Bookkeeping: Frequently Asked Questions

Do I need a bookkeeper if I have an accountant? What’s the difference between the two?

    • If you’re asking the question, you might need both. A Bookkeeper works with details inside the books of a company. An Accountant looks at the bigger picture and goes behind the bookkeeper doing a verification that the line item amounts on the financial statements look reasonable. An Accountant at Fix-It Accounting is also responsible for tax planning, tax return preparation and business consulting.

Shouldn’t my bookkeeper be local?

    • With the technology available in the 21st Century, a bookkeeper can work from anywhere. FIA has the right software and other features in place to ensure that our remote clients get the highest quality service.

What accounting software do you support?

    • We support all Quickbooks products, Xero and many different Point of Sale software products that interface with the accounting software. We have QuickBooks ProAdvisors on staff.

Do you handle sales tax?

    • Yes, we can sign you up with the Department of Revenue and prepare and file your sales tax returns.

Who will be doing my books?

    • At FIA, we assign each monthly or quarterly service client a dedicated Account Manager who oversees the bookkeeping, payroll and sales tax activities. This person is your point of contact for any bookkeeping related issues. They can also direct you to the correct staff member to help you with any other questions that may arise such as tax or business matters.

Do you do payroll?

    • Yes, we do payroll. We utilize SurePayroll, which is a Paychex product specifically for Accountants.

Do I need to clean up my books before I hand them over to FIA?

    • No. We do need a certain amount of information to get started, such as bank and credit card statements and your QuickBooks file, if there is one. After we see what we have and what is missing, we will send you a specific list of requested items and suggestions as to how to obtain them. It is then up to you to secure the information and submit it all at once.

What types of businesses does FIA serve?

    • FIA serves clients in many different types of industries. Here is a list that is not all inclusive. If your industry isn’t on this list, please call us to inquire.
      • Software
      • Medical
      • Beauty
      • Construction
      • Real Estate Rental
      • Real Estate Sales
      • Advertising
      • Non-Profit
      • Law
      • Counseling
      • Recycling

How do we send information to your office?

    • For your convenience, there are several ways out clients submit information:
      • Through our client portal
      • Office drop off
      • Email
      • Snail mail

When should I hire a staff Bookkeeper?

    • FIA can manage nearly every aspect of your bookkeeping. It’s best to wait as long as possible. Getting into employee management and training is costly. However, we work with many companies that have an in-house bookkeeper and can help you decide when the time is right for you.

What types of records do I need to keep? How long do I keep them for?

  • There is no short answer to this question. You should keep tax returns at least 3 years (That is the General Rule), but the answer depends on the type of document and the type of transactions you have been engaged in. 
    • The IRS can go back 6 years if a return omits more than 25% of income. If fraud is proven, there is no limit.
    • If you own Real Estate, hold on to the records that establish the basis of the property. Retain the files until at least at least three years after you dispose of the property.  Same goes for Sales of Securities (mutual funds, stocks and the like).
    • Businesses should keep payroll tax records for a minimum of 4 years after the due date for the employees to file their income tax returns. This means W-4’s forms, payroll returns and amounts and dates of tax deposits.
    • Businesses should keep copies of worker health coverage forms at least 3 years after the deadline for filing.
    • Records on costs of assets, depreciation, etc. should be retained for decades.

What will I receive at the end of the period or project?

    • FIA provides beautiful financial reports along with organized statements and receipts that you can retain for your records. We will also teach you how to read the reports.

How are your services billed? Flat Fee or Hourly? Do you have a contract?

    • For regular service clients, we bill a flat monthly fee.
    • Project work is billed at an hourly rate.
    • Tax returns are billed by the form and schedule included with the return.

Can you work at my office?

    • No, we do not provide onsite service. All work is completed in our offices.

Does FIA provide my business with IRS Audit protection?

    • Audit protection is an available service. It is billed separately.