Frequently Asked Questions
Why do I need a bookkeeper?
The secret is you don’t. If your business doesn’t have many transactions in a month then having a bookkeeper may not be right…just yet. But where you need one or not is more than how many transactions you have. So ask yourself these questions:
- Am I spending so much time bookkeeping that it’s taking away your time from other activities, like you know… running my business?
- Am I having trouble keeping track of your income and expenses? Receipts are everywhere (or lost) and I’m really not sure what I am making…except for chaos and lost hope.
- Am I using this bookkeeping software correctly? I’ve spent countless hours watching videos and I still don’t know what the hell is going on.
- Am I losing sleep or stressing because the books are a mess or because I don’t know how much money your business is actually making
Basically, if you are worried about your books then you should reach out.
Do I need to keep my CPA if I have a bookkeeper?
ABSOLUTELY! Greyhound Bookkeeping doesn’t replace your CPA. We are both Financial partners you need to help you be successful. After all, even the Lone Ranger didn’t do it alone.
CPA’s help with tax planning, preparation, and advisement…all that fun stuff. If you don’t have a CPA then let me know, I’ll help you find one.
CPAs can also do bookkeeping, but the rates will usually be higher than if you hire, IDK…say Greyhound Bookkeeping.
Having a bookkeeper makes sure your finances are in order and that your financial reports are accurate. This can help lower your tax preparation costs.
When is the right time to hire a bookkeeper?
If you are asking that, then Now is the right time. If you are saying to yourself, “Dang, I could use the help but I think I’ll wait until the end of the year.” then start saving money because that’s a more costly decision. Clean-up & Catch-ups are costly.
Why should I hire a Virtual Bookkeeper vs someone in house or hire someone?
Well…the answer is really about what your business needs are. But as far as Virtual Bookkeeping is concerned:
- Thanks to the power of the internet and the cloud, nearly everything can be done remotely. Just as many full-time jobs can be done remotely, so can this. We’d still meet on the phone, or through Google Meets. But I do the work in my home office with a Greyhound nearby.
- Cost Savings. Virtual Bookkeeper is less than one that comes into your office (you usually have to pay for their extra time and costs to travel) and much less than bringing on a part time person. For many small businesses, monthly bookkeeping only takes 5-10 hours a month. It would be hard to hire a new employee to handle only that task, you’d likely need other work for them to do.
Why should I hire Greyhound Bookkeeping?
This is a great question and I’m glad you asked it. Cost, Value, Partnership.
- Cost – Greyhound Bookkeeping is a one man show, no overhead, so the costs are lower vs using an accounting company or a CPA firm to handle your monthly bookkeeping. And while there is nothing wrong with a DIY approach, it could be costing you in other areas, such as growth, tax savings, hair.
- Value & Partnership really go together. Bookkeeping can be seen as transactional only, and for many that’s great and it works. Each business has their own goals and challenges, and the Greyhound approach is to help you understand your financial story. Your books help tell the story of your business, and we help you better understand the WHY behind that narrative.
I seem to be handling things well by myself, so when would I need a bookkeeper?
Excellent! DIY bookkeeping is a great way to start off because you may not need a bookkeeper yet. But one day as you grow you might, and when that happens, let me know. Some signs and symptoms of needing a bookkeeping partner include:
- forgetfulness (where are those receipts and transactions)
- sleep loss (not sure where the money is going to or coming from)
- avoiding looking at the books (using your bank balance to run your finances)
- Not spending time growing your business because you are watching YouTube videos on how to work Quickbooks
- You’ve NEVER reconciled
If you aren’t there yet then great! Until then, feel free to reach out anyway. I love meeting cool people doing cool things.
Do you offer Tax or Payroll Services?
No, we do not offer tax or payroll services directly. However, we can make recommendations to trusted partners who specialize in these areas to ensure you receive expert support tailored to your needs.
What Is Bookkeeping, and Why Is It Important for My Business?
Bookkeeping involves recording, organizing, and managing financial transactions for a business. It is crucial because it provides accurate financial information, enabling informed business decisions, ensuring compliance with tax laws, and facilitating effective financial planning and analysis.
What Software Do You Use for Bookkeeping?
Greyhound Bookkeeping primarily uses QuickBooks, a leading accounting software for small to medium-sized businesses and is a certified QB Advanced ProAdvisor. QuickBooks allows for efficient management of financial transactions, invoicing, payroll, and reporting.
How Does Virtual Bookkeeping Work?
Virtual bookkeeping allows us to manage your financial records remotely using cloud-based accounting software. This approach offers flexibility, efficiency, and cost savings. Communication and document sharing are facilitated through secure online platforms, ensuring timely and effective collaboration.
Can You Help Me Catch Up on My Bookkeeping?
Yes, we offer catch-up bookkeeping services for businesses that have fallen behind on their financial recordkeeping. We’ll work with you to organize your past transactions, update your books, and establish a routine to keep your financial records current and accurate.
How Can I Get Started with Greyhound Bookkeeping?
Getting started is simple. Fill out our online intake form or contact us directly to schedule a free initial consultation. During this meeting, we’ll discuss your business needs, how we can help, and outline the next steps for setting up our bookkeeping services.
Have any more questions? Email Joel at joel@greyhoundbkg.com or fill out our Intake Form to start the conversation.