Our Business Packages

FAQs

Bookkeeping

Why do I need bookkeeping services?
Regular bookkeeping allows for being able to take a pulse on your business and pivot, if necessary. Accurate bookkeeping leads to an accurate tax return, avoiding penalties, interest, and audit risk. Outsourcing your bookkeeping will save you valuable time that can, instead, be invested into the actual running of your business.

What tools are used for my bookkeeping?
We will always recommend the minimum needed tool for your particular business, in order to keep your costs low. Quickbooks Desktop and Quickbooks Online are the most common and preferred bookkeeping tools, with FreshBooks and Xero being others to consider. For our Core package, a simple Excel spreadsheet may be a sufficient (and free) solution for your needs.

Do I need to give you my bank logins?
Yes, we use read-only bank feeds (and accountant logins) so transactions flow in automatically or an "accountant login" to your bank account. You keep full control over your accounts, and your financial information, privacy, and cyber security is of the utmost importance to us.

Do you handle historical cleanup?
Yes, but significant catch-up or cleanup work is quoted separately from monthly packages.

What if my transaction volume increases later?
Your package can be adjusted at any time with sufficient notice based on new activity levels.

Financial Statements

Why do I need financial statements?
Accurate financial statements provide a lot of insight on the health of your business. They allow for comparison to industry averages, trend spotting, monitoring of the effects of changes, and are a foundation for cash flow analysis. In addition, if financing is needed, your bank will be more likely to approve your application with consistent financial statements, especially when prepared by a CPA.

What financial statements and reports do I receive?
It depends on on the package subscribed.
Core Package financials include only basic Profit & Loss Statement and Balance Sheet.
Pro Package financials include a Profit & Loss Statement and Balance Sheet, but also prior-period comparisons, month-to-month profit and loss, and any custom reporting for specific analysis. Financials can be formatted to whatever is most helpful to you. A cash flows statement can be provided as well, if requested.
Elite Package financials include the same as the Pro Package, but also industry benchmarks and our commentary and analysis.

How and when do I receive my financials statements?
We will upload and share your financial statements to your Canopy portal, aiming for the first week of the month following the month or quarter ended. Elite Package subscribers will receive an invite to personally review and discuss the financial statements via face-to-face meeting, virtual meeting, or phone call, if desired.

Tax Preparation & Planning

What taxes are prepared?
If your business is structured as a pass-through entity (that is, a partnership or s-corporation), you will need business tax returns and a personal tax return. Your personal tax return is where the business income "passes through" for ultimate taxation. If you business is smaller and files as a Schedule C to your personal return, then only a personal tax return is necessary. In all instances, we will prepare every tax return necessary for annual filing - typically, this is Federal, State, Local, and Tangible Business Property (if applicable).

What state returns can be prepared?
We have experience filing in numerous states and municipalities across the country. Some filings may require some initial research beforehand, but CPAs are able to file returns in any state.

Do you utilize creative and aggressive tax savings plans?
We focus on strategies that are reasonable, well-supported, and firmly grounded in tax law. We do not push any boundaries or participate in positions that fall outside accepted IRS and professional standards. While online content often highlights only the “good half” of many tax ideas, we will always give you the full picture—benefits, risks, and the IRS’s position and guidance. We also will not sign any return that, in our professional judgment, takes unsupported or improper deductions or credits.

What is tax planning?
With our managing of your bookkeeping, we are able to create an accurate tax projection for you, so that you know roughly what you may owe in income taxes. And with that information, we can can pivot to defer income or accelerate expenses. We will present the options, estimate the effects and savings, and allow you to make the call on what to do.

Billing & Support

How does monthly billing work?
Your bank account is automatically ACH'd at the beginning of each month. This fee is represents pre-payment of the following month's work. This provides you with a predictable, budgeted fee instead of seeing a large bill at tax time and invoices for calls, emails, meetings, and other support.
This is a mutually beneficial arrangement - it encourages clients to be proactive in utilizing our services and advice to prevent missteps, and it reminds us to be mindful in providing regular value to our clients.

How does billing work if I join midway through the year?
Because part of your monthly bookkeeping fees represent pre-payment of your tax return prep fees, you may see an amount due when preparing your returns in the first year you subscribe. For example, if you subscribe to a Core Package in October, you will have only been a subscriber for 25% of the year. If your tax returns include a $1,000 S-Corp return for your business and a $500 individual return, then you would still owe 75% of the $1,500 total tax prep fees when those are prepared.

Are there any extra fees?
Every client situation is different, and extra fees will be discussed and estimated before proceeding. In some cases, a retainer may be obtained while work is being done - this will often be the case for bookkeeping clean-ups.

What happens if my books get more complex over time?
We simply move you to the package that fits your activity level.

Do prices increase annually?
We do not automatically increase prices each year. However, we do take into account any increasing costs for our software service providers and may move in step with our direct costs.

Other Questions

Do you help with unfiled past year returns?
Yes, so long as any accurate bookkeeping or other tax items can be fairly easily obtained, we can assist filing past returns. Such work will be performed with paid retainer or at an hourly rate of $150 per hour. We aim for no surprise billing, so a total cost will be estimated and negotiated before any work is performed.

What is the preferred method of communication?
We prefer email, as this creates a record that can be referred back to when servicing your account.

What is the best method to send in information?
Our secure client portal, Canopy, is the best way to send us documentation. Email is also acceptable, but may not be as secure if sending information containing sensitive information.

Services are provided pursuant to a written engagement letter. Pricing is based on estimated activity levels and may be adjusted if scope or transaction volume changes. No specific tax savings or financial results are guaranteed. We rely on information provided by the client and do not audit or verify data unless separately engaged. This website does not provide legal or investment advice, and no attorney-client or CPA-client relationship is formed until an engagement is executed.

Other Services

What other services are offered?
Other one-time services offered:

• Amending prior-year returns for errors

• Business entity selection

• Business creation: obtaining EIN, registration with Secretary of State, and obtaining tax account IDs

• Document drafting or review (lease agreements, loan agreements, buy-sell agreements and negotiation/representation, etc.)

Other services that may be added onto your monthly fee:

• Budget creation with regular reporting and monitoring

• Annual personal financial statements

• Annual retirement planning review