Frequently Asked Questions about Bookkeeping Services in Houston.
At Bookkeepers of Houston we work hard every single day to serve our clients. Servicing and expediting their financial control is our main mission. We have answers and specific clear solutions for every client. Once you know us, you will find out why most of our clients stay with Bookkeepers of Houston long term. In the meantime, you may have questions and perhaps we can answer them right here, right now! Have more questions? Call at (281) 493-2223 at your convenience, we are ready for any bookkeeping challenge.
What does a bookkeeper do? A bookkeeping service records financial transactions. Bookkeepers are trained to reconcile bank and credit card statements with QuickBooks (Intuit). Bookkeepers enter income and expenses, to the best of their ability, into the proper category to achieve the most accurate reports. The bookkeeper service needs to convey that important financial information to the client. That allows the client to make better informed business decisions and converse with their CPA, CFA, lawyer, bank official, partners and associates with more confidence.
What is accounts receivables? Accounts Receivables (A/R) are an open invoices for work performed. It is very important to keep track of open Accounts Receivables. You want to make sure you receive payment for all the work performed. Pulling an accounts receivable report allows you to do just that!
What is accounts payable? Accounts payable are what you owe. These are loans or bills that you purchased and still need to pay. Accounts payable can also be contract workers or another company that worked for you and need to pay.
What is a chart of accounts? In the bookkeeping world, the chart of accounts are the backbone to your Quick-Books company file. How the chart of accounts are set up will reflect how your reports will look. It is crucial for them to be set up correctly. Don’t worry, if you do have a problem with them give us a call (281) 492-2223 and we can help you fix them!
What are the best reports to review my company’s progress? Profit and Loss (what you really want to see) is a report that reviews how much you earned and how much you spent over the course of a year, a quarter, and a month. A balance sheet report views the assets, liabilities, and net worth of your company at any point in time. A Previous Year Comparison shows your company’s your financial differences from this current year compare to last year.
CPA or Bookkeeper? A CPA is a Certified Public Accountant. A Bookkeeper is a profession that records financial transactions. A CPA (Certified Public Accountant) is great to have to help with Federal Taxes. A bookkeeper is great to help with the day to day data entry, answer questions about where your company could go. Both are nice to have!
What is the difference between contract worker and employee? A contract worker or self-employee is a person that a company hires for a certain amount of time to complete a task. The company pays them and the person moves on to another job. A contractor would fill out a W-9 with the company. An employee is someone who works for your company on a set time and a set wage. An employee would fill out a W-4.
What is a W-2? A W-2 form (Wage and Tax Statement) is a form that is required for an employer to send to employee and to the IRS. The W-2 form reports the employee’s annual earnings and tax witholdings from their wages, tips, and federal income tax withheld.
What is a W-4? A W-4 (Employee’s Withholding Allowance Certificate) is a form that the employee completes and gives back to the employer. This information details deductions, social, address… are then entered into payroll.
What is a W-9? A W-9 (Request for Taxpayer Identification Number and Certification) is a form that an independent contractor must complete before you pay them for services performed. The information on this form are: Name of company, address, social security number or EIN.
What is a 941? The 941 Form is a quarterly payroll information report. The payroll liabilities remitted to the I.R.S. must match this report. It’s essential to keep up with this report and all payroll records.
What is a 1099? The 1099 form is reported at the end of the year. All contractors, except for “S” and “C” corps, are given this if they receive $600 or more compensation from your company. This initial information was gathered from the W-9 mentioned above. A copy, along with the 1096 transmittal, must be sent to the I.R.S., a copy is sent to the contractor and the company must keep a copy.
What are estimated 1040 payments? An estimated 1040 are prepayments to your federal taxes, to the IRS. They could be paid once a month, quarterly, bi-yearly, or before Tax Day. (April 15th)
What does EFTPS do? (The Electronic Federal Tax Payment System) EFTPS allows taxpayers to make tax payments either by telephone or online. This system is accessible 24 hours a day. It can be utilized by corporations or individuals seeking to make payments on personal income taxes.
Can you set up my QuickBooks file and train me to use myself? Of course, we would love to help you set up your Quick Books file. We sit down with you and name the accounts how it makes sense to you and your company. We tailor the chart of accounts just for you. Then we go step by step in training so you feel confident to do the day by day work on your file. But, we always let you know that we are only one phone call away if you run into trouble. Call (281) 493-2223 and ask for Whitney, Ethan or Theresa. All Certified Bookkeepers.
Can you review my QuickBooks file for errors? Yes, we provide many bookkeeping services and reviews of Quick~Books accounts is one of them performed daily, quarterly, twice or even once a year. We will even look over your books if we feel that something is wrong with them and you don’t see it.
Do you do federal taxes? No, we do not do federal taxes. We can review the Quick Books file and prepare reports to hand over to your CPA. When dealing with taxes it is always good to have additional professionals look over it.
Can you just do quarterly updates and reviews? Yes, Quarterly Reports and reviews are one of many bookkeeping services that we do.
Do you outsource the bookkeeping work? No, we don’t outsource we keep everything in house.
Are you QuickBooks (Intuit) certified? Yes! We are certified in QuickBooks Online and QuickBooks Desktop. We keep up with the current versions, and we also have older versions of QuickBooks available if you are already using a non current QuickBooks version. Call us if in doubt as to what version you should use for your specific operations. (281) 493-2223.
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