FAQ
Frequently Asked Questions
General Accounting Questions
- What’s the difference between bookkeeping and accounting?
- Why do I need an accountant for my business?
- How often should I update my financial records?
Bookkeeping is the process of recording financial transactions, while accounting involves interpreting, classifying, analyzing, and summarizing financial data to provide insights and strategy.
An accountant helps you manage financial records, ensure tax compliance, maximize deductions, and provide strategic financial planning. Having an expert on your side can save you time, reduce errors, and help grow your business.
Ideally, financial records should be updated regularly—at least monthly. Keeping your books current helps you make informed business decisions and simplifies tax preparation.
Tax Services
- When are business taxes due?
- How can I reduce my tax liability?
- What happens if I miss a tax deadline?
The due date depends on your business structure. For most businesses, corporate taxes are due on March 15, while sole proprietors and LLCs filing as individuals have until April 15. Estimated quarterly taxes may also be required.
Proper tax planning can help minimize liability. Strategies include maximizing deductions, utilizing retirement contributions, keeping accurate records, and leveraging tax credits.
Missing a deadline can result in penalties and interest charges. If you miss a tax payment, it’s best to file as soon as possible and consult with an accountant to explore options for minimizing penalties.
Quickbooks & Financial Software
- Do I need QuickBooks for my business?
- Can you help set up QuickBooks for my business?
- What happens if I miss a tax deadline?
QuickBooks is a great tool for managing your business finances, tracking expenses, creating invoices, and generating reports. While it’s not required, it significantly improves financial organization and reporting.
Yes! We provide QuickBooks setup, training, and ongoing support to ensure your financial records are accurate and easy to manage.
Services for Individuals
- Do I need an accountant if I’m not a business owner?
- What documents do I need to file my personal taxes?
- How do I schedule a consultation with BGM?
Yes! Individuals can benefit from accounting services for tax planning, retirement planning, budgeting, and managing investments to optimize their financial health.
You’ll typically need W-2s or 1099s, receipts for deductions, mortgage interest statements, investment income documents, and any other relevant tax forms. If unsure, we can help you gather the necessary paperwork.
Simply reach out via our contact form, call our office, or email us. We’ll be happy to discuss your needs and find the best financial solutions for you.