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BOOKKEEPING (FAQ)

Our Bookkeeping FAQ page is here to answer your questions about our services.

  • What the difference between an LLC and a corporation?
    There are many differences between an LLC and a corporation, both large and small. One of the most significant differences is the ownership structure. An LLC is owned by one or more individuals, while a corporation is owned by shareholders.
  • How much does it cost to incorporate a business?
    SmartCloud Tax offers our LLC formation service at no cost; however, your Washington State will charge a tax-deductible fee, which varies by license type. Our fees apply only to value-added business services, available at different price points based on your selected package.
  • What type of business entity should I start?
    We generally recommend forming an LLC due to its numerous advantages for small business entrepreneurs. After forming an LLC, you have 75 days to consider choosing a different business structure, such as an S corporation.
  • How long does it take to have my business registered with the state?
    Most states process business registrations within 14 business days, although this timeframe can vary based on their current workload. Once your filing has been submitted, your SmartCloud team will notify you through the message center with an update.
  • When will I receive my EIN Number?
    Once approval is received from the state, we apply for the EIN number, and we will deliver all of your documents in your SmartCloud Tax Client Portal. Approval is normally completed within 3 business days.
  • What are the next steps after I have my business paperwork?
    With the documents we provide you will be able to open a business bank account as long as you have the state correspondence, EIN letter and Operating Agreement (available as an add-on purchase). Please note that SmartCloud Tax & Accounting is not involved in licensing and permits associated with business registration. To continue with those it would be best to contact your state’s Secretary of State or ask your SmartCloud Team for more information.
  • How do I elect to be an S corp?
    We will supply you with a pre-filled IRS Form 2553, containing all your necessary details. Just print, sign, and send the form to the IRS to elect S corporation tax status.
  • How do I communicate with the team handling my formation/dissolution?
    Send messages to your team directly through the message center in your SmartCloud Tax Client Portal. This is your go-to place for all inquiries and communications.

Welcome to the Bookkeeping FAQ page!

 

Here, we address your questions about our bookkeeping services, ensuring you understand how we can help streamline your financial operations and maintain your books with accuracy and compliance.

 

1. What bookkeeping services does SmartCloud offer?

SmartCloud provides comprehensive bookkeeping services tailored to your specific business needs. Our services include general ledger maintenance, accounts payable and receivable, bank reconciliation, monthly financial reporting, and payroll processing. We ensure that your financial records are meticulous, up-to-date, and reflect your business activities accurately.

 

2. How can good bookkeeping benefit my business?

Effective bookkeeping is crucial for managing your cash flow, making informed business decisions, and preparing for tax season. It helps you track your revenues and expenses, understand your financial health, and can significantly reduce the stress of financial management. Additionally, accurate bookkeeping is essential for compliance with tax laws and can aid in securing financing or investments.

 

3. Is SmartCloud’s bookkeeping suitable for my industry?

SmartCloud offers bookkeeping services for a wide range of industries, including retail, services, manufacturing, and non-profit organizations. Our team has the expertise to handle industry-specific financial challenges and can customize our bookkeeping practices to meet your unique needs.

 

4. How does SmartCloud ensure the accuracy of its bookkeeping?

Our team uses advanced bookkeeping software combined with meticulous processes to ensure accuracy and reliability. We conduct regular audits of our work and keep abreast of the latest financial regulations to ensure your books are not only accurate but also compliant with all relevant standards.

 

5. Can I access my financial information anytime?

Yes, with SmartCloud, you can access your financial data anytime through our secure, cloud-based platforms. This real-time access allows you to monitor your financial status regularly and make timely decisions based on the latest data.

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If you have more questions or wish to discuss how our bookkeeping services can specifically benefit your business, please contact us. At SmartCloud Tax & Accounting, we are committed to providing you with reliable, precise, and responsive bookkeeping services.

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