Frequently Asked Questions
Frequently Asked Questions
General Questions
Outsourced bookkeeping involves hiring a specialized firm or professional to remotely manage your accounting tasks. This includes maintaining financial records, reconciling accounts, preparing reports, and ensuring transaction accuracy. By outsourcing, you get expert support without the overhead costs of an in-house team. This allows you to focus on running your business while keeping your financials accurate and up to date. Outsourcing your bookkeeping saves you time, money, and headaches while providing crucial information for important business decisions.
Accurate bookkeeping is essential for any business. By hiring Dogwood Bookkeeping, you avoid common errors like:
- Misclassified expenses
- Incorrect balance sheets
- Lost or unsaved receipts
- Missed transactions from prior periods
- Recording transactions in the wrong period
- Overlooked expenses
These are mistakes that an inexperienced bookkeeper often makes. Additionally, if you hire an in-house bookkeeper, you’re responsible for payroll taxes, benefits, and training. An outsourced bookkeeper is not considered an employee, saving you on taxes and employment costs. You also avoid training challenges and turnover issues.
The best time to hire an outsourced bookkeeper is now. Waiting until year-end or when problems arise only complicates matters. Addressing your bookkeeping needs proactively ensures you have real-time, accurate reports and a clear picture of where your business stands. Let’s get started and make managing your finances smoother and more effective.
It’s a common misconception that doing your bookkeeping yourself saves money, but your time is often more valuable. A study by the National Small Business Association shows that small business owners spend 10-15 hours per month on bookkeeping, and this can rise to 25 hours if they handle billing as well. How many more clients or jobs could you take on if you got those hours back? Outsourcing your bookkeeping frees you to focus on growing your business rather than managing transactions.
Actually, the opposite is true! Instead of spending time entering data, you can spend more time analyzing your finances and focusing on operations and sales. An outsourced bookkeeping service acts as a trusted adviser, monitoring your books to ensure everything runs smoothly while you concentrate on running your business.
Virtual bookkeeping uses cloud-based software and communication tools to manage your finances remotely. Here’s how it works:
- Initial Setup: I set up or optimize your QuickBooks Online account, integrating bank accounts, credit cards, and other financial tools.
- Document Sharing: You share receipts, invoices, and bank statements through secure platforms like Google Drive or a client portal.
- Data Entry & Management: I regularly categorize and reconcile your transactions in QuickBooks Online, ensuring your books are up to date.
- Communication: We stay in touch through email, phone calls, or video conferencing to discuss your financial status and address any questions.
- Reporting: I provide monthly, quarterly, or annual financial reports, depending on your needs.
- Ongoing Support: I offer continuous advice to help you make informed decisions, manage cash flow, and plan for growth.
Virtual bookkeeping delivers the same service as traditional bookkeeping, with added flexibility and efficiency.
By outsourcing bookkeeping, you save time and reduce stress, allowing you to focus more on your business and personal life.
Business owners often come to me when they are months behind on their financials. As a local bookkeeper, I provide in-depth reconciliation and personalized attention—unlike large, impersonal services. You get one point of contact who understands your specific needs instead of being passed between multiple representatives. Many businesses mistakenly rely on office managers or family members for bookkeeping, which often leads to costly errors. That’s where I step in—I clean up the mess and provide expert, localized support.
I maintain accuracy through:
- Detailed Processes: Rigorous procedures ensure every transaction is recorded correctly.
- Regular Reconciliation: Frequent reconciliations catch and correct discrepancies early.
- Advanced Software: I use QuickBooks Online to reduce errors and automate calculations.
- Quality Control: My work is reviewed by experienced professionals to maintain high standards.
- Continuous Learning: I stay updated on industry practices and changes to deliver reliable bookkeeping.
This approach helps me provide precise, trustworthy financial records for your business.
I offer personalized, comprehensive bookkeeping focused on accuracy, security, and client satisfaction. My experience across various industries and dedication to client success make me a trusted partner for your business.
As the business owner, your responsibilities include:
- Initial Setup: Provide access to financial accounts and complete the Client Info Questionnaire.
- Document Sharing: Upload financial documents (receipts, invoices, bank statements) regularly to secure online portals.
- Communication: Respond to questions and requests promptly to ensure accurate records.
- Reporting: Review financial reports and communicate any discrepancies or questions.
- Ongoing Support: Stay engaged by discussing financial strategies and updating me on significant changes in your business.
Meeting these responsibilities ensures smooth, efficient bookkeeping and accurate financial records.
There are several ways to send your data:
- Direct Upload: Use the client portal or shared Google Drive folder to upload documents quickly and securely.
- Courier Service: For local clients, I can arrange a courier for pick-up and drop-off of financial data.
These options ensure seamless, secure transfers of your financial information.
No problem! I’ll guide you through the necessary steps and handle the technical aspects for you.
I use email, a secure client portal, phone, and text to communicate and share information with my clients. The best methods are the client portal or email, as they’re convenient for both parties. For urgent matters, feel free to call or text me.
Yes, I can tailor my services to your specific business needs. Whether you need monthly bookkeeping, accounts receivable/payable management, payroll services, or just a simple review and reconciliation, I can customize my services to help you achieve your business goals.
Yes, but the cost per hour for an accountant is usually much higher than for a bookkeeper. While accountants are best suited to analyze financial data, a good bookkeeper focuses on the day-to-day accuracy and reconciliation of your accounts. Hiring a bookkeeper allows your CPA to focus on strategic advice and tax preparation, resulting in a more efficient and cost-effective setup for your business.
No, I complement your accountant or tax preparer by handling your day-to-day bookkeeping. I ensure your books are accurate and up-to-date so that your CPA can focus on tax strategies and preparation.
Yes, your data is securely managed through platforms with robust 256-bit AES encryption, like QuickBooks Online, Google Drive, and our client portal. These platforms also use TLS encryption during data transfers to protect your information.
I specialize in QuickBooks Online and am a QuickBooks Online Certified ProAdvisor.
A QuickBooks Online Certified ProAdvisor is a financial professional certified by Intuit QuickBooks, the leading accounting software. With specialized training and in-depth knowledge of QuickBooks Online, a ProAdvisor can offer expert financial guidance to businesses of all sizes.
Focusing on QuickBooks Online allows me to be an expert in this platform, offering specialized guidance to help my clients maximize its potential.
QuickBooks Online offers flexibility, real-time collaboration, automatic updates, integration with other tools, and scalable pricing. It also automates tasks like invoicing and bank reconciliation, saving time while providing comprehensive financial reporting.
Sales Questions
I have over 25 years of bookkeeping experience across various industries. I’m certified through Penn Foster and am a QuickBooks Online Certified ProAdvisor, having also completed the Bookkeeper Launch program.
I aim to build trust through consistent, accurate, and timely service. Many clients have been with me for years because I continually meet their needs month after month.
I offer monthly bookkeeping, QuickBooks Online setup, cleanup and catch-up, sales tax compliance, one-on-one QuickBooks coaching and training, payroll, accounts receivable, and accounts payable. You can find more information about these services on the Our Services page.
I offer value-based pricing with flat monthly fees, typically ranging between $300-$2,500 per month, based on your business needs. This transparent pricing structure eliminates hourly billing uncertainty, making cash flow management easier for your business. You can find more information about the costs of services on Our Services page.
Due dates are determined by the service package. Most payments are due on the 1st of the month for ongoing services. For one-off projects, 50% is due upfront, with the remaining balance due halfway through the project, with a discount offered for full payment up-front. You can find more information in our Service Terms on the Our Services page.
First step is to schedule a free consultation. After our discussion, I’ll conduct a Diagnostic Review and send you a proposal. Once approved, I’ll send a contract, onboarding checklist, and initial invoice to kick off our work together.
After signing a contract and receiving the deposit, I send a welcome email with a Client Intake Questionnaire. Once completed, I set up QuickBooks Online, the client portal, and other necessary systems. We’ll then have a kickoff meeting to discuss timelines, expectations, and workflows before beginning services.
Service Questions
No, I focus on bookkeeping. However, I can refer you to trusted tax professionals and ensure your financial records are accurate and ready for tax season.
Yes, I maintain your financial records in order to make the loan application process smoother.
Yes, I offer personalized QuickBooks Online training for you or your staff.
While I focus on bookkeeping, I can provide financial insights and work alongside your accountant for more detailed financial planning.
Yes, I provide payroll processing, tax filings, and employee record maintenance as an add-on service with any of the ongoing monthly service packages. I also offer a Simple Payroll Recording service if you’s rather handle your payroll processing yourself.
All my clients receive a standard Management Report Package, which includes:
- Balance Sheet: A snapshot of your company’s financial position at a specific point in time.
- Income Statement (Profit & Loss Statement): A summary of your company’s revenue and expenses over a period, showing your net profit or loss.
- Statement of Cash Flows (SOCF): A report detailing cash inflows and outflows from operating, investing, and financing activities.
I also offer a wide range of financial reports to meet your business needs. Popular options include:
- Accounts Receivable Aging Report: Shows outstanding invoices, helping identify overdue accounts.
- Accounts Payable Aging Report: Details unpaid bills, aiding in vendor payment management.
- Profit and Loss by Class Report: Breaks down revenue and expenses by segments like departments or product lines.
- Budget vs. Actual Report: Compares actual performance against budgeted figures.
- Trial Balance: Lists all general ledger accounts and balances, ensuring that debits and credits are balanced.
- Sales by Customer Summary: Shows sales performance by customer, highlighting top customers and trends.
- Inventory Valuation Report: Provides details on inventory value for better management.
- Expense Report: Summarizes expenses over a period to aid in cost control.
- General Ledger Report: A detailed record of all transactions for comprehensive reviews and audits.
- Job Costing Report: Tracks costs and revenues by job or project, assessing profitability.
Additional custom reports can be tailored to suit your industry’s specific needs.
The frequency of your financial reports depends on your service package. I offer reports monthly, quarterly, or annually based on your preference and needs.
I provide cash flow analysis and forecasting to help you effectively manage cash flow. Here’s my approach:
- Accurate and Timely Invoicing: Automated invoicing ensures timely billing, reducing payment delays.
- Effective Expense Tracking: Monitoring and categorizing expenses accurately helps identify cost-saving opportunities.
- Cash Flow Forecasting: Forecasts predict future cash needs, aiding in strategic planning.
- Managing Accounts Receivable: Efficient processes help accelerate payment collection, including reminders and payment options.
- Optimizing Accounts Payable: Timely bill management helps maintain cash reserves and avoid late fees.
- Regular Financial Reporting: Ongoing reports keep you informed about your cash flow status, allowing timely adjustments.
Yes, I can assist with managing customer payments, a critical aspect of cash flow management:
- Invoicing: I ensure accurate, timely invoice creation, including setting up recurring invoices.
- Tracking Payments: I monitor accounts receivable, tracking paid and outstanding invoices.
- Payment Reminders: Automated reminders reduce overdue payments.
- Payment Processing: I integrate online payment solutions for easy, secure payments.
- Recording Payments: Payments are accurately recorded in QuickBooks Online.
- Dispute Resolution: I assist in resolving any payment disputes by providing accurate transaction records.
Late payments can disrupt your cash flow. Here’s how I manage this:
- Regular Monitoring: Continuous monitoring helps catch overdue bills early.
- Automated Reminders: Reminders are set up to alert you of upcoming due dates.
- Payment Schedules: I create schedules aligned with your cash flow for timely payments.
- Vendor Communication: I handle communication with vendors to negotiate terms or update them on payment status.
- Cash Flow Management: I ensure funds are available for timely bill payments through careful forecasting.
- Expense Tracking: I help identify and reduce unnecessary costs, freeing up cash for bills.
- Early Payment Discounts: I aim to take advantage of any early payment discounts offered by vendors.
I analyze your expenses to identify areas where you can reduce overhead costs and improve profitability:
- Identifying Overhead Costs: I review expenses and categorize them in QuickBooks Online.
- Regular Monitoring and Reporting: I track overhead expenses and generate detailed reports.
- Budgeting and Forecasting: I create budgets and forecast future overhead costs.
- Cost Control and Reduction: I analyze each cost category for reduction opportunities.
- Implementing Efficient Processes: I utilize automation tools to streamline processes.
- Periodic Reviews and Adjustments: I regularly review overhead costs and adjust budgets as needed.
- Providing Strategic Advice: I offer insights on decisions that impact overhead costs.
- Ensuring Compliance: I ensure all overhead expenses comply with regulations.
I manage expense reimbursements efficiently to ensure prompt and accurate payments:
- Submission Process: Employees submit receipts through my secure portal or email.
- Verification: I review each submission for policy compliance.
- Approval Workflow: I set up workflows for internal approvals.
- Recording: Approved expenses are accurately recorded.
- Reimbursement: Reimbursements are processed promptly through preferred payment methods.
Yes, I can manage multiple bank and credit card accounts, ensuring all transactions are accurately recorded and reconciled.
Missing receipts are common, and I can help manage this:
- Reconstruction: I use bank statements and invoices to reconstruct missing receipts.
- Expense Tracking Tools: I set up tools to digitize and store receipts, reducing future losses.
- Policies and Procedures: I help establish guidelines for proper receipt management.
- Audit Trail: I attach digital copies to transactions in QuickBooks Online for easy access.
- Proactive Measures: I implement reviews and reminders to minimize lost receipts.
Are You Ready To Discuss Outsourcing Your Bookkeeping?
We are here to help you as much or as little as you need
Call us today at (785) 289-4391 or schedule a free consultation below.
