Frequently Asked Questions

 Business Information

• Business Name

• Business Type (LLC, Corporation, Sole Proprietorship, etc.)

• Industry/Field

• Contact Information (phone, email, address)

• EIN (Employer Identification Number)

• State Tax ID (if applicable)

• Ownership Information (names and roles of owners/partners)

Accounting Details

• Fiscal Year (Calendar Year or Custom)

• Current Accounting Software (e.g., QuickBooks, Xero)

• Login Credentials for Accounting Software (if applicable)

• Chart of Accounts (existing list of accounts, if available)

• Current Financial Statements (Profit & Loss, Balance Sheet, and Trial Balance)

Banking Information

• Bank Name(s)

• Account Numbers

• Online Banking Login Details (if applicable)

• Bank Statements for the Last 3–12 Months

• Credit Card Accounts (details and statements)

• Loans or Lines of Credit (details and statements)

Payroll Information

• Payroll Provider (e.g., Gusto, ADP, Paychex)

• Employee List (names, positions, pay rates, and tax information)

• Payroll Schedules (weekly, bi-weekly, monthly)

• Payroll Tax Filings (recent 941s, 940s, W-2s, etc.)

• Direct Deposit Information (if applicable)

Tax Information

• Recent Tax Returns (business and personal, if applicable)

• Sales Tax ID and Filings (if applicable)

• Estimated Tax Payments (dates and amounts)

• Any Tax Notices Received

Vendor and Customer Information

• Vendor List (names, payment terms, and contact details)

• Customer List (names, invoicing terms, and contact details)

• Outstanding Invoices (A/R) and Bills (A/P)

Operations and Policies

• Bookkeeping Frequency (daily, weekly, monthly)

• Preferred Communication Method (email, phone, etc.)

• Specific Deadlines (e.g., payroll submissions, tax filings)

• Access Permissions (who can authorize payments, approve invoices, etc.)

Documents and Tools

• Contracts/Agreements with Vendors or Customers

• Inventory Records (if applicable)

• Receipts and Expense Records

• POS (Point of Sale) System Information (if applicable)

• Access to File Storage (Dropbox, Google Drive, etc.)

• Insurance Policies (liability, workers’ comp, etc.)

Historical Data

• Previous Bookkeeper Contact Information (if applicable)

• Closing Balances from Previous Year

• Records of Adjusting Journal Entries

• Audit Records (if applicable)

1. Banking and Financial Records (By January 5th)

• Bank Statements: All monthly statements for the fiscal year.

• Credit Card Statements: All business-related cards.

• Loan or Line of Credit Statements: Showing ending balances and interest paid.

• Reconciliation Reports: If you manage your own reconciliations.

2. Payroll Information (By January 10th)

• Payroll Summary for the Year: Includes wages, taxes, and deductions.

• Year-End Forms: W-2s for employees and 1099-NECs for contractors.

• Quarterly Payroll Tax Filings: Forms 941 and 940, or equivalent state filings.

• Employee Benefits Information: Any employer contributions to retirement plans, health insurance, etc.

3. Tax Documents (By January 15th)

• Sales Tax Reports: Year-end summary of collected and paid sales tax.

• Estimated Tax Payments: Dates and amounts paid during the year.

• Tax Notices: Any IRS or state agency correspondence.

4. Accounts Receivable and Payable (By January 15th)

• Aged Accounts Receivable (A/R) Report: Outstanding customer invoices as of year-end.

• Aged Accounts Payable (A/P) Report: Outstanding vendor bills as of year-end.

• Bad Debts: Identify and write off any uncollectible receivables.

5. Expense and Revenue Records (By January 15th)

• Receipts for Major Purchases: Equipment, vehicles, or other assets.

• Documentation for Business Expenses: Travel, meals, utilities, and other deductions.

• Revenue Breakdown: If applicable, categorize by product or service line.

6. Inventory (By January 20th)

• Year-End Inventory Count: Physical count or inventory system report.

• Inventory Valuation: Cost or market value as of December 31.

7. Fixed Assets (By January 20th)

• Asset Purchase Records: New equipment or property acquired during the year.

• Depreciation Schedule: List of assets currently being depreciated.

8. Other Documents (By January 25th)

• Insurance Policies: Certificates and payment records for business insurance.

• Operating Agreements: Any updates to partnership or shareholder agreements.

• Loan Documents: New loans or refinanced debt details.

9. Special Situations (As Needed)

• Grants or COVID-19 Relief Funds: Documentation for PPP loans, EIDL, or other grants.

• Investments: Details of any business-related investment accounts.

Key Dates Recap

Item Deadline

Banking and Financial Records January 5th

Payroll Information January 10th

Tax Documents January 15th

A/R and A/P Reports January 15th

Expense and Revenue Records January 15th

Inventory Count and Valuation January 20th

Fixed Asset Updates January 20th

Other Documents January 25th