Frequently Asked Questions for Bookkeeping Services

1. WHAT DO YOU DO DURING THE DIAGNOSTIC REVIEW AND WHAT IS THE PURPOSE OF IT?

We have a thorough Bookkeeping Diagnostic checklist. The checklist is one we fill out during our review of systems (your QuickBooks accounting file), review of contracts, and other files. We review your chart of accounts and identify if everything is set up correctly. We also interview the company principals to understand your overall general policies and procedures around cash, revenue, prepaid expenses, cost of goods/services, operating expenses, payroll, and a few other relevant areas.

2. HOW LONG DOES IT TAKE TO PERFORM A DIAGNOSIS?

If we’re given access to all the data we need to perform the Diagnostic Review, we can perform the review and have the results within 5 business days. 

3. WHAT DATA DO YOU NEED TO PERFORM A DIAGNOSTIC REVIEW?

We typically need access to your accounting system: a copy of the QuickBooks File or Accountants access to your file. Additionally, we like to have access to a sample of client contracts, vendor contracts, bank reconciliations/and statements, and if you have files in Dropbox, Box or Gdrive, we like you to share access or a copy of a list of documents. We also need to schedule a few meetings with the principal in order to interview them for an understanding of policies and procedures.

4. DO YOU FIX ANYTHING YOU FIND WRONG?

When we perform the Diagnostic Review, we prepare a Diagnostic report where we document the areas we reviewed, our findings, what is working and what may need to be reviewed, revised, and/or adjusted. We make our recommendations of the next steps and discuss that with you during a Zoom Video call or in our Diagnostic Report. [CLICK HERE to learn more about our Clean Up services]

1. HOW DO I KNOW IF I NEED TO HAVE THE CLEANUP OR CATCH UP SERVICE?

You’re busy starting and growing your new startup business and may have hired someone to do your bookkeeping and keep things going. However, after a while, you start feeling like something’s wrong with your bookkeeping but are not quite sure what. That's when you may want to call us at 737-990-8308 or fill out the contact us form to discuss running a diagnostic review of your bookkeeping performed by us. 

2. WHAT DO YOU CLEAN UP AND WHAT CAN I EXPECT DURING CLEAN UP PROCESS?

Once we complete the Diagnostic Financial Review, we make recommendations which include what to correct, adjust and/or clean up in order to get your books back to where they should be or get your financial records in shape for a specific event, such as filing a corporate tax return.

We scope out the project based on our checklists, best practices when you need the books to be cleaned up by as well as how much data we need to review and correct. 

We perform a thorough clean-up that includes a few check-in meetings with you. Once the scope of work is prepared, we quote you a one-time flat fee! 

Cleaning up is one of our specialties! Call us or fill out a form for a FREE CONSULTATION with us to get a no-obligation quote.

3. CLEAN UP VS CATCH UP?

As in most startups, other tasks will take priority and before you know it, you’ve fallen way behind in keeping up with your financial record keeping. Then you realize, it’s time to file a corporate tax return, or make a financial presentation to your board members, or raise capital. 

That’s where we come in. We can catch up on your financial records and get you back on track. We would need access to specific historical data such as bank statements, credit card, loan statements and schedules, payroll records, etc. 

4. HOW MUCH DO YOUR SERVICES COST?

Before we are able to quote you on our services, we would need to conduct an assessment. Typically a Zoom meeting with you will be enough to prepare a scope of work with either a flat-fee quote or with hourly rate in the beginning and then switching to flat fee rate. We can tell how long things will take as well as some of the factors we would need to consider which would add complexity to the scope of work. 

Normally, the clean-up projects and catch-up projects for a company that’s in its first few years of business can range from $3,000 - $7,500.

5. HOW DO YOU PERFORM A CLEAN UP OR CATCH UP WORK?

We do all our work online. We request access to the various places you may have data, or a copy of your financial file or provide you with a Dropbox or GDrive secured folder where you can upload the various documents we need.

1. WHAT SERVICES DO YOU PROVIDE BESIDES BOOKKEEPING ?

 Yes, we do your bookkeeping, but we ensure things are set up correctly, performed correctly, and often provide input, advice, and guidance for things that come up.

We are accounting professionals who specialize in setting up strong foundations for startups to achieve their goals.

2. WHAT ACCOUNTING SOFTWARE DO YOU USE ?

Our preferred accounting software is Quickbooks Online, Quickbooks Desktop. 

3. HOW DO YOU WORK WITH YOUR CLIENTS?

Everything is done remotely, however we keep in constant touch using email, Zoom ensure we stay on track. Our clients receive a financial package each month as soon as the financial books are closed.

4. DO YOU PREPARE TAX RETURNS?

No. We handle your day-to-day operations and typically partner with a CPA firm that specializes in all types of taxes.