Frequently Asked Questions

As a fellow small business owner, 👩‍💼📊 I understand the very real challenge of managing your finances, especially in those early stages when hiring a dedicated bookkeeper might not be within your budget.

The thing about bookkeeping is that it often gets neglected in the beginning, creating a potential disaster. 🧾🔍 Missing receipts, overlooked startup costs, and the looming threat of missed tax filings can start to keep you up at night. 🌙😓 However, with the right guidance and support, you can easily avoid these pitfalls and keep your hard-earned money where it belongs.

I offer affordable solutions to fit every budget. 💰 No need to pay CPA rates for monthly bookkeeping ($75-$200/hr) or go all-in on a full-time employee with salary and benefits. 💼🚫 And let's be real, those remote chain bookkeeping and payroll services like Paychex and Gusto, they might get the job done, but they're not exactly your BFF in business. 🤖🤷‍♂️

🌟 That's where I come in. With a personal touch and a genuine commitment to your business's financial health! 💼🚀

In order to get a clear understanding of your business and accounting health, it will be helpful for me asses the following: 

• 🏦last two months of bank records
• 💳 two most recent credit card statements
• 📈 current balance sheet (if applicable)  
• 📊 current profit & loss statement (if applicable) 
• 📄last year's tax return (if applicable) 

​If you're using QBO already, you can invite me as an accountant for the assessment.

If you're still working from an excel sheet 🧮 or a shoe box 👟 we are going to fix that!

Bookkeeping: 📚 I am currently accepting clients who live and work in Montana and North Dakota

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Notary: 📜 Montana Notary Public’s jurisdiction to perform official acts for a physically present principal is statewide in Montana, North Dakota and Wyoming

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Tax Preparation: 📄 Anywhere in the USA excluding California, Connecticut, Illinois, Maryland, Nevada, New York, & Oregon

Simple answer, yes! 👍

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I live and breathe QuickBooks Online and soon you will too! If you're currently using QBO, great! I can review your accounts and transactions to make sure you are getting everything you can out of the system. If you're still using Desktop, I will help bring you into the cloud. It's nice up here ☁️

Whatever your current accounting system looks like, we are going to create a  tailor-made ledger so seamlessly you are going to wonder why you've been doing it the hard way so long. This is all suited to your unique needs and the software pricing is all included in my fee!

I get this question all of the time. Believe it or not, some taxpayers and business owners don’t bother to keep anything. 😱 🙉 Let me help you get on the right path to organization and compliance. 🗂️

Tax Returns and Supporting Documents: 

Federal and State Income Tax Returns: Keep copies of filed returns and supporting documents for at least 7 years. The IRS typically has a 3-year statute of limitations for auditing, but it can extend to 6 years if significant underreporting of income is suspected. Employment Tax Records (Form 941): Retain these records for at least 4 years after the tax due date or the date when the taxes were paid, whichever is later. 

State Tax Returns: Some states can look back further than the IRS. California and Arizona, for example, have a four-year statute of limitations; Montana has a five-year statute. The period for investigating if the return under-reports income or falsifies data may also be longer. So typically, keeping them for at least 7 years is a safe practice.

Payroll and Employee Records: 

Payroll Records: Keep records of employee wages, deductions, and timecards for at least 4 years. This includes payroll registers, employee earnings statements, and any records related to payroll tax deposits. 

Employee Files: Maintain employee personnel records, including employment agreements, for the duration of the employment and at least 7 years after termination. 

Financial Records: 

Financial Statements: Retain financial statements, such as income statements and balance sheets, for at least 7 years. 

Bank and Credit Card Statements: Keep these records for at least 7 years. Receipts and Invoices: Retain receipts and invoices that support your income, expenses, and deductions for at least 7 years. 📊

Contracts and Agreements: Keep copies of contracts and agreements, including vendor contracts, leases, and customer agreements, for the duration of the contract and a few years after termination. 📜

Insurance Records: Keep insurance policies and related documents for the duration of the policy and a few years after termination.  🕰️

Corporate Documents: Maintain corporate documents, such as articles of incorporation, bylaws, and meeting minutes, for as long as your business entity exists. 🏢

It's essential to maintain a well-organized record-keeping system and ensure that your records are easily accessible if needed for tax purposes or audits. Additionally, consider electronic storage options, as digitizing records can save physical space and enhance document retrieval. 💻🗃️"

Bank and credit card statements are indeed valuable documents for tracking your business expenses, and in many cases, they can serve as substitutes for individual receipts. However, there are a few considerations to keep in mind:

•  Itemized Expenses:  📄  Bank and credit card statements typically provide a summary of transactions, showing the date, vendor, and total amount spent. While this information can be helpful, it may not include itemized details, which can be crucial for tax deductions and expense verification. Receipts, on the other hand, often include specific item descriptions.
• Proof of Purchase: 🧾 Receipts often serve as direct proof of purchase, indicating that you paid for a specific product or service. In contrast, bank and credit card statements show payments to vendors, but they don't always specify what was purchased.
• Completeness:  🔄 Bank and credit card statements may not capture all expenses, especially if you make cash purchases or use multiple payment methods. In such cases, receipts become even more important for tracking all business-related costs.
• Tax Deductions: 🫰 For tax purposes, tax authorities may require more detailed documentation than what's typically found on statements. Having both receipts and statements can provide comprehensive evidence of your expenses.

So while bank and credit card statements offer a convenient overview of your financial transactions, they may lack the detailed information found on receipts. To ensure you have comprehensive documentation for tax deductions, expense verification, and financial accuracy, it's advisable to retain both receipts and statements whenever possible.