Frequently Asked Questions (FAQ)
Which accounting software do you use?
At this time we only use QuickBooks online which is the top small business accounting software in the country.
What is the difference between Bookkeeping and CFO services?
Well bookkeeping is recording past financial transactions. Doing this allows you to have reliable data on what has occurred in your business. CFO services are forward looking. We use the data already recorded to forecast and strategically craft a financial plan to guide the company into the future.
Does Fintrae International perform services on-site?
No, Fintrae International is a 100% remote company. We will collaborate with you to process everything paper free. This will be to your benefit in the long run.
What services does a Virtual CFO provide?
A Virtual CFO offers a wide range of financial services, including financial planning and analysis, budgeting and forecasting, cash flow management, financial reporting and compliance, business advising, expense management, investment planning and risk management consulting.
How can a Virtual CFO benefit my small business?
A Virtual CFO can provide numerous benefits to your small business, such as cost savings by being more cost-effective than a full-time CFO, providing expert financial guidance tailored to your business needs, partnering with your existing internal stakeholders to promote scalability and collaboration, and enabling informed decision-making through detailed financial reporting.
How does the process of working with a Virtual CFO work?
The process typically involves an initial consultation to understand your business, developing a customized plan, implementing the plan with necessary financial systems and processes, providing ongoing support through regular financial reviews, strategy sessions, reporting, and offering flexible services that can be adjusted as your business needs evolve. Regular communication ensures alignment with your business objectives.
What is included in your Quarterly Tax Estimates service?
Our Quarterly Tax Estimates service includes calculating your estimated tax payments based on your current income, deductions, and credits. We ensure you remain compliant with IRS requirements by providing accurate estimates and reminders for upcoming payment due dates, helping you avoid any potential penalties for underpayment.
How can your IRS Resolutions service help me if I'm facing issues with the IRS?
Our IRS Resolutions service is designed to assist clients facing various issues with the IRS, such as audits, back taxes, or penalties. We will represent you in communications with the IRS, negotiate payment plans or settlements, and work to resolve any disputes in your favor, ensuring you achieve the best possible outcome.
What does your Business Tax Planning service entail?
Our Business Tax Planning service involves a comprehensive review of your business’s financial situation to develop effective tax strategies. We aim to minimize your tax liability and maximize your savings through careful planning and advice on deductions, credits, and optimal business structures. This proactive approach helps your business stay compliant and financially efficient year-round.
What payroll service do you use?
We primarily set clients up with either Gusto Payroll or QuickBooks Online Payroll. However, we are open to assisting with a select few other payroll providers on a case by case bases if you have a preexisting payroll system.
How do Gusto and QuickBooks Payroll help in running my payroll efficiently?
Both Gusto and QuickBooks Payroll streamline payroll processing by automating calculations, deductions, and tax filings. They ensure accurate and timely payroll runs, reducing the risk of errors and freeing up your time to focus on other business tasks.
What features of Gusto and QuickBooks Payroll ensure compliance with payroll regulations?
Gusto and QuickBooks Payroll stay up-to-date with federal, state, and local payroll regulations, automatically updating their systems to comply with the latest laws. They handle tax filings and payments on your behalf, ensuring your business remains compliant and avoiding potential penalties.
How do Gusto and QuickBooks Payroll enhance the employee experience with payroll?
Both Gusto and QuickBooks Payroll offer employees user-friendly portals where they can access pay stubs, W-2s, and manage their personal information. They also provide direct deposit options, making payday convenient and efficient.
How often do you process payroll?
We can process payroll according to your preferred schedule, whether it’s weekly, bi-weekly, semi-monthly, or monthly.
How do I get started with your HR and payroll services?
Contact us today to schedule your initial consultation. We’ll discuss your needs and develop a tailored HR and payroll plan to enhance your business operations.
How does effective AR management benefit my business, and how do you use QBO to facilitate this?
Effective AR management ensures timely collection of payments from customers, improving your cash flow and reducing the risk of bad debts. We use QBO to streamline AR processes by automating invoicing, sending payment reminders, and tracking receivables in real-time. This helps maintain a healthy working capital, allowing your business to meet its financial obligations and invest in growth opportunities.
What strategies do you use to optimize AP management, and how does Bill.com play a role?
We optimize AP management by implementing efficient invoice processing, taking advantage of early payment discounts, and more. Bill.com enhances these strategies by automating bill approvals, payments, and tracking, ensuring timely and accurate processing. This helps manage cash outflows effectively, maintain good vendor relationships, and improve overall financial stability.
How do you ensure accuracy and efficiency in AR and AP processes using QBO and Bill.com?
We use QBO and Bill.com to automate AR and AP processes, reducing manual errors and increasing efficiency. QBO helps with real-time tracking of receivables, while Bill.com streamlines bill payments and approvals. Regular reconciliations, real-time tracking, and detailed reporting in both systems ensure accuracy and provide valuable insights into your financial operations.
What is project finance and how does it work for small businesses?
Project finance is a method of funding where the project’s future cash flow and assets are used as collateral for the loan. For small businesses, this means you can secure financing for specific initiatives, like expanding operations or launching new products, based on the projected revenue from the project itself. This allows small businesses to obtain necessary funds without significantly affecting their overall financial health.
What is considered a project?
A project is typically defined as a temporary endeavor with a specific goal, timeline, and budget, such as a construction project, product launch, or major equipment purchase.
Are Fintrae project services billed the same as core package services?
Not quite. Every project is evaluated on a case by case bases and a one time fee is charged based on the scope and timeline required for the work.