Question 1

Are bookkeeping and accounting different?

Accepted Answer

Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions. Accounting is the interpretation and presentation of that financial data, including  aspects such as preparation for tax returns, auditing and analyzing performance.

Question 2

How does a virtual bookkeeping service operate?

Accepted Answer

A virtual bookkeeper provides bookkeeping services remotely, where you can share your financial information with them through various means such as online, cloud-hosted platforms, or locally on your computer. Depending on your preferred schedule for bookkeeping updates, we can offer daily, weekly, bi-monthly, monthly, quarterly, or annual services. The day before our scheduled update, you must submit all relevant documents related to bookkeeping, bills, and checks written.

Question 3

I have neglected my bookkeeping. Can you catch up and set up?

Accepted Answer

Certainly! It's common for business owners to fall behind on their bookkeeping, even if they have been doing it themselves or have hired other help. As a new client, we conduct a comprehensive audit of your books and provide you with a report outlining the updates and cleanup required, if any, along with a quote and timeline. As we start working together, we will customize your chart of accounts and financial reports to suit your business's unique needs. We can also suggest upgrades to your systems and processes that integrate with our cloud-based approach.

Question 4

Can you prepare my taxes for me?

Accepted Answer

No, we cannot prepare your taxes. It is recommended that a separate accountant, who specializes in tax preparation, handles this task. By doing so, you will benefit from the unique expertise of each professional and avoid overpaying for bookkeeping services.

Question 5

What software do you use to manage bookkeeping?

Accepted Answer

At My Better Books, we work primarily with QuickBooks Pro software, including QuickBooks Online and QuickBooks Desktop. We provide training and ongoing support to our clients using QuickBooks.

Question 6

What is the retention period for a company's accounting books
and records?

Accepted Answer

The duration for which a company is required to retain its accounting books and records varies depending on the country where the business is registered. It usually ranges from 6 to 10 years.

Question 7

I am located in _______. Can you still manage my books

Accepted Answer

Absolutely! We work remotely with all our clients and can communicate with you over phone or video calls. Regardless of where you are, as long as you have internet access, we can keep your books updated.

Question 8

Will I still have control over my business if I outsource my
bookkeeping?

Accepted Answer

Yes, you will retain complete control over your business. A bookkeeper assists you by managing the financial details of your operation, allowing you to concentrate on expanding your business. All business decisions remain your responsibility.

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