Monthly Archives

January 2018

Bitcoin Accepted!

By | App Review, bitcoin, Cloud Accounting Option and Reviews, cryptocurrency, Document Management, payment processing, Procedures, ScanSnap

We are often asked what is so different between us and other bookkeeping companies.

From the outside, it would appear that we are all similar. At the end, all bookkeeping companies should be able to provide the same service; providing financial reports, bank reconciliations, payroll service and so on.

Only when we start to dig into the process of how we do things at Books LA, we then are able to make a clear separation from the /most of the/ other companies, and us:

  • We are paperless, which would not be possible with our best friend Hubdoc! Statements (with checks written AND checks deposited), utility bills, service industry bills and statements… All are beautifully auto-fetched buy a bookkeepers best friend Hubdoc!  
  • No one likes receipts. And the fact that most receipts in recent years are produced on a thermal paper only makes recordkeeping more difficult when we stumble upon the old receipt, a cash receipt, forgotten in a car that lost its data completely as it appears to be a piece of a dark-grey-greenish-color paper after being exposed to the Sun… Or the receipt is that is buried somewhere but the ink is barely visible after a year…  We have two solutions:
    • we request that receipts are sent as images, right away. We request the clients to take the phone out, snap a picture of the receipt with a Hubdoc or a Receipt Bank app, and forget about it. The receipt is captured and stored in the cloud! 
    • Use Fujitsu ScanSnap ix500 scanner and scan all receipts. This amazing scanner will capture an image and will send it directly to Hubdoc or other destinations where we can easily retrieve it and use it.
  • We provide access to any required software (QBO or Xero, Hubdoc, Receipt Bank) at no cost to the client. Because it just makes sense for all parties involved.
  • We reconcile our client’s accounts on a weekly basis – regardless of the size.
  • We require once-a-month meeting with a client. Via Zoom!  Why? Because why waste time in traffic when we can share the screen, talk, and record the session if necessary, and provide the tutorials, and do that all while being most productive.  

 

And then, there is another way we are different – we accept Bitcoin!

 

For a while now Quickbooks Online has been offering an option to accept Bitcoin as a form of a payment.  However, it wasn’t until recently that we have actually enabled that option. 

Now, since the technology is new, the allowed daily/yearly limits are still not at the desired level. But the more of us use the option, the faster adoption is bound to happen.   

PaidByCoin enabled in Quickbooks Online

So, when asked why do we accept Bitcoin, here is why :

  • Option is available
  • It’s a form of a payment
  • It is exciting to be an early adopter of the future and what is to come
  • It is exciting to get paid
  • We absolutely understand the risk and a possible reward…
  • Why not?

Accepting a Bitcoin as a form of a payment is just another method of getting paid for our services. Hopefully, in the near future, we will be able to accept the other cryptocurrencies, but that option is up to us – yet!

As of today, the Quickbooks Online has only enabled two payment processors; Coinbase and Bitpay.

Coinbase is currently not accepting new applicants for a merchant account, but BitPay is.

 

Quickbooks Invoice Payment Portal

On the other hand, when paying an invoice sent from Xero, and if the Stripe merchant account is enabled, there is an option to turn-on the ‘Accept Bitcoins’ from within Stripe.  This option is not enabled with Xero, rather through Stripe alone. That option is absolutely fine as well!

Stripe – Payment by Bitcoin Enabled

There are other options to accept Bitcoin as a method of payment, however, those are STILL not fully integrated with Quickbooks Online or Xero yet (unfortunately)

 

 

So next time, when you receive an invoice from Books LA, please remember to never print an invoice ( save a tree, use the cloud), and please pay us via ACH or Bitcoin.

 

 

 

 

It saves time, saves trees, increases productivity, decreases errors… and why not?!