • Remind clients that my office is closed the last 2 weeks of the year

  • I get busy with training clients who handle their own books

  • Look through each account for my non profit client

  • Get prep done and process smoothed out NOW



Open Discussion

Gifts - purchase things from clients to send out to other clients, notebook, pens,  

Inventory - count now! Any outstanding credits, damaged goods etc, things in transit etc,

Mailchimp - nice way to send out one letter to all clients, tracks who and when it was opened, etc

Calendly is a nice app for people to schedule themselves

Since we are not english professionals, it is a good idea to have someone proof read our end of year letter

What challenges are you finding with biz that closed this year?

  • How to accrue correct expenses

What other kinds of covid related things will we have to deal with?

  • Whether clients will have their PPP loans forgiven

  • Whether expenses/income for PPP will be tax deductible - or will it be a wash out

  • Some have applied for forgiveness - but the applications are sitting, nothing has been approved

  • Our mentality is to deal with things proactively, but with things changing so much, it’s usually better to wait and see. Everything about this year is counter to our DNA

  • OR Saves deadline is coming up shortly!! There will be a pin number you will need from the company

  • IRS made me fill out a reconciliation for health insurance (Affordable Care Act)

Anyone have specific concerns about year end?

Deferment of payroll taxes?? Some companies are not offering to employees

Reminder to use the FB group at this time of year for questions

Process St is a nice app

Qbo Workcenter has a nice year end checklist

Trello & Asana are also nice project management apps. It does take time to set up and use.