Frequently Asked Questions

How much do you charge?
Our prices are found under the Services tab.

Do I need an accountant?
In one word – YES! If you’re drowning in a sea of invoices, receipts, and cash flow statements that you can’t make heads or tails of, it might be time to call in professional help. An experienced accountant can help you organize your records, tighten up your budget, and make sure you’re staying on the right track financially. It’s beneficial to your business. With year-round bookkeeping, we can keep you on track financially and let you focus on what you do best.

I’ve received a notice from the IRS and my state agency, what do I do now?
No matter how complicated your relationship is with the IRS, we can help! Call us today at 847-322-0715.

Can you amend past tax returns?
YES! If you have made mistakes preparing your own returns in the past, make an appointment with us. We can help!

How do I know what expenses are tax deductible?
What is deductible can change in any given year. The IRS is constantly revising and updating the tax codes. That is just one of many reasons why retaining the services of an outside accounting for both regular accounting/payroll and taxes is a good idea. Your accountant will be up-to-date on what can and can’t be written off, and can help you maximize the potential benefit of your purchases and expenses when you’re filing your taxes. Generally, purchases and expenses deemed necessary can be treated as tax deductible.

How much record keeping is really necessary?
In business, you want to maintain an exact record of every cent you earn and spend. That includes maintaining careful records when it comes to employee payroll, accounts receivable, purchases, and other expenses. You will need all that information to determine how well your company is doing financially. You will also need receipts and bank statements to file your annual income taxes for your small business. That means a decent amount of record-keeping, which will only increase as your company grows over time.

Should I outsource my accounting to an outside professional?
In most cases, the answer to this question is “yes.” When you consider how many hours you or another member of your staff will spend on record keeping, accounting, payroll, and taxes, it can often be more cost-effective to hire an outside professional for accounting and tax needs. Additionally, a professional service offers greater peace of mind than doing it in-house and relying on your cursory understanding of accounting and some complex, overpriced accounting software for all your needs. If you’re looking for a professional bookkeeper, contact us today at 847-322-0715!

Aren’t I better off just hiring an in-house accountant opposed to outsourcing?

In-House Accounting
In order to calculate the cost of hiring a full-time accountant, there are four things to keep in mind: wages, benefits and taxes, overhead, and time and effort. Wages are the most straightforward costs, but they do vary, depending on where the business is located and whether you will need a controller-level accountant or a bookkeeper.

Benefits—including health insurance, vacation, payroll taxes and retirement—are commonly used to compare your company against another when a job seeker is deciding to take a job. Though it could be difficult for a small business to compete in this area, many companies use a straight percent applied against an employee’s wages ranging from 20%-30% as part of their compensation packages.

Overhead costs are comprised of equipment, office space, supplies, and other items needed for the employee to perform their job. All this, with the addition of the time and effort it takes to hire, train, and manage the accountant, ultimately amounts to a hefty sum. Say your new accountant has a $34,029 yearly salary. With all the extra costs, as mentioned above, that increases the amount your business is actually paying up to $82,372, according to our calculations.

(Wages + Benefits & Taxes + Overhead + Time & Effort = True Cost)

Outsourcing
When you decide to outsource, you will recognize that there are no hidden costs. The client simply pays a predetermined monthly fee depending on the decided plan. Here at Green Dollar Bookkeeping & Tax, for example, we can reconcile the accounts at the end of the month, do all of the accounting for your business.

In that, there is no need for the client to provide benefits, pay overhead costs, or devote the extra time and effort necessary to hire and manage a new employee.

While outsourcing may not be right for every business, it is worth noting there are clear, upfront costs that will not be altered by unforeseen variables. We will always discuss with you any need for additional work and the pricing for the work. We will always seek your approval before starting the new work.

If you do decide to outsource your business’ accounting, be prepared to experience long-term financial satisfaction, as well as have the upper hand amongst competitors.

If I am using Quickbooks, why do I need your services?

Quickbooks and other software packages are only tools for entering information. Our accountants and bookkeepers can help you interpret this information through financial reports and projections, monthly balance sheets and detailed general ledger, and consultation and tax advice throughout the year to ensure that measures are implemented to allow you to take advantage of changing tax laws, minimize your taxes, and become more profitable.

Will I have access to my Quickbooks file?

Yes, as a client you will have access to your file at all times by simply using the login credentials we create together! However, in order to prevent errors & omissions you will not be able to delete or void any transactions that have been entered and reconciled on your own, that’s what we’re here for. We will sit down together and discuss what permissions you’d like to have at all times. Nothing is kept or hidden from you ever.

In the event of an audit, what do I do?

First and foremost: call us at 847-322-0715. As your tax adviser, we will meet with you to plan the appropriate plan of action and gather necessary information to expedite the audit process

What things do I need to do to ensure that you better serve me and/or my company?

Keep us informed. Let us know when you are encountering any major financial changes or decisions. Provide us with timely information so that we are working with current data.