COMMON QUESTIONS FROM CLIENTS

All Your Doubts, Resolved

HOW DO I KNOW IF FRANKLIN ACCOUNTING SERVICES IS RIGHT FOR MY NEEDS?

First, I am a hard-working, devoted individual who will work tirelessly to make your business succeed.  Remember, if you succeed, I succeed!  

Second, do you spend more time managing your books than you do managing your business?  Economies of scale still apply to the smallest of businesses.  Most owners want their business to grow and change.  Having a dedicated CPA can help you achieve those long-term goals.

Lastly, did you know, on average, that having an outsourced CPA is cheaper than hiring a full-time bookkeeper?  After taxes and benefits, it is well worth your time to outsource your bookkeeping needs!

HOW DOES VIRTUAL BOOKKEEPING SERVICES WORK?

Depending on the schedule that you choose to update the books, I can perform bookkeeping services daily, weekly, monthly, etc.  We will decide deadlines for the business to upload documents to process and have ready for payment or review.  We can also meet monthly or quarterly to go over financial data to determine how well your business is performing.  If you do not want to spend time uploading documents, you can provide login information for me to grab the data necessary to do the work.  Bookkeeping, in general, is totally flexible on your needs!

HOW DO I GET DOCUMENTS TO YOU?

I can use any process that is easiest for my client.  QuickBooks Online has an excellent document sharing tool built within it.  We can also use Dropbox, Google Drive, etc.  I prefer to use more secure sites versus email.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA, AND A BOOKKEEPER?

Bookkeepers, accountants, and certified public accountants (CPAs) all work with businesses' financial data.  Bookkeepers record data when a company receives, pays, or owes money.  Accountants provide more in-depth analysis than bookkeepers.  A CPA is an accountant with a state license and is held to higher standards.  For example, in Texas, to become a CPA, one must complete a 150-hour degree program in accounting and pass a 4-part Uniform CPA Examination.  After obtaining the license, the CPA must complete 40 hours of continuing education every year.

https://work.chron.com/differences-between-bookkeepers-vs-accountants-vs-cpas-4173.html

http://www.tsbpa.state.tx.us/cpe/rules.html

HOW LONG SHOULD I KEEP MY TAX RECORDS?

The simple answer...it depends.  

  • 3 years from the date you filed your original return

  • 7 years if you file a claim for a loss from worthless securities or bad debt reduction.

  • 6 years if you DO NOT report income that you should report and is more that 25% of the gross income shown on your return

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

Have a question not answered above?  Contact me so I can add more FAQs!