FAQ

WHAT IS A QUICKBOOKS CERTIFIED PROADVISOR?

As Certified ProAdvisors, we are experts in QuickBooks Online by completing the QuickBooks ProAdvisor Program, which has an extensive course curriculum and exam.  We have the knowledge of navigating all the ins and out of the software including setup, payroll, reporting and all the other day-to-day functions of the software.

DO I NEED BOOKKEEPING?

No matter the size of your business, bookkeeping is crucial for several reasons.  Bookkeeping is critical for the success of a business.  Tax preparation is a key reason to maintain an accurate set of books.   You can't meet your tax obligations without accurate bookkeeping.  Expenses reduce your net revenue and if they do not get recorded you could be missing out on tax deductions.  Bookkeeping allows you to see what money is coming in and what is going out, allowing you to know whether or not your business is profitable and monitor your cashflow.  If your business is growing or is a start up you may need financing.  You will need an accurate set of books and financial statements to satisfy a lender and qualify for a business loan.  Outsourcing your bookkeeping will free up your time so you can focus on running your business and revenue-generating activities.  Outsourcing your bookkeeping will also free up your money as you will save on overhead and eliminate employee training, salary and payroll taxes.  Bookkeeping will give you useful insights into the financial health of your business.

WHAT IS THE DIFFERENCE BETWEEN BOOKKEEPING AND ACCOUNTING?

Bookkeeping and accounting are very similar and have been used interchangeably and in some cases with overlapping processes. There is a distinction between the two and they each support a business in its various stages. Both are essential business functions.  Bookkeeping handles the day-to-day responsibilities and nuts and bolts of a business such as recording financial transactions, completing payroll, generate invoicing and providing financial reports.  Accounting uses the financial information provided from bookkeeping to prepare tax returns and provide financial analysis and strategies.

IS SOFTWARE INCLUDED?

Yes, the subscription cost of QuickBooks Online is included in all packages.

HOW DOES THE BILLING WORK?

All of our packages include the first month of bookkeeping for free.  Once you have picked the package that best fits the needs for your business  we will send you a Credit Card Authorization Form that will run your credit card each month at the agreed package price at a date of your choosing starting at the beginning of the second month of your service.

DO WE NEED TO MEET IN PERSON?

Not at all!  In order to keep our costs as low as possible, we perform our work virtually.  This also enables us to assist business owners all over the US.  No matter what distance you are from us, we have a system in place that incorporates technology and laser-focused communication so information flows easily between us and our clients.

WHAT DO YOU NEED FROM ME?

The best place to start is to fill out the new client questionnaire.  From there we will schedule an implementation call where we will discuss what is needed for your accounting file and get an understanding of your business needs.


 

Have additional questions?  Email us at info@thombookkeeping.com.