Reporting FAQ's

Why is accounting important?

Accounting tracks all your business activities and assets. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it. Mistakes could be costly: the government punishes wrong reports with fines. Not to mention, you probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.

How much do bookkeeping services cost?

We have flexible plans depending on the number of transactions your business has. A transaction is any deposit into or withdrawal from the bank. This way you only pay for the real work done.

How accounting with OCD Reporting works?

You need to send us your receipts in invoices in any format you have them, like scans or pictures on your phone. If anything is amiss, OCD Reporting platform makes it easy to track docs and gently reminds you to send them in. Everything else we'll do ourselves.

What's the difference between a bookkeeper and an accountant?

A bookkeeper is an expert responsible for recording and organizing your business financial transactions while an accountant uses the information provided by the bookkeeper to prepare and file statutory returns and give financial and business advice. A bookkeeper can help you carry out some of the functions of an accountant, including preparation of financial statements, provide financial advice, handle tax issues, and more. Accountants charge more than bookkeepers, so it is more cost-effective for small businesses to work with a bookkeeper rather than hire an accountant.

Should I outsource my Bookkeeping functions or hire an in-house Bookkeeper?

Outsourcing the function to professionals like OCD Reporting is cheaper than keeping an in-house bookkeeper. It means you won't have to worry about overtime payment, health insurance, training and supervision fee, and other employee-related costs. Also, since our team won't be using your office space and your documents will be stored on our convenient and secured web portal, you won't have to spend money on office maintenance or on purchasing additional computers.

Can bookkeeper help me save more money and time?

Yes, our services can save you money and help you reduce your tax bills. Our team will help you reclaim all expenses your business is entitled to.

• You are finding it hard to stay on top of your business finances
• You are unable to track where your money is going or how you are spending it
• You are losing receipts and bills; making it impossible to keep your records up-to- date
• Your business is not working as planned, and you are about giving up on it
• You don't have time for your family and friends because you are busy with your business paperwork
• You are always running out of money and struggle to pay your staff and tax bills
• You are losing suppliers because you forget to pay them
• You have several unpaid invoices and always forget to follow up on your customers for

If any of the above scenarios describe your situation, you need a bookkeeper to help you put things back in order. We'll help you keep track of your finances, reduce your overhead cost, improve your business cash flow, and ensure your business is running profitably. Also, our bookkeeper will take charge of your paperwork so you can spend more time with your loved ones.

Are you going to work with my accountant?

We love to work alongside accountants and accountants love to work with us. It is our job to record transactions, collect all corresponding documents, and prepare trial balances and financial statements. The accountant takes it from there: calculates taxes, comes up with tax optimization ideas, prepares forecasts, etc.

Why should I hire OCD Reporting team for my bookkeeping needs?

We care about you! OCD Reporting is a team of certified bookkeepers who are passionate about helping our clients run their business successfully. We'll help you stay on top of your finances, keep your records up-to-date, and support you in making sure your business runs smoothly. Furthermore, you will get access to our online portal, which allows you to access your financial documents and books anytime and anywhere. We have excellent reviews and feedback from our customers. Also, we take pride in our team's attention to detail, quality service, and impeccable customer service.

What documents do I need to send you?

Usually, we'll need you to send your sales invoices, receipts, bills, and bank statements. However, we may require additional documents depending on the type of services we are offering you. We'll always let you know if we need more documents.

How long will it take you to complete my books if I decided to go for monthly bookkeeping?

Usually, we'll need you to send your sales invoices, receipts, bills, and bank statements. However, we may require additional documents depending on the type of services we are offering you. We'll always let you know if we need more documents.

Is my information save with you, and will I be able to access it?

Your document is 100% safe with us. All our clients' documents are stored securely via our backup system. You will get free access to our customer portal that allows you to access your documents anytime and anywhere. With our online accounting software, you can log in anytime to access your documents and print reports.

My Business is not located near you, can you still help?

Yes, distance isn't a problem with OCD Reporting. We provide our bookkeeping, accounting, and payroll services online. You can also connect with us via Teams, Zoom, Skype, or by simply putting a call across to our team.

What type of accounting software is best for my Business?

We'll work with you to understand your business and suggest the most suitable software. OCD Reporting will help you understand the pros and cons of each accounting software so you can make an informed decision. We offer most of our services online and recommend that you get an online accounting software like Quick Book & Zoho Books.

What benefits will I enjoy if I switch to online accounting system?

• Access to your documents anytime and anywhere
• You will get real-time accounting information
• Enables smooth collaboration with your accountants and bookkeepers
• Gives you control
• Automatic backup of all your business records
• No need to find a physical space to store up documents for six years
• You can use the software for different types of businesses

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