Frequently Asked Questions
Do you charge a flat rate or by the hour?
We charge a flat rate whenever possible so that you can budget effectively. You will be given an upfront price for most bookkeeping and tax projects. However, for certain projects, such as accounting cleanup or consultation work, it may be subject to an hourly rate if the amount of work involved is uncertain. In those cases, we try our best to give an estimate of cost.
What are the benefits of outsourcing my business’s bookkeeping?
Taking this off your plate will free up some of your limited time and mental load. Experienced professionals can typically complete the work more efficiently and accurately. You can mark it off your to-do list, and you won’t have to wonder if you’re doing it correctly or not. And at tax time, your tax preparer won’t need to spend hours cleaning up the books before tax prep can begin.
How hands-on do I need to be?
Our goal is to automate for you as much as possible. Read-only bank access allows us to pull bank statements ourselves. We’ll keep track of all tax deadlines and reminders. Consultation sessions are optional. We may need to contact you to get clarification or additional information for some items, especially in the beginning when we’re still getting to know your business or organization. However, this should decrease with time.
Will you meet or work onsite at my business location?
We operate entirely from a remote location so that we are able to serve anyone in the U.S. However, if you are located in the Greater St. Louis area, we can meet up for lunch and a visit!
Can I cancel accounting services anytime?
Yes! Simply notify us of cancelation at least 30 days in advance.
Can I change the frequency of bookkeeping service anytime?
Yes, just ask!
Will you charge me an hourly rate every time I ask you a question?
No, not usually. There is no extra charge for basic questions that can easily be answered. If you need consultation that necessitates research, tax planning, or calculations of various scenarios, then you will be billed at an hourly rate.
When can I expect financial statements to be ready?
Financial statements are typically presented within 15 days following the close of the period.
Can you handle both my business and personal tax return filings?
Yes, and it’s recommended that we handle both so that we can see the full picture. This allows us to maximize tax planning ideas tailored to your entire financial situation.
What will transitioning to QBO look like?
We use your closing balances from the most recent period as a starting point and do your bookkeeping going forward. Depending on which software you were previously using, we may be able to import historical data.
How do you receive my documents? Do I need to send all my receipts?
We prefer to be granted read-only access to bank accounts so that we can pull bank statements ourselves without bothering you. However, if you prefer you can simply upload them to our client portal each period. Although you must keep your receipts on file, we won’t typically need to see them unless it’s a major purchase or some other issue arises.
Will I be able to contact Tracy directly if I have questions or if I have a problem?
Yes. Tracy personally handles all communication and workload. At this time, we have no plans to expand our practice. We keep the number of client slots very limited. This allows us to ensure that each client gets the care and attention they deserve.
Do you provide attest, audit, review, or compilation services?
No, but we can refer you to another CPA who does.
Will you work with our external auditors?
Yes, we will provide support during your external audit and serve as a liaison between the auditors and your organization.
What is the difference between your bookkeeping service and your controller service?
Bookkeeping is simply recording and organizing all transactions and then preparing financial statements for your review. All businesses need bookkeeping, whereas controllers are necessary beginning somewhere between $500,000 to $1,000,000+ in annual revenues. Controllers provide oversight of an in-house bookkeeper or accounting department. They reduce risk by ensuring accuracy and maintaining controls over cash and other assets. Additionally, controllers provide analysis of past financial performance to help you determine strong areas and weak points.
These are usually two separate roles, and the controller is considered a supporting role to the CFO. A controller is responsible for management of the accounting department and tax compliance tasks. They maintain accuracy of the financial records, efficiency of business processes, and controls over the organization’s assets. They also provide analysis and interpretation of past financial performance. On the other hand, a Chief Financial Officer (CFO) is responsible for strategizing a path towards financial growth. They focus more on forecasting, fundraising strategies, and future growth.