Frequently Asked Questions

1. What Is Bookkeeping?

Bookkeeping is the systematic and regular recording of a company’s financial activity. This information aids businesses in making critical operational, investment, and financing choices.

2. What Is The Difference Between Accounting And Bookkeeping?

Accounting has a subfield called bookkeeping. It is the process of recording a business’s financial transactions, such as receipts, sales, and expenses. Accounting interprets books, classifies and analyzes data, and generates reports and recommendations based on financial information.

3. Can The Bookkeeper Pay My Bills For Me?

Yes, your bookkeeper can pay your bills and comply with your taxes on your behalf, which is better because they can deal with these in a timely manner.

4. What Are The Basics Of Bookkeeping?

The following are the fundamental types of bookkeeping accounts for a small business:
  • Cash
  • Accounts Payable (A/R)
  • Accounts Payable Inventory
  • Loans Payable
  • Sales
  • Purchases
  • Expenses associated with payroll
  • Ownership Interest
  • Retained Earnings

5. I Already Have A Bookkeeper. Do I Still Need An Accountant?

This depends on what you need for your business. You may need both a bookkeeper and an accountant. Another option is to get a full-time bookkeeper to maintain your books and consult with an accountant at the end of the year.

6. What Are The Benefits Of Hiring A Bookkeeper?

All businesses and self-employed people are required by law to keep accurate and up-to-date records of their financial transactions. A bookkeeper can assist you in recording all financial transactions and keeping track of every dollar you make and spend. Working with a bookkeeper will provide you with a comprehensive view of your company’s financial health, allowing you to make better-educated decisions and ultimately run your company more efficiently.

7. What Are The Benefits Of Bookkeeping For A Small Business?

A small firm can benefit from bookkeeping in several ways. To begin with, keeping your books up to date is critical if your company is audited. It also enables you to assess and plan based on the information you’ve gathered, reduces accounting costs, and saves you time around tax season because you’ve already done the legwork to keep your finances up-to-date throughout the year.

8. How Does Accounting Help In Decision-Making?

For investors and lenders, accurate accounting acts as a baseline analysis. You can use it to present a financial health assessment about your company to creditors, such as banks, who may be considering lending you money. It can also aid in the direction of your business and provide for precise forecasting if you decide to expand and scale in the future.

9. Can You Help With Taxes And Payroll?

At Innova Investments, LLC, we offer more than just basic bookkeeping and transaction management. Our team will provide you with full-service accounting solutions. The monthly bookkeeping services are tailored to your tax plan for the year. We’ll go over the figures with you and help you devise a strategy for maximizing write-offs and preparing for future tax filings.

At the same time, we can provide continuous payroll assistance and other services as needed. Our goal is to tailor our services to your specific needs. As a result, we’ll assist you in determining the best monthly plan for your needs. If you have any inquiries along the process, please don’t hesitate to contact our team at Innova Investments, LLC to learn more about how we can assist you.

10. What Are The Benefits Of Having My Payroll Processed By Innova Investments, LLC?

Payroll services from Innova Investments, LLC save you time and money. Convenience, peace of mind, a dedicated personal payroll professional, cost savings, legal compliance, and precise tax filings are just a few of the benefits. It is what you can expect from the payroll services provided by Innova Investments, LLC.

11. How Can I Be Sure My Company's Information Will Be Kept Confidential?

Data security is not only a top priority for us; it is also a commitment we make to you. For saving and securing our client’s data, we employ a secure HTTPS portal. The password-protected site also sends and receives files and information securely. Our portal can only be accessed by you or your employees who have been given a valid email address and password. Furthermore, we promise that your cash will be highly secure and safe because we do not send funds over the internet; instead, we use proprietary banking networks to electronically send funds to your employees.

12. Why Outsourced Services Instead Of Hiring An Employee?

Your company can engage an individual to assist you with bookkeeping and accounting. First, however, make sure you’re aware of the financial implications of hiring a new employee. You must pay the full-time salary and benefits, office equipment, office space, employment taxes, payroll, and other expenses. These expenses can add up quickly!

When you learn about the advantages of outsourcing, you’ll realize that you want access to financial expertise without hiring another person.

13. What Are The Advantages Of Using Outsourced Accounting Services For My Company?

It is our responsibility to ensure that you have all of your ducks in a row. We’ll assess your financial strategy, provide continuous tracking and reconciliation, and make sure you’re ready to file and pay your taxes. These services will keep you informed about your company’s financial situation. When you collaborate with competent accounting staff, you won’t have any financial surprises at the end of the year.

This information increases the possibility of you managing your cash flow and meeting future obligations. You can also use these reports to help you make critical financial decisions for your organization. Being able to see a clear picture of your company’s financial health allows you to make informed decisions about future costs, expansion, and growth.

14. How Can You Manage The Books If You Aren't In My Office?

Remote services now have a plethora of options because of technological advancements. We don’t need to come into your workplace to examine your financial records. Instead, the work is done utilizing cloud-based software from afar. We can see your financial transactions and work on financial reporting and reconciliation in real-time.

You can easily see these online resources from any location. So even if you’re on a business trip or vacationing outside of the country, you’ll always have access to your company’s most up-to-date figures. You can access this information on your computer wherever you are in the world!

Don’t worry about security; we always examine your financial records using safe means. In addition, the cloud-based software is secure, providing a secure location to keep your data.

15. Why Is Cloud-Based Software Better Than In-Office Accounting?

The danger of errors in transactions increases when accounting is done manually. If you have to fill in each transaction, there’s a chance you’ll miss a keystroke or make a mistake. So instead, we’ve discovered that integrating a software application that imports transactions is more effective. After that, our Innova Investments, LLC staff will go over each transaction to look for any potential issues.

Keep in mind that cloud-based accounting decreases the chance of losing all of your company’s financial data. For example, if your files are on your computer’s hard disk, you risk losing everything if the computer crashes. Alternatively, if your building is damaged by a flood, fire, or natural calamity, paper copies of the documents may be lost.