Waterford Business Solutions

FAQ Page

Accounting for the Home Service Professional

2021 Business Tax Forms

FAQ
FREQUENTLY ASKED QUESTIONS

What is an EA?

An EA is an Enrolled Agent and is allowed to discuss and fight for you with the IRS like a CPA. In fact, an EA needs to go through the same rigorous testing and recertification process as a CPA, except an EA does not need to be recognized in the state they perform in. Since we work all over the US, we have elected to work exclusively as EAs, allowing us to work with our clients no matter where they live or work.

Will you work with my CPA to file taxes?

Absolutely, we will happily help manage your entire tax filing process in conjunction with your accountant so that all that is needed will be your signature at the end of the process if you would like.

Do you handle sales tax?

For clients that we are handling the accounting and bookkeeping for, we are happy to help you file your sales tax with your state. We do charge a small fee for doing this in addition which will be based on the complexity of your returns. Please talk with us today to learn more.

Will you file my payroll taxes?

For clients who use our payroll services, we are happy to file your payroll taxes and forms with the federal and state governments. Give us a call today for more information.

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FAQ Accounting Questions

Waterford primarily focuses on serving the home services industry and the trades, allowing us to better understand our clientele and advise them on topics relevant to their business while providing insights into how others in their industry or region are performing. We primarily focus on HVAC, Electrical, Plumbing, Cleaning, Landscaping, Handyman, and Junk Removal industries but serve various others.
We recommend that your business, at minimum, be making $10,000 per month in revenue. This will help ensure that you have the cash flow to cover your daily operations and your pay as an owner and cover fees that we charge without putting a strain on the company’s finances.
We work with a lot of customers who have multiple businesses and even provide multi-business discounts. We also work with companies who may have one business in our niche but another outside of it if that is what you desire.
We take the security of our clients seriously and spend excessive time working with our IT team to ensure that our software being used is all bank-level encrypted, any portals we use follow the same encryption with HIPPA levels on top of that. All computers are scanned and monitored daily while also using VPNs to ensure that our computers are still running through the same firewalls even outside of the office whenever not on our office secured Wi-Fi network.
Our paperless receipt systems are secured by bank-level encryption, and we have forms and portals that follow the same level of security for you to use whenever you may need it.
Our pricing is based 100% on your needs as a business. We always sit down with potential clients to understand their pain points and needs and develop a custom solution based on those needs and our expertise. Our services for bookkeeping and accounting start at $349 per month and increase from there.
After completing our initial consultation and review of your account, we are happy to call you back and go over pricing over the phone. Until a consultation and review are done, all that can be provided is base pricing as we are not sure what services would be best for you.
We prefer to take ACH or EFT transfer through our billing portal, but we will also happily take credit cards upon request. You must request this as we charge a convenience fee and do not send engagements out by standard with this turned on.
Most clients are set up on auto-billing for recurring services, which will occur on the first of each month. These terms can be negotiated during your initial consultation if you need a different billing day.
While most of our clients use QuickBooks Online, we are happy to work with other cloud-based accounting platforms. We are certified and will happily work with Xero for clients against using QuickBooks Online and are glad to discuss the pros and cons in our consultation with you.
While we primarily use and suggest QuickBooks Online, we recognize that it doesn’t work for everyone. Thus, we also support Xero accounting software for those that are adverse to QuickBooks Online.
We are certified and work in a myriad of different applications for different purposes. Here is a list of some of the applications we work with.

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The goal of a bookkeeper is to help make sure that on a daily, weekly, or monthly basis that your books are in good order so that tax season is less stressful, and you have to be less involved in the situation come tax time. Most accountant may employee bookkeepers to help with this, or they will only help you will filing taxes, not help you keep your books up to date and 100% accurate.

We take our bookkeeping a step further by ensuring our clients are tax-ready on a monthly or quarterly basis, making tax season a breeze and generally resulting in our clientele being some of the first taxes filed by any accountant we work with.
Before the digital age, a lot of accounting had to be done by pen and paper, and thus you had to use someone local to get the best service, and local accountants can still be great for better understanding local ordinances. However, finding an accountant who understands your specific industry or the software you use is challenging to do locally. In contrast, a virtual accountant that specializes will be able to control how your information integrates and understand how to best advise you off of that software.
Virtual bookkeepers can work with you wherever you are through video, phone, and email, meaning you aren’t locked to your desk in an office, and you can be active in the field working with employees or customers while focusing on the growth of your business!
We work with you to get view-only access to all bank and credit card accounts, generally allowing us to view most, if not all, of your deposits and written checks. We also set you up with a paperless receipt processing system, depending on your service level, where you can take pictures of deposit slips, receipts, bills, checks, and more to send them to us. This allows us to better classify transactions for you while also providing documentation to support you in the case of an audit. There will always be questions that we have to send you, but that comes from consistent communication with your bookkeeping team.
At Waterford, we work in teams of three bookkeepers in collaboration, cross-checking each other’s work and ensuring no errors in the information. One advisor double checks everything and consults with the client to help them understand where they stand in their books and process. Upon signing, we will assign your team, and they will reach out to you to introduce themselves as they will become your trusted group of direct contacts in the company and help you best when you have issues.
Cleanup is not needed. We happily provide cleanup services for clients and generally recommend those services to ensure it is done 100% right with no lingering issues. 90% of clients that come to us need at least minimal cleanup, if not a full-blow run-through of their system to correct long-running issues. While cleaning up your file before coming to us may prevent this, it could also increase the number of issues or make things worse
Each client is unique, and thus we provide different levels of services. Premium clients will receive communication and reports at least weekly on a specific day of the week that is agreed upon between everyone. Full-service clients will receive sporadic communication throughout the month but will have their documents ready by the 10th of the following month. Entry-level clients will typically be completed by the 15th of the following month, and they are welcome to request documents to be emailed every month.
Each client is unique, and thus is provided with different levels of services. Premium clients will receive communication and reports at least weekly on a specific day of the week that is agreed upon between everyone. Full-service clients will receive sporadic communication throughout the month but will have their documents ready by the 10th of the following month. Entry-level clients will typically be completed by the 15th of the next month and they are welcome to request documents to be emailed every month.
Waterford currently provides bookkeeping and accounting services, accounts payable and receivable services, tax advisory and filing services, budgeting and business planning services, and payroll and HR services. We are always looking for other ways to better enhance our services for our clientele and expand our offerings.
We love doing accounts payable services and will happily set up a system with a separation of duties for you and us to ensure that you are the only one with the authority to approve payments even though you are not paying your own bills. To learn more, visit our Accounts Payable page.
Yes, we have a whole department specializing in Payroll and Human Resources services that can handle processing and paying taxes to help with hiring, firing, and job costing.
For clients who use our payroll services, we are happy to file your payroll taxes and forms with the federal and state governments. Give us a call today for more information.

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