Frequently  Asked Questions

Do I need a bookkeeper?  I already have a tax preparer.

Bookkeepers work closely with you on the financial aspects of your business. We record, classify, and reconcile your transactions, delivering current financial reports that show how your business is doing, helping you make informed decisions.

 

At the end of the fiscal year, we'll provide a complete set of financial reports for you and your tax preparer. Well-organized books make things easier for your CPA, letting them concentrate on tax strategies and timely tax preparation.

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What is a virtual bookkeeper?

Virtual bookkeepers work remotely, using technology and the internet to perform tasks such as:

 

* Expense coding

* Reconciliation

* Accounts payable

* Accounts receivable

* Payroll coordination

* Financial reporting

 

Since virtual bookkeeping isn't location-dependent, services can be offered to clients across the United States, or even worldwide.

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Why hire a virtual bookkeeper?

Outsourcing your bookkeeping is a cost-effective solution for business owners.  On-site bookkeepers require office space, furniture, a computer, benefits, employer-paid taxes, and HR support, in addition to their annual salary of $60,000+. A virtual bookkeeper is paid as a consultant and typically costs between $6,000 and $36,000 annually, depending on your business's size and the contracted services. Plus, bookkeeping services are tax deductible.​

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What kind of clients do you work with?

Our firm focuses on serving seasoned, responsive, service-based professionals who recognize the importance of managing their businesses effectively. Having been in your position, we appreciate the diverse challenges you face daily. This is where we bring significant value as your business advisor, strategic referral partner, and trusted confidant.

 

Here are some examples of the clients we support: realtors, real estate firms, independent financial advisors, photographers, business coaches, marketing professionals, pet sitting/walking services, dog breeders, book brokers, massage therapists, home improvement contractors, ceramic tile installers, HVAC contractors, crawl space waterproofing contractors, helicopter mechanics, commercial foundation contractors, and land developers for whom we manage owner-financed properties.

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What accounting software do you use?

At Frugal Fox Bookkeeping, we exclusively use XERO cloud-based accounting software for our clients. Its user-friendly features are especially beneficial for small business owners, and we believe you'll find it invaluable too.

 

Even if you're currently using a different accounting software, we can easily transition your data. We'll use your Trial Balance figures to create a fresh set of books in XERO.

 

How do I get my financial data to you?

We offer several secure methods for exchanging private documents with us. Our primary tool is a software called Content Snare.

 

Additionally, many banks provide "bank feeds" that allow your transactions to be automatically downloaded into your accounting software. Some banks also offer accountant logins with restricted access, enabling us to directly obtain bank statements. This saves you the trouble of interrupting your workflow to retrieve statements and helps us maintain our schedule efficiently.

 

How much do you charge for your services?

Monthly bookkeeping pricing is tailored to your specific needs and the complexity of your business's financial activities. Key factors influencing the cost include the size of your business, the number of bank and credit card accounts requiring reconciliation, the management of loans and amortization schedules, maintenance of payroll records, the number of partners in the firm, the volume of transactions across all accounts, and the frequency of financial reporting required.

 

To accurately assess these factors and create a bookkeeping plan unique to your business, we utilize a proprietary pricing calculator.

 

For historical catch-up or clean-up work, pricing is determined based on the complexity of the project and the number of months or years of records involved.

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My books are behind and a mess - can you help me catch up?

No matter the size of your financial disarray, we've likely encountered and resolved more complex situations. Our expertise lies in organizing and reconciling financial transactions, even when months or years of records are outstanding.  Don't let embarrassment prevent you from seeking the assistance you need.

 

Taxes are coming due soon - can you help me get ready?

Yes. If the project deadline is approaching, we may need to put in some extra hours to ensure we meet your goals. Let's discuss it further.

 

What about confidentiality?

Your company's financial information is private, and we assure you that it will be handled with the highest degree of care and respect.

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How do I reach you when I have questions?

We respond to emails within two business days, as this is our preferred method of communication. You can also reach us via text or phone for urgent matters.

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