Frequently Asked Questions

YBL has basic requirements listed below before engaging with your business;

Your business must have a unique Tax ID issued by the IRS. You can apply free of charge at the IRS Form SS-4 link. I can guide you in navigating this SS-4 link and help you understand the options available.

Each business Tax ID (FEIN) must have its own ‘business’ bank account. You cannot use your “personal” bank account for business OR have a joint bank account for two or more ‘separate’ companies/businesses. 

You must be using or willing to use web-based accounting software like QuickBooks, Xero, Sage, Netsuite, etc. We should be able to access your accounting application remotely.

YBL encourages clients to explore apps like Hubdoc, Bill.com, Expensify, Gusto, Square, PayPal, Slack, Asana, Shopify, etc., to leverage technology to make accounting more efficient and cost-effective.

If you have employees, choose a payroll provider to promptly pay your Local, State, and Federal payroll liabilities - YBL does not provide payroll processing.

Sign the YBL Independent Contractor’s Agreement.

YBL uses Google Workspace, so that would be our preferred choice. However, we can accept the paperwork digitally via OneDrive, DropBox, Hubdoc, and Apps like Bill.com, Paypal Sync, Avidxchange, email, etc. We can decide on the best approach for you during our free consultation.  

The key benefit of digitizing your receipts, bills, invoices, and other documents is that they are always at your fingertips when needed - no need to invest in filing cabinets and office spaces. Additionally, these documents will remain in your ownership for as long as necessary. YBL only needs access to these documents to support and verify the data entered or reviewed in your accounting information system.

Submit all paperwork weekly so your financial data will be updated on a schedule. Remember, YBL requires documentation to enter transactions in your Accounting System. 

For bookkeeping packages, my goal date is between the 5th & 10th business day of every month for the prior month's closing, contingent upon receiving and verifying all the previous month's paperwork on time. 

We will provide a Profit & Loss (P&L) statement, a Balance Sheet, and a Cash Flow Statement that will include a summary of my key observations (via email) if any unusual fluctuations are detected. If you have any additional questions or need the training to understand the financial statements, I can schedule a call and discuss the reports in detail.

Yes, I do a bit of ‘cleanup’ as I begin our engagement - this is perfectly normal and is typically included in your monthly package for ‘minor’ cleanup jobs.

I will do a comprehensive audit of your books to ensure your data is GAAP compliant and up to date since you filed your last Tax Returns. YBL will provide you with a detailed outline of what I find/identify, what needs to be updated, and a quote with timelines. 

All big businesses have highly trained experts like Controllers and or CFOs that help track earnings & cash flow, analyze financial strengths & weaknesses, and recommend corrective actions. All small businesses need the same expertise & guidance but, unfortunately, may be unable to afford such resources full-time. A fractional Controller or a CFO can quickly fill this gap for small businesses and increase their growth prospects, and can be hired on a part-time or project basis.

Remember that 99% of all businesses are small, and they share some or all of the below-listed challenges;

• They can not afford to hire full-time Controllers or CFOs to track cash flow, analyze strengths & weaknesses, and recommend corrective actions.

• Their bookkeeping & accounting staff may be unable to provide strategic guidance on risk management, growth, and efficiency.

• Owners started the business to practice what they are good at — for example, lawyers, doctors, athletes, and chefs.

• They do not understand the financial statements and what is working and what is not.

• They want someone they can trust to monitor and provide guidance and a clear financial picture they understand.

A fractional Controller or CFO would be an ideal solution for small businesses to address the above challenges.

Are you at a stage in your new startup & rapidly growing business where you need more help and cannot decide whether to hire a part/full-time in-house employee OR outsource work? These are unique challenges, and the decision isn’t always clear; however, I can list some basic information to help you make the right choice.

• Outsourcing 

  • Outsourcing single or small tasks, projects, and recurring activities can be cost-effective compared to developing an in-house employee or a team.

  • You will have access to various talent & skillsets that you can hire instantly for a short period without any promise of long-term commitment.

  • Practically no hiring costs involved, no payroll taxes, no employee benefits, no labor law requirements, no chasing employee performance challenges, etc.

  • Outsourcing is very flexible - once the work is complete, you do not have to keep outsourcing ‘employed.’

  • If you don’t like one contractor, you can easily replace it with another. 

  • As a rule of thumb, an in-house employee typically costs 1.25 to 1.40 times the salary or wages paid compared to an outsourced contractor. The “extra” cost results from payroll taxes, unemployment & medical benefits, insurance, employee development & training, turnover, hiring, providing office space & equipment, etc.

• Insourcing (In-house employee)

  • As your business grows, you may require an in-house team dedicated to your operations.

  • Your in-house employee/team is flexible and invested in your company’s success.

  • You will have better control over your project, clear communication, and data security as it progresses.

  • You get to set a schedule for when and what they work on.

  • Your employee may or may not have all the skills & talents you need to grow your business. In such cases, you may require additional training, which can be time-consuming and expensive. 

  • Training, development, and retention of employees are time-consuming and expensive.

It's totally up to you! As your business grows, you will gradually build your in-house Accounting team, and eventually, you may decide not to subscribe to our Client Accounting Services. And since I do not bind you to any long-term contracts or commitments, stopping our engagement is as easy as providing a 7-day notice via email.

Your CPAs will still be able to contact us indefinitely after you stop our services for any queries regarding filing the Tax Returns for the period of service we provided. For example, if you subscribed to any YBL services from 2-3-2019 thru 6-8-2022, I will assist your CPAs indefinitely in the future with filing Tax Returns related to the service period from 2-3-2019 thru 6-8-2022. There are no additional charges to assist your CPA.

YBL currently does not provide Payroll services, just Payroll Accounting, which is included in your Bookkeeping package. However, I have listed some resources to provide you with the Payroll services you need. They are listed alphabetically only and not in any specific order of importance.

• ADP

• Deluxe

• Gusto

• Intuit

• Justworks

• Paychex

• Paycom

• Paycor

• PayUSA

• RUN by ADP

• SurePayroll

• Zenefits

Here are some of the benefits of outsourcing your payroll;

• Save time, reduce costs, maintain tax accuracy, ensure regulatory compliance, eliminate payroll software maintenance, and facilitate employee self-service.

• Deposit paychecks directly into your employee's bank accounts OR Prepaid Cards.

• Paystubs, Earning Statements, W2, 1099 delivered & accessible online.

• Automatic withholding for payroll taxes and employee deductions.

• Automatic filing of Local, State, and Federal payroll taxes.

• Customized payroll reports.

• HR services include new hire onboarding paperwork.

I highly recommend you take some time to review the following Google searches to acquaint yourself with the options you have;

• How to select an outsourced payroll service

• Compare outsourced payroll services

• Questions to ask before you outsource payroll

Outsourcing your bookkeeping or any Accounting Solutions will always be more cost-efficient for small businesses than hiring a full-time employee. The salary for a Bookkeeper employed full-time averages between $3,000 to $5,000 monthly and is higher in larger metropolitan cities. Besides the salary, you will also need to provide office space & equipment, payroll taxes, insurance, training, utilities, rent, etc. An outsourced bookkeeper averages $500 to $2,500 monthly - you only pay for Accounting!

Yes! Support and training are part of each Service/Package. The “support“ request should be related to the Service/Package you subscribe to. If you need additional support for an indirectly related or entirely unrelated matter, please inquire so I can preview/research/evaluate the information and set pricing. Then, you decide if you would like to proceed or not.

If you elect, YBL will train you OR a person (lead or supervisor) of your choice in all aspects of our business engagement so that you gradually become familiar with all areas of your accounting. Once you eventually become confident and self-reliant in handling your accounting, you can adjust our service engagement as necessary - we do not lock you into any long-term contracts