Frequently Asked Questions

Start with the profit and loss and balance sheet. Together, they show whether the business earned money and what it owns and owes, helping identify the areas that deserve attention.

Every account is reconciled, balances are supported by documentation, revenue and expenses sit in the correct periods, and open items are explained. Your preparer can then start on tax strategy instead of first rebuilding the underlying records from scratch.

Most small and midsized service businesses close within five to 10 business days once the process is documented. Clean bank feeds, timely receipts, and a consistent checklist shorten that window considerably, even through your busiest months of the year.

Yes, and catch-up work is more common than owners expect. We rebuild the missing periods, reconcile each account, correct miscategorized history, and then set a rhythm that keeps the ledger current going forward without another backlog forming.

Read-only login access to bank and credit card accounts, loan statements, and receipts for large asset purchases. Consistent access to those documents keeps the close on schedule and reduces back-and-forth questions later in the month.

Generally, unincorporated contractors and service providers paid $600 or more during the calendar year for business purposes. Collecting a completed W-9 before the first payment is the simplest way to know for certain well before year end.

A bookkeeper maintains the record. A controller oversees accuracy, controls, and reporting quality. A fractional CFO looks forward, working on forecasting, capital, and strategy. Many growing businesses eventually use elements of all three, layered on as complexity increases.

It confirms that a professional has been tested by Intuit on the software and keeps that certification current. Practically, it means faster troubleshooting, cleaner file setup, fewer workarounds built into your day-to-day process, and current knowledge of new features.

Warning signs include a bloated chart of accounts, undeposited funds piling up, negative inventory, and reports that never match the bank. A file review identifies these issues before they distort a full year of reporting or your year-end tax filings.

Profit measures earnings, while your balance reflects timing. Loan principal, owner draws, unpaid invoices, inventory purchases, and prepaid expenses all move cash without touching the profit and loss in the same period. Reading both together explains most of the gap.

Gross margin shows what remains after the direct cost of delivering your work. Net margin subtracts overhead, administration, and every other operating expense. Comparing both reveals whether a pricing problem or a spending problem is the thing limiting your profit.

Most businesses run dedicated payroll software while their bookkeeper manages, reviews, and reconciles it. MissionKeeping Accounting takes that route in Loveland, CO, keeping wage data, tax liabilities, and job costing aligned inside your financial statements every period.

Reconcile every account through December, chase down missing receipts, verify contractor information, and close the year formally. Businesses we support across Northern Colorado finish this before January, which removes nearly all of the filing-season pressure they once felt.