Question 1

What types of business does Home Time Business Services support?

Accepted Answer

Sole proprietors, partnerships, LLCs, S-Corporations, and C-Corporations. We are ideal for small business owners (those companies who are under $1 million in gross revenue). While trucking is our niche specialty for bookkeeping, we service others in the following industries: Trades (Class A, Pool Maintenance, Handyman, Lawn Care), Real estate professionals, Legal (Personal injury and Real Estate Law), Medical (Direct Primary Care Physicians), Marketing (Videographers), Therapists, and Consultants. We do not prepare Estate and Trust returns.

Question 2

Can Home Time Business Services do my taxes?

Accepted Answer

YES! Home Time Business Services is approved to e-file with the IRS for individuals, sole proprietors, partnerships, LLCs, S-Corporations, and C-Corporations. More importantly, we also offer tax planning which is educating you on legal ways to use the IRS code to your advantage. We do not prepare Estate and Trust returns or non-profit tax returns.

Question 3

When should I hire a bookkeeper?

Accepted Answer

The decision to hire a professional bookkeeper is typically triggered by a business owner's experience of working late into the night or on weekends, only to find that they are still not keeping up with their bookkeeping duties. By this point, their books are typically out of order and whether they know it or not, they are often costing themselves money by paying more in taxes with inaccurate books. Hiring a bookkeeper takes this off your plate, but you are still in the know of where your business stands because you can simply review your completed financial statements during our meeting.

Question 4

I've never had a bookkeeper or a system to keep track of my expenses. What happens then?

Accepted Answer

This is considered catch up work. We'll start at the beginning of the year, use figures from your most recently completed tax return and bank statements and credit card statements and have a complete year in the books for you. Why? Because taxes are based on the year. If we meet in July and you haven't done any tracking, what happens when you meet to do your taxes? That information still needs to be handled.

Question 5

If you are on the East Coast and I'm on the West Coast, how are you going to be able to help me?

Accepted Answer

With today's cloud technology, it is more important to have a knowledgeable bookkeeper who meets your needs and expectations. There is nothing a local person can do that I can't, except physical touch like a hug, high five or pat on the back. Internet and cloud technology make it easy for bookkeepers and tax preparers to securely access their client's books and transmit sensitive data, anywhere. Business owners can now select a professional who truly understands their industry and operations, instead of hiring a local generalist.

Question 6

How does virtual bookkeeping work?

Accepted Answer

We perform the bookkeeping on a cloud hosted platform called Xero. Depending on the schedule that you choose for the books to be updated, we can perform the bookkeeping services weekly, monthly, or quarterly. During this update, we will also perform any other tasks that may be due to process: online banking activity, payroll, paying bills, and reconciliations. We have many clients that don't provide any documents; however, we can access the banking and credit card accounts online. This allows the bookkeeper to grab statements, look up check images, deposit details and be able to fill in a lot of the missing details without having to ask the client for all the information.

Question 7

How much will this cost me?

Accepted Answer

It depends on your needs and requirements, but our packages are designed to be a flat monthly fee. A typical single truck without authority starts at $225/month for monthly bookkeeping, software, monthly financial statements, and a monthly meeting with your advisor.

Question 8

Do I need to sign a contract or long-term commitment?

Accepted Answer

No, we have an Engagement Letter that outlines our responsibilities and your responsibilities to sign. Our terms are month to month for bookkeeping services. For tax clients, we sign an Engagement Letter annually for the preparation of that year's return. For tax planning clients, we sign an Engagement for a term of one year because quite frankly that's the type of service that is... one and done doesn't do either of us anything.

Question 9

My records are a mess! I'm embarrassed because I haven't filed taxes in years. Where do I start?

Accepted Answer

I'm so proud of you for taking the first step and acknowledging you need help! Don't worry, you aren't the first, and frankly, won't be the last to be in this situation. Start with a quick call. Let's see if working together makes sense! We have handled multiple year engagements for several who were in your shoes. Our goal is to show you how to NEVER have to worry about dodging the IRS. Quite frankly, our bookkeepers love digging into that stack of papers and coming out the other side with an organized fully digitized solution in your books.

Question 10

I just started my business. Do I need a bookkeeper?

Accepted Answer

Home Time Business Services LOVES working with startups! We enjoy watching a new business owner grow and see their success. Let's be honest, being in business is a hard journey and having a trusted partner in the form of your bookkeeper is PRICELESS. We've started our business, we've helped others start theirs, let us show you how to have that same success and enjoy your HOME TIME too!

Question 11

Who will have access to my books?

Accepted Answer

Home Time Business Services has a team of bookkeeping professionals who are all based in the US. They have all passed rigorous training and carry software certifications as well. In fact, we hire based on the client need of an expert in that field. Many are pursuing their own bookkeeping businesses, but as they start their business, they have chosen to work under Home Time Business Services to receive business mentoring. Of course, they have non-competes in place and know your accounts will remain with Home Time Business Services.

Question 12

Will my financial data be secure and confidential?

Accepted Answer

Digitizing your documents and business financial records in the cloud will free up physical space for your business to operate, as well as make the information sortable and secure. Cloud based accounting systems use digitized records. These systems have the same level of encryption as major banks, using strong password and hashing algorithms so your offline accounting stays hidden. We use only secure cloud networks to store data and digitized documents. Our dedicated home office space has all sensitive documentation stored on the secure cloud network, a virtual private network, and password protected computer. Any paper documents that may be provided are returned to the client or shredded.

Question 13

Do you carry professional liability insurance (Errors and Omissions Insurance)?

Accepted Answer

Yes. Professional liability insurance is designed solely to make payments to people other than the insured professional in the event the insured's negligent act, error or omission causes damage to a third party. Home Time Business Services carries Errors and Omissions Insurance.

Question 14

How do I get my documents and receipts to you?

Accepted Answer

For bookkeeping services, Xero has a built-in function in the app to simply take a picture and enter a few details. Additionally, they recently purchased HubDoc which will 'read' the information from the receipt! All you would do is send an image using the HubDoc application. We also have a secure portal through SmartVault where you have a 'virtual filing cabinet'. For tax services, we use a tax portal associated with our software.

Question 15

What is cloud service?

Accepted Answer

Cloud Based Accounting is a way to manage your accounts online. You input your financial data anytime, anywhere, via simple to use cloud software (on your computer, laptop or smart phone) and we then look after your books. The primary benefit of using Cloud Accounting is mobility. You can access your data wherever you are, on any device, so long as you have an internet connection. Your data is always safely secured and backed up online, meaning you never need to worry about your computer crashing and losing your data... ever. Your financial data IS NOT located on any personal computer. Everything is safely secured on servers protected by bank-level security.

Question 16

Do I need a bookkeeper AND a CPA? What is the difference?

Accepted Answer

Maybe, it depends. There are certain things that a CPA can only do, such as represent you in front of the IRS, perform audits, and prepare audited public financial statements. This is typically only needed if you are a C-Corp who needs to publish audited reports. Home Time Business Services can provide most of the needs for sole proprietors, LLCs, partnerships, and S-corps. Since we provide tax services too, you may not have a need for a CPA but we are happy to work with your CPA and turn over your well-kept books for services that they would still provide.

Question 17

I have multiple businesses. Is that going to be a problem?

Accepted Answer

Simple answer, no. Depending on structures and if there is one parent company, we would either set up multiple accounts or use sub-accounts. Most of the time, the prudent course of action is to have multiple accounts for each business so that you truly understand if one is out performing another in terms of profitability and cash flow. This is also important during times of growth and expansion that may require lending.

Question 18

What software do you support?

Accepted Answer

Home Time Business Services prefers Xero Accounting software, but is also proficient in QuickBooks Online. Sometimes Xero is not the best solution, and we recognize this need to be flexible for software.

Question 19

What do you need to get me set up?

Accepted Answer

1. Schedule a 10 minute quick call where we can learn about one another's business. 2. Schedule a consultation call (one hour) which will allow us to discuss what you need and to prepare a proposal. 3. Sign a letter of engagement which outlines both our responsibilities and a payment for services. 4. Schedule your Onboarding Session. We then assign a checklist of items for you to gather: Legal name of business and EIN, Bank Statements, most recent tax returns, logo, contact information for current CPA (if applicable), current chart of accounts, sales tax information.

Question 20

What is Xero?

Accepted Answer

Xero is a cloud-based accounting software that is similar in functionality to QuickBooks Online, but is preferred by Home Time Business Services for many reasons. First, it is more business owner friendly. Second, it is more cost effective for a solution. Third, it integrates well with most applications. And lastly, it looks pleasing when opening the app or program in a web browser.

Question 21

What's the difference between tax preparation and tax planning?

Accepted Answer

Tax preparation is reactive and what's already happened is what you are going to pay taxes on. Tax planning is proactively developing a plan to not pay the IRS or State additional taxes using available strategies within the rules of the IRS Tax Code.

Question 22

Do you offer payroll services?

Accepted Answer

Yes, we offer full-service payroll through a third-party provider. We will determine which one meets your needs best, but we tend to use Patriot Software most frequently. We find it does a great job for less complex payroll needs. If your payroll is more complex or has over 5 individuals, we tend to lean to SurePayroll which is the accountant's version of PayChex.

Question 23

Will you teach me how to do my own bookkeeping?

Accepted Answer

When it warrants it, we will recommend a training package due to the business not being able to support the cost of full charge bookkeeping. Realize that we will only give you the basics of using the software in a 2-3-hour session and help get your software set up properly. We do not teach the full theory and course of bookkeeping and accounting. We offer 'Ask the Bookkeeper' as a service on retainer at our hourly rate. This will allow for those transactions that are irregular, but need to be handled properly.

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