Frequently asked questions
What is Bookkeeping?
It is the process of recording daily financial transactions, such as income, expenses, and invoices, to maintain accurate financial records.
Why do I need a bookkeeper?
We ensure accurate financial records, aid in compliance with tax regulations, and provide real-time data for business decisions.
What are the main duties of a bookkeeper?
Our key duties include bank reconciliations, accounts payable/receivable, payroll processing, and managing expense reports.
What accounting software or application do you use?
We work with QuickBooks, Xero, or Sage—whichever platform best fits your business needs and preferences. Our goal is to use the system that integrates seamlessly with your operations and supports your individual business goals.
Do I have to keep receipts for everything?
Yes. Detailed records of all income and spending, including receipts, invoices, and bank statements, are necessary for tax compliance and to support your financial reports.
How often should my books be updated?
Ideally, daily or weekly to ensure you have a real-time picture of your financial health, rather than waiting until the end of the year.
What are the main financial reports I should review?
The two most crucial reports are the Profit & Loss (Income Statement), which shows profitability over time, and the Balance Sheet, which provides a snapshot of assets, liabilities, and equity.
Do I still need an accountant if I have a bookkeeper?
Yes. A bookkeeper prepares your records, but an accountant is needed for year-end tax planning and filing.