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FAQs

Quickbooks

Have questions about RMOHC and its services? Need a little more information about accounting, compliance, Quickbooks, training, and fraud? Click on a Frequently Asked Question below to find answers.
Need more information, please don’t hesitate to contact us directly.
Absolutely.

No problem is too big or too messy. RMOHC cut its accounting teeth on “disaster” accounting situations. We also remove any shame and fear you might feel about the mess because getting it corrected will provide you peace of mind.

  • Are you 2 months behind in reconciling your bank statements?
  • Did you have someone do 2+ years of bookkeeping only to realize they did not know what they were doing?
  • Do you know where you left your accounting system since the last time you used it?
  • Do you have a shoebox of receipts?
  • You don’t know why they are a mess, you know they are, you don’t know how to fix them, and you don’t want to do it, or can’t.
  • You are afraid to pay bills because you don’t how much money really have.

Let’s get you cleaned up, organized and empowered to focus on your business with the peace of mind that comes from what we have done for you! It always comes back to your peace of mind.

When you hire someone to do your accounting, it allows you to focus more of your time and energy on building your business. Hiring someone to keep your books is one of many signs that your business is growing successfully.
Consider your time and the value of your time:

TIME: How much time are you spending doing your own bookkeeping & accounting? How much time do you spend worrying about your finances?
Question: Could this be better spent with clients, building the company, etc.?

VALUE OF YOUR TIME: Multiply the time you spend focused on your finances (not on your business’s mission) by your hourly rate. This is income you did not generate for your company.

The general breakdown is as follows:

Bookkeeper – A bookkeeper keeps the books. This includes entering transactions, doing reconciliations and ensuring all financial records are in the system and filed properly. They have the least professional education of the three.

Accountant (non-CPA) – In addition to all the bookkeeping activities, accountants make journal entries, monitor and analyze financial statements throughout the year, clean up accounting issues, prepare checks, compile financial statements, conduct end-of-year tax preparation and more. They usually have a degree in accounting .

Accountant (CPA) – A CPA usually focuses on annual tax preparation, financial forecasting & planning, and other broader financial issues that make a positive long-term impact on your company and its finances. The CPA has the highest amount of accounting training and has passed the rigorous Certified Public Accountant’s Examination.

With the more education and experience, the more expensive their services will be.

RMOHC’s services anticipates the CPA. We build an on-going relationship with you our client, by reviewing your financial activity throughout the year. When we review your end-of-year finances in January, they are ready to be sent to the CPA to prepare your tax returns.

The CPA prepares your taxes and guides you in long-term financial planning strategies.

No, hiring someone who is well trained in bookkeeping and accounting will provide you peace of mind. From their expertise, you will understand more about your finances than if you did them yourself. This will empower you to focus more on the mission of your company and be more profitable.

Keep in mind, I can take some of the headache out of keeping your books, but you, the business owner, are ultimately responsible for your finances.  Just because you have someone doing your accounting, you STILL are responsible for your finance and need to actively participate in their review.

Our monthly reviews help you learn to review critically the financial statements (data versus usable information).  You will discover KPIs to monitor that will help make your company prosper.

We focus on:

  1. Setup & Organization:  We set up and organize the finances of small businesses and start-ups.
  2. In-House Services: We carry out bookkeeping and accounting services for clients in house using our own desktop software or working remotely as an external accountant with your online software.
  3. Client Based Services: We will visit clients for training and presentations according to your needs.
  4. Accounting Software Setup: We set up your finances in Quickbooks Desktop or Quickbooks Online accounting software and Excel
  5. Training clients: We set up your Quickbooks whether you do their own accounting or hire RMOHC to do it. This is one of the ways RMOHC empowers business owners and takes away the fear that stems from not knowing what is going on in their business.
  6. DCAA Compliance:  We provide guidance and training so government contractors are compliant.  They are legally….DCAA and the FAR.
RMOHC does not provide tax, tax advice or payroll services.
For a Virginia resident, there are more than 40 reports and returns to file each fiscal year. For Maryland, and the District of Columbia, there are more. It is more economical to outsource your payroll to companies that do only payroll. They have specialists that know how to work with federal, state, and local jurisdictions and can resolve payroll problems efficiently and cost effectively.
  • We communicate with clients via email, phone, skype, and text messages.
  • All document exchange is done through DropBox. RMOHC creates a unique client folder through which it is safe to pass documents with sensitive information on it.
  • We communicate with you on a regular basis to ensure we are providing what you need and want.
  • With in-house QuickBooks services, we will send you backup copies of your file to upload and see what has been happening via DropBox.  This allows you to do whatever research you want
  • With QBO, you have perpetual access.
RMOHC supports Quickbooks Desktop, and Quickbooks Online accounting software editions. There are many other brands from which to choose, but RMOHC has found that the quality of the products combined with the outstanding customer service to clients and accountants makes it the preferred software. We have maintained certification and training in both desktop and online editions since 2013.
MicroSoft Excel is often the starting point for setting up clients’ finances in Quickbooks. If they want to do their record keeping on Excel and not use Quickbooks, RMOHC can still support them. The comparison is, Fred Flintstone driving his car with his feet versus driving a modern automobile. You can create virtually all the reports you can in Quickbooks in Excel by hand, but it takes much more time and effort.
Absolutely. If a client wants to use something other that QB®, by all means use it; however, the client will be responsible for all costs of software and training so that RMOHC can support them.
The Federal Acquisitions Regulations (FAR) is the federal document of regulations with which companies contracting with the Federal Government are legally obliged to comply. The Defence Contract Audit Agency (DCAA) is the agency that audits outside contractors to assure they are compliant with the FAR. They are also an Excel®lent resource to government contractors.
We train clients on subjects ranging from basic business, to basic accounting, to special government contracting issues. We are constantly updating, improving, and creating new presentations to support our clients. These are done on a one-on-one basis.

We have training classes to support small business. RMOHC trains using positive, supportive methods. We remove fear and shame and replace it with confidence and pride. We also teach you that a mistake can be funny and not a human failure. We all make mistakes. In Quickbooks, mistakes can be corrected and they can become learning opportunities instead of disasters. Our training is focused on learning to not make mistakes.

RMOHC has a policy of keeping itself trained through certifications class, and other classes germane to its services.

The first 3 months are the most expensive depending upon how much financial data you have, and what time of year you are engaging our services. Once we get you set we go on retainer and we review your books once a month every month. The retainer fee varies depending upon the amount of work to be done.

You get what you invest in. We are up front, and hold ourselves to the highest level of honesty and integrity. You might find cheaper than RMOHC, but you will not find the care, the support, and peace of mind that come from our services. You will not find the freedom that comes from having your finances empower you.

You only need a minimal amount of knowledge if all you are doing is data entry.

The more you understand fundamental accounting (debits & credits, 5 account groups, 2 major statements), the better you will be with QB. You can get this online, from books, take courses at your local community college, and from our courses customized to you.