Frequently asked questions
Answers to any question you may have
What does my bookkeeper do?
Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements. They also make adjustments to your books to ensure they’re tax-compliant. Occasionally your bookkeeper might need your input on things like categorizing a transaction properly, but we try our best to make bookkeeping as hands-off as possible for you.
You can also book a call with your bookkeeper (or send them a message) whenever you’d like. There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements.
I’m behind on my bookkeeping and taxes. Can you get me caught up?
Yep! You can add any amount of Catch Up bookkeeping to a standard plan. No matter how far behind you are (yes, even years behind), we can get you caught up quickly.
If you’re several years behind on your bookkeeping and taxes, you can get caught up and filed with Catch Up Bookkeeping.
What software do you use to do my bookkeeping?
We work with QuickBooks Online because:
– Live in the cloud. You can access your reports and data from wherever you are.
– Essential features. QuickBooks Online is equipped with key features to simplify and manage your bookkeeping and grow your business. They will keep you tax-ready all year long.
– You own the software. If you ever decide to leave, you can take your data with you! Your new financial partner can pick up right where we left off
How do you manage my payroll?
We partner with Gusto for payroll services and offer our clients 15% discount plus two months free.
How do I manage my 1099 contractors?
Generally speaking, you must send out a Form 1099-MISC to all contractors, including Partnerships and LLC’s you’ve hired and paid more than $600 during the year. We recommend using Gusto for payroll services, which includes features for issuing and filing 1099s.
What is cash basis accounting?
The cash basis accounting method recognizes revenues at the time the cash is received and recognizes expenses at the time they are paid. This method does not recognize accounts receivable or accounts payable.
What is modified accrual accounting?
Modified accrual accounting is an alternative bookkeeping method that combines accrual basis accounting with cash basis accounting. Modified Accrual Accounting includes loans payable, month-end inventory adjustments, and reports include AR and AP if you utilize invoice and billing in Quickbooks Online. Invoicing and billing is managed by the customer. Modified Accrual Accounting does not include deferred revenue, prepaid expenses, prepaid insurance, and other accruals. A year-end entry for depreciation and amortization is made if Pinnacle Financial Services, files the company’s tax return.
Do you offer personal tax returns?
Personal tax returns are offered and can be added on to any package for a fee. Speak to your Pinnacle Financial Services team to discuss your options.
How often will I speak with my bookkeeper?
Your bookkeeper is available by phone, email, or text to answer any questions you may have. You are welcome to reach out to them whenever you need them. Your bookkeeper will be in touch with you if they need any clarification on transactions.
Can we have monthly calls to go over financials?
Absolutely. You can schedule an appointment with your dedicated bookkeeper at your convenience.
Can I cancel at anytime?
There are no annual contracts. You can cancel with a 30-day notice. For full terms and conditions, please visit this page.
