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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 behind in reconciling your bank statements by 6 months?  …4 years?
  • 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 know your password?
  • Do you have a shoebox of receipts and check stubs?
  • You…
    • don’t know why they are a mess;
    • do know they are a mess;
    • don’t know how to fix them;
    • 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 your finances cleaned up, organized and get you 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.

  • It is too much or too confusing for you.
  • Your time is better spent building your business.
  • You understand an outside accountant is cheaper than a full-time bookkeeper.
  • You understand that it is too expensive to have a CPA do accounting (secret: CPAs don’t want to do accounting, they like doing taxes).
Consider your time and the value of your time:

Real client:
You are doing your bookkeeping instead of removing tumors in the operating room.

Real client:
You are doing your bookkeeping instead of litigating in court.

Basically, it is when you are not carrying out the mission of your business because you are spending your time doing bookkeeping.

Question 1:
Could time be better spent with clients, building the company, etc.?

Question 2:
Are the hours spent doing your own bookkeeping costing you more money than simply hiring and outside accountant/CFO?

RMOHC’s services follows you 364 days a year.

The CPA gets you 1 day a year for your taxes.

We build an on-going relationship with you our client, reviewing your financial activity throughout the year.  We keep you, the business owner, aware of the finances of the business through monthly meetings and reviews.

Financial surprises are caught when they happen, not six months later, just before you get your taxes done.

Your value from RMOHC comes from the confidence we instill in you from being actively involved in your books.  Using RMOHC reflects you carrying out fiduciary duty to run your business responsibly.

No, hiring a well-trained accounting firm, like RMOHC, will keep you more in touch with your business at a fraction of the time you used to spend doing the books yourself.

RMOHC will provide you financial peace of mind and empower you to build a business that is profitable, legal and compliant.

Just because you have someone doing your accounting, you, dear business owner, are STILL are responsible for your finances and need to participate actively in them (à la Sarbanes Oxley).  RMOHC makes this easy for you.

Profitable:  You know how much money your are making. You are aware of how your business is faring, allowing you actively and consciously to build a business that makes money and KEEPS making money.

Legal:  RMOHC will help you develop internal controls and incorporate other advisory tools to protect you and your business.  It helps advise you to keep abreast of legal responsibilities to local, state, and federal entities.

Compliant:  RMOHC verifies that you follow all compliance regulations to which your company is subject here in the United States.  This affects all types of businesses, especially those receiving grants, or contract with the government.

We focus on:

  1. Setup & Organization:
    RMOHC sets up and organizes small businesses and start-ups with file organization, local and federal regulatory compliance and more.
  2. Accounting Software Setup:
    We set up your finances in Quickbooks,either the resident version on your desktop or online version.
  3. Monthly Outside/External CFO Services:
    RMOHC carries out monthly bookkeeping and accounting services for clients in house or remotely on a monthly basis to discuss with you. It looks transactions from a legal, compliance, ethical, and fraud standpoint to keep you in business.
  4. Monthly Review:
    RMOHC reviews its findings from the prior month’s financial activities with you so you develop a working knowledge of the finances which prevents financial surprises.
  5. Training clients:
    We train on any issue ranging from finance, accounting, fraud prevention, internal control, and compliance.The more the client understands, the more empowered the client is, the more RMOHC can serve their business needs (three-way win!).
  6. DCAA/FAR Compliance:
    We provide guidance and training, so government contractors maintain compliance to the Federal Acquisition Regulations (FAR) and the regulations of the Defense Contract Audit Agency (DCAA).
  7. Fraud Prevention/Analysis:
    Michael O’Hanlan, CEO is a Certified Fraud Examiner and looks for S.O.C. transactions and activities (Strange, Odd, and Curious).  His forensic research has uncovered thousands of dollars of embezzlement, payroll fraud, internal control failures, and illegal & incorrect billing.  RMOHC fraud services help companies prevent losses and remain solvent and profitable.
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 Defense 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.

RMOHC collaborates with ICAT® to connect to the desktop resident QuickBooks software edition to facilitate calculating indirect rates.

  • Our first consultation is always free.  We enjoy having a hot cup of coffee with a prospective client either in person or on Zoom.
  • We send an Engagement Agreement that spells out the scope of services we will provide.
  • All services are prepaid in entirety, or by retainer if the scope is large.
  • All document exchange is done through DropBox. RMOHC creates a unique client folder through which it is safe to pass documents with personal and 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, RMOHC can set you up with QBox® to provide safe and secure file access on the cloud.  This allows you to do whatever research you want.
  • With online services from QuickBooks, you have perpetual access.
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 as well.

Our services are to serve you and keep you profitable, legal, and compliant.

The more you understand fundamental accounting (debits & credits, 5 account groups, 2 major statements), the better you will be at both using QB and understanding the reports. You can get this online, from books, take courses at your local community college, and from RMOHC courses that they customize to you.

Without seeing your books, there is no fair way to you or to RMOHC to say how much to charge.  It is not done on an hourly basis.

This is why meeting for an initial consultation is vital.

To use QuickBooks:
You need to let us train you in the basics of QuickBooks.  Basically, you will be making deposits, writing checks, and providing QuickBooks and RMOHC access to your financial information to do the work for you.

To understand the numbers:
You only need a willingness to be taught what the numbers mean.  RMOHC will walk you through the numbers and explain what they mean in a way that is easy to understand (in everyday English, not Accounting-ese).

If you don’t remember anything from one meeting to the next, we will gladly take you through everything again…and again…and again.  Teaching is part of our mission!

 

Warning:
If you do not know what you are doing, please don’t try to do it on your own. 

The cost to clean up one client’s books from her guessing far exceeded the cost of 3-5 months of services.  It was costly, painful, and ugly!