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Bookkeeping Services – FAQs

Here are some of the Frequently Asked Questions about Bookkeeping Services and Accounting Services.
If you have any other questions, please feel free to contact us on info@hitechos.com.

What is hitech Accountant?
hitech Accountant provides accounting and financial business process outsourcing and consulting services to large, small and emerging, and growth and concept-stage businesses. We pride ourselves on our practical solutions. Employees of hitech Accountant include experienced CAs, MBAs, accountants and bookkeepers.
I am thinking about starting a business. Why do I need hitech Accountant?
There are many important decisions that need to be made with the help of someone experienced in complex accounting, financing, business and tax issues. For example, the preparations of financial projections which need to be included in the business plan. These projections are used to formulate a financing strategy and upon funding a tax strategy, to minimize taxes. After funding, there are several other issues that need to be immediately addressed such as selecting affordable accounting software, establishing budgets, implementing policies, procedures and authorizations, registering the business with the appropriate local, state and federal agencies, and establishing a month-end closing schedule to ensure timely and accurate financial statements.
I have just started a business. Why do I need hitech Accountant?
There are several issues that need to be discussed and actions to be taken after starting a new business. Some examples include, purchasing the type of accounting software to be used (we always emphasize keeping this expense to a minimum as most low end packages now offer much of the same functionality as the expensive, industry specific packages), the relevant policies and procedures (who can buy what and how much can they spend), accounting policies (how and when do you recognize revenue), establishing a month-end closing schedules to ensure timely, accurate financial statements, compensation strategies (including stock options, restricted stock, employee benefits), establishing a filing system (believe us, this is extremely important. And a good, neat, organized filing system saves much time and many headaches in the future), local, state and federal filings (Secretary of State, Sales and Use Tax, nexus issues, DOL filings), employee benefits, etc. hitech Accountants are experts in all of these issues and can provide you with efficient, affordable answers and solutions.
I already have a bookkeeper. Why do I need hitech Accountant?
Most bookkeepers do a great job. Remember though, they usually do not have the experience to address many of the complex issues that small businesses face today. Many of these issues do not surface until they become a problem. These issues, which are aplenty, will inevitably “rear their ugly head” at the most inopportune time, if ignored or are not properly addressed. Bookkeepers record transactions, but often do not know the full implications of the transactions for financial statement and tax purposes. Also, many business owners do not have the background to properly train and supervise a bookkeeper. Bookkeepers can make bad decisions if there is no one to answer complex financial questions. We pride ourselves on building trust and rapport with our clients’ staff and we are always reachable by phone. We strongly encourage them to contact us with questions or issues at any time.
I already have an accounting staff. Why do I need hitech Accountant?
Most accounting staff have limited work experience. They perhaps have worked at two or three other companies where they reported to a more senior accountant. They may now be reporting to the business owner who has a background in general business, engineering or sales – probably not finance or accounting. There may be many areas where these staff accountants do not have an experience and need guidance. hitech Accountant can provide the necessary guidance and management. This enables the staff accountant to grow and to gain the experience to properly address these issues. Eventually, the staff accountant can be promoted to Controller or CFO and then become a more valuable and dedicated employee, and at that time, the talents of hitech Accountant may not be needed. This is a win-win situation. It is a win for hitech Accountant because we were successful in our mission — which is to help our clients grow, and a win for you because you now have an accounting staff that can take you to the next level.
How much does hitech Accounting consulting cost?
The cost is dependent on many factors such as the number of hours involved, the functions involved, the project to be completed, the support staff available, the complexity of the situation, the risks involved, etc. hitech Accountant always ensures that the scope and the timing of the assignment are clearly defined and a budget is established. hitech Accountant always offers an hourly or a fixed price arrangement. We strongly believe that our advice, experience and work ethic will result in savings and efficiencies that greatly exceed the fee paid to hitech Accountant.

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