FAQ's

Full-Service Bookkeeping includes two phases: cleanup and ongoing bookkeeping

• In the cleanup/setup phase, your bookkeeper helps you set up your chart of accounts, connects your banks, and teaches you the basics of Tax Small Biz. If you have information in Tax Small Biz already, your bookkeeper will help clean it up in the first month of service.
• As part of ongoing bookkeeping, your bookkeeper categorizes your transactions and reconciles your accounts each month.
• Your bookkeeper can close your books and prepare a trial balance. They can also send PDF copies of key financial reports including your profit and loss statement and balance sheet.

Full-Service Bookkeeping doesn’t include sending invoices, paying bills, or management of inventory, accounts receivable, or accounts payable. The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll. Tax Small Biz Online offers Full Service Payroll and services mentioned as an Add-on.

There’s no set amount of time you get per month. Communications that are available any time include document sharing and e-mails.

To support your bookkeeper’s work, you’ll be responsible for managing your business and providing information to your bookkeeper when they need it. Managing your business includes sending invoices, paying bills, and management of inventory, accounts receivable, and accounts payable. Examples of information you’re responsible for providing include account information to connect bank accounts to Tax Small Biz Online, information about any unlinked banked accounts that need to be managed, transaction detail when requested, financial records (i.e. account statements), and descriptions of any established capitalization or accounting policies for the business.