The textbook answer is that the IRS requires all businesses to have record-keeping practice in their business (https://www.irs.gov/taxtopics/tc305).

A better question is when should I hire a bookkeeper?

You know your business is ready for a bookkeeper when:

  •  You cannot find time to do your own bookkeeping
  •  You don’t have the resources (tech or knowledge) to accurately track the finances
  • You’re underprepared for tax season  
  • You need an extra set of eyes for unbiased opinion or fraud tracking. 
  • You need to make financial decisions based on ratios, profitability, ROI, and debt-to-asset ratios. 

Step 1: Onboarding

Step 2: Catch-up, clean-up

Step 3: Monthly ongoing 

Step 4: System and process customization

You may hear us reference our favorite applications such as QuickBooks, Gusto, TaxDome, Bill.com and Google Drive. We use a few other apps behind the scenes such as Keeper.app, Clockify, Digits, and Asana to keep things running smoothly. We also handle FreshBooks and Wave accounting.

This answer varies! Some clients have too much on their plate and we handle EVERYTHING from receipt categorization, document fetching, data entry, payroll, etc. On the other hand, some clients like to be active in bookkeeping and we are utilized as an overseer to maintain best practices, reduce fraud, and ensure accuracy.