FAQs

How much do your business accounting services cost?

Our minimum price for a package of services is currently $6,000 per year, or $500 per month.  Most clients pay us monthly. Some choose to pay quarterly.  The price for your specific package of services will be based on the services we provide you and the value they create for you.  We promise to deliver value in excess of the price you pay.

What is included in the price?

When people ask “what is included in the price?” often they are really asking, what services do we provide, or what tools do we use.  We have many tools that we use to help our clients achieve their desired outcomes.  Below is a list some of the tools we have used with other clients.  Your package of services will be custom designed for you.

  • Monthly or quarterly bookkeeping
  • Annual business tax return preparation
  • Annual personal tax return preparation
  • Tax planning
  • Tax projections
  • Periodic Business Advisory Meetings
  • Preparation and filing of 1099 forms for subcontractors
  • Preparation and filing of County 571-L personal property tax forms
  • Preparation and filing of sales tax returns
  • Development and tracking of key performance indicators and metrics specific to your business
  • Industry comparisons
  • Financial statement preparation and discussion
  • Financial Statement ratio analysis
  • Preparation of compiled financial statements
  • Preparation of reviewed financial statements
  • Quickbooks or Xero support and training
  • Succession planning
  • Creation of financial dashboards to quickly access summary data to use in board meetings
  • Development of systems of internal control to minimize fraud risk
  • CPA attendance at board meetings
  • Assistance in setting up and managing a payroll system
  • Budget development and monitoring
  • Guidance on entity selection
  • Guidance on setting s-corporation owner salary
  • Assistance in setting up and contributing to a retirement plan
  • Financial Planning
  • Setting up your accounting software to track multiple locations, products, or services
  • Consulting around buying or selling real estate or businesses
  • Designing and monitoring a debt reduction plan
  • And like the beat, the list goes on, everlasting

Included in your package of services will also be unlimited access to us at no additional charge.  Call, email, or stop by, any time you like without worrying about receiving a surprise bill from us.  You will also receive our firm guarantees, which are listed in another FAQ below.

What will we discuss in the periodic advisory meetings?

What we discuss in our periodic advisory meetings depends on your situation and your concerns.  We often address the following topics:

  • Advance planning for tax minimization techniques, identifying opportunities, and removing tax surprises
  • Financial comparison of current period with appropriate prior periods
  • Identification of, and recommendations for, improvement in areas where your business is underperforming, or where you can operate more efficiently.
  • Education around various helpful items in your financial statements such as cash flow, revenue growth, profitability, collections, debt accumulation, liquidity, etc.

And then of course we cover topics that are of concern to you right then.  Some examples include:

  • Advance planning to maximize the sales price of your business
  • The best way to save for your kids’ college expenses
  • Buying or selling a piece of real-estate
  • Comparison of your business to others in your industry
  • Developing financial metrics specific to your business

How do I know it will be worth it?

In order to work together, we must both agree that the value you receive will exceed the price you pay. If you ever don’t feel that’s the case, we will take a step back, listen to your concerns and objectives, and restructure your package of services to meet your needs.

Do you offer any guarantees?

Yes, we stand by our work, and we do offer several guarantees:

  • We guarantee that we’ll never miss a deadline on work that we do, or we’ll pay any associated penalties and interest.
  • We guarantee to represent you through an audit of work we have completed at no extra charge if the audit is a result of an error or omission on the part of Innovative Solutions.
  • We guarantee to make good on all the Promises We Make to Our Clients
  • We guarantee to provide value in excess of the price you pay, If you ever feel the value you receive does not exceed the price, we will adjust your package of services and the associated price until it does.  If you are still dissatisfied, we will refund your last month’s payment and cancel our agreement.

Do I have to sign a one year agreement?

No, you do not have to sign a one year agreement. When we design a package of services for you, we will quote you a monthly price.  If you ever want to stop using our services, simply give us 10 days written notice.

That being said, you should consider, before signing up with us, that we are a relationship-based CPA firm.  It is the relationship we build with our clients that allows us to provide more value to them the longer we work together.  The more familiar we are with you, the more we can apply our knowledge and expertise to your specific situation.  If you are going to sign up with us, it is really in your best interest to stay with us for the long term.

What is your hourly billing rate?

We do not bill by the hour.  All services are packaged and upfront priced.  That way you always know the price before you begin, and you do not have to worry about any financial surprises from your accountant.

Is there an upfront onboarding charge?

Yes, there is an upfront onboarding charge.  There is almost always some kind of initial, one-time work to be done.  For example, we may have to catch your bookkeeping up to date, file a tax return, set up a financial dashboard for you, redesign your accounting or payroll system, or develop company specific key performance indicators.  Your specific onboarding price will be based on the work that needs to be done and the value it provides you.  We promise to deliver value in excess of the price you pay.

What if I don’t like the packages of services you design for me?

Designing the perfect package of services for you is a collaborative process. First we listen to your current challenges and objectives. Then we analyze your unique situation and diagnose the problems. Finally, we develop a plan to help you get the results you want. If you read about Our Process For Bringing on New Clients , you will see that there are several times during the process where we confirm with you that our thinking is accurate and that we are on the right track. In fact, we encourage you to point out areas in which the plan we are developing doesn’t meet your needs. That allows us to make changes in advance of finalizing it. It is much easier to get everything right from the beginning.

Sometimes, however, after working together for a while, we realize we didn’t get it quite right. Other times, your situation has changed and you need a different mix of services. No worries. In these situations, we just take a step back, listen to your concerns and objectives again, and work collaboratively to restructure your package of services to meet your needs.

The value you receive must exceed the price you pay.

Do I have to come in to your office every quarter for my advisory meeting?

No, you do not have to come into our office every quarter for your periodic advisory meeting. We are very technologically advanced and often conduct our quarterly meetings via video conference. All you need is a computer or smart phone to participate. This allows us to serve clients from a long distance, even those who live no where near our offices. Of course, phone calls can work too, and depending on the situation, we may find it more appropriate to hold the meeting at your place of business. After the meeting we will also deliver you an electronic copy of the reports we used in our meeting via our secure web portal, so you can review them at your leisure and ask follow up questions.

What is your process for bringing on new clients?

Our process for bringing on new clients is formal and generally follows a set format:

Step One –   You complete our New Client Application. This gets you thinking more deeply about your goals and your reasons for wanting to switch accountants.  It also gives us some basic info about you.

Step Two  –  If a review of your application indicates that we might be a good fit for each other, you meet with one of our partners, either in person, by phone, or via video conference.  This is a chance for us to ask clarifying questions, learn more about you, your situation, and your objectives.

Step Three  –  We summarize what we have learned about your situation and objectives in writing via email.  Before we develop a specific plan for you, we want to be sure we clearly understand what you are trying to achieve.  You respond to the email to confirm its accuracy or to suggest changes.

Step Four  –  Our client selection committee meets.  We discuss your interest in working with us and whether we feel like we would be a good fit for each other.  If so, we design a plan of services for you.  Our implementation plans generally include three packages of services for you to choose from.  Each is designed to help you meet your objectives.

Step Five  –  We meet again either in person, by phone, or via video conference to present our implementation plan to you. Often, at this stage, you are ready to choose the package of services that best fits the speed at which you want to achieve your objectives.  Sometimes, there are still adjustments to be made to the mix of services.  This is not a problem.  We simply make adjustments to the plan.  Our objective is to design the perfect plan for you, right from the start, and there is often some back-and-forth before this is accomplished.

Step Six  –  Once you choose the plan you want, we formalize it with our upfront pricing agreement, and our on-boarding process begins.  We generally work with you intensively for the first month or even a few months, depending on your needs.  During this time, we assist you in transferring everything over from your prior accountant, set up new systems, gather important documents from you, and so on.

Step Seven  –  Once the on-boarding process is over, we assign you a main point of contact and get into a routine with you.  To make sure you get the best of the variety of areas expertise and experience in our firm, you may receive guidance from different team members at different times.  You are also welcome to contact a partner at any time if you have a question or concern, and you will never receive a surprise bill from us.

Will I have one main point of contact at your firm?

Yes, you will have one main point of contact at our firm.  This will most likely be the team member who does your monthly accounting work for you.  However, to make sure you get the best of the variety of areas expertise and experience in our firm, you may receive guidance from different team members at different times.  You are also welcome to contact a partner at any time if you have a question or concern, and you will never receive a surprise bill from us.

Will I be billed for phone calls?

No, you will not be billed for phone calls.  In fact, you will never be billed for anything unless we have discussed it in advance. All our services are priced upfront.  We do not charge by the hour.  Our goal is to remove financial surprises from our clients lives and to build a relationship of trust in which we can serve as your strategic advisor, helping you make decisions in your business and your life.  If you were afraid to pick up the phone to call us, for fear of getting a surprise bill, like you probably do when you call your lawyer, that just wouldn’t work. No financial surprises!