Brooks Bookkeeping, LLC - Frequently Asked Questions

1. How do you record financial transactions for my business?

At Brooks Bookkeeping, LLC, we meticulously record your daily transactions using QuickBooks Online, ensuring accuracy and up-to-date financial records. Transactions are categorized, helping you track business income and expenses clearly.

2. What are accounts payable and receivable, and how do you manage them?

Accounts payable (AP) are amounts your business owes to suppliers or vendors. Accounts receivable (AR) are amounts owed to your business by customers. We manage AP and AR efficiently by tracking invoices, payments, and outstanding balances to keep your cash flow healthy.

3. Can Brooks Bookkeeping handle payroll processing?

Absolutely! We streamline payroll processing by calculating employee hours, managing deductions, processing payroll taxes, and ensuring timely payment to your employees, all managed seamlessly through QuickBooks Online.

4. What is bank reconciliation, and why is it important?

Bank reconciliation is the process of matching transactions recorded in QuickBooks Online to your bank statements. It ensures all financial records are accurate and identifies discrepancies or fraudulent activity promptly.

5. Which financial reports do you prepare, and how often?

We prepare comprehensive financial reports such as Profit & Loss Statements, Balance Sheets, and Cash Flow Statements. Reports are typically generated monthly, quarterly, or annually, depending on your business needs, providing insights that aid strategic decision-making.

6. How does Brooks Bookkeeping handle tax preparation using QuickBooks Online?

Our tax preparation service leverages QuickBooks Online to maintain accurate financial records, organize necessary documentation, and streamline your tax filing process. We coordinate closely with your CPA or tax professional to ensure smooth, accurate filings and optimal tax savings.

7. Do I need to have QuickBooks Online be