FAQ

Zachary Runyan, CPA
Jun 7
2 min read

Updated: Jun 9

Answers to your common questions:

What are your hours of operations?

I am available generally between 8 am to 5 pm MST from Monday to Friday, closed major holidays. I am available some Saturdays from 9 am to 12 pm.

What is a good way to contact you?

You can use the client portal if you are engaged as a client, schedule a meeting, or call me at 719-285-7554. You can also email me at info@runyancpafirm.com.

Do I have to have an engagement letter to start services with you?

Yes, I will not begin to provide services without a signed engagement letter from you. I will send this if you decide to receive services from me. I provide an engagement letter per company or individual.

Is accounting and bookkeeping different?

Sort of, bookkeeping is typically more of the recording and categorization (more data entry), while accounting is typically more journal entries, accruing for expenses, and recording deferred revenue (to name a few). Somewhere in the middle, are the preparation of financial statements (monthly or annually)

What method/basis of accounting should I use?

There are basically two: Accrual and Cash basis. The decision is really based on your needs. Accrual basis of accounting is typically not required unless your gross revenue is more than $25 million, you have a regulatory requirement, or you are a publicly traded company. Here is some information:

Accrual basis is basically recording revenue when it was earned or performed (i.e. you sold something today but will be paid later for it) as well as recording expenses when incurred (i.e. you bought something today but will pay for it later). This basis of accounting is the most accurate month over month and year over year; however, it does take additional work and sometimes be complex. It matches revenue with expenses.
Cash basis is basically recording revenue when it is received and expenses when paid. It is simple but does not allow for the documentation of receivables and payables. There are some options to have a hybrid of the two as well.

What accounting software do you work with?

My preference would be QuickBooks, but I will also use Xero. I am more familiar with QuickBooks as I am a ProAdvisor. If you are using excel or google sheets, then I would consider moving to a dedicated platform unless your volume is low. I am familiar and have used larger ERP systems (accounting software for larger businesses) such as NetSuite and Sage Intacct. I would not recommend those for a small business unless they have high volume and a large amount of revenue and/or complex inventory needs.

What is a good bank for my business?

There are several that are good for small businesses. I recommend looking for a bank with no monthly charge, provides access to your accountant, and integrates with most accounting software programs. Some great options include: bluevine, Relay, and Mercury.

For more information, please reach out and book a meeting to get started! Click here to book a call or call 719-285-7554.