Compass Accounting & Bookkeeping

F.A.Q

Frequently asked questions about accounting and bookkeeping. 

You will find a variety of frequently asked questions below regarding accounting and booking. If you don’t find the answer to your question(s), please email us or contact us at your earliest convenience.

Accounting services provided on a monthly basis offer more value than only on an annual service or less frequent methods. If Compass Accounting & Bookkeeping only sees your financials annually, it’s too late to provide advice that would’ve helped to make that year more lucrative and possibly lower your tax liability for a year that is already over.

We provide consulting and business advice throughout the year. Our proactive approach allows you to see trends earlier, and spot any issues before they become larger problems. Monthly financial statements are a tool to stay on top of your business, which allows you to focus on growing your profits.

We primarily use two systems: Creative Solutions Accounting and Quickbooks. That being said, we will work with other systems depending on your preferences and needs.

Our monthly accounting process starts with receiving your source documents. Our staff compiles the information and reports back to you with a profit and loss statement, balance sheet, and general ledger. These monthly financial reports are presented in digital or hard copy form and become the foundation for our monthly conversations.

Pricing for our monthly accounting services varies by your company’s needs. Our pricing is not based on the size of your company, rather our pricing model is based on your company’s accounting activity and the complexity of your financial statements. We will work with you to arrive at an affordable, fixed monthly fee.

Some items included in your profit/loss sheet categories are: revenue, cost of goods sold, cost of labor, and operating expenses. We will provide you with a step-by-step information sheet.

YES! Our servers (including email) use the latest security & encryption services. Client files are always discreet and confidential.

Accountants and bookkeepers perform distinctly different tasks for the businesses they serve. (We do both!) Bookkeepers are responsible for on-going maintenance of their clients’ general ledgers. A bookkeeper’s common responsibilities consist of:

  • Compiling data on a daily basis

  • Categorizing expenses in the general ledger

  • Reviewing the general ledger for accuracy

  • Reconciling bank statements against the general ledger

  • Generating financial statements

Accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:

  • Analyzing the company’s financial data

  • Preparing income tax returns

  • Providing tax planning advice

No, we’ll include clean up for you as part of our work estimate. Your CAB team of financial specialists will setup your industry-specific general ledger that best fits your needs. 

YES! The CAB Team specializes in accounting and bookkeeping services for multi-unit businesses and franchises. We can manage the books for each individual location and give you insight into your business’ overall financial performance.

YES! We love organizing and cleaning up our client’s books! 

The CAB Team sets up and trains clients on Quickbooks Pro, allowing the owner/staff to maintain the accounting themselves in the software. We recommend that we “check-in” on your Quickbooks file to make sure things are being entered consistently and accurately so there are no surprises at the end of the year. This service offered on-site and off-site.

Start by calling us! We can organize your records, set you up on Quickbooks Pro and get your accounting up and running. Do not be ashamed of paperwork. We love paper!

Most small and medium size business owners do not have the knowledge, time or ability to effectively perform their bookkeeping duties. Outsourcing a bookkeeper will provide you with the time required to focus on your businesses operations.

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Tax Deadline Extended to July 15 2020!

Let us help you with your tax preparation for the year 2019-2020. The government has set aside pandemic stimulus money and extended the tax filing deadline! Call us today for a free consultation at toll-free 1-800-525-5915.

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