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Tax and Accounting Services FAQ

Choosing a trusted accounting and tax planning service is a monumental decision that can affect the integrity and success of your business. At Elwood Financial, we take immense pride in offering world-class services that satisfy the varying needs of business owners in our local communities.

Our experts have compiled a list of frequently asked questions to ease your transition into the Elwood Financial family so you can rest assured you’re making the best choice for your business.

Do You Charge An Hourly Rate Or A Fixed Monthly Fee For Your Services?

We offer different rates for our various services. Our bookkeeping services include a fixed monthly rate to facilitate your budgeting for the month. Our accounting and business consulting services include an hourly rate that varies depending on your unique needs, and our tax preparation also varies depending on the client.

How Does Insufficient Accounting Hurt My Bottom Line?

Without sufficient accounting and financial practices in place, your business could be subject to a number of damaging outcomes, such as:

  • Loss of revenue
  • Insufficient tax planning
  • Missed financial opportunities
  • Fines and penalties
  • Having to close your business

Should I Have My Bookkeeping Completed Every Month?

You may have your bookkeeping completed monthly, quarterly, or annually. Although, we recommend monthly as it is the most advantageous option for staying current and receiving updated information regarding your business.

I Have An Accountant Already. Can I Still Use Your Service?

Many of our clients have an accountant and come to us for their bookkeeping needs! We aim to ease the accounting process as a whole; therefore, we will be glad to provide your current accountant with any required records and reports to provide you with the utmost value, maximizing the benefits of both of our services.

I Would Like To Do Some Bookkeeping Tasks Myself. Can I Still Use Your Service?

Our bookkeeping service is tailor-made to suit your unique bookkeeping needs. This enables you to take on as much or as little work as you want to and pass off the rest to us. We have clients who prefer to handle their client invoices on their own, and we have others who hand them off to us.

When you meet with our accounting services professionals, we will discuss a bookkeeping format that best suits your operational needs.

What if I Am Audited By The Government?

When you find out you have been chosen to be audited by the government, the news may be stressful. Fortunately, our tax accountant experts will handle the process for you. We will help you navigate the process by responding to government inquiries and preparing the necessary documentation.

I Have Never Had a Bookkeeper Before, and My Documents Are Unorganized. Can You Help?

If you have not sought the help of a professional bookkeeper and are feeling unsure as to whether we will be able to sort through piles of unorganized documents—we can. Our experts are here to organize and summarize all of your pertinent documents, such as invoices, bank statements, credit card statements, and other documentation you may need to be sorted.

Optimize Your Accounting Needs With Elwood Financial

If you’re ready to optimize your finances and streamline your bookkeeping process, Elwood Financial is here to assist you. Contact our tax accountants and financial specialists today to learn more about our tax services and bookkeeping solutions!

Schedule a Free Consultation