FREQUENTLY ASKED QUESTIONS

WHAT IS VIRTUAL BOOKKEEPING AND WHAT DOES IT MEAN FOR YOUR BUSINESS?


Virtual bookkeeping is a remote partner who works diligently on your businesses books using cloud-based accounting software and receipt management tools, all with bank-level security.

WHAT IS A CERTIFIED QUICKBOOKS PROADVISOR?

The Intuit QuickBooks ProAdvisor program trains accounting and bookkeeping professionals in the use and administration of QuickBooks for a wide variety of clients working in a wide variety of industries.
Once certified, bookkeepers and accountants are prepared to provide clients with QuickBooks management services, including training and ongoing support.

WHEN SHOULD I HIRE A BOOKKEEPER?

The decision to hire a professional bookkeeper is usually triggered by a business owner’s experience of working late into the night, only to find that they’re still not keeping up with their bookkeeping duties. By this point, their books are usually out of order and whether they know it or not, they are often costing themselves money by paying more in taxes than they actually need to. Hiring a bookkeeper will help you to maximize the clarity of your company’s books so you have complete awareness of your income and expenses.

HOW DO YOU DETERMINE YOUR PRICING?

We offer upfront transparent pricing. Prices may vary based on the complexity of your return, whether you require additional schedules (such as dividend and interest on Schedule B, business information on Schedule C, capital gains and losses on Schedule D and/or rental income and losses on Schedule E); supporting forms (such as those for the child tax credit or additional charitable donation information); or whether your return has “out of the ordinary” line items (like Roth IRA conversions or homebuyer credit repayment).  (Avoid preparers who base their fee on a percentage of your anticipated refund: they have a financial incentive to encourage inappropriate credits and deductions.)

CAN YOU PROVIDE ME WITH SOME CUSTOMIZED REPORTING?

Yes, Lets discuss the type of information you are trying to extract from your financial reporting. We will come up with a solution to meet your needs. Having a good set of financial reports that you review on a regular basis can really help you identify issues and opportunities. You should be able to use your financial reports to help you make crucial business decisions. We are here to help.

WHAT RECORDS AND OTHER DOCUMENTATION WILL YOU NEED FROM ME TO FILE MY TAXES?

While you shouldn't be expected to haul in the contents of your entire office, you should provide your forms W-2, 1099, 1098 and other verification of income and expenses in order to prepare a proper return. In our consultation call, we will be able to explain what's needed for special schedules, forms or circumstances.

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

•    There is no short answer to this question. You should keep tax returns at least 3 years (That is the General Rule), but the answer depends on the type of document and the type of transactions you have been engaged in. 
•    The IRS can go back 6 years if a return omits more than 25% of income. If fraud is proven, there is no limit.
•    If you own Real Estate, hold on to the records that establish the basis of the property. Retain the files until at least at least three years after you dispose of the property.  Same goes for Sales of Securities (mutual funds, stocks and the like).
•    Businesses should keep payroll tax records for a minimum of 4 years after the due date for the employees to file their income tax returns. This means W-4’s forms, payroll returns and amounts and dates of tax deposits.
•    Businesses should keep copies of worker health coverage forms at least 3 years after the deadline for filing.
•    Records on costs of assets, depreciation, etc. should be retained for decades.

WHAT TYPE OF SECURITY DO WE HAVE IN PLACE?

We understand how important it is to have trust in the company that you hire to manage your private financial information. The privacy of our customers is the utmost importance to us and we won’t share your information with third parties. Any data that we come in contact with will be held in the strictest confidence.
All employees have been vetted and background checks performed.
Your company data is accessed by your assigned bookkeeper and reviewer/manager only.
All company records are kept under lock and key in a secure server encrypted using 256-bit Advanced Encryption Standard (AES).
All passwords used are strong and unique and we utilize two-step verification whenever possible.
If our agreement ends, we will return all files to you, and/or destroy them.
For accounting files, we use secure third party hosting platforms such as QuickBooks Online or Right Networks.

HOW DO I FIND YOU IF I HAVE A QUESTION OR A PROBLEM AFTER TAX SEASON IS OVER?

We are open and offer services all year long. We are offer audit assistance* with every return. The Audit Assistance provides personalized support if a client receives a notice from the IRS or state, or gets audited.

 

HAVE A QUESTION?

Contact us to see how our bookkeeping expertise and personalized services can save you time, money, and frustration with managing your finances.

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