FREQUENTLY ASKED QUESTIONS

 Bookkeeping is the systematic recording, classification, and summarization of financial transactions to provide information for decision-making. It involves tracking income, expenses, assets, liabilities, and equity. 

The ideal frequency for bookkeeping depends on your business's size, complexity, and industry. Generally, smaller businesses can manage with monthly bookkeeping, while larger businesses or those with complex financial transactions may benefit from weekly or daily bookkeeping. Here at NorthPoint, we manage your books based on the specific needs and use of the information.

We can help you select the most suitable accounting software for your business based on your needs, budget, and preferences. We can also assist with setting up your accounting system, including creating chart of accounts, defining transaction types, and implementing best practices.

While bookkeeping focuses on recording financial transactions, accounting involves the analysis, interpretation, and reporting of financial data. Accountants use bookkeeping information to prepare financial statements, assess financial performance, and provide strategic guidance. NorthPoint focuses on the bookkeeping and excels at the reporting. We answer the "so what" each month to give you actionable information, not just a bunch of numbers.

To provide effective bookkeeping services, we will need your financial documents, including bank statements, invoices, receipts, and payroll records. We may also need information about your business structure, tax filings, and accounting preferences. During onboarding, we will provide you with a request list to get started and request specific information each month.

We will provide regular updates on your financial status, including monthly or quarterly reports. We can also schedule meetings to discuss your financial performance and address any questions or concerns you may have. If your business needs require faster reporting timelines, we are more than able to accommodate and move to daily or weekly reporting.

We take data privacy seriously and adhere to strict confidentiality standards. We will protect your financial information and ensure that it is only accessed by authorized personnel. We use secured, cloud based software for our core bookkeeping services and use google based products for document storage.

Our fees are based on the scope of services required, the complexity of your business, and the frequency of bookkeeping updates. We can provide you with a personalized quote based on your specific needs. Reach out to us today to receive a quote!

Our bookkeeping services can help you organize your financial records and gather the necessary documentation for your tax return.

While we don't offer direct tax return preparation, we partner with a qualified tax professional and CPA to ensure your taxes are filed accurately and on time. We are also able to work with existing tax professional relationships that are in place with your business today.

We can create a variety of financial reports, including income statements, balance sheets, and cash flow statements.. These reports provide valuable insights into your business's financial performance, profitability, liquidity, and solvency. We can also create custom reports and assist in Key Performance Indicators (KPIs) to further assist in understanding the granularity of the business.

By analyzing your bookkeeping data, we can help you identify trends, assess your business's profitability, and identify areas for improvement. We can also compare your financial performance to industry benchmarks to assess your competitive position. If your interested in diving deep into your financials and creating more action in the growth of your business, contact us about CFO advisory services!

We can help you track your cash inflows and outflows to ensure that your business has sufficient cash to meet its obligations and invest in growth. We can also identify areas where you can improve your cash flow management.