Frequently Asked Questions

What is an Accomptant?

An accomptant is the old English word for an accountant.

What is the difference in a bookkeeper, an accountant and a CPA?

Bookkeepers are responsible for recording transactions, including accounts payable, accounts receivable, inventory, payroll, reconcile bank statements, review documents and contracts that have tax and financial implications, and providing various financial reports.

Accountants can do bookkeeping functions, but they also audit financial records, prepare detailed financial statements, analyze cash flow, prepare tax reports, provide tax planning advice, help with estate and trust planning, guide business succession planning, assist with loan applications, serve as outsourced CFOs, and help you determine how to grow your business.

Certified Public Accountants (CPAs) are recognized by the IRS, prepares personal and business tax returns and represent companies before the IRS when the company is audited. They also provide other functions that accountants typically perform but their services cost more per hour.

Why should I hire an outsourced bookkeeper?

Data entry for your financial transactions is time consuming and accuracy is crucial for your company’s bottom line. Outsourcing this function to skilled professional costs a fraction of the expense it would cost to devote part of your workforce to this task, or even part of a team member’s time. By outsourcing to a professional, you ensure accuracy and enlist an impartial professional to keep an eye on your transactions.

Why should I hire an outsourced accountant?

Preparing payroll, creating invoices, collecting on accounts payable and staying on top of tax deadlines is time consuming and is an area that can literally break a company financially if not handled correctly.

An accountant can also create financial forecasts to help you plan and make better business decisions, they can identify patterns in inventory management, pricing, financing and cash flow. They can also create a budget for your business that will meet your growth goals.

Outsourcing these functions to companies who specialize in accounting will save you time and money on data entry, and peace of mind knowing a specialist is watching your back and putting controls in place to prevent theft, oversight and embezzlement.

What is a CFO and why should I hire an outsourced CFO?

The chief financial officer (CFO) is the officer of a company that has primary responsibility for managing the company’s finances, including financial planning, management of financial risks, record-keeping, and financial reporting. CFO’s are quite expensive.  Most small businesses cannot afford the services of a full-time CFO and, generally, do not have enough work to justify the expense.  However, financial controls are imperative for the success of your business.  That’s why outsourcing this position, utilizing only the necessary time, is the ideal solution to make sure your company’s finances stay on track.

Don’t I need to hire a local accountant?

Due to cloud technology, business owners are no longer confined to hiring someone local to help with their financial records. New technology gives business owners the freedom to hire an accountant who truly understands their specific industry.

What accounting software do you support?

Accomptant generally utilizes QuickBooks. We remain committed to the latest technological applications and will be happy to look into adapting other accounting software at the request of our clients.

Does Accomptant provide bill pay services?

Yes, we offer bill payment services as part of our full-service accounting services.

Does Accomptant provide payroll services?

Yes. Our payroll services save you time and money by efficiently handling all your payroll needs. WE believe there is no one-size-fits-all payroll system and customize each payroll solution to specifically meet your needs and operations.

Our payroll services:

  • Maintain accurate and legal payroll systems
  • Utilizes technologically advanced systems such as QuickBooks, ADP, Wagepoint, and Paychex.
  • Monitors and documents all regular and overtime pay for each employee.
  • Sets up deductions, retirement plans, and taxes at all governmental levels.
  • Provides updated payroll records and future payroll projections.
  • Saves you precious time and money, and provides peace of mind knowing costly legal mistakes are prevented.

Does Accomptant provide invoicing services?

Yes, we offer invoicing services as part of our full-service accounting services.

How do I get my books to you?

We prefer Dropbox.  We also use Google Drive, OneDrive, email and snail mail. We can conform to any process that makes our clients’ life easier.

Do my books need to be cleaned up before Accomptant starts work for my company?

No, Accomptant is skilled at cleaning up accounting records and will include cleanup as part of your work estimate. Our financial specialists will clean up your books and set up your industry-specific general ledger for you.

Does Accomptant specialize in any industries?

Accomptant specializes in accounting for service industry and non-profit clients.