Professional Bookkeeping Service and Financial Coaching Questions

FAQS

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Frequently Asked Questions

  • What are your business hours?

    Our typical office hours are Monday to Friday 9 a.m. to 5 p.m. We are closed on all major holidays.

  • What if my previous bookkeeper made mistakes?

     No need to stress out – let's take control of the situation and fix it ASAP with our Professional Bookkeeping Services

    Whether you or your team made mistakes (hey, it happens!), we're here to lend a hand. 

    We'll go through your files with a fine-tooth comb to ensure everything is reported accurately. If we do find any errors, we'll work with you to create a plan to clean things up and get your CPA the correct information. 

    Let's get you back on track!

  • Do you work with any size business?

    At Allied Numbers, we don't discriminate based on size - we're all about finding the perfect match for your bookkeeping needs! Whether your business is booming and you need to fine tune the revenue, you're just starting out and looking for monthly or quarterly check-ins or just a payroll bookkeeper, we've got you covered. 

     Wondering if we do bookkeeping for construction companies?  Yes, we do that too! Even if you've got a team in-house handling transactions, we can lend a hand with balancing the books and whipping up those crucial financial reports. Whatever your situation, we're here to help!

  • What if my books are a real mess?

    We understand managing your business finances can be a daunting task, and we want you to know that we're here to help. We know not everyone comes to us with perfect books, and that's okay. In fact, we welcome the challenge of working with businesses with messy books. 

    We believe every business deserves a chance to succeed, and we're committed to helping you achieve your goals with quality bookkeeeping. If we can't help you, we'll be honest and upfront about it, but we're confident we can provide the support and guidance you need to thrive. 

    So don't be afraid to reach out to us - we're here to support you every step of the way.

  • Do you only work with certain industries?

    Nope! Why limit ourselves when we thrive on the diversity of working across various industries? 

    While our main experience is construction and the trades,  we have additional experience working with other industries as well, so we're equipped to handle any challenge that comes our way. 

    If we're not the best fit for you and your business, we'll tell you up-front.  We have assembled an A-Team of professional referral partners so you can get the best service for you!

  • Are payments to credit cards for business expenses deductible?

    The credit card is used for business expenses so it makes sense to put the payment on your business books, right?  

    It does! 

    HOWEVER, it's the indivdual purchases that are deductible and need to go on the books not just the payment.  That's why it's important to connect your business credit card account to your business QuickBooks file.  

    Make sure every transaction gets entered into the right category.  Then when you make a payment to the credit card, post that as a credit card payment.  

    If you ONLY record the payments, not the charges, you may miss out on a LOT of deductible expenses - especially if you're making minimum payments!  

    Missing out on expenses means an overstated income which means paying more in taxes.  No one wants that!  Our Professional Bookkeeping Services can manage your credit card / QuickBook entries.

  • What accounts should I connect to my QuickBooks Online account?

    You should connect them all: checking, savings, credit cards, loans, line of credit, Stripe, PayPal, etc.!  If you use it for business and it connects, do it.

    But WAIT, there's a catch!  Make sure to set it up correctly.  Don't hesitate to ask for help if you're lost.  Allied Numbers can help you navigate through the fog. 

    Getting these accounts connected and set up the right way can save you a load of time because all those transactions will load up automatically, and you need to make sure to get them in the right spots.  

    If you don't connect them, you'll either miss out on a lot of financial information OR have a lot of things to enter by hand.  

    If they're connected and set up the wrong way, it can be a nightmare to unravel!  C

    all us about our Professional Bookkeeping Service at (309) 222-8386.

  • What's the difference between a Profit & Loss Report and an Income Statement ?

    So the accountant has asked you for an Income Statement but you can't find it in QuickBooks.  You can only find a Profit & Loss Report.  What do you do?

    Answer:  They are the SAME thing! These reports show you the summary of your sales, costs, expenses and your Net Income (which can be a profit or a loss).  Revenue - costs - expenses = net income

    Why do they want to see it?  It is an easy way for them to see how well (or not well) your business is doing financially. (In other words, are you making money or losing money?)

    Before handing over income statements, make sure you run the reports for the correct time period.  Then look at each line and ask yourself if it makes sense.  

    If you look at this in  QuickBooks, you can click on each number to see what went in that category. 

    If something looks weird, dig into it and correct it before turning it in.  They often want to see the Balance Sheet at the same time so save yourself some trouble and run that too!

    Our quality bookkeeping services can help you pull the right reports, at the right time.

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