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Frequently Asked Questions

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General

  • What is bookkeeping?
    Bookkeeping is the process of recording and organizing all financial transactions of a business. This includes sales, purchases, payments, and receipts, providing an accurate financial picture of the business.
  • What immediately happens on the income statement if inventory goes up by $10?
    Nothing. This is a trick question. The only immediate impact will be on the balance sheet and cash flow statement.
  • What is working capital?
    Working capital is typically defined as current assets less current liabilities. In banking, working capital is normally defined more narrowly as current assets (excluding cash) less current liabilities (excluding interest-bearing debt).
  • If cash collected from customers is not yet recorded as revenue, what happens to it?
    It usually goes into “Deferred Revenue” on the balance sheet as a liability if the revenue has not been earned yet.

Bookkeeping

  • How  Bookkeeping benefits my business?
    Bookkeeping gives you better insights into your business financials and lets you keep a check on the accounts. You are aware of your accounts payable and receivable.
  • What does a bookkeeper do?

    A bookkeeper categorizes the transactions then records them, then reconciles with the bank statements while making sure no transaction is left out. And produce financial statements for you.

    Sometimes a bookkeeper does need your assistance like in categorizing the transaction. But we try our best to keep your books accurate and maintained.

  • How long does it take?
    Once we get all the required documents we complete your books within 12 business days it gives us enough time to reconcile and make the necessary adjustments.
  • My books are untouched can you still catch up?
    Yes, we can still catch up with your books, even if you are years behind.
  • How long does it take to catch up with long-abandoned bookkeeping?
    This depends on the workload, and how many months of bookkeeping you require, And we try our best to complete the work within 2-4 weeks.

Payroll

  • What is Payroll processing?
    It is the way of processing the wages of employees in a company. It includes gathering data of employees, then checking benefits and deductions, and at last distributing the employees’ pay.
  • Do you offer payroll services in my state?
    Yes, we are licensed and proudly offering these services for a long time in the USA.
  • Can I run the Payroll services on my mobile phone?
    Yes, it is quite easy. You just need to download the application on your phone, contact our expert to get more information, and a step-by-step guide to doing so.

Tax Preparation