Frequently Asked Questions
- What are our initial processes?
- What accounting software do you use?
- Where will the work be done?
- What happens to my documents when you’ve finished your work?
- Do you guarantee my privacy?
- If I have a slow season, can I cut back on time?
- If I hire you, what happens to my current accounting staff or accountant?
- What is a QuickBooks ProAdvisor?
- How long does it take to have your work completed?
- What type of training does your company provide?
- Should I document paying myself?
- How can I reduce my tax liability at the end of the year?
- Are my travel expenses deductible?
- What are the differences between a C corporation and an S corporation?
- How does independent contractor status and unemployment work together? Am I eligible for unemployment benefits?
- Are my entertainment expenses deductible?
- What is insolvent?
Q: What are our initial processes?
A: Once contact has been made, we set up an initial consultation in your office to go over your demands and needs for services. In our consultation, we discuss your organization operations and needs as well as additional areas of our expertise. After our initial consultation, we follow up with our standard paperwork. Once the paperwork process has been completed, we usually began services within one to ten business days after the completion of our client agreement, depending on your organization’s needs.
Q: What accounting software do you use?
A: Our staff members are experts in a variety of accounting software from Peachtree to Xero Accounting. The most popular software that our clients use is QuickBooks Accounting System.
Q: Where will the work be done?
A: It your choice. We offer both on-site and remote accounting services. However, we always recommend cost-effective solutions for all our clients by recommending remote services, where we safely store your data in our servers and develop a plan just you. In addition to that, we offer a hybrid of on-site and remote services to meet all your needs.
Q: What happens to my documents when you’ve finished your work?
A: It really depends on your preference. We usually return original documents as soon as we’re finished or various times throughout the year via scheduled drop-offs, pickups, mail, or courier services. Non-original documents are filed away for three years and are then scanned and shredded.
Q: Do you guarantee my privacy?
A: Yes. We understand that financial information is highly sensitive. Therefore, we hold your confidentiality in the highest regard.
Q: If I have a slow season, can I cut back on time?
A: Absolutely. We are always flexible with your needs. We understand that each business has its highs and lows. We are here to work with you.
Q: If I hire you, what happens to my current accounting staff or accountant?
A: We have the capability to manage all of your accounting and bookkeeping. You can decide whether to use our services for part or all of your accounting and bookkeeping needs. You can retain your existing staff and hire us to assist with areas in which you require additional expertise.
Q: What is a QuickBooks ProAdvisor?
A: A QuickBooks ProAdvisor is an expert in QuickBooks installation, setup, payroll, reporting, troubleshooting, and other day-to-day functions of the software. ProAdvisors are certificated by Intuit, the maker of QuickBooks.
Q: How long does it take to have your work completed?
A: Each business is unique, as different people and businesses have varying complexities. It could take a few hours to a few weeks. However, we strive for a two week turnaround from the time we receive documents and information.
Q: What type of training does your company provide?
A: We provide online or in-person training to you and your staff for all the software required for your project, enabling you to maximize your company’s performance.
Q: Should I document paying myself?
A: It depends on whether or not you are an employee of a corporation or a proprietor of your organization. If you are an employee, then quarterly and annual payroll tax returns should be filed with both local and federal government. If you are a sole proprietor, a partnership, or a limited liability organization then you do not have to but you should document everything to get a better picture of your company.
Q: How can I reduce my tax liability at the end of the year?
A: You should make quarterly payments for the amount of tax estimated to be owed at the end of the year. Quarterly estimate payments are due fifteen days after the end of each quarter.
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Q: Are my travel expenses deductible?
A: Usually, yes. Travel expenses are ordinary and necessary expenses associated when traveling away from home for business. The travel expenses that your business incurs is deducted either as an expense on your corporate tax return or on your Schedule C.
Q: What are the differences between a C corporation and an S corporation?
A: One main difference for tax purposes is that an S corporation’s profits and losses flow through to shareholders and are reported on their personal tax returns. For S corporations, disbursements made to shareholders are not taxed, unlike C corporations. They report all profits and losses and pay the related taxes on the profits, but shareholders are taxed on any disbursements that are issued. If you would like to know learn more, it is advisable to seek the advice of an attorney.
Q: How does independent contractor status and unemployment work together? Am I eligible for unemployment benefits?
A: An independent contractor is not eligible to collect unemployment benefits. As an independent contractor, there is no way to be laid off by an employer, since the independent contractor is his or her own employer. Lack of work does not constitute unemployment. Employees are eligible for unemployment benefits only if they are laid off by their employer
Q: Are my entertainment expenses deductible?
A: Yes, these expenses should be business-related in nature. They must be directly related to or associated with the act of conducting business. Only 50% of these expenses are tax deductible.
Q: What is insolvent?
A: A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness.
