FAQ - Frequently Asked Questions about EQ Bookkeeping
Equine Bookkeeping, Pay Bills, Cash Flow, Quickbooks, Bank / Credit Card
Transactions, Account Reconciliation, Financial Reports
EQ Bookkeeping provides answers to some of the questions about our specialized bookkeeping services for horse stable owners, equestrians, breeders and trainers, and related businesses in the equine industry.
Click on question below to scroll to the answer:
- Won't I lose control if bookkeeping is done by outside service?
- Won't it take as much time to show someone how to do my invoicing as I spend doing it?
- Can I pay my own bills?
- Can you help me with cash flow problems?
- Can you enter bank / credit card transactions into QuickBooks?
- What about Account Reconciliation?
- Will I receive any financial reports?
- Who controls the money and make the decisions?
- How can you help me with my year-end taxes?
- Do I have to leave my current CPA accountant?
- Is there a long term commitment for your service?
- Do I need a costly "high-end" computer to work on your system?
- How does the bookkeeping process work?
- How do I send the information to you?
- Who works on my books? Who do I contact if I have a question?
- Do you provide QuickBooks training?
- What assurances do I have?
- How will I get access to my accounting data?
- Can other people access my data?
Q 1: Won't I lose control if the bookkeeping is done by an outside service?
A: Absolutely not. We have a system called iFi which will allow you to access your QuickBooks file via the internet, 24 hours a day, 7 days a week. You are in full control of your financials.
Q 2: Won't it take as much time to show someone how to do my invoicing as I spend doing it?
A: No, since our staff accountants are involved in the horse industry and work with several breeders and trainers, they understand the fees, speak the language, and make the transition seamless.
Q 3: Can I pay my own bills?
A: Yes. You will continue to write checks to pay your bills and we will track them and categorize them into the appropriate accounts.
Q 4: Can you help me with cash flow problems?
A: We will bill your clients on a regular schedule so you always have money coming into the business and are able to avoid cash flow problems.
Q 5: Can you enter my bank and credit card transactions into QuickBooks?
A: Yes. We will enter all your bank and credit card transactions into QuickBooks with details of each transaction.
Q 6: What about Account Reconciliation?
A: Using your monthly account statements (bank, credit card, line of credit, etc), we will reconcile your accounts and close your books for the previous month.
Q 7: Will I receive any financial reports?
A: Every month, we will produce financial statements so you can make business adjustments quickly. We will work with you to determine which monthly and quarterly statements are most useful to you in your equine business.
Q 8: Who controls the money and makes the decisions?
A: You will have 100% control of all monies and the decisions on how it is used or invested. Using the financial reports that we will provide to you monthly, you will be in a better position to make the important financial decisions with more ease.
Q 9: How can you help me with my year-end taxes?
A: At the end of the year, we will close your financials and produce the necessary financial statements for you to submit to your CPA for tax purposes. We will work closely with your CPA if the need arises.
Q 10: Do I have to leave my current CPA accountant?
A: No. We highly recommend that you have a CPA accountant that works with you and your business. We do not do income tax work and leave that work to the highly experienced CPA's. We are firm believers that more than one set of eyes is a good thing when it comes to reviewing your financials.
Q 11: Is there a long term commitment for your service?
A: No. Our service agreement is month to month. We only ask you for 30 day notice of cancellation.
Q 12: Do I need to have a costly "high-end" computer to work on your system?
A: No. Our system will work with any computer that has internet access.
Q 13: How does the bookkeeping process work?
A: We will process all your bookkeeping needs remotely from our office.
- You will be assigned a dedicated staff accountant who will be responsible for managing your financials based on the scope of work defined in our agreement.
- We believe in cost savings, so we utilize technology as much as we can.
- We will:
- Download bank statements
- Send invoices to your customers (as directed by you)
- Receive your bills from you
- Pay your bills using online bill pay
- And more.
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Q 14: How do I send the information to you?
A: You can mail, fax or scan / email your information to us. We are very flexible and will work with you to develop a process that will be easy for you to manage. Some of our clients even have their bills sent directly to us to be paid.
Q 15: Who will work on my books? Who do I contact when I have a question?
A: Your dedicated staff accountant will work closely with you. In addition, there is always another person familiar with your account to act as a backup to your primary staff accountant. Also, your month-end financials are reviewed by our CFO on a monthly basis.
Q 16: Do you provide QuickBooks training?
A: Yes. Our proven training methodology has helped many people learn and grow. We provide QuickBooks training, specific to your business and needs. With our training, you will know how to manage your business using QuickBooks with ease, accuracy and in a timely manner.
Q 17: What assurances do I have?
A: We provide each bookkeeping client with a Certificate of Insurance that will insure you up to a million dollars worth of loss. As a client, you deserve assurances that your financials and monies are secure and that is our goal.
Q 18: How will I get access to my accounting data?
A: We have developed a system called Internet Financials ("iFi") which will allow you access to your QuickBooks file via the internet. This access is in real time and allows multiple users to access the file simultaneously. So, while we are working on your bookkeeping, you can be engaged in your file at the same time. This is what allows us to truly customize our service to meet each client's needs.
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Q 19: Can other people access my data?
A: No one will have access to your data without your permission. We take great lengths when it comes to security. We have greater security than many businesses would have if the software and data we located in-house and on their own computer.
Contact EQ Bookkeeping today. We are experts in Equine Accounting so you don't have to be!
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