It’s A Numbers Game 

The Answers to All your Accounting Related Questions

What is the difference between a bookkeeper and an accountant?
Do I need both?

In short, the answer is YES! Contrary to popular belief, accountants and bookkeepers perform unique tasks that are distinctly different. Each business can leverage both types of services. Bookkeepers are responsible for the ongoing maintenance of their client’s general ledgers. They typically record all transactions and post debits and credits. Accountants use the up to date data from the bookkeeper’s general ledgers to offer financial advisement to their clients.

What are the typical responsibilities of a bookkeeper?

Compiling data, calculating expenses of the general ledger with the utmost accuracy, and reconciling bank transactions and statements against the general ledger.

What are the typical responsibilities of an accountant?

Offering tax planning services and advice, consulting clients on financial matters, analyzing the company’s financial data, and preparing income tax returns.

What’s it like working with the Universal Bookkeeping remote accounting team?

It’s simple, convenient, and fun! With all the technology we have today, it will feel like we are right there with you, every step of the way. We regularly use video conferencing and Google Hangout, which allows us to establish a more personal relationship with each client.

Remote bookkeeping allows the business owner to obtain accurate financial statements through a non-intrusive process. This process will most likely involve providing access to bank, credit card, and other revenue and expense records necessary to classify transactions in the most beneficial manner for your business. Other financial records can be easily scanned and emailed to your personal account for easy access for your assigned bookkeeping specialist and for your future reference. During each period we will provide some analysis of your financial detail to help you plane for the future and provide you with recommendations that you can use to help your business become more profitable.

How can you manage my books if you aren’t in my office?

Technology is an amazing thing! We can manage your books with cloud-based software and communication with you and your staff.

Do I need to clean up my books before I hand them over to Universal Bookkeeper? They’re a mess!

Nope! Our team will work with you to understand your ledgers. Leave the clean up to us!

Are taxes included with bookkeeping?

No, but we offer tax preparation services as well.

Can’t I just process payroll myself? What are the advantages to signing up for Gusto Payroll services and having Universal Bookkeeper set me up?

Our partnership with Gusto Payroll allows you to process your own payroll, but you still have the peace of mind of having a professional ensuring your business is compliant and following all proper procedures. Our team will walk you through the set-up, train your staff, and support you with any questions or issues along the way.

Should I separate my business and personal finances?

YES! Many small business owners struggle with separating personal and professional finances. Save yourself a headache at tax time and separate the two. It can be challenging to track the profitability of your business if your finances are combined. We offer Consulting services and can advise and support you in how to build a sustainable business model.

How do I make my small business successful?

Our team can work with you to create a business plan and set financial goals and objectives. The first step in achieving financial success is understanding what that means and calculating measurable goals along the way to measure progress.

What is the difference between an S-Corp and a C-Corp?

The biggest difference between the two is from a tax standpoint. An S-Corporation does not pay taxes, and the owner(s) report all company revenue as personal income. A C-Corporation pays taxes on the income generated and pays taxes on any income received as an owner or employee.

What is the difference between an LLC and a Corporation?

The major difference between an LLC and a corporation (Inc) is that an LLC is owned by one or more individuals, and a corporation is owned by shareholders. Each entity offers benefits and advantages. Work with our team in a consulting session to identify which makes sense for your business.