FAQ
Frequent Asked Questions
Quality of Services
Cusotmer Support
Bookkeeping
Tax Planning
Tax Preparation
Tax Filing
Financial Reports
payment receiveables
GET STARTED
How can I get started with Smart Accountants?
By clicking on “Schedule A Call” for an initial consultation. In this call we will uncover your unique needs together and discover how we can provide the best support for you.
What is the cost of your services?
To make it affordable we have combined our services into packages that includes bookkeeping, tax planning, tax preparation, tax filing, financial reports, and more.. Our Pricing
For other services, our fees vary based on the scope and complexity of the services you need. We offer competitive rates and transparent pricing. Contact us for a personalized quote.
Do you offer services for individuals as well as businesses?
At Smart Accountants, we specialize in offering comprehensive accounting and tax solutions tailored for small businesses. Additionally, we provide expert tax preparation, planning, and filing services specifically designed for individuals who are business owners.
Can you help with financial planning and budgeting?
Yes, we offer financial planning and budgeting services to help you manage your finances and achieve your financial goals.
What resources do you offer to help clients stay informed?
We offer newsletters, blog articles, webinars, and one-on-one consultations to keep our clients informed about relevant financial and tax issues.
How do I know if my business needs an accountant?
If you’re spending too much time on financial tasks, struggling with tax compliance, or needing strategic financial advice, it’s time to consider hiring an accountant.
QUALITY OF SERVICES
How does Smart Accountants ensure the quality of services?
We maintain high standards through continuous training, using advanced technology, adhering to industry best practices, and seeking client feedback.
What qualifications do your accountants have?
Our accountants are certified professionals with extensive experience in accounting, tax preparation, and financial planning.
How do you stay updated with changes in tax laws?
We stay updated through continuous education, professional development courses, and updates from tax authorities.
What sets Smart Accountants apart from other accounting firms?
Our personalized approach, use of cutting-edge technology, commitment to client success, and a team of highly qualified professionals set us apart.
What measures do you take to protect client data?
We use advanced encryption, secure servers, and strict confidentiality policies to protect your financial information.
How do you handle client feedback and complaints?
We take client feedback seriously and address complaints promptly to ensure continuous improvement and client satisfaction.
What industries do you specialize in?
We specialize in various industries, not limited to, including healthcare, real estate, retail, manufacturing, contractors, ecommerce, and professional services.
Do you offer guarantees for your services?
We strive for accuracy and excellence in all our services, and while we can’t guarantee specific outcomes, we do guarantee our commitment to quality and client satisfaction.
How do you verify the credentials of your accountants?
Our accountants’ credentials can be verified through professional licensing boards and associations.
How do you handle data security and confidentiality?
We use advanced encryption, secure servers, and strict confidentiality policies to protect your financial information.
CUSTOMER SUPPORT
How can I contact Smart Accountants for support?
You can contact us via phone, email, or through our website’s contact form. We are committed to providing timely and effective support.
How quickly can I expect a response to my inquiries?
We strive to respond to all inquiries within 24 hours during business days.
Can I schedule a consultation with an accountant?
Yes, you can schedule a consultation through our website or scheduling a call direcctly.
What should I bring to a consultation?
At eSmartAccountants, our first consultation requires no preparation on your end. We will take the time to understand your needs and explore how we can support you.
Once you decide to work with us, we will ask for specific financial documents such as tax returns, financial statements, and details of your financial objectives.
Additionally, if there is any bookkeeping catch-up required, we may request your transaction history to ensure accuracy and efficiency.
Will I be locked into a contract?
No, at Smart Accountants, we believe in providing flexibility to our clients. You will not be locked into a contract, giving you the freedom to choose the services that best suit your needs. With us, you can rest assured that you are in control of your financial planning journey.
What is your cancellation policy for consultations?
We ask that you provide at least 24 hours’ notice if you need to cancel or reschedule a consultation.
How do I access my financial records with Smart Accountants?
Clients can access their financial records through our secure online portal, which is available 24/7.
What are your office hours?
Our office hours are Monday to Friday, 9 AM to 6 PM. We also offer appointments outside these hours by request.
What if I need urgent accounting help outside of business hours?
For urgent matters, we offer an emergency contact line and will do our best to provide timely assistance.
BOOKKEEPING
What is bookkeeping?
Bookkeeping is the process of recording all financial transactions made by a business. It includes purchases, sales, receipts, and payments.
Why is bookkeeping important for my business?
Accurate bookkeeping is crucial for maintaining financial health, preparing for taxes, making informed business decisions, and securing loans or investments.
How often should bookkeeping be done?
Bookkeeping should be done regularly, ideally on a daily or weekly basis, to ensure accurate financial records and timely financial reporting.
What is the difference between bookkeeping and accounting?
Bookkeeping involves recording financial transactions, while accounting includes interpreting, classifying, analyzing, reporting, and summarizing financial data
What Smart Accountants' bookkeeper will do for my business?
You will hav assigned bookkeeper. The Smart Accountants’ bookkeeper will take care of all your financial transactions, ensuring accuracy and timeliness every step of the way so you can focus on growing your business.
What records should I keep for bookkeeping?
Keep records of all financial transactions, including invoices, receipts, bank statements, payroll records, and expense reports.
How long should I keep my bookkeeping records?
It’s generally recommended to keep bookkeeping records for at least seven years for tax purposes.
TAX PLANNING
What is tax planning?
Tax planning is the process of analyzing your financial situation from a tax perspective to ensure tax efficiency, minimizing tax liability, and maximizing deductions and credits.
When should I start tax planning?
Tax planning should be a year-round activity, not just something you do at tax time. Early and continuous planning can lead to significant tax savings.
Can tax planning help my business save money?
Yes, effective tax planning can help you take advantage of tax credits, deductions, and other incentives, ultimately reducing your overall tax liability.
How can Smart Accountants assist with tax planning?
We provide personalized tax planning services to identify tax-saving opportunities tailored to your specific financial situation and business goals.
What documents are needed for tax planning?
Key documents include previous tax returns, financial statements, payroll records, and details of major financial transactions and investments.
What are some common tax planning strategies?
Common strategies include income deferral, maximizing deductions, taking advantage of tax credits, and proper entity selection. The Smart Accountants’ Tax Experts can assist you defining right strategies for your business.
How can I maximize my deductions?
Keep thorough records of all expenses, understand eligible deductions, and consult with a Smart Accountants’ tax professional to ensure you’re claiming everything you’re entitled to.
What are the consequences of poor tax planning?
Poor tax planning can result in higher tax liabilities, missed savings opportunities, penalties, and cash flow issues.
TAX PREPARATION
What is tax preparation?
Tax preparation is the process of preparing and filing tax returns. It involves gathering financial information, filling out required forms, and submitting them to tax authorities.
Can Smart Accountants prepare my taxes for me?
Yes, we offer professional tax preparation services to ensure your tax returns are accurate, compliant, and filed on time.
What information do I need to provide for tax preparation?
You will need to provide income statements, expense records, receipts, investment documents, and any other relevant financial information.
How long does the tax preparation process take?
The duration can vary depending on the complexity of your financial situation, but typically it takes a few hours to a few days once all documents are provided.
What are the benefits of using a professional tax preparer?
Professional tax preparers can help ensure accuracy, identify tax-saving opportunities, avoid penalties, and save you time.
What is the difference between a tax deduction and a tax credit?
A tax deduction reduces your taxable income, while a tax credit directly reduces the amount of tax you owe.
What are the penalties for filing taxes late?
Penalties for late filing can include fines, interest on unpaid taxes, and potential audits. It’s important to file on time or request an extension if needed.
Can I amend a tax return after it's been filed?
Yes, you can file an amended tax return if you need to correct errors or claim missed deductions or credits.
How do I track the status of my tax refund?
You can track the status of your refund through the IRS website using the “Where’s My Refund?” tool or your state’s tax department website.
What are estimated taxes, and who needs to pay them?
Estimated taxes are quarterly tax payments made by individuals and businesses that do not have taxes withheld from their income. This includes self-employed individuals and those with significant investment income.
TAX FILING
What is tax filing?
Tax filing is the process of submitting your completed tax return to the IRS or other tax authorities.
When are business and personal tax returns due?
For most individuals and businesses in the U.S., tax returns are due on April 15th. However, specific deadlines can vary based on the type of return and jurisdiction.
Can I file my taxes electronically?
Yes, electronic filing (e-filing) is available for most types of tax returns and is often faster and more secure than paper filing.
What happens if I miss the tax filing deadline?
Missing the deadline can result in penalties and interest on any unpaid taxes. It’s important to file on time or request an extension if needed.
Can Smart Accountants help with late tax filings?
Yes, we can assist with filing late tax returns and work to minimize any penalties or interest charges.
Do I still have to pay taxes by the original deadline if I get an extension?
Yes, an extension only gives you more time to file your return, not to pay any taxes owed. You should estimate and pay any taxes due by the original deadline.
What is the difference between federal and state tax filing?
Federal tax filing is done with the IRS, while state tax filing is done with your state’s tax department. Each has its own forms, rules, and deadlines.
Can Smart Accountants handle multi-state tax filings?
Yes, we have experience in handling multi-state tax filings and can ensure compliance with all relevant state tax laws.
What should I do if I can't pay my tax bill?
If you can’t pay your tax bill, contact the IRS to discuss payment options, such as an installment plan or an offer in compromise.
FINANCIAL REPORTS
What are financial reports?
Financial reports are statements that provide an overview of a business’s financial condition, including the balance sheet, income statement, and cash flow statement.
Why are financial reports important?
Financial reports are essential for assessing the financial health of your business, making informed decisions, securing funding, and complying with legal requirements.
How often should financial reports be prepared?
Financial reports should be prepared at least quarterly, but many businesses benefit from monthly reports to monitor financial performance closely.
Can Smart Accountants help prepare my financial reports?
Yes, we offer comprehensive financial reporting services to ensure you have accurate and timely financial information.
What is included in a typical financial report?
A typical financial report includes a balance sheet, income statement, cash flow statement, and notes or explanations for significant financial activities.
What is a balance sheet?
A balance sheet is a financial statement that shows a company’s assets, liabilities, and equity at a specific point in time.
What is an income statement?
An income statement, also known as a profit and loss statement, shows a company’s revenues, expenses, and profits over a specific period.
How can financial reports help with business planning?
Financial reports provide critical insights into your business’s performance, helping you make informed decisions, plan for the future, and identify areas for improvement.
What are key performance indicators (KPIs) in financial reporting?
KPIs are metrics used to evaluate the success of a business in specific areas, such as profitability, liquidity, and operational efficiency.
PAYMENT RECEIVABLES
Can Smart Accountants assist with payment processing?
Yes, we can help set up and manage payment processing systems to streamline your accounts receivable and payable processes.
What are the best practices for managing payments?
Best practices include timely invoicing, tracking payment deadlines, maintaining accurate records, and following up on overdue payments.
How can I ensure timely payments from clients?
Clear payment terms, regular follow-ups, and offering multiple payment options can help ensure timely payments from clients.
How should I handle late payments from clients?
Implement a clear late payment policy, send reminders, and consider offering incentives for early payments or charging fees for late payments.
What is accounts receivable management?
Accounts receivable management involves tracking and collecting payments owed to your business by customers, ensuring timely and accurate invoicing.
What is accounts payable management?
Accounts payable management involves tracking and managing payments your business owes to suppliers and vendors, ensuring timely and accurate disbursements.
How can I improve my cash flow management?
Improve cash flow management by speeding up receivables, delaying payables where possible, maintaining a cash reserve, and regularly monitoring cash flow statements.
What is an electronic funds transfer (EFT)?
An EFT is a digital transfer of funds from one bank account to another, often used for payroll, vendor payments, and other transactions.
Can Smart Accountants help with international payments?
Yes, we can assist with international payment processing, ensuring compliance with regulations and optimizing for currency exchange rates.