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Frequently Asked Questions

Have questions about accounting, tax, audit, or financial strategy? You’re in the right place. Below, we’ve answered some of the most common questions we hear from clients — from bookkeeping basics to advanced CFO services. Can’t find what you’re looking for? Connect with us and we’ll be happy to help.

Accounting

An accountant helps businesses manage finances through bookkeeping, preparing financial statements, tax planning, and ensuring compliance with regulations. They provide insights into cash flow, profitability, and financial health to support sound decision-making.

An accountant offers personal or business financial guidance, prepares tax returns, manages financial records, and helps plan for the future. They ensure accuracy, minimize tax liability, and provide peace of mind when it comes to complex financial matters.

An accountant is essential for maintaining accurate financial records, meeting legal requirements, and optimizing tax strategies. They help prevent costly mistakes, identify opportunities for growth, and provide clarity on financial decisions.

Yes. If the accounting services are related to managing your business, the fees are generally tax deductible as a business expense. Personal accounting fees are typically not deductible.

The cost varies based on the scope of services and complexity of your needs. Hourly rates, monthly retainers, or fixed fees may apply. It’s best to consult with us directly for a tailored estimate.

A financial accountant focuses on preparing accurate financial statements, such as balance sheets, income statements, and cash flow statements, for internal use and external reporting to stakeholders and regulators.

Costs depend on your requirements, such as tax preparation, ongoing bookkeeping, or audit services. Fees can range from a few hundred dollars for basic services to several thousand for complex engagements.

Look for an experienced, credentialed professional who understands your industry and needs. Ask for referrals, check credentials, and schedule a consultation to ensure a good fit. At Greenwood Ohlund, we’re happy to answer your questions and help you get started.

Yes. A Certified Public Accountant (CPA) brings advanced expertise, ongoing education, and a legal obligation to uphold high professional standards. A CPA can provide a deeper level of financial insight and compliance than a non-certified accountant.

Bookkeeping

Bookkeeping services typically include recording daily financial transactions, reconciling bank statements, managing accounts payable and receivable, maintaining the general ledger, generating basic financial reports, and ensuring records are accurate and up to date.

Bookkeeping fees vary based on the size of your business, volume of transactions, and complexity of your books. Rates may be hourly, monthly, or project-based. Contact Greenwood Ohlund for a customized quote.

No. Bookkeeping focuses on recording and organizing financial transactions, while accounting interprets that data to prepare reports, provide analysis, and advise on financial decisions. Both functions are essential to your business’s financial health.

A bookkeeper manages day-to-day financial tasks, such as recording transactions, invoicing clients, processing payments, reconciling accounts, and maintaining financial records for tax and reporting purposes.

A virtual bookkeeper provides bookkeeping services remotely, using cloud-based accounting software and online communication tools. This flexible option gives you access to professional support without the need for an in-house hire.

Full-charge bookkeeping goes beyond basic data entry to include complete management of the general ledger, month-end closing, payroll processing, tax reporting, and preparation of financial statements, offering a more comprehensive service.

Accurate bookkeeping provides a clear picture of your business’s financial health, supports tax compliance, helps you track cash flow, and enables informed financial decisions. It also reduces the risk of errors and ensures smooth audits.

CFO

A Chief Financial Officer (CFO) is the senior executive responsible for managing a company’s financial strategy, planning, and reporting. They oversee accounting, budgeting, forecasting, and ensure the financial health of the organization.

A fractional CFO provides part-time or project-based CFO services to businesses that don’t need or can’t yet afford a full-time CFO. They bring strategic financial leadership, improve financial systems, and guide decision-making on a flexible basis.

A CFO oversees financial planning and analysis, manages cash flow, evaluates risks, develops growth strategies, ensures regulatory compliance, and presents financial insights to leadership and stakeholders.

Costs vary depending on your business needs and the level of involvement required. Fractional CFO services are typically billed hourly or on a retainer basis, generally much more affordable than hiring a full-time executive.

Start by identifying your business’s financial challenges and goals. Then, seek an experienced CFO or fractional CFO with industry knowledge, strong leadership skills, and a track record of driving financial success. Greenwood Ohlund can help match you with the right expertise.

CFO services include financial planning and analysis, cash flow management, budgeting and forecasting, financial reporting, risk management, strategic guidance, investor relations, and operational improvements.

A CFO is responsible for managing the company’s finances, optimizing financial performance, guiding strategic decisions, ensuring compliance with financial regulations, and protecting the organization’s assets.

Outsourced CFO services provide businesses with expert financial leadership without hiring a full-time executive. This can include everything from cash flow management to long-term financial strategy, provided by an external firm or consultant.

Virtual CFO services typically cost less than an in-house hire and are usually billed hourly or monthly. Pricing depends on the scope of services and your business’s complexity. Greenwood Ohlund can provide a tailored proposal.

CFO advisory refers to expert guidance provided by a CFO or outsourced professional on financial strategy, risk management, growth planning, and operational improvements, helping businesses make data-driven decisions for long-term success.

Tax

The cost varies based on your business type, complexity of your finances, and the services you need. Basic returns may start at a few hundred dollars, while complex filings with multiple forms can cost significantly more. We can provide a custom quote.

It’s possible to file your own business taxes, but professional tax preparation helps you maximize deductions, avoid costly mistakes, and ensure compliance. Complex businesses often benefit from expert guidance.

Preparation starts with organizing financial records, including income, expenses, payroll, and deductions. Next, the appropriate tax forms are completed and filed. Working with an experienced CPA helps streamline this process and ensures accuracy.

Filing deadlines depend on your business structure (LLC, S Corp, C Corp, Partnership, Sole Proprietor). Many businesses must file by March 15 or April 15. Extensions may be available, consult a CPA to avoid penalties.

Sole proprietors and single-member LLCs often file personal and business taxes on the same return (Schedule C). Corporations and partnerships typically require separate returns. A CPA can advise on your specific filing requirements.

Understanding a tax return involves reviewing income, deductions, taxable income, and tax liability. A CPA can walk you through your return to help you understand your financial picture and identify opportunities for tax planning.

Costs depend on your requirements, such as tax preparation, ongoing bookkeeping, or audit services. Fees can range from a few hundred dollars for basic services to several thousand for complex engagements.

This depends on your business structure, taxable income, deductions, and applicable tax rates. A CPA can help you calculate your estimated tax liability and plan for payments.

Most businesses must file an annual tax return, even if they had no income for the year. Filing requirements depend on your entity type. Greenwood Ohlund can help ensure you meet all obligations.

Business taxation refers to the taxes imposed on income generated by a business. This includes federal, state, and sometimes local taxes, and may also involve payroll, sales, and excise taxes depending on your operations.

Yes. Business owners typically pay income tax on profits earned. How and when taxes are paid depends on the business structure (pass-through entities like LLCs vs. corporations). A CPA can help you plan and file correctly.

In general, business tax returns are not public record. However, some public companies must disclose financial information in SEC filings. Certain government agencies may also have access to specific tax data.

Audit and Assurance

Audit and assurance services involve an independent review of financial statements and business processes to ensure accuracy, transparency, and compliance with accounting standards. Audits provide confidence to stakeholders, while assurance services can also include reviews and agreed-upon procedures beyond financial reporting.

Not exactly. An audit is a specific type of assurance engagement focused on providing a formal opinion on financial statements. Assurance is a broader term that covers various services designed to improve the quality and reliability of information for decision-makers.

Non Profits Accounting

Nonprofit accounting focuses on accountability rather than profitability. It uses fund accounting to track how money is received and used across various programs and funding sources. Nonprofits must also comply with specific reporting and disclosure requirements to maintain tax-exempt status.

Many nonprofits qualify for tax-exempt status under IRS Code Section 501(c)(3) or other categories. However, they must apply for this status and maintain compliance with IRS regulations to retain it. Tax-exempt status generally applies to federal income tax, but state and local taxes may vary.

Nonprofits typically file Form 990 or a related form. The filing deadline is the 15th day of the 5th month after the organization’s fiscal year ends, for calendar-year nonprofits, that’s usually May 15. Extensions are available if filed in advance.

You can obtain a federal Employer Identification Number (EIN), also known as a tax ID, by applying with the IRS, either online, by mail, or by fax. The EIN is required to open bank accounts, hire employees, and apply for tax-exempt status.

Small Business

Start by choosing a bookkeeping system (manual, software-based, or cloud-based). Set up a business bank account, create a chart of accounts, track income and expenses, reconcile accounts regularly, and generate financial reports. A professional can help set this up properly from the start.

Bookkeepers record day-to-day financial transactions, track income and expenses, manage invoicing and payments, reconcile bank accounts, and prepare basic financial reports, helping owners maintain accurate records and stay organized.

Costs vary based on the services required. Basic bookkeeping and tax prep may start at a few hundred dollars, while ongoing advisory and CFO-level services can cost more. Greenwood Ohlund offers scalable solutions to fit your needs and budget

While it’s possible to handle some tasks yourself, an accountant can save you time, ensure compliance, identify tax-saving opportunities, and provide valuable financial insights. For many small businesses, professional support more than pays for itself.

Look for a CPA or firm experienced in working with small businesses. Ask for referrals, read reviews, and schedule a consultation to assess their approach and compatibility with your goals. Greenwood Ohlund welcomes new clients and can guide you through the process.

A CPA brings advanced training and expertise, particularly valuable for tax planning, financial reporting, and navigating complex financial decisions. While not always required, hiring a CPA often adds peace of mind and strategic value.

Use accounting software or hire a professional to record transactions, track income and expenses, reconcile accounts, and generate reports. Consistency and accuracy are key, and working with a bookkeeper or CPA helps you avoid errors and stay on track.

Gather income and expense records, complete the appropriate tax forms for your business structure, and file by the IRS deadline. Many small business owners benefit from working with a CPA to maximize deductions and ensure compliance.

A CFO, even part-time, helps with financial planning, cash flow management, budgeting, risk assessment, and long-term strategy. They provide insights that drive growth and stability, even for small businesses that may not need a full-time CFO.