Question 1

What services does NFS offer?

Accepted Answer

NFS specializes in virtual bookkeeping, payroll management, tax preparation, and financial reporting for small and medium-sized businesses. We provide full-cycle financial services, including bank reconciliations, accounts payable and receivable, payroll processing, tax filing, and custom financial reports.

Question 2

Who are our typical client?

Accepted Answer

We work primarily with small businesses, startups, and eCommerce businesses looking for professional financial management without the overhead of in-house accounting staff.

Question 3

Are you fully remote/virtual?

Accepted Answer

Yes! Our services are designed to be completely virtual, using secure cloud-based platforms to manage your finances efficiently and accurately.

Question 4

What makes NFS different from other accountants or bookkeepers?

Accepted Answer

NFS combines technical expertise with personalized service. We work closely with clients to understand their unique needs, provides actionable financial insights, and ensures that clients can make informed business decisions without the stress of managing day-to-day finances themselves.

Question 5

How secure is my financial information with NFS?

Accepted Answer

Security is our top priority. We use encrypted cloud platforms, two-factor authentication, and strict privacy protocols to protect your sensitive financial data.

Question 6

Who is responsible for bookkeeping in a small business?

Accepted Answer

In a small business, the responsibility for bookkeeping can vary depending on the size and structure of the business. 
Often, the business owner or a designated employee handles the bookkeeping tasks. However, many small businesses choose to outsource their bookkeeping to a professional bookkeeper or accounting firm. 
Outsourcing can provide expertise, ensure accuracy, and allow the business owner to focus on core business activities.

Question 7

What happens if bookkeeping is not done?

Accepted Answer

If bookkeeping is not done, a business can face several negative consequences, including: 
1. Inaccurate financial records, leading to poor decision-making. 
2. Cash flow problems due to untracked income and expenses. 
3. Missed tax deadlines and potential penalties for non-compliance. 
4. Difficulty in securing loans or investments due to lack of financial transparency. 
5. Increased risk of fraud and financial mismanagement.

Proper bookkeeping is essential for maintaining the financial health and stability of a business.

Question 8

When is bookkeeping required legally?

Accepted Answer

Bookkeeping is legally required for businesses to ensure accurate financial reporting and compliance with tax laws and regulations. Specific requirements can vary by jurisdiction, but generally, bookkeeping is required in the following situations: 
1. When a business is registered as a corporation or limited liability company (LLC). 
2. When a business has employees and needs to manage payroll and tax withholdings. 
3. When a business is subject to sales tax collection and reporting. 
4. When a business applies for loans or seeks investment, as accurate financial records are necessary for financial transparency. 
5. When preparing and filing annual tax returns.

Proper bookkeeping helps businesses maintain compliance with legal and regulatory requirements and avoid potential penalties and legal issues.

Question 9

When is it too late to catch up on bookkeeping?

Accepted Answer

It's never too late to catch up on bookkeeping, but the sooner you address it, the better. Delaying bookkeeping can lead to several issues, including inaccurate financial records, cash flow problems, missed tax deadlines, and potential penalties. 
If you find yourself behind on bookkeeping, it's important to take immediate action to get back on track. Consider hiring a professional bookkeeper or accounting firm to help you catch up and maintain accurate records moving forward. Addressing bookkeeping issues promptly can help you avoid further complications and ensure the financial health of your business.

Question 10

What is NFS’s approach to working with small businesses?

Accepted Answer

NFS specializes in providing expert bookkeeping services tailored specifically for small businesses. Our approach is centered around offering personalized and comprehensive financial management solutions that simplify your finances, enabling you to focus on growing your business. 
We pride ourselves on delivering a personal touch for every client, ensuring that your bookkeeping, tax preparation, and payroll needs are seamlessly handled with the highest level of professionalism. By understanding the unique challenges and opportunities that small businesses face, we strive to create a supportive and efficient financial partnership, ultimately helping you achieve your business goals.

Question 11

Where should bookkeeping records be stored?

Accepted Answer

Bookkeeping records should be stored in a secure and organized manner to ensure they are easily accessible and protected from loss or damage. Options for storing bookkeeping records include: 
1. Physical storage in a secure, fireproof, and waterproof location, such as a locked filing cabinet. 
2. Digital storage using accounting software or cloud-based storage solutions, which offer the advantage of easy access and backup. 
3. A combination of both physical and digital storage to ensure redundancy and security.

Proper storage of bookkeeping records is essential for maintaining accurate financial records and ensuring compliance with legal and regulatory requirements.

Frequently asked questions