FAQ

do i need a bookkeeper?

Why should I hire a bookkeeper instead of doing it myself?

It is a common misconception that bookkeeping is as simple as filling out a check register when in fact it is a more complex. Bookkeeping involves the recording and tracking of various types of financial data, including income, expenses, assets, liabilities, equity, and cash flow. Bookkeeping requires a deeper understanding of accounting principles and practices, as well as the ability to use specialized software or cloud-based platforms that are constantly changing. Proper bookkeeping can provide valuable insights into your finances, help you make informed decisions, and provide accurate reporting to taxing agencies, reducing the risk of audits or penalties.

What is the difference between bookkeeping services and CPA services?

Bookkeeping services involve recording, organizing, and reconciling financial transactions, while CPA services include more advanced financial analysis, tax preparation, and auditing. Bookkeepers typically handle day-to-day financial tasks, while CPAs provide more comprehensive financial services and advice.

Why hire a bookkeeper instead of a CPA for bookkeeping services?

A bookkeeper is a more cost-effective option for bookkeeping services compared to a CPA. While both professionals can handle bookkeeping tasks, a bookkeeper typically charges lower rates than a CPA. Additionally, bookkeepers are often more specialized in bookkeeping tasks and can provide more focused attention to your business's financial records.

What role do Bookkeepers play in preparing you for tax day?

Bookkeepers play a crucial role in preparing financial data for a CPA to prepare tax returns. They organize and maintain financial records, reconcile accounts, and ensure that all transactions are accurately recorded. By providing clean and accurate financial data, bookkeepers help CPAs to efficiently and effectively prepare tax returns.

more About BOOKKEEPING plans & add-ons

BASIC MONTHLY BOOKKEEPING

On a monthly basis, we enter accounting transactions, such as: sales, purchases, receipts, and payments, and other transactions affecting the bank and credit card accounts specified into a QuickBooks Online company file. We also enter customer/donor transactions and vendor transactions, as well as set up new customers/donors and vendors as needed. Then we reconcile the bank statements to ensure all transactions are accurately recorded. We then are able to generate basic financial reports, such as the balance and profit & loss statements, which provide insights into the financial health of the business. For more information, request a consultation.

SPECIALIZED REPORTS add-on

Specialized reports are available for selection in additional to the basic monthly and annual reports you already receive with your base plan. Request a consultation for more information.

SALES TAX SERVICE

Our sales tax services are unique to the needs of our clients. Request a consultation for more information.

ACCOUNTS RECEIVABLE add-on

While our Basic Bookkeeping services refer to the process of recording financial transactions, such as sales and revenues in a systematic manner, our Accounts Receivable services track the money owed to a business by its customers or clients. Accounts receivable services can include, the creation of invoices, processing of payments, and managing outstanding payments. The primary objective of outsourcing accounts receivable services is to enhance a company's cash flow and mitigate the risk of bad debt. For more information regarding the specific needs of your company or organization, request a consultation.

ACCOUNTS PAYABLE add-on

While our Basic Bookkeeping services refer to the process of recording financial transactions, such as bills and expenses in a systematic manner, our Accounts Payable services track the money owed by a business to vendors. These services can include verifying the accuracy of invoices, reconciling accounts, and processing payments to vendors. The primary objective of outsourcing accounts payable services is optimize a company's cash flow and improve their financial performance. For more information regarding the specific needs of your company or organization, request a consultation.

CLASS, DEPARTMENT, PROJECT, OR LOCATION TRACKING add-on

Our Class, Department, Project, or Location Tracking services offer an additional level of categorizing and tracking financial transactions. Class tracking allows businesses/organizations to track income/expenses by business segment, while department tracking enables tracking by functional area. Project tracking is used to track income/expenses by project or job, and location tracking is used to track income/expenses by physical location. For some, these tracking methods may be necessary to process revenue and expenses accurately. For others, these tracking methods can provide valuable insights into a business's financial performance and help inform decision-making. For more information regarding the specific needs of your company or organization, request a consultation.

PAYROLL / CONTRACTOR SERVICES ADD-ON

Basic Payroll Plan Our Basic Payroll Plan includes: direct deposit, automatic payment of payroll taxes and year-end forms for the specified number of employees and contractors. For more information regarding the specific needs of your company or organization, request a consultation.

Premium Payroll Plan Our Premium Payroll Plan includes: time tracking, direct deposit, automatic payment of payroll taxes and year-end forms for the specified number of employees and contractors. For more information regarding the specific needs of your company or organization, request a consultation.

NOT SURE ABOUT ONLINE bookkeeping?

Actually, your information is probably already online... Although some organizations are still using accounting software installed on their computers, much of their business is already conducted online. Organizations are shifting towards conducting business online, including purchasing from vendors and using online payment methods. Data submissions for taxes and industry-specific reporting to governing entities are also moving online. Going online offers cost-cutting, time-saving technologies and convenience that old accounting methods lack. If your information is already online, shouldn't you reap the benefit?

IS QUICKBOOKS ONLINE SAFE?

QuickBooks Online is brought to us by the Intuit Company. Intuit, also the maker of Turbo Tax, has been safely and securely managing financial data online for many years.

Please visit their site for more security information:
https://quickbooks.intuit.com/global/security

FAQ