Frequently Asked Questions
Please check out our frequently asked questions, but if you still have questions, we’re just a conversation away. We’re here to help whenever you need us.
What Documents do I need to bring for Taxes?
Personal Information: Social Security numbers (or ITINs) for you, your spouse, and dependents. Birthdates for everyone listed on the return. Bank account and routing number (for direct deposit).
Income documents: W-2 forms, all 1099 forms.
Self-Employment / Business income: Income records, Expense records, prior year financial statements (if available)
Education Expenses: Tuition statements, student loan interest, receipts for education-related expenses
Other important documents: Last year’s tax return, IRS letters or notices (if any), Estimated tax payments made (dates and amounts).
Can bookkeeping be done remotely/virtually?
At New Beginnings Bookkeeping Services, we make managing your finances easy – no matter where you are. Our virtual bookkeeping services allow you to stay connected to your business finances without the need for in-person meetings.
Using secure, cloud-based software, we handle everything from tracking income and expenses to reconciling accounts and preparing clear, accurate financial reports. You can securely upload documents, communicate with us online, and access your financial information anytime.
Our goal is to give you flexibility, convenience, and peace of mind – so you can focus on growing your business while we take care of the numbers.
Do you perform “clean up” work if my books are behind?
Absolutely! At New Beginnings Bookkeeping Services, we specialize in bringing your books up to date – no matter how far behind you may be.
Whether you’re months (or even years) behind, we’ll carefully review, organize, and reconcile your financial records to ensure everything is accurate and complete. Our clean-up process helps identify errors, categorize transactions correctly, and get your books back on track.
Once your records are current, we can also provide ongoing bookkeeping support to keep everything running smoothly moving forward.
How often should I update my records/books?
We recommend updating your books at least monthly to keep your finances accurate and up to date. For businesses with higher transaction volume, weekly updates may be even more beneficial.
Regular bookkeeping helps you stay organized, avoid costly errors, and make informed financial decisions throughout the year – not just at tax time. It also ensures you’re always prepared for reporting, budgeting, and any unexpected audits.
At New Beginnings Bookkeeping Services, we can work with a schedule that fits your business – whether that’s weekly, monthly, or somewhere in between.
What records does my bookkeeper need each month?
To keep your books accurate and up to date, we’ll need a few key documents each month:
- Bank and credit card statements
- Income records (invoices, sales reports, payment summaries)
- Expense receipts and purchase records
- Payroll reports (if applicable)
- Loan or financing statements
- Any major financial changes or notes (new accounts, large purchases, etc.)
Providing these documents regularly helps ensure your financial records stay organized, accurate, and ready for reporting or tax time.
At New Beginnings Bookkeeping Services, we make the process simple with secure, easy ways to upload and share your documents.
How often will I get financial statements?
Most clients receive financial statements on a monthly basis, giving you a clear and consistent view of your business performance.
Depending on your needs, we can also provide weekly, quarterly, or on-demand. Our goal is to make sure you always have timely, accurate information to make confident financial decisions.
At New Beginnings Bookkeeping Services, your reports are easy to understand and tailored to your business – so you’re never left guessing where you stand.
How often will we communicate or review my books?
We believe consistent communication is key to keeping your finances on track. Most clients receive monthly updates and have the option to schedule regular check-ins to review their financial reports.
Depending on your needs, we can connect more frequently – whether that’s weekly, quarterly, or as questions come up. We’re always available to provide guidance, answer questions, and help you understand your numbers.
At New Beginnings Bookkeeping Services, you’re never left in the dark – we’re here when you need us.
Will you review my current bookkeeping setup?
Yes, we can assess your current system, identify any issues, and recommend improvements to help streamline your financial processes.
What's the difference between cash and accrual accounting?
The main difference comes down to when income and expenses are recorded.
Cash accounting records income when money is received and expenses when they’re paid. It’s simple and gives a clear picture of your actual cash flow.
Accrual accounting records income when it’s earned and expenses when they’re incurred – regardless of when money changes hands. This method provides a more accurate view of your overall financial performance.
Both methods have their advantages, and the right choice depends on your business size, goals, and reporting needs.
At New Beginnings Bookkeeping Services, we’ll help you choose the method that works best for your business and ensure your books are set up correctly from the start.
Should I separate bank accounts for business and personal accounts?
Yes – separating your business and personal finances is highly recommended.
Having a dedicated business bank account makes it much easier to track income and expenses, maintain accurate records, and simplify tax preparation. It also helps protect you in the event of an audit and presents a more professional image for your business.
Mixing personal and business transactions can lead to confusion, missed deductions, and unnecessary stress when it’s time to review your finances.
At New Beginnings Bookkeeping Services, we’ll help you set up a system that keeps everything organized and easy to manage from day one.
How will I get my financial documents to you?
We make it easy and secure to share your documents. Most clients send their information through secure, cloud-based platforms where you can upload files anytime, from anywhere.
You can also share documents through email (when appropriate), accounting software integrations, or other secure file-sharing methods. We’ll guide you through the process and set up a system that works best for you.
Our goal is to keep everything organized, efficient, and protected – so you can feel confident your information is in good hands.
Can I switch to your services if I already have a bookkeeper?
Of course! We make the transition smooth and seamless by reviewing your current records and ensuring everything is accurate moving forward.
Contact Us
Your path to stress-free bookkeeping starts with a simple conversation. Reach out to schedule a consultation and learn more about our services.
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