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Frequently Asked Questions
Below, we've answered some of the most common questions our clients ask. If you don't see your question here, feel free to contact us—we're always happy to provide clarity and guidance!
General Accounting Questions
What's the difference between bookkeeping and accounting?+
Bookkeeping is the process of recording financial transactions, while accounting involves interpreting, classifying, analyzing, and summarizing financial data to provide insights and strategy.
Why do I need an accountant for my business?+
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.
How often should I update my financial records?+
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?+
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.
How can I reduce my tax liability?+
Proper tax planning can help minimize liability. Strategies include maximizing deductions, utilizing retirement contributions, keeping accurate records, and leveraging tax credits.
What happens if I miss a tax deadline?+
Missing a deadline can result in penalties and interest charges. 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?+
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.
Can you help set up QuickBooks for my business?+
Yes! We provide QuickBooks setup, training, and ongoing support to ensure your financial records are accurate and easy to manage.
How do I know which accounting software is right for me?+
The right software depends on your business size, industry, and needs. We can help you evaluate options like QuickBooks, Xero, or FreshBooks and recommend the best fit for your situation.
Services for Individuals
Do I need an accountant if I'm not a business owner?+
Yes! Individuals can benefit from accounting services for tax planning, retirement planning, budgeting, and managing investments to optimize their financial health.
What documents do I need to file my personal taxes?+
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.
How do I schedule a consultation with BGM?+
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.
Need more answers? Contact us today—we're here to help!