About Collective Accounting
What’s Collective Accounting?
Collective Accounting is the newest feature coming to your Collective Dashboard. It brings bookkeeping, invoicing, and financial reports and insights right to your Dashboard – saving you time and the headache of logging into different services.
What’s the benefit of Collective Accounting?
Besides creating a streamlined member experience, your Dashboard is more powerful than ever! With Collective Accounting you’ll see your income, expenses, and other financial insights in your Dashboard. Plus, you’ll have more powerful reporting capabilities. With easy-to-read graphs and the ability to adjust reporting filters in real time, you can make well-informed decisions that help you grow your business.
Collective Accounting also includes invoicing and digital payments. Simplify your workflow by invoicing directly from your Dashboard and receive payments through credit card or ACH transactions.
Is this QuickBooks Online in the Collective Dashboard or is this a stand-alone product?
Collective Accounting is a standalone product that is separate from QuickBooks Online. This means that rather than having to log into QuickBooks for your bookkeeping needs, everything will be conveniently located in your Dashboard.
To ensure a smooth transition and uninterrupted bookkeeping services, we will be migrating all of your QuickBooks transactions to Collective Accounting. After September 30th, your bookkeeping will be managed through Collective Accounting. After October 31st Collective will discontinue subscription support for Quickbooks Online.
Am I getting the same level of service with bookkeeping or am I expected to do my own bookkeeping now?
Your level of bookkeeping service isn’t changing and monthly bookkeeping will still be part of your Collective membership. The most significant change that you’ll experience is a more convenient experience. Previously, you had to log into a separate platform to review your bank activity, access financial statements, and send invoices to your customers. Now, all that information has been centralized in one easily accessible location – your Collective Dashboard.
Transition from QuickBooks Online
Why are you moving away from QuickBooks Online?
Our vision for Collective is an all-in-one platform that makes running your business seamless. We’re moving away from QuickBooks Online to improve our member’s experience by reducing the number of platforms that you need to use. It’s an end of an era for all-the-tabs! Now you can run payroll, search documents, send invoices and receive payments, and see financial insights all in one place.
What’s going to happen to my historical QuickBooks data?
All of your historical QuickBooks transaction data is coming with you. Collective will take care of migrating your information from QuickBooks Online to Collective Accounting. The first time you open Collective Accounting, you’ll see all of your financial transactions.
What data will you migrate from QuickBooks Online?
We are migrating all of your transaction history from QuickBooks. The transaction information will include the following details: date, vendor name, amount, category, and any notes about the transaction. We will not be migrating your vendor or customer lists or invoice history.
How long will I have access to QuickBooks Online?
Your financial information within QuickBooks will remain secure and accessible for a transition period. Collective will continue providing bookkeeping services in QuickBooks until September 30, 2023. After September 30th, you will retain access to QuickBooks through your Collective membership until October 31, 2023.
After October 31st, Collective will discontinue QuickBooks subscription support. But, this doesn’t mean your financial information will be inaccessible. You’ll have read-only access to all your financial information through QuickBooks Online for 12 months.
After this 12-month grace period, QuickBooks will permanently delete your account and financial information, unless you purchase a subscription.
How do I backup my QuickBooks Online data?
While Collective will be migrating your QuickBooks Online data, you also have the option to export your financial information from QuickBooks to a .csv. Here are the steps to back up your data:
- Login to QuickBooks Online.
- Click on the Gear icon and go to Tools-> Export.
- Select the date range and information you’d like to back up. If you want to back up your Customers, Employees, or Vendors lists, be sure to switch to the Lists tab.
- Click Export to Excel.
- Download the zip file to your computer.
Migrating to Collective Accounting
Do I have to do anything to start the migration process?
Nope – you don’t have to do anything to start the migration. After your migration is complete, you’ll need to accept the Terms of Service and connect your bank accounts via Plaid to start using Collective Accounting. This will happen inside your Dashboard. We’ll send you an email notification letting you know that it’s time to accept the Terms of Service.
When will I be migrated?
The migration period will begin on September 5th and end on October 2nd. You can expect to be migrated during that time period.
How will I know that I’ve been migrated?
We’ll send you an email notification letting you know that you’ve been migrated and that Collective Accounting is available in your Dashboard. This notification will also prompt you to accept the updated Terms of Service and connect your bank accounts via Plaid, which you’ll need to do before you can start using your new features.
Terms of Service and Linking your Bank Accounts
Why do I have to accept the Terms of Service when I migrate?
Collective Accounting is a new product, which requires an update to your Terms of Service. Accepting the Terms will be easy – all you’ll need to do is log in to your Dashboard and click the Accept button.
What happens if I don’t accept the Terms of Service?
It’s important to accept the Terms of Service in a timely manner for several reasons. First, if you don’t accept the Terms of Service, you will not be able to access Collective Accounting through your Dashboard. This means news features like enhanced reports and invoicing will be unavailable to you.
Second, our accounting team cannot resume your bookkeeping services, like categorizing your transactions and reconciling your accounts, until you accept the Terms and link your bank account. Delays in your bookkeeping services could cause a delay in receiving your quarterly tax estimates and closing your books at the end of the year, in preparation for tax season.
Why do I have to link my bank account?
Linking your bank accounts to Collective Accounting through Plaid is just like linking your bank accounts in QuickBooks – it ensures that your business transactions are downloaded to Collective Accounting. Having your bank accounts linked also enables our bookkeeping team to categorize your transaction quickly and for you to see your financial transactions in real-time.
What is Plaid?
Plaid is a third-party tool that enables you to securely connect your bank accounts to Collective Accounting. Connecting your accounts enables Collective Accounting to download your transactions in real-time, making it easier to keep your bookkeeping up to date. Plaid uses best-in-class encryption protocols, secure cloud infrastructure, multi-factor authentication, and around-the-clock monitoring to protect users’ data.
What happens if I don’t link my bank account?
Our accounting team cannot provide bookkeeping services through Collective Accounting until you link your bank account. To avoid disruption to your bookkeeping and quarterly tax estimates, it’s important to link your bank accounts in a timely manner.
Collective Accounting Features
Where can I see how Collective Accounting works?
We’ve compiled several short videos walking you through Collective Accounting’s core features, which can be viewed here.
What features do I gain with Collective Accounting?
Collective Accounting enables you to access your bookkeeping, invoicing and financial reports and insights right from your Dashboard- making it easier for you to run your business.
We’re also excited about the enhanced reporting capabilities, like the ability to filter your reports by custom dates, view income and expense trends over time, and compare your expenses by category- all with a click of a button.
What are the reporting capabilities of Collective Accounting?
Collective Accounting includes the three most important reports that every business needs: the Profit and Loss Statement, Balance Sheet, and Cash Flow Statement. You also have access to the Trial Balance, giving you a birds-eye view of the closing balance of all your accounts for the selected time period.
Report customization is another exciting feature of Collective Accounting. Not only can you filter your reports based on a specific time period, but you can also choose custom date ranges to suit your needs.
Collective Accounting goes beyond basic reporting. It also shows you snapshots of your business’s financial health. Within the Bookkeeping Dashboard, you can see a snapshot of your Profit and Loss, Cash Flow, income, and expenses. In the Income and Expenses sections, you’ll see snapshots of your income and expense trends over time, giving you valuable insights about your business.
Does invoicing come with my Collective subscription or is this an add-on I’ll need to purchase?
Collective Accounting’s invoicing feature is included in your Collective membership, as well as the option to collect digital payments.
What invoicing features will I have access to?
With our newest invoicing addition, you’ll be able to create and send invoices directly from your Dashboard as well as collect payment through credit card and ACH. Other invoicing features include:
- Email invoice reminders
- Setup automatic invoice reminders
- Setup recurring invoice payments
- Securely save client payment information for future processing
- Issue refunds for payments
- Track open, overdue, and paid invoices
What is the payment processor for credit card and ACH payments?
Credit card and ACH payments will be processed through Stripe, which employs best-in-class security tools and practices to maintain a high level of security for your customer payments. Stripe is a certified PCI Service Provider Level 1, the most stringent level of certification available in the payments industry.
To collect payments you’ll need to create your own Stripe account (or link an existing one). This account will be owned and maintained by you and Collective will not have access to it.
Security and Privacy
How will you ensure my financial data is secure within the new Collective experience?
Collective stores and transmits all financial information using the latest encryption standards and access to this information is tightly controlled and monitored. We also have continuous security monitoring in place to ensure that we’re following security best practices. See trust.collective.com for an up-to-date report on our current security protocols.
How will you ensure that my security and privacy are maintained during the migration?
Member data is captured by our accounting team using an internal tool, called Collective Hub, and uploaded into an Amazon Web Services S3 bucket. We follow the principle of least privilege with S3, as well as our other systems at Collective, meaning the only people with access to your data are those that need access.
Once in S3, the files are encrypted, versioned, and backed up to help ensure that there is no data loss or exfiltration. We also keep detailed logs of who accesses which files for accountability and to aid in investigations.
Who will have access to my data during the migration?
Your accounting team will have access to your data during your migration. Our Accounting team is held to strict confidentiality and all employees must review and adhere to our Information Security Policy to ensure that your data remains safe. In some cases, our engineering team may also have support-level access if required to resolve a technical issue.
Who will have access to my data after the migration?
After the migration, your accounting team will have access to your data. In some cases, our engineering team may also have support-level access if required to resolve a technical issue.
Who can I contact if I have questions or concerns?
We’re here to help! If you have questions or concerns about the transition to Collective Accounting, please contact us at [email protected].