Frequently Asked Questions (FAQ)
What is the difference between a CPA and bookkeeper?
A CPA is a financial professional who holds a degree and is licensed by their state. Their primary focus is preparing tax returns. They are able to perform detailed audits and can legally represent their clients before the IRS.
A bookkeeper is a financial professional whose primary focus is to maintain daily financial records and to ensure that the transactions are recorded accurately. They can generate financial reports which are invaluable in making business decisions. Experienced bookkeepers can help the business owner understand the financial health of the business and track progress of goals.
Our extensive experience allows us to provide analysis and advice based on accurate financial reports to guide you on your road to success.
How much does it cost to work?
Services are based on each client’s specific needs. Contact us for a free discovery call and we will explain our process to determine pricing.
Can’t I do this myself?
Of course, you can do your own bookkeeping. I could change my own oil and cut my own hair, but that doesn’t mean that I think it is the best use of my time and abilities and it’s not even the best use of my money.Our motto is: Do what you do best in your business – what you like and are good at and outsource the rest.
It’s a win-win for everyone.
Are my financial accounts safe?
Yes, your accounts are secure. We do NOT have direct access to your financial institutions. We may ask for read only access to your accounts for retrieving statements and other information or you can choose to provide them instead.
Why should I choose 1st Choice Bookkeeping Services?
A bookkeeper records the past; an advisor helps plan the future. We do both !!! While “anyone” can input transactions and print out QBO reports, our extensive experience provides analysis and advice based on accurate financial reports guiding you to financial success.
When are payments due?
Fees are billed the first day of each month at an agreed upon amount and are payable upon receipt.
What results can I expect?
1st Choice Bookkeeping Services will provide bookkeeping SOLUTIONS for your business.
Your books will be kept accurately, in real time and meet with you monthly to discuss your business financial health. We are always available – brief calls, texts and emails will be returned within 24 hours, during normal business hours. If you have more in-depth matters, we encourage making an appointment.
Will I lose touch with my finances?
Absolutely not. You should NEVER lose touch with the financial part of your business no matter who is your bookkeeper. Ultimately, you are the responsible party for all transactions, indebtedness, taxes, paperwork and business decisions, etc. But you are not alone – we walk beside you along your entrepreneurial journey.
What is included in your basic services?
- Transactions
- Recording & classifying transactions
- Attaching & matching receipts
- Adjusting entries
- Cleaning up discrepancies
- Allocations
- Transfers between accounts
- Reconciliations
- Reconcile bank accounts and credit cards
- Assets, liabilities, payable accounts
- Loans
- Reports
- Generation of financial reports
- Monthly meetings via Zoom to discuss financial reports
- Proactive advice based on financial reports
- Advisory
- Educating the client on processes to better their business
- Supportive services for questions and situations
- Discussion regarding financial health