iBalanced Bookkeeping

Frequently Asked Questions

What is the difference between an accountant and a bookkeeper?

Bookkeepers properly record and categorize expenses, deposits, payroll entries, loans, equity transactions, bills to be paid, customer invoices, send statements to your customers, reconcile bank, credit card, and loan accounts, and then prepare the monthly financial reports.

Accountants perform income tax preparation, audits, reviews, compilations, or forensic accounting.

Do I really need an accountant and a bookkeeper?

A bookkeeper handles the day-to-day record keeping, which is much cheaper than having a CPA do it. Also, bookkeepers are more responsive than a CPA firm. So a bookkeeper is typically going to be in the day-to-day action, responding to emails and calls and serving their clients. CPA firms have kind of a bad reputation of not being super responsive to clients, and sometimes taking weeks to respond to an email.

It’s also good to have two separate sets of eyes on your books looking at things from different perspectives.

How does a bookkeeper benefit a business?

Bookkeepers keep your financial data from day to day operates clear, accurate and up-to-date. You will be able to regain valuable time you need to focus on your business and make confident decisions backed by solid information to help your business grow stronger.

Are taxes included in bookkeeping services?

Taxes are not included in the bookkeeping services.

What accounting software do you use?

QuickBooks Online.

How much does it cost?

Base price starts at $99 per month.

What if I am not currently using QuickBooks Online?

We can help get you setup.

What types of bookkeeping do you provide?

After the fact bookkeeping – Typically once a month services that are performed after the prior month has ended. We work on the books by recording the activity that has occurred on a schedule of your choosing (monthly, quarterly, or annually).

Full charge bookkeeping – Typically performed on a more frequent basis like once a week by handling the day-to-day bookkeeping operations your business. We work for you by pulling payroll reports, entering payroll transactions, managing accounts receivable (creating and sending invoices), accounts payable (entering bills), paying bills on a schedule of your choosing.

We reconcile bank and liability accounts, review and provide standard financial reports in both types of bookkeeping.

The frequency of services and level of activity increases the base price.