Bookkeeping FAQ’s

Why do I need a Bookkeeper?

Correctly and efficiently managing your business finances ensures successful growth and longevity.

Where are you located?

While the MM Accounting and CFO Solutions are headquartered on Long Island, we proudly serve the five boroughs of New York, as well as Suffolk and Nassau Counties. Located outside of these areas? Not to worry – our virtual CFO and Bookkeeping Services guarantee that your business will have an experienced and trustworthy team at your disposal, no matter your location.

What are your specialties?

We specialize in custom bookkeeping services, both onsite and remote in all areas, including business accounting, financial auditing, real estate and medical accounting and much more.

What Services can you provide?

  • Salary and Payroll Taxes
  • Financial Systems and Setup
  • Employee Benefits and PTO
  • Unemployment Costs
  • Recruiting/Hiring and Training Costs
  • Staff Overhead, including Rent, Supplies and Furnishings

What is the difference between a bookkeeper and an accountant?

Both bookkeepers and accountants are on-hand to keep track of your company income. Bookkeeping involves daily record maintenance, including the payment and receipt of bulls, managing sales and receiving customer payments, as well as payroll processing. Accounting is essentially an extension of bookkeeping. Accountants review bookkeeping, complete reconciliation of banking and credit cards, complete payroll, sales and property tax returns and compile quarterly financial reports to summarize all collected data. Want to know more about bookkeepers vs. accountants? Check out our post that highlights the additional differences.

I’m concerned with overall cost of hiring a bookkeeper…Can’t I just have an employee do it?

It’s not uncommon for potential clients to express their concerns over bookkeeping costs. What it comes down to is time and expertise. Balancing bookkeeping demands on top of the regular responsibilities of owning a business are incredibly time consuming. Understanding and managing tax law, employee classification and payroll procedures require training and experience. Don’t let a flawed accounting system be enough to seriously hurt or even bankrupt a company. Outsourcing your bookkeeping needs provides you with time to focus on business operations, and working with a qualified bookkeeping service guarantees pristine records and hassle-free tax seasons.

I have a bookkeeping app…Can’t I just use that?

While there are countless software programs available to be your own bookkeeper, these apps are very rigid in their capabilities. There are situations that do not simply fit inside a designated category, and in those cases you will need the guidance and expertise of a bookkeeping professional.

What kind of software do you work with?

Our team works with Sage, QuickBooks and zero software programming, as well as a multitude of specialized software programming and applications for our clients needs.

How long do I need a bookkeeper?

Bookkeeping and accounting are ongoing and integral parts of your business. Whether you are just starting a business or you’re feeling overwhelmed by the current state of your records, having a professional and designated bookkeeping professional on-hand to guide and advise you is imperative. Our goal is to provide you and your company with the tools you need to succeed.

I haven’t kept my business and personal expenses separate… is that bad?

We’ve seen this more times than we can count; sometimes small business owners need to borrow from Peter to pay Paul or they have one designated pile of saved receipts. While we understand that sometimes the books can get away from you, in the end you could be setting yourself up for a sticky IRS situation come tax-season. Working with a professional to handle your books will ensure that all of your finances are in order, should you need to provide records for an audit, and will help you determine how to expense and save receipts for all of your daily business transactions.

The process seems daunting…what do I do first?

Your first step is to contact MM Accounting and CFO Solutions. Our team of educated and trustworthy professionals are ready to walk you through every step of the process to establish an efficient financial system with a maintenance plan built for durability. Once your customized system is created for your business, the Margo’s staff will manage and provide detailed reports for your review.

OUR GUARANTEE

Your location will be bedbug free for 90 days guaranteed or we will find out why, fix it, and redo the treatment.