Welcome Call

  • On the call we find it best to get an understanding of who all is on the call, and the role they play within the company, their day to day interactions with accounting and their accounting experience.

  • This helps us to cater the verbiage or level of detail that we will need to have on the call.

  • Verify the Accounting Platform.

  • This information is indicated on the Client Questionnaire, but it's possible from the time the questionnaire was completed to this meeting that something has changed.

    • Typically a decision to start a NEW instance of the accounting service to "start fresh"

    • Or to move from a desktop application such as QBD to a cloud based application such as QBO/Xero

  • Verify the Costing Method.

  • This information is indicated on the Client Questionnaire, but it's possible from the time the questionnaire was completed to this meeting that something has changed.

  • Determining the Costing Method is something that we tend to steer clear of advising on. We just recommend Average or FIFO.

  • Now is a good time to really stress how important best practices and proper processes will be to the success of LOCATE. LOCATE is NOT forgiving. If a mistake is made (especially when it comes to costing layers) one can only move forward to fix a mistake. Therefore if costing layers get entered incorrectly, it can be painful to try and work them out and back in.

  • Verify that they will be in need of a Tax Platform. They have two options with LOCATE:

  • Taxify: this comes with the LOCATE reoccurring user subscription, free of charge. LOCATE will help to set up the service, then the client will have access to the Taxify site for all their detailed sales tax reporting and tools. 

  • TaxJar: if the client is already using TaxJar or wants to pay extra to use TaxJar in lieu of Taxify. They can pay for their own account, and it can be set up as the taxing service during the implementation.

  • Do they plan to use Classes (QuickBooks) or Categories (Xero)? If yes,

  • Now it's time to review the Chart of Accounts in their current accounting platform and fill out the LOCATE COA Template.

  • Typically we will share both documents on the video call so everyone can see both the LOCATE COA Template and the company's COA.

  • Going down the LOCATE COA Template for their accounting platform, talking through each account, what it is, and how it will be used in LOCATE.

    • Here is a helpful script that LOCATE utilizes to cover the various accounts by platform.

  • During this time it's important to notate items to follow up on or get more information about, as well as pertinent accounting training areas.

  • Take Notes - specifically on any items that seem confusing or contradict other information received about the business, how it runs, how they want a particular process to work to bring up the complete group of stakeholders to talk through.

  • Training Items - specifically on the accounts/areas that don't seem clear to the group, or in regards to new processes (examples: Vendor Deposits, Landed Costs, Use Cases/Orders, Reconciliation Process.

Welcome Call Template

Contact: 


Verify Accounting Platform: 

Verify Costing Method: 

Tax Platform: 

Classes/Categories: 


Review chart of accounts: 

Bank Deposit Accounts: 


COGS vs Expense: COGS is an "expense" account that is used for direct costs for our business. Some people differentiate this as...

 

COGS = cost of doing our business (goods and supplies used up by creating sales)

 

Expense = cost of being in business (rent, utilities, etc) 




Notes:




Training: