FAQ
Frequently Asked Questions
Find answers to common questions about our bookkeeping services and processes.
What does a bookkeeper do?
A bookkeeper handles the day-to-day tasks of financial record-keeping. This normally includes recording and categorizing transactions, reconciling accounts, and creating financial reports and can extend to other tasks like payroll management, inventory, accounts receivable/payable, and other functions.
How does virtual bookkeeping work?
We work with the client to establish workflows that work for both parties to ensure that we have all the required access and information to perform the bookkeeping service properly without a need for in-person meetings or interaction.
Most banks allow account-holders to grant view-only access to bookkeepers and accountants for downloading statements, and most bank transaction feeds can be connected directly to QuickBooks Online. Platforms like Shopify or Square can usually also be integrated for their transactions to automatically flow through.
When needed, secure file-sharing can be done through services like Google Drive or Dropbox, and QuickBooks has functionality to directly upload images of receipts and other supporting documents.
Communication between us and the client will be handled by phone and email with meetings conducted through services like Google Meet, Zoom, or Teams.
Why do I need a bookkeeper? Can’t I manage my business’s books myself?
Outsourced professional bookkeeping is an investment that provides both tangible and intangible benefits. For more info, check out our Bookkeeping ROI Fact Sheet in the Free Resources at the bottom of the page!”
Do clients need to use QuickBooks Online?
No. QuickBooks Online is the primary platform that we use, but we also offer service on Beancount.io and are open to other platforms like Xero or specialized industry software. Pricing for service on other platforms may differ.
Do you only service businesses or do you also offer bookkeeping for personal finances?
We can provide basic bookkeeping for personal finances through the plain-text accounting platform Beancount.io.
Do you offer ongoing monthly bookkeeping?
Yes, this is our primary service offering.
Can you help clean up old or messy books?
Yes. We can clean up old and messy books starting from the last year for which the business filed taxes.
Do you work with my CPA or tax preparer?
Yes, coordinating with a CPA or tax preparer is a critical aspect of bookkeeping. For example, if you purchase a fixed asset like a business vehicle, your accountant would advise us on which depreciation method to apply to the asset in the books.
Do you prepare taxes, or only support tax preparation?
We are not a CPA or tax preparer and do not directly offer tax preparation services, but we can refer you to someone if needed. And when your accountant has a clean set of books to work with, it gives the best chance to maximize your deductions and avoid penalties.
What reports will I receive?
Balance Sheet, Profit & Loss, and Cashflow Statement reports are included standard in monthly bookkeeping service. Additional reports including custom reports tailored to your needs can be provided for an additional fee.
How do I get started?
Schedule a free 30-minute consultation! We will discuss your business, your goals and pain points, and your bookkeeping needs. From there, we determine the scope of work based on your needs and transaction volume and provide a proposal. When a proposal is accepted, we provide an engagement letter defining the services we will provide, the rate for those services, and the conditions for providing services along with an ACH or Credit Card payment authorization form to automatically charge your preferred means of payment at the start of each month.
How much does bookkeeping cost?
For many businesses, basic bookkeeping service falls into the $200-500/mo range. As transaction volume and complexity increase, $800-1500/mo can be typical. Larger and more complex businesses with additional needs like payroll or inventory management can be $2000-3000+ per month.
Do you offer one-time cleanup services?
Yes, but one-time clean-ups will be priced differently than clean-up services needed prior to monthly bookkeeping engagement. When clean-up or catch-up work is performed to prepare the books for ongoing monthly service, a 25-50% discount is applied depending on the complexity of the clean-up. One-time clean-up service will be charged at full price.
Do you offer payroll support?
Yes, we can provide payroll management service through QuickBooks Payroll or a similar payroll software. Limited to 20 employees or less at the time service begins.
Do you offer QuickBooks training?
Yes, we offer QuickBooks Online training. This service is good for business owners who want to share portions of the financial task responsibilities (e.g. we perform monthly general bookkeeping while the business owner manages their own Accounts Receivable/Payable or Payroll), who do not have enough transaction volume yet to need outsourced bookkeeping services, or who simply want to understand how to use the software better for any number of other reasons.
Are meetings done by phone, Zoom, or in person?
Meetings are done by Google Meet, Zoom, or phone.
What information do you need from a new client?
For all clients, we need business type/industry, legal structure (sole-proprietor, LLC or LLP, S-Corp, C-Corp), current accounting software, number of accounts (checking/savings, credit cards, loans), and average monthly transaction volume.
If a client has an existing QuickBooks Online account, we require upfront access to validate their volume and determine the scope of work. If they do not have an existing QB account, we will need 3 months of account statements.
Additional information will be requested as needed. (e.g. Number of current employees for Payroll service.)
