For our clients, we offer two distinct bookkeeping options designed to match different needs: Monthly Bookkeeping Service and Tax-Ready Bookkeeping Service. Below is a detailed comparison to help you determine which service is the best fit for your business.

1. Monthly Bookkeeping Service

• Purpose: Ongoing, detailed financial management for your business throughout the year.
• Key Features:
  • Bookkeeping Software: Client is responsible for covering the cost of QuickBooks or Xero software.
  • Comprehensive Bookkeeping: Regularly records and categorizes all transactions, including income, expenses, and liabilities.
  • eCommerce Integration: Uses QuickBooks or Xero integrated with LinkMyBooks to import eCommerce data, streamlining transaction tracking.
  • Inventory Management: Monthly updates of inventory figures for an accurate understanding of Cost of Goods Sold (COGS).
  • Financial Statements: Provides financial statements, including Balance Sheet, Profit & Loss, and Cash Flow, by the 20th of each month.
  • Monthly Profit Breakdown Report: Provides key eCommerce metrics like Contribution Margin, ROIC, and inventory turnover to support business decisions.
• Ideal For: Businesses needing ongoing, comprehensive financial management and bookkeeping support for regular decision-making and growth.

2. Tax-Ready Bookkeeping Service

• Purpose: Simplified bookkeeping service designed specifically for tax preparation purposes.
• Key Features:
  • QuickBooks Ledger Account: Includes QuickBooks Ledger provided by Tall Oak Advisors until April 30, 2025, or one month after service completion, with an option to continue for $20 per month afterward.
  • Year-End Journal Entries: Performs simplified year-end journal entries for key accounts:
    • eCommerce Transactions: Based on Year-End Settlement reports for each selling platform.
    • COGS Calculation: Makes one year-end journal entry for COGS if the client uses an inventory management system (e.g., Inventory Lab or Seller Board). If no inventory system is used, COGS is calculated using the cash method.
    • Loans and Other Accounts: Single year-end journal entries for loans and other non-bank accounts.
  • Bank Reconciliation: One-time categorization and reconciliation of bank and credit card accounts for accurate records at tax time.
• Ideal For: Smaller businesses or those primarily interested in preparing financials for tax purposes without requiring ongoing detailed bookkeeping.
• Limitations: Does not include monthly maintenance or provide detailed reporting, focusing solely on tax compliance.

Choosing the Right Service for Your Needs

• Monthly Bookkeeping Service: Choose this option if you require ongoing financial oversight, regular financial statements, and comprehensive support for business growth.
• Tax-Ready Bookkeeping Service: Opt for this service if your primary focus is ensuring your financials are ready for tax filing in the most cost-effective way possible.

Need Help Deciding?

If you’re unsure which service is best for your business, reach out to our team. We’re happy to guide you through your options to find the right fit for your specific needs.