WEBVTT
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The topics and opinions express in the following show are
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solely those of the hosts and their guests and not
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those of W FOURCY Radio. It's employees are affiliates. We
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make no recommendations or endorsements for radio show programs, services,
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or products mentioned on air or on our web. No
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liability explicitor implies shall be extended to W FOURCY Radio
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or its employees are affiliates. Any questions or comments should
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be directed to those show hosts. Thank you for choosing
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W FOURCY Radio.
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Barry gen Fowler EA brings you tax Talk for you
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right here on W four CY Radio and Talk for TV.
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As an enrolled agent and a national leader in tax
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resolution as well as Trucker bookkeeping and tax planning. With
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over thirty years of experience, Barry will break down taxes, bookkeeping,
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tax planning, and tax relief for individuals and businesses just
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like you. So let's have some tax talk for you
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with your hosts.
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Barry G. Fowler.
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Hey, good morning, welcome man. It's a great day again.
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It's a Monday. We always start the week off with
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a great day and a great program. Here listening to
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tax Talk for you. A matter of fact, before we
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get started, first thing you need to do is go
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over to tax talkfor you dot com and subscribe so
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you never missed episode and you can go back and
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listen to some of the podcasts we've got out there
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and some of the other programs you may have missed
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that you don't want to miss these programs. We got
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a lot of questions over the last week and we
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were trying to figure out what we talk about in
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this show. And you know, Reveel of, our producer, was
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probably upset with me because it to me till Friday
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I think to say, hey, well we're going to do
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for the show, and being the questions we got and
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the overwhelming questions that were being asked, just hey, what
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software should I use for my bookkeeping? You know, we
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all hear the ads out there and into it. Quick
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Books is putting out there, and most people are familiar
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with quick Books. They used to have the program peach
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Tree out there, but as quick Books right or is
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there a better or different solution, you know some of
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those other solutions that we see out there, maybe fresh Books,
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it may be zero Zoho, Sage Accounting, neat one. I
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haven't heard from Cashew and herrow. You know what's right?
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You know what's is the easiest software to ease You know,
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people go to quick Books because that's what they've heard.
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But Zero is becoming one of the biggest names in
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accounting software. And so what is the difference between you know,
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quick books and Zero. What is the best software you
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know for you? We're going to kind of run down
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kind of a comparison between QuickBooks and Zero because they are,
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like I said, two of the biggest names in the
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accounting software space. You know, small businesses will use both
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of these softwares to track their finances, generate financial reports,
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managed taxes or payroll, or track inventories. You know, both
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of these have some similarities and small businesses can get
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their finances in order using these. But there are some
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differences and there are some ways that each software is
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better than the other. But you know what's going to
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be right for you? Well, I'll tell you what we
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use later in the program. So you got to keep
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listening so that you know, hey, which is going to
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be the right software for you. You know, the first thing
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everybody looks at is price. You know, if you're comparing
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Zero in quick books, you can go into zero for
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twenty dollars a month. They also give you some promotions
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during the first three months which will get you about
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ninety percent off, whereas quick Books they're pretty much starting
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at thirty five dollars a month and then you can
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get fifty percent off for the first three months with
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their current promotions. So you can see there is a
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fifteen dollars difference per month and it could be critical
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in making ends meet for your business as well. The
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other thing to consider is users. Now, most people aren't
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going to need a lot of users in the software,
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especially small business. You probably need you know yourself, maybe
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you have in house bookkeeper, or maybe you're using a
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bookkeeping service like truck or tax tools, so you mainly
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need you know, a couple of users zero. They have
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unlimited users. You can add as many people as you want.
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With books, they max you out at twenty five on
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one of their advanced plans. So if users are important,
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that could be a definite difference in which software you
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want to use. Invoicing and expensive. Both softwares allow you
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to do invoicing, and both software's track expenses. Both softwares
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will have multi currency support. Now you know most small businesses.
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This isn't going to be a huge deal multi currencies,
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and unless maybe you're transporting goods, you know, in and
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out of Mexico or Canada, that you might have some
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currency transactions there. Both softwares have some app integration and automation.
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Both softwares will have mobile applications. Both softwares do reports,
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and both softwares have training, so you can go to
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you know, Zero's website or quick books website and get
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your training that you need to help you through software.
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You know, but there are some differences that make each
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of their platforms unique and maybe suitable for different applications.
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So you've got to look and still analyze the software.
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You got the key features that are out there, but
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we're going to go back over those in a little
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bit more detail. So you're accounting your invoicing and your expenses,
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you know, expense tracking, multiple payment receiving methods, bill tracking,
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bet on, state tax management. Both Zero and quick Books
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can help you easily manage cash flow and keep your accounts,
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you know, in top shape. You can integrate Zero with
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Gusto for payroll. Quick Books you can manage your payroll
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with an additional plan through QuickBooks, So you know, that
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is something that you've got to consider when you're out
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there if you're going to be using one software or
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the other for payroll. So Zero you would go to
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an outside service being something like Gusto and then integrated
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into Zero, whereas quick Books you would have to use
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into its payroll service plans, and then you got to
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sit down and analyze, you know, which payroll software is better,
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truck or taxiles. We offer our own payroll service in house,
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which is fully managed by us, and then we integrate
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into our software as we go from there. Zero and
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quick Books can also offer minor tracking, also offer inventory
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management now and Zero you would have to have an
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additional plan to manage inventory that's not included in their
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twenty dollars a month plan, and then both of them
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will allow you to do some project tracking when it
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comes to basically managing your company financials. My opinion, there's
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not very many platforms out there that are better than
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Zero or QuickBooks for that matter. You can look at
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some of the other ones, but you know, some of
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the other software that's out there is a little bit
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more difficult to use to be able to get those
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financial plans you know that you need or the financial
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statements you need to run your business properly. So you know,
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we're still looking at which is better, which is easier
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to use for you? You know, I consider it a
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tie when you're looking at the accounting tools that both
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platforms have. In some ways, some of the software and
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those cloud accounting platforms aren't easier than others. But it
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does take time and training to sometimes learn how to
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use both platforms to the best of the ability of
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the software that's out there. And so you know, when
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you're running the software, you've got to, you know, consider
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what's easy for you and what's going to make your
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life a little bit easier as you're moving down the
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road and using this software. And it could come down to,
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you know, the type of reports that you can get,
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can you modify the reports easily? Things like that that
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you as a user have to learn how to do
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to get the most information available to you at your
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own fingertips. And that's one of the nice things that
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Trucker Tax Tools does. We do it all for you.
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We provide you those reports that you need in the
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transportation industry as an overar over Trucker and being able
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to gather that information through a secure portal so that
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we can make your life easier on the road to
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manage your trucking business. And it really starts with a
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phone called us at Trucker Tax Tools at eight seven
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seven nine sixty six two four seven seven and get
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started and mariplans start at twenty five dollars a week,
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simple and easy. And when we come back, we're going
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to continue talking about the difference between the zero and
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quick books, and we're going to talk about bank can
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getting your data from the bank. We'll do that right
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after this.
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We have only scratched the surface of today's show. Please
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stand by as Barry G. Fowler will be right back
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with tax talk for you.
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If you owe the IRS or.
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Are going through an IRS audit, don't go at it alone.
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Called Taxation Solutions Tax.
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Relief at eight eight eight nine three zero one zero
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one six. We are your solution for IRS, texts, audits,
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back taxes, garnishments, leans and levees. Whether you're an individual
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or business, you need a solution and a strong aggressive
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tax resolution.
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Don't let the IRS walk go over you. Stop the
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IRS now.
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Call eight eight eight nine three zero one zero one
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six or go to Taxationsolutions dot net now for a
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free no oblegation consultation. Let's get back to tax stock
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for you with more tax stock once again.
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Here's your host carry chief thatum.
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Hey, welcome back. Talking about bank feeds bank connections. When
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you're using quick books or zero or any other software
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is out there, sometimes bank feeds are extremely important. Bank
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feeds can save you roughly five plus hours a week
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maybe more using bank feeds and downloading data from your bank,
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from your credit cards, you know, directly into your accounting
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software and creating those bank feeds sometimes is paint reading
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to take just a few minutes to do. It does
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require verification and putting your account numbers and passwords and everything,
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and every now and then you may have to go
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back in and renew them, or if you change your password,
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you've got to come in into updated in either one
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of the softwares now QuickBooks. It does support banks and
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thirty three different countries according to a survey conducted by
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quick Books. They say, you know it saves an average
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of ten hours a week. Kind of interesting. Zero It
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can connect with over twenty one thousand global financial institutions
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and reports say They say you could save roughly five
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and a half hours weekly. I don't know what the
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difference is between what quick book survey said up ten
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hours per week and zero's roughly five and a half
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hours a week. I really look at it just really
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depends on how many transactions you have going through your
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software through your bank, and you know it's going in
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and making sure that you have the connections in either
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software with the bank. And one of the nice things
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in software sometimes you can set up processes that will
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automatically take the data from the bank and apply it
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to the right accounts and put it in your software.
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Or if you're actually writing checks out of your software,
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it will do matching to where it'll match that check
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to the check that cleared the bank, as long as
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the dollar amounts and everything are one hundred percent correct,
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which if you're printing your checks from the software, that
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should not be an issue. But if you're manually writing
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the checks, sometimes that information could be transposed or put
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in incorrectly into the software when you're manually doing it.
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If there's no check there, you may have to manually
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tell it to enter that check when you're doing your
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bank reconciliations, so both software is pretty strong in this category.
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No matter which platform you use. You can connect your
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financial institution for the most part and get up to
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date financial information and streamline that accounting process, hopefully reducing
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some errors by eliminating the need to manually input the transactions.
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So this is another time in my opinion, and we
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really look at mostly US institutions and they're about on
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part between the two. Now, reporting and the dashboards. You know,
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having a user friendly dashboard in your software or being
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able to have good detailed reports you know you as
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a small business owner, being able to view the information
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at a glance is important. Now you can customize the
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dashboards in zero and in QuickBooks to show the data
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that's most important to you. You can add widgets for
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your checking account, your cash flow, monthly outlooks, upcoming bills,
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invoices to name a few. You can even do comparisons
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if you put budgets in your software for your business,
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which in one of our last episodes we just did
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was on budgeting, business and personal, so go back and
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listen to that, and now you can use the software
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to compare actuals to the budgets you create for your business. Now,
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how about this This could be really interesting price point
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on some of the software that's out there. If you
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do budgeting for personal you can use this software also
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in your personal finances to be able to see how
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00:18:19.440 --> 00:18:22.759
you're doing versus the budget, so that you can maintain