Latest / The Money Part / Ep 6 | “My Books Are Two Years Behind and I’m Embarrassed.” Where Do I Start?

Transcript

Ep 6 | “My Books Are Two Years Behind and I’m Embarrassed.” Where Do I Start? · The Money Part

• 0:00
  SPEAKER_00: Hello, I'm Barb Fisher.
• 0:02
  SPEAKER_00: This podcast is the money part.
• 0:04
  SPEAKER_00: It talks about the part of the business that nobody ever trained you for.
• 0:07
  SPEAKER_00: Asking questions with me today is Juliana.
• 0:10
  SPEAKER_00: She's our operations manager.
• 0:11
  SPEAKER_00: Once a month we have this Ask Barb section.
• 0:13
  SPEAKER_00: So these are questions we've gotten in the business that could be random, could be sort of fun to entertain, but uh it'll be it could take us anywhere.
• 0:21
  SPEAKER_00: It's not going to necessarily just be about profit first in this one for sure.
• 0:24
  SPEAKER_00: Um so Juliana, let's start us off.
• 0:28
  SPEAKER_01: Yeah, so we were gonna talk about two different things today.
• 0:31
  SPEAKER_01: Um, a couple of questions we've been getting lately.
• 0:33
  SPEAKER_01: One is around embarrassment uh for being behind in our books.
• 0:38
  SPEAKER_01: So we get a lot of clients who decide that they need to come to us and find out how to get caught up.
• 0:44
  SPEAKER_01: So we want to talk about that.
• 0:45
  SPEAKER_01: And then the other thing we've been hearing a lot of questions about is uh using books outside of QuickBooks Online.
• 0:52
  SPEAKER_01: So one option now is Mercury Books, another option is Xero.
• 0:56
  SPEAKER_01: So different accounting software platforms, maybe we can touch on that as well.
• 1:00
  SPEAKER_01: Well, let's go back to the original.
• 1:03
  SPEAKER_00: Yeah, yeah, being behind.
• 1:04
  SPEAKER_00: So uh it's a good question.
• 1:06
  SPEAKER_00: It happens to a lot of people.
• 1:07
  SPEAKER_00: I um it it comes up really regularly for us.
• 1:11
  SPEAKER_00: A lot of clients that come to us start a little bit behind and then we get them caught up and we stay caught up.
• 1:17
  SPEAKER_00: So I am not sure how to tell somebody to feel something other than what their heart wants to feel.
• 1:24
  SPEAKER_00: But from my perspective, there's nothing to be embarrassed about.
• 1:27
  SPEAKER_00: It's really just showing evidence that you need to have a bookkeeper, and it's fine.
• 1:30
  SPEAKER_00: Like, great, I want job security when we take on a new client.
• 1:34
  SPEAKER_00: So coming into us as a new client, being behind, I guess I could talk a little bit about how that works.
• 1:42
  SPEAKER_00: So we usually have a conversation about how behind are they.
• 1:46
  SPEAKER_00: So it could be a few months, it could be a few years, and both of those we welcome wholeheartedly.
• 1:53
  SPEAKER_00: So our focus really when we do that first is to just get caught up.
• 1:58
  SPEAKER_00: So I will be honest that we're not as worried about closing each month of the year we're in if we're still working on 2023.
• 2:04
  SPEAKER_00: We definitely work pretty hard to get ourselves caught up.
• 2:07
  SPEAKER_00: Um, the way it would work is we would bid that catch-up part as a project, because quite frankly, getting your taxes caught up, we're gonna just try to get the information in there correctly as quick as we can.
• 2:18
  SPEAKER_00: Meaning, if you have a dance studio and you and we're gonna put in different departments, we are not gonna put departments in old years.
• 2:26
  SPEAKER_00: We're just gonna get that data in there, get it tax compliant, get it accurate, get all your uh reimbursements in there.
• 2:33
  SPEAKER_00: Meaning, if you paid for anything for the business inside outside of your work account, we want all of that in there.
• 2:40
  SPEAKER_00: We're gonna work really hard to get all the expenses in there.
• 2:42
  SPEAKER_00: But from there, we're gonna not worry about the nuances of doing monthly cash flow analysis until we get to the current year.
• 2:54
  SPEAKER_00: So we have it's kind of common for a client to start with us and have a small project that's some sort of catch-up as we're getting launched.
• 3:02
  SPEAKER_00: It's it's very common.
• 3:03
  SPEAKER_00: We we aren't worried one little bit about it.
• 3:05
  SPEAKER_00: It's it's job security.
• 3:07
  SPEAKER_00: I I don't want my clients to love bookkeeping so much that once I get them caught up, they want to do it.
• 3:12
  SPEAKER_00: I want them to want us here in their lives long term.
• 3:15
  SPEAKER_01: So yeah, and I'll just say from from my perspective, from being a former small business owner, books felt like something that I could do, but there was always something else that took precedent, right?
• 3:30
  SPEAKER_01: Like making sure that we had enough inventory or making sure that we were marketing always felt like a higher urgency.
• 3:36
  SPEAKER_01: And bookkeeping always feels a little bit after the fact.
• 3:40
  SPEAKER_01: But I would always thought, oh, I can do it myself.
• 3:42
  SPEAKER_01: I'll just, you know, I'll catch up on the weekend.
• 3:45
  SPEAKER_01: But then the weekend will roll around, and that's just not how you want to do something.
• 3:48
  SPEAKER_00: Like there's other things you want to do.
• 3:50
  SPEAKER_01: Or have fun.
• 3:51
  SPEAKER_00: Or have fun or go to a movie, right?
• 3:53
  SPEAKER_00: You know, there's a lot of people have that instinct, and they'll even set a day and they'll do as much as they can.
• 3:59
  SPEAKER_00: And we had one recently come to us that they did that, then they took everything to their CPA, and their CPA was like, This is still a mess.
• 4:06
  SPEAKER_00: You need to see a bookkeeper.
• 4:07
  SPEAKER_00: And the truth is when they come to us, we're gonna reconcile everything, we're gonna check the reports, we're gonna make sure everything makes sense.
• 4:13
  SPEAKER_00: And you know, we found all sorts of things that um when we handed it over to the bookkeeper or mean to the CPA once we were done, then it was clean, and they can just enter numbers into the software and get your taxes filed, and it goes really quick.
• 4:28
  SPEAKER_00: So I will, you know, he did it in QuickBooks, and QuickBooks sometimes has some default chart of account things that don't you might type in something like meal and it'll come out travel meal, and you didn't mean it to be that at all.
• 4:43
  SPEAKER_00: I mean, there's just some things in the defaults that you might be choosing because they're available that don't actually make sense when it gets all the way to filing the taxes.
• 4:52
  SPEAKER_00: So, you know, it's um I will say that with that particular client, the work he did was not wasted.
• 4:58
  SPEAKER_00: Like it did help his project cost with us be less.
• 5:00
  SPEAKER_00: So I don't want you to think it would be a complete waste of time.
• 5:03
  SPEAKER_00: It just you might not be done when you when you think you're done.
• 5:07
  SPEAKER_00: So um, yeah, it's it's okay.
• 5:10
  SPEAKER_00: And, you know, this particular example, he's a restaurant.
• 5:13
  SPEAKER_00: Like, I don't expect him to be great at accounting.
• 5:15
  SPEAKER_00: That's okay.
• 5:16
  SPEAKER_00: That doesn't make him any less of an excellent business person.
• 5:19
  SPEAKER_00: It just means he needs support in in an area, which is fine.
• 5:22
  SPEAKER_00: It's great.
• 5:23
  SPEAKER_01: Yeah, so you bring up a good point.
• 5:25
  SPEAKER_01: How do people decide if they should DIY or hire that out?
• 5:29
  SPEAKER_01: It sounds like it can be a combination, like they could do a first pass, get mostly through it, and then maybe not be as as aware of some of the nuance of QuickBooks or the tips or things that might need to get redone, but that could be a way for them to get into their books if they're up for that.
• 5:46
  SPEAKER_01: But talk about DIY versus outsourcing.
• 5:49
  SPEAKER_00: Yeah.
• 5:50
  SPEAKER_00: Uh I mean, a lot of people come into us.
• 5:52
  SPEAKER_00: Um I'll say half half.
• 5:55
  SPEAKER_00: Half come in coming out of DIY, or some issue has come up in the DIY process that has made them reach out.
• 6:02
  SPEAKER_00: No problem.
• 6:03
  SPEAKER_00: Other people are coming to us having had a bookkeeper and maybe they didn't want to offer them profit first, or maybe their bookkeeper is retiring, or it could be a number of things.
• 6:12
  SPEAKER_00: Um, but I would say half come from outsourcing and half come from DIY.
• 6:17
  SPEAKER_00: And the longer someone is with us, the less they DIY.
• 6:21
  SPEAKER_00: Like when you have somebody competent that can help you get your books done every month, and I can just literally we text them or send them questions through our portal for like three things a month.
• 6:33
  SPEAKER_00: You know, they just let us do the work.
• 6:35
  SPEAKER_00: And we like it better that way too.
• 6:36
  SPEAKER_00: We can get you reports in a timely manner because you don't have to think about, like, literally today, we're recording this on the seventh of the month.
• 6:43
  SPEAKER_00: So our team is really busy closing up books and sending them off to the owners, and they're gonna get a handful of questions.
• 6:50
  SPEAKER_00: I just had one yesterday and we had 11 questions.
• 6:52
  SPEAKER_00: They were all in PayPal because they've never used PayPal before.
• 6:55
  SPEAKER_00: And um, they answered those questions, and their reports are gonna get turned back around to them in just a few days.
• 7:00
  SPEAKER_00: So it's really nice.
• 7:02
  SPEAKER_00: We will find new things when they come up.
• 7:04
  SPEAKER_00: We can see when you get a new credit card, we can see when you get a loan.
• 7:07
  SPEAKER_00: There's all sorts of things that we can help make sure things that need to happen in a timely way can happen.
• 7:13
  SPEAKER_00: And then it just ends up incenting our clients to do less themselves over time.
• 7:18
  SPEAKER_00: But many of them still do.
• 7:19
  SPEAKER_00: They like to go through uh construction jobs, they like to go through job by job and make sure things are categorized to the right construction job, things like that.
• 7:27
  SPEAKER_00: Those are a little harder for us to do, and we do much more in partnership.
• 7:32
  SPEAKER_01: So if someone chooses to DIY, where do they where should they start?
• 7:39
  SPEAKER_01: I think it's a little counterintuitive.
• 7:41
  SPEAKER_01: Uh it's a little counterintuitive how we recommend people start getting caught up if they choose to DIY.
• 7:47
  SPEAKER_00: Oh, really?
• 7:48
  SPEAKER_00: I think where if they're gonna choose to get themselves caught up, um, I think they should start with transaction information.
• 7:56
  SPEAKER_00: So if they have QuickBooks or Zero, or we're gonna talk about other tools later, but if they have a regular accounting platform and they categorize their transactions, meaning this was software and this was a meal or whatever your stuff might be, um, if they do that, that's that's the hardest part for us to know.
• 8:15
  SPEAKER_00: The part that's easiest for us to do and we know how to do because it's standard accounting practice, that's maybe less intuitive to our clients is reconciling everything, make sure the payroll is reconciled perfectly, make sure the W3 comes out balanced perfectly so that when we have the taxes submitted, it will not create any red flags.
• 8:35
  SPEAKER_00: And and exactly what you did at Amazon, I'll just use Amazon, that's the best.
• 8:42
  SPEAKER_00: Uh, what you bought at Amazon is very hard for me to know unless you tell me or you give me access to your Amazon account.
• 8:48
  SPEAKER_00: So doing that transaction categorization is wildly helpful and will help things go faster later for sure.
• 8:53
  SPEAKER_00: The other thing that's helpful is being aware of all the banks and credit cards involved with your bank in that year and getting the statements because we're gonna want to reconcile.
• 9:03
  SPEAKER_00: So that would be the other part I DIY is literally go download those statements and get them ready to upload to us.
• 9:09
  SPEAKER_00: Or if it's really old, you might have to go into your bank and have them print them out, and then you need to scan them and be ready to upload them to us.
• 9:16
  SPEAKER_00: But those, yeah, the categorization, the getting the statements from the bank, that's that's gonna be what our launch appointment's all about.
• 9:25
  SPEAKER_01: I think sometimes clients are surprised to hear us say, start more recently.
• 9:29
  SPEAKER_01: So if they're two years behind, then our recommendation is to start with something that's fresher in their memory so that it is easier and they gain some momentum.
• 9:40
  SPEAKER_01: So instead of starting from two years ago, we want them to start more currently than as far back as their books are um outdated.
• 9:49
  SPEAKER_00: Yeah, it's it's interesting because uh your involvement is a little bit different on the account management side, and that is true.
• 9:57
  SPEAKER_00: However, when we are onboarding a client from way back, we're gonna try and kind of hack that stuff in.
• 10:04
  SPEAKER_00: So are we gonna worry about exactly what client you saw at Starbucks on June the 7th, 2022?
• 10:10
  SPEAKER_00: Nope, we're gonna just put it to meals and move on.
• 10:12
  SPEAKER_00: And you know, the truth is that might have been for a staff meeting and training.
• 10:17
  SPEAKER_00: So it might be wrong.
• 10:18
  SPEAKER_00: However, they write the expense off, they write off in the same way when you're doing the taxes.
• 10:24
  SPEAKER_00: So we don't worry about the old stuff as much.
• 10:27
  SPEAKER_00: Um, we definitely want your input on current year for sure.
• 10:30
  SPEAKER_00: Like we're gonna be much more detailed about getting things right so that you know what you're spending on marketing, which is where meals fits, versus what you're spending on staff meetings and employees and those kind of things, so you can make better decisions in the current year.
• 10:42
  SPEAKER_00: But getting those taxes in, we're just gonna stay aware of what the tax lines are and just get it in as fast as we can with that really old stuff.
• 10:49
  SPEAKER_00: And we can do a lot of that, and we can do it quickly.
• 10:52
  SPEAKER_01: So can you talk a little bit about the emotional piece of this, the shame that gets involved or the the guilt that people have about being behind?
• 11:03
  SPEAKER_00: Yeah, I think I think in the sales process, one of my biggest jobs is dispelling that there needs to be any shame around it.
• 11:12
  SPEAKER_00: Um I suppose, you know, a long time ago in therapy was explaining to me the difference between shame and guilt.
• 11:17
  SPEAKER_00: And shame is really like you are bad.
• 11:19
  SPEAKER_00: And guilt is something that will leverage you into action.
• 11:22
  SPEAKER_00: So do you should should you feel a little guilt about it?
• 11:24
  SPEAKER_00: Yes.
• 11:24
  SPEAKER_00: Do I want you to be incentive to just get caught up?
• 11:27
  SPEAKER_00: Yes.
• 11:27
  SPEAKER_00: In my mind, it's just chores, it's just housekeeping.
• 11:30
  SPEAKER_00: Like, you know, you have a big pile of dishes and your only way through it is through it.
• 11:34
  SPEAKER_00: The only way to get caught up on your taxes, just get caught up on your taxes.
• 11:38
  SPEAKER_00: So for me, I like getting through all the work and then handing it over to get the taxes out the door.
• 11:44
  SPEAKER_00: Um, I find it wildly gratifying.
• 11:47
  SPEAKER_00: So if you are behind and you are feeling some kind of way about it that you wished you didn't feel, I would invite you to park that and hand it over.
• 11:57
  SPEAKER_00: I'll be excited to do it.
• 11:58
  SPEAKER_00: I want to get you caught up.
• 11:59
  SPEAKER_00: Like there's the other thing is as I have old work to get you caught up on.
• 12:04
  SPEAKER_00: I find it easier to get to know the nuances about how your business works.
• 12:08
  SPEAKER_00: So it actually makes us better bookkeepers now because now we've done your business for you know two years or three years rather than just two months or three months.
• 12:16
  SPEAKER_00: We will have seen a lot of different things.
• 12:18
  SPEAKER_00: And as we get into getting you even further along and getting you doing profit first, it will help us understand some of the challenges that might come up in your business every couple of years or sometimes or every season.
• 12:32
  SPEAKER_00: We'll learn a lot about those things if we have to do a couple of years worth of work rather than, you know, if if you come to me all caught up, you just have to tell me, or we learn it as we go.
• 12:41
  SPEAKER_00: We're not sure.
• 12:42
  SPEAKER_01: So it's been interesting for me to see how many people um seek out bookkeeping services in January as part of a New Year's resolution.
• 12:51
  SPEAKER_01: It seems to be a theme like this is the year I'm gonna catch up, this is the year I'm gonna get on track, that kind of thing.
• 12:58
  SPEAKER_01: I I think we see that quite a bit.
• 13:01
  SPEAKER_00: Yeah, and you know, uh, you know this from a marketing perspective.
• 13:05
  SPEAKER_00: We even go to a trade show at the end of January, beginning of February, and we catch a lot of those New Year's resolutions, and we can get them a long way by summer.
• 13:13
  SPEAKER_00: So it's um it's really enjoyable because those folks I got at the at that trade show, there was a block of them.
• 13:20
  SPEAKER_00: And it's been fun now to get all the way to like getting their taxes closed, getting them caught up, showing them how financials work, setting up profit first.
• 13:28
  SPEAKER_00: We've been making allocations, and now here we are at the end of quarter three, and we've made like our very first profit allocation.
• 13:35
  SPEAKER_00: It's been a really fun sort of, you know, eight months of getting them caught up.
• 13:39
  SPEAKER_00: But it's really been like six months of current year work to really get them somewhere.
• 13:43
  SPEAKER_00: It's been uh really gratifying.
• 13:45
  SPEAKER_00: I really enjoy it.
• 13:46
  SPEAKER_01: It's a good journey.
• 13:48
  SPEAKER_01: All right, let's um let's pivot for a minute and talk about alternatives to QuickBooks.
• 13:54
  SPEAKER_01: I know this won't be an exhaustive, we'll probably pick this up another um another time, but we've been getting some questions from clients about using alternative products, specifically Mercury Books.
• 14:04
  SPEAKER_01: And I know we just looked at that today.
• 14:05
  SPEAKER_01: Tell us your impression.
• 14:07
  SPEAKER_00: Yeah, this is a good timely one.
• 14:09
  SPEAKER_00: Um, so uh QuickBooks has the market share in the US, for sure.
• 14:14
  SPEAKER_00: QuickBooks is everywhere.
• 14:16
  SPEAKER_00: Zero is everywhere in Australia and New Zealand, right?
• 14:19
  SPEAKER_00: These are English-speaking countries that are very similar to here.
• 14:22
  SPEAKER_00: So I don't want anybody to think that zero is in any way a lesser product than QuickBooks.
• 14:27
  SPEAKER_00: I would actually argue the opposite.
• 14:29
  SPEAKER_00: Zero, I feel like, is hungrier to stay caught up with what's going on with AI.
• 14:34
  SPEAKER_00: They are, in turn, more responsive.
• 14:36
  SPEAKER_00: I really honestly feel like a lot of times QuickBooks is that old, mature business that doesn't have to change much and they can charge the most.
• 14:45
  SPEAKER_00: Like it's it's it's a great product.
• 14:47
  SPEAKER_00: It's everywhere, every CPA knows how to use it.
• 14:50
  SPEAKER_00: Um, but there are alternatives to consider that are certainly worth thinking about.
• 14:55
  SPEAKER_00: And zero is a huge one.
• 14:56
  SPEAKER_00: Zero costs significantly less, zero lets you have unlimited users log into your account, zero is gonna connect to your banks in the same way, zero is gonna do a better job if you're using MCPs to do AI things or zappier things on the back end, zero is gonna be better.
• 15:10
  SPEAKER_00: Um, so it's just and zero simplifies some things by not doing them that zero does poorly.
• 15:18
  SPEAKER_00: And with that, I'm thinking mostly of inventory.
• 15:20
  SPEAKER_00: So zero doesn't really handle inventory, but it opens up to offer you any other inventory that's out there can connect to zero pretty easily.
• 15:29
  SPEAKER_00: Where QuickBooks handles inventory badly.
• 15:32
  SPEAKER_00: So, you know, do you want inventory handled?
• 15:35
  SPEAKER_00: Okay, it doesn't do great, it does, it's called average cost.
• 15:38
  SPEAKER_00: So if you know things about inventory, you either do LIFO or FIFO, right?
• 15:41
  SPEAKER_00: Last in, first out, or first in, first out.
• 15:44
  SPEAKER_00: QuickBooks does average cost inventory, which I was an accounting major.
• 15:48
  SPEAKER_00: I didn't learn about that because that's not a thing.
• 15:51
  SPEAKER_00: So it handles it badly, like from a gap perspective.
• 15:54
  SPEAKER_00: So um other the other tools are coming on the market which I find very exciting.
• 16:00
  SPEAKER_00: So there's a tool called Kick, which is an AI-based accounting tool that is selling primarily through accountants or bookkeepers like us, um, that uses it's AI-based.
• 16:12
  SPEAKER_00: It's got a founder that is out of tech, so he really knows how to handle his investors, he knows how to build a solid tech product.
• 16:21
  SPEAKER_00: He is funded by Google, Google's uh investment enterprise.
• 16:27
  SPEAKER_00: So he's got some really huge talent behind him.
• 16:30
  SPEAKER_00: Uh, the the one we were asked about today was Mercury Books.
• 16:33
  SPEAKER_00: And I actually think Mercury Books feels a lot like Kick.
• 16:36
  SPEAKER_00: Um, it is very AI-based.
• 16:38
  SPEAKER_00: It really is making a lot of assumptions.
• 16:40
  SPEAKER_00: If it's gonna see a restaurant and it can Google that that's a restaurant, it's gonna assume it's a meal.
• 16:43
  SPEAKER_00: So you have to tell it when it's not.
• 16:45
  SPEAKER_00: Um, but for a lot like the the company we were looking at today was a small law firm, like the things are quite straightforward, right?
• 16:53
  SPEAKER_00: Lodging, meals, like it's just really straightforward.
• 16:57
  SPEAKER_00: And uh if you are in Mercury in 2026, wait, in 2026, Mercury Books is free for Mercury customers.
• 17:08
  SPEAKER_00: So that means you're basically getting QuickBooks, but it's for free.
• 17:10
  SPEAKER_00: And it's because they're still developing it, it's not perfect, but you can get a PL and you can get a balance sheet.
• 17:17
  SPEAKER_00: But um, as an example, something we were talking about today is receipt tracking.
• 17:22
  SPEAKER_00: If you upload a receipt, it will go to the bank, so it is tracked on there, but it doesn't go all the way to the books.
• 17:28
  SPEAKER_00: That is coming.
• 17:29
  SPEAKER_00: So those are examples of places where it will continue to get better, and I think they're gonna do a good job.
• 17:34
  SPEAKER_00: Um, it was nice that uh our team, we talked to a rep there, they're very they're very concerned about the development of this.
• 17:41
  SPEAKER_00: So I'm I feel confident that Mercury is gonna keep this product and that they'll continue to develop it.
• 17:47
  SPEAKER_00: So the challenges I think any small business will have is that they're their their CPA won't know it.
• 17:53
  SPEAKER_00: So they might have to send their CPA the reports to do taxes, which is fine.
• 17:58
  SPEAKER_00: Um, it's kind of old school, right?
• 18:00
  SPEAKER_00: We used to have our software on our machine and it didn't go over the cloud and your CPA couldn't have it, so you just had to send reports.
• 18:05
  SPEAKER_00: You have to go back to that, which is fine.
• 18:08
  SPEAKER_00: I still have plenty of CPAs that require us to send reports because they don't like the dynamic nature of the cloud products.
• 18:16
  SPEAKER_00: Um, but it's it's good.
• 18:18
  SPEAKER_00: So the thing we were testing out today is how well is it connected to other outside credit cards that aren't with Mercury and you know, like their Chase credit card or something like that.
• 18:27
  SPEAKER_00: That wasn't an example in that bank, but that's gonna be where we're gonna be testing Mercury books from here on out.
• 18:32
  SPEAKER_00: And I I don't see any reason for us to not use them a lot.
• 18:35
  SPEAKER_00: I love that it costs less.
• 18:37
  SPEAKER_00: I love that people don't have to be so married to QuickBooks.
• 18:40
  SPEAKER_00: It's kind of nice to disperse some of that power.
• 18:43
  SPEAKER_00: Um, yeah.
• 18:44
  SPEAKER_00: And I if people can get a good PL and a good balance sheet, I think that's wonderful.
• 18:49
  SPEAKER_00: And that looks like the plan for Mercury next year is$35 a month, which is less than half the price of QuickBooks for essentially the same product.
• 18:58
  SPEAKER_00: And so, you know, you and I were talking about this earlier today.
• 19:01
  SPEAKER_00: Like I want to start auditing our clients that don't even go into QuickBooks.
• 19:05
  SPEAKER_00: So if they don't go into QuickBooks ever and they just get things from us, I feel like QuickBooks relationship with them is more interruptible.
• 19:14
  SPEAKER_00: And so as these new products get on the market, we can talk to those clients about whether you would be willing to move.
• 19:20
  SPEAKER_00: Because anybody that comes on the market in the US can pull the data out of QuickBooks and use it because QuickBooks has such a stronghold on market share that they know that to get those clients, they have to be able to transfer QuickBooks data.
• 19:33
  SPEAKER_00: So I'm excited about where it's headed.
• 19:36
  SPEAKER_00: I'm I'm excited to see a bank do it.
• 19:37
  SPEAKER_00: I hadn't thought of it.
• 19:38
  SPEAKER_00: It's clever.
• 19:39
  SPEAKER_00: It's really going to help.
• 19:40
  SPEAKER_00: I think it's a really clever, sort of sticky thing for Mercury to do.
• 19:45
  SPEAKER_00: I think it's really a good idea.
• 19:47
  SPEAKER_01: Yeah, it's an interesting, it's a new innovative way to attract new clients.
• 19:52
  SPEAKER_01: So for clients who are not already using Mercury as a bank, um, like you said, we really have to feel confident about how well its product works on other bank transactions.
• 20:05
  SPEAKER_01: Um, but if that means you spend$100,$200 to put in a Mercury savings account so that you can access their books options.
• 20:14
  SPEAKER_01: I mean, we'll we'll kind of have to see how that works for clients who are not Mercury customers today.
• 20:20
  SPEAKER_01: Um to get somebody moved over, what does it take?
• 20:22
  SPEAKER_01: It does it take opening a new account with Mercury to get access to that product.
• 20:27
  SPEAKER_01: Um and if so, is there a minimum threshold?
• 20:29
  SPEAKER_01: So we still have some some questions to figure out.
• 20:32
  SPEAKER_00: Yeah, I think, and I I feel like I should make sure that we say that we'll put a comment in our comments that we have an affiliate link.
• 20:38
  SPEAKER_00: If you want to set up a Mercury account, we'd love to help you.
• 20:41
  SPEAKER_00: Um we are using Mercury Books and we're excited about the idea.
• 20:45
  SPEAKER_00: So if you want us to test it out, if if you're seeing this or hearing it in 26 and you want to do Mercury Books and you want us to give you a hand with uh setting that up with moving out of QuickBooks or Zero or setting up from scratch, um we'd love to help you.
• 20:58
  SPEAKER_00: And um, if you're the case where we test out all the other banks that connect to it, we'll we'll do it.
• 21:03
  SPEAKER_00: Like we're here for it for sure.
• 21:04
  SPEAKER_00: But I don't think it'll be, I mean, the stuff I was saw today was pretty good infrastructure.
• 21:07
  SPEAKER_00: It's good stuff.
• 21:08
  SPEAKER_00: I'm I'm excited about this product.
• 21:10
  SPEAKER_00: Or we wouldn't have talked about it.
• 21:11
  SPEAKER_00: I would have, I would have vetoed.
• 21:14
  SPEAKER_01: It's a good conversation.
• 21:15
  SPEAKER_01: We still have a lot to learn, but I think uh we're optimistic.
• 21:18
  SPEAKER_01: All right, anything else for today?
• 21:20
  SPEAKER_00: No, those were fun questions.
• 21:21
  SPEAKER_00: I appreciate it.
• 21:23
  SPEAKER_01: All right.
• 21:24
  SPEAKER_01: Thanks for your time.
• 21:25
  SPEAKER_01: We'll talk again soon.
• 21:26
  SPEAKER_01: Thanks.