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, saving you money and 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:

 

* Recording income and expenses into the correct categories to ensure accurate financial tracking.

* Ensuring your books balance against your bank statements for precise financial records.

* Tracking loans and splitting out the principal and interest payments from the schedule.

* Entering data from your payroll provider into the correct accounts for payroll accuracy.

* Preparing financial reports to give you clear insights into your business's profitability.

 

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 to a virtual bookkeeper is a cost-effective solution for business owners.

 

On-site bookkeepers require office space, furniture, equipment, benefits, employer-paid taxes, hiring costs and HR support, in addition to their annual salary of approximately $60,000+.  

 

If you chose to have an on-site bookkeeper, what happens when they leave the company?  Who fills in for them during the vacancy?  Who has enough technical knowledge to interview applicants?  Who trains the new bookkeeper?  Who does the quality control to ensure their work is done properly?

 

A virtual bookkeeper is paid as a consultant and is typically an investment of between $7,500 and $36,000 annually, depending on your business's size and the contracted services. Plus, bookkeeping services are still tax deductible.​

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What kind of clients do you work with?

Our firm focuses on serving responsive business owners in the trades and service-based industries who recognize and value the importance of managing their business finances effectively.

 

We are business owners also, so we can appreciate the diverse challenges you face daily. We can support you by adding value as your business advisor, strategic referral partner, and trusted confidant.

 

Examples of clients we have supported:  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, realtors, real estate firms land developers for whom we manage the loan payments for owner-financed properties.

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What accounting software do you use?

At Frugal Fox Bookkeeping, our preferred software is 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 an invaluable tool.

 

If you're currently using QBO software, we can transition your data by using your Trial Balance figures to create a fresh set of books in XERO.

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If you have absolutely no books at all and are behind, we've got you - we specialize in puzzles!!

 

How do I get my financial data to you?

We offer several methods for exchanging private documents with us. Our primary tools are Content Snare software and Google Drive.

 

Most banks provide "bank feeds" that allow your transactions to be automatically downloaded into your accounting software. Many banks also offer accountant logins which is restricted, read-only access, enabling us to directly obtain bank statements.

 

This will save you the time and hassle 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 monthly 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 require a discovery call, a diagnostic review and then utilize a proprietary pricing calculator to prepare a proposal for services.

 

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.   We've got you - we specialize in puzzles!!

 

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 and deserve to get your finances and life back on track. 

 

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

Yes. If the project deadline is approaching, we may need to shuffle our schedule and put in additional, contracted hours to ensure we meet your goals. Let's discuss this further.

 

What about confidentiality?

Discretion and integrity matter to us.  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?

Other than month-end requests from us, our preferred method of communication is email.  We respond to emails within two business days. For urgent matters, you can also reach us via text.

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