Terms & Conditions
What’s included in the Basic Bookkeeping package?
Every month we will categorize all business related income and expense transactions and issue you a monthly financial statement consisting of a Balance Sheet and a Profit and Loss report. These reports will help you understand your business past to make decisions on your business future. They are required in order to do any tax planning or to fund your business with mid-year loans. Unlimited email and text support is also included.
What’s not included in the Basic Bookkeeping package?
Anything above and beyond basic tracking of income and expense items for the month is not included in the monthly price above. However, additional services are available as an add-on to your basic bookkeeping package. These add-on’s include: accrual basis accounting, detailed financials showing class tracking or job profitability, invoicing, bill payment, payroll, sales tax filing, tax planning and preparation and legal help. Monthly strategy sessions are also available for additional fees.
How do I request additional services?
Once you have selected to enroll in the Basic Bookkeeping package, you will have an opportunity to review additional services in more detail and select those that suit your business best. You may also request services via email at any time! We are here to help!
What qualifications does your team have?
Many of our team members are CPAs, legal professionals and Certified Quickbooks Pro-Advisors. You can rest assured that you are working with the highest quality professionals. We also belong to a large network of financial professionals so if there is a question we have not seen before, we have a lot of resources in our back pocket to find an answer for you fast.
What information do I need to share?
Ideally, our bookkeeping team will need access to your business bank and credit card accounts in order to efficiently complete your monthly financials. Many banks allow for accountant (read-only) access to bank accounts. This access helps us to keep our fees affordable and our efficiency high.
If I have a question, how long does it take to get an email response?
We pride ourselves in being very responsive to our clients important inquiries. We strive to respond within 24 hours AT MOST (except over weekends and holidays). If we are very busy, we will respond to let you know we’ve received your email and will address it shortly.
What hours do the bookkeepers and other team members work?
Due to the flexible nature of bookkeeping work, many team members work various hours of the day and night. However, we use standard M-F 8-5 work hours to address emails and phone calls.
Is Quickbooks Online required for the Basic Bookkeeping package?
Yes. Our team must use Quickbooks Online in order to handle the bookkeeping. Versions – Essentials, Plus, or Advanced are all acceptable. Simple Start or Quickbooks Self Employed are not. If you have a current subscription, you are ahead of the game. No need to get another subscription. If you do not currently have a subscription, the on-boarding videos will walk you through how to get that setup. We are able to offer 50% off to our new clients for 12 months. This is the best discount you can get with Quickbooks Online. We highly recommend signing up for Essentials or Plus to start.
Do you require a contract?
Nope! No contract is required. However, there are no partial month refunds. A thirty day written notice of cancellation is required to terminate services.
Is an engagement letter required?
Yes, an engagement letter is required. This terms and conditions documents will act as our official engagement letter. You may be asked to sign future engagement letters via electronic signature for any additional services as well.
What is required of me?
We do not offer refunds but you can cancel anytime. We do want to provide world class service to you but we cannot do that without the proper documents and items requested during onboarding and in the future. We also want to make sure we are categorizing items appropriate to your business to be able to create effective reports for your business. We will be reaching out to you as needed. Timely responses are appreciated.
Important things to note for various add-on services:
Basic Bookkeeping does require the use of your own QBO subscription. You own the license to that and will retain access to the program upon termination of our working relationship, if that should happen.
Monthly or One-time Strategy Sessions will be helpful for you if you are needing to brainstorm issues about your business or want to go over the financials in detail. Unlimited email and text support is included in the basic bookkeeping package. We highly suggest that our clients schedule strategy sessions monthly (or at least quarterly) to chat about the financials and discuss future plans with your business. It’s always nice to have a fresh perspective on things. One-time Strategy Sessions are currently $147 or you can sign up for recurring monthly sessions for $99/month. We appreciate at least a three month commitment for our monthly rate but it is not required.
Legal Services are available to you for an additional cost. Our legal partners do offer a complimentary consult to discuss any needs your business may have, including but not limited to, automated alerts to specific due dates and reporting requirements, secured cloud storage for all company documents, questions on entity setup, articles of incorporation, and exit strategies. We highly recommend taking advantage of this complimentary interview. Any additional legal services will require an additional engagement letter with our legal partners.
Tax Planning and Preparation Our tax partners prepare strategic tax planning reports based off the financials we prepare, past tax history and your future projections. You will never be surprised at tax time again. We highly recommend setting up a call with our tax partners to review your tax situation as soon as possible. Any tax service will also require an additional engagement letter with our tax partners.
Payroll Setup and Support is provided through our payroll partners. All payroll submission, tax payments and tax report filings (including year end reports and W2s) are included in one low monthly fee. The fee varies depending on how many employees your company hires. Our third party payroll experts take on full responsibility for all timely and accurate tax payments and filings. Our payroll experts can even assist you with HR functions and retirement plans for yourself, partners and employees. Any payroll service will require an additional engagement letter with our payroll partners.
Sales Tax Filings may be a helpful item to offload. We would be happy to assist with monthly, quarterly or annual filing of your business sales tax returns. You are required to submit the information necessary for us to compile totals and submit online to the various state departments of revenue. We do expect the information to be sent to our team no later than 5 business days before the due date of the return to allow for adequate time to compile and file.
Class Tracking is available if you are looking into more detailed financial statements. This can be helpful if you are wanting to track profitability of certain jobs, customers or large product lines. It is also a requirement for real estate investors who have rental properties and plan to “flip” homes for resale. In order for class tracking reports to be helpful to you, we will need to work out a process to communicate details on each transaction so that we know how to track the various classes, properties or departments. We have several different methods to choose from and we can make a plan of action based on what works best for you.
Accounts Receivable and Accounts Payable management are tasks that can be very time consuming and we would love to streamline those processes for you. Keeping track of customer and vendor balances, sending out invoices, processing customer and vendor payments and updating customer and vendor records are some of the items we can do for you. This requires more communication throughout the month and may require additional software subscription costs as well.
Clean-up/Catch-up Work is something that most of our new clients will need to add on. You will be required to add this service on for any months that a tax return has not been completed. For example, if you have filed your 2018 tax return already, then we need to complete and/or review your books starting with January 2019 in order to prepare accurate financials for your upcoming tax return.
We reserve the right to make changes and additions to the terms and conditions at any time.
Ready to join our firm and enjoy your business?
Are you ready to take back your time and put it into your business where you need it the most? Get the process started by requesting a quote, calling us, or sending us an email! We can’t wait to work with you!
Curious about the services we offer at Monarch Advantage?
Quickbooks Online Support
First time Quickbooks Online user? Setting up QBO (Quickbooks Online) can be daunting! We can set up your bookkeeping accounts and services for you. Utilizing proper QBO settings is an integral part of accurate bookkeeping and year end financials. We will ensure your books are set up for success. We can also get your subscription at discounted prices and train you on the program.
We offer monthly cash basis financial reporting for all our clients. This includes a profit & loss and balance sheet. These reports offer you insight to the financial standing of our business . They can allow you to make sound decisions regarding business investments as well. We’ll automatically end these reports to you at the end of each month. Further reporting can be requested if needed.
We’ll record and classify all your business banking transactions to the correct bookkeeping account to ensure your expenses and deductions are accurate. We reconcile your bank accounts monthly to confirm, your reports are correct. We can link your bank account to directly import to Quickbooks! This allows us to classify expenses as soon as they’re reported. We’ll ensure all of your transactions are coded correctly for tax time – don’t miss out on any more deductions!
Payroll and Sales Tax Filing
Employees? No problem! We offer payroll services for you and your employees. We partner with Gusto to provide superior service. We’ll also track and file your payroll liabilities for you.
Subcontractors? You got it! We can track their payments as well, and issue 1099s at year end.
Let us help keep you in compliance with the various federal and state agencies. We timely file your payroll and sales tax reports every month and quarter.
Job Costing or
Nothing is more important than understanding job profitability. If you feel like you’re losing money on every job, or you’d like to understand which services are most profitable, job costing is right for you! We’ll set up your QBO account to allow us to classify each and every transaction to a specific job. When you’re ready to review your project list, we can send you financials proving your project profitable.
These financials are an important part of understanding your cost of doing business and allow you, as a business owner, to more accurately charge for your services.
Client Invoicing and
We offer accounts payable and accounts receivable. If invoicing your clients takes up all your time, let us handle it for you. We’ll set you up with Intuit Payments so your clients can pay their invoices right from their inbox! We’ll also ensure payment is received in a timely manor, and code any income as necessary.
Need someone to stay on op of your business bills? We can tackle that too! We offer bill pay services for our clients.