Bookkeeping Services 

Antioch CA | Brentwood CA | Oakley CA | Pittsburg CA

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We provide comprehensive solutions to properly account for our clients' cash receipts, vendor invoice entry, cash disbursement, fixed asset, and inventory tracking.  Our goal is to help business owners succeed by effectively performing bookkeeping services. Our bookkeeping services include remotely logging into clients systems (i.e. Quickbooks, Peachtree, and Excel files) to enter, review, or record adjusting entries. Below are the common questions that are asked by our clients in managing their books:

Question: I am a sole-proprietor and have no employees - do I need to account for my income and expenses?

Answer: Generally, it is advisable to have a separate bank account to account for your business related transactions - income, expenses, and capital expenditures. However, most small businesses find it costly to outsource the bookkeeping function. As such, we offer a cost effective package for a small business without employees. This will ensure that all your income, expenses, and capital expenditures are accounted for the tax basis of accounting.

Question: I use excel to account for my income and expenses and do I need to transition to Quickbooks?

Answer: Generally, excel is a great tool to account for your income and expenses if there are not a lot of transactions. If you have a business with employees, assets, liabilities, and other capital investments then it is highly recommend that you consider transitioning into leveraging the bells and whistles of a complete accounting package.

Question: I have contractors and do I need to issue out a 1099-Misc?

Answer: In general, if you are contracting with third parties then the rule of thumb is that contractors should be receiving a 1099-Misc.

Question: I have a rental property and should I consider having a bookkeeper track and record the income and expenses?

Answer: Generally, it is advisable to hire a bookkeeper to account for the income and expenses of your rental property as depreciation, improvements, and other long term assets will need to accounted for. A rental property is treated as a business and may be subject to at risk rules.

Record Keeping

Question: Why should I keep records?
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

Question: What kinds of records should I keep?
You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

Question: How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return.

Question: How should I record my business transactions?
Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. These documents contain information you need to record in your books.

Question: What is the burden of proof?
The responsibility to substantiate entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove certain elements of expenses to deduct them.

Question: How long should I keep employment tax records?
Keep all records of employment taxes for at least four years.

Concord Office: 1320 Willow Pass Road Ste 600, Concord CA 94520 Tel: 925-954-4441

Antioch CA | Brentwood CA | Oakley CA | Pittsburg CA | Pleasant Hill CA

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