Frequently asked questions
What are bookkeeping services?
Bookkeeping services involve the systematic recording, organizing, and tracking of financial transactions for a business. These services can include data entry, bank reconciliations, invoicing, managing accounts payable/receivable, and preparing basic financial reports. Essentially, bookkeeping lays the groundwork for more detailed accounting and financial analysis.
What is QuickBooks Online?
QuickBooks Online is a cloud-based accounting software designed for small to medium-sized businesses. It allows you to manage your bookkeeping, invoicing, payroll, expense tracking, and more from any device with an internet connection. Its real-time data and integration capabilities simplify financial management.
Why is bookkeeping important for my business?
Accurate bookkeeping helps you monitor your cash flow, understand your financial position, and make informed business decisions. It also ensures that your records are in order for tax preparation, audits, and compliance with legal and regulatory requirements. Well-maintained books can ultimately save you time and money by preventing costly mistakes and simplifying the financial review process.
How much do bookkeeping services typically cost?
The cost of bookkeeping services varies based on factors such as the size of your business, the volume of transactions, the complexity of your financial processes, and whether you require additional services (like payroll processing). Three Rivers Bookkeeping charges fixed monthly rates so you can confidently budget for our services. For project-based services such start up or clean up, we analyze the project and provide a fixed fee up front. It’s important that we review your specific needs to obtain a tailored quote.
What is the difference between bookkeeping and accounting?
Bookkeeping focuses on the day-to-day recording of financial transactions, whereas accounting involves analyzing, interpreting, and summarizing financial data to provide strategic insights. In many businesses, bookkeeping is considered the first step in the accounting process, as accurate books are essential for effective financial analysis, budgeting, and decision-making.
Can bookkeeping services help with tax preparation?
Yes, accurate bookkeeping is essential for efficient tax preparation. A professional bookkeeper can ensure that all transactions are recorded correctly and that your records are organized, making it easier for your accountant or tax preparer to file your taxes accurately and on time.
What accounting software do you use?
As QuickBooks Online Pro Advisors, we specialize in QuickBooks Online. We also utilize Aplos for churches and nonprofits.
How often will I receive financial reports?
The frequency of financial reporting depends on your business needs. Some businesses may require monthly or quarterly reports, while others might prefer real-time access to financial data through QuickBooks Online. We will discuss your reporting needs prior to engagement to ensure the reporting frequency meets your requirements.