CoCountant FAQs: Your Guide to Services, Pricing, Tech, etc.
FAQs

Frequently asked questions

About the Service

  • How is CoCountant different from other accounting and bookkeeping services?

    CoCountant takes pride in offering a personalized service tailored to meet each client’s unique needs. Unlike other providers that may treat interactions as impersonal or transactional, CoCountant provides a designated bookkeeper or accountant who takes the time to understand the intricacies of your business. This means that you won’t have to start from scratch each time you reach out to us; instead, you’ll be working with someone who knows your business inside and out. It’s like having your in-house staff, which ensures consistent and reliable service and fosters a deeper relationship with our clients.

    Whether you’re a startup trying to navigate initial financial complexities or an established business aiming to optimize financial operations, CoCountant is designed to provide attentive, scalable, and cost-effective solutions tailored to your needs.

  • What is the value of using CoCountant?

    When you choose CoCountant, you’ll work with certified professionals who won’t charge you hourly. We won’t rely on emails to reach out to you. Instead, we provide a platform for unlimited communication and effective task management, which means fewer errors in categorization. Furthermore, our services go beyond traditional bookkeeping. We can offer comprehensive accounting services and full-service finance to provide strategic insights, cash flow management, and forecasting.

    In a nutshell, we simplify your back-office operations and help you save time and money.

  • Can I use CoCountant if I'm not based in the US?

    CoCountant currently provides services exclusively to businesses located in the United States. We have a deep understanding of the financial systems, regulations, and laws of the US. However, we are actively expanding our knowledge and capabilities to serve businesses in the United Kingdom. If you are located outside the US, particularly in the UK, we would love to hear from you. Your interest will help us shape our expansion and service offerings.

  • Is CoCountant suitable for startups or small businesses?

    Absolutely! CoCountant caters to startups and small businesses, understanding their unique challenges and growth aspirations. Our flexible plans and services align perfectly with emerging business dynamics.

  • What industries does CoCountant specialize in?

    CoCountant is a financial services provider that offers specialized expertise in a variety of industries, including digital and technology businesses, professional and personal services, nonprofits, hospitality, trade and manual services, healthcare, and wellness, among others. Our diverse clientele allows us to have a better understanding of the specific financial challenges faced by each industry. To learn more about the industries we serve, please visit our industries page.

     

  • What services does CoCountant offer?

    CoCountant offers a wide range of services, including comprehensive bookkeeping, accounting, finance, invoicing, payroll support, tax advisory, bill payments, financial reporting, and more. Our aim is to provide a one-stop solution for all your accounting needs.

    We also offer dedicated, certified bookkeepers, accountants, or controllers that you can engage to supplement your current team.

    If you’d like to learn more about our services, please visit our services page.

  • Are my services outsourced to another country?

    Our global teams, all direct employees of CoCountant, enable us to offer high-quality services at a cost-effective rate. All our staff are certified Quickbooks ProAdvisors, communicate effectively in English, and work in US time zones.

  • Where are your bookkeepers and accountants located and what qualifications do they have?

    All our Quickbooks ProAdvisor bookkeepers work remotely from worldwide locations. Our back offices are in India, Pakistan, the Philippines, Argentina, Brazil, and Colombia.
  • Will I be assigned one bookkeeper or multiple bookkeepers for managing my account?

    Depending on your selected plan and specific requirements, you may be assigned one designated bookkeeper or a combination of a bookkeeper, an accountant, and a controller. Every team is supervised by a delivery manager.

  • Will I interact with the same professional every month?

    With our service, you will always have a designated bookkeeper or accountant who will be familiar with your business operations.

Pricing and Plans

  • How is CoCountant's pricing structured?

    CoCountant offers fixed monthly pricing for their services. The total cost of full-service packages is dependent on whether your business follows cash or accrual accounting and the amount of your monthly expenses. For finance team extension services, you will be charged a fixed fee for each talent that you hire.

  • Are there any setup or onboarding fees?

    No, CoCountant does not charge any onboarding or setup fees. Our pricing is straightforward, with no hidden charges.

  • How does the free trial work?

    We provide a 30-day free trial for all our full-service plans and a 15-day trial for finance team extensions.

    Our full-service plans include a financial diagnostic of your business, bookkeeping and accounting for the prior month, and a set of financial statements for you to keep. This allows you to experience our expertise firsthand, and we are confident that you will see the value we bring.

    In finance team extension, we offer you a 2-week period to work with the talent before you decide to confirm them.

  • Can I change my plan at any time?

    Upgrading or downgrading your plan is easy. Just contact your customer success manager for assistance.

  • What is your cancellation policy? What if I prepaid for the year?

    We value flexibility for our clients. You are free to cancel the service anytime you want. In case you have opted for an annual plan and decide to terminate the service before the plan ends, we will calculate the remaining portion of your plan and issue a refund for that amount immediately.

  • What is the benefit for doing a yearly contract?

    When you sign a year-long contract with us, we guarantee that your price will remain fixed throughout the term, protecting you from any changes in pricing during the year.

    However, please note that this is an optional feature and only recommended if you want to lock in your price for the year. By default, you are with us on a month-to-month basis.

  • Do you offer customized plans based on individual business needs?

    Certainly. At CoCountant, we understand that every business has its own distinct financial landscape and challenges to overcome. While we offer standard full-service plans, we are also flexible and can customize these to better suit your specific needs. This may involve deploying additional bookkeepers or accountants to handle higher transaction volumes, or even creating a dedicated team exclusively for your business. Our main objective is to provide a solution that perfectly fits your operational requirements.

  • Do you offer an outsourced dedicated team?

    Indeed, we do. For businesses with a CFO or controller in place, the most beneficial approach is often to engage with CoCountant by enlisting a dedicated bookkeeper or an entire team of specialized bookkeeping and accounting experts. This customized approach is particularly popular among our clients who have expanded beyond the scope of our standard full service offerings. Checkout our Enterprise – finance team extension plan for details.

  • Are there any transaction volume limits?

    Unlike many other providers, CoCountant does not limit the number of transactions you can make. Instead, we determine your pricing based on your expenses. In rare cases where the number of transactions does not match your monthly expenses, we will have a discussion with you to ensure that our services align with your needs.

  • How does CoCountant handle multiple currencies?

    We can manage transactions across multiple currencies, ensuring accurate conversions, reconciliations, and compliance with international financial standards. For this service, you would need to opt for our Full Service Finance plan.

Services

  • Can CoCountant help with back taxes or prior-year clean-up?

    Certainly! We specialize in catch-up bookkeeping and can assist in rectifying and updating past records, ensuring your business remains compliant.

  • I work with contractors/freelancers. Does CoCountant help with 1099s?

    Absolutely, we manage the preparation and submission of 1099 forms for your contractors and freelancers in our Full Service Accounting plans.

  • Does CoCountant offer tax advisory and filing services?

    We provide tax advisory services to help you navigate through the complexities of various tax regulations. Our team of experts offers advice and assistance in preparing your tax returns. However, for the actual filing process, we can either recommend trusted partners or work alongside your chosen tax professional.

Working with CoCountant

  • How does the onboarding process work for your full service plans?

    CoCountant has a simple and efficient onboarding process. Once you sign up, we’ll schedule an initial discovery call with your Finance Manager to understand your business needs. Following this, we’ll set you up on our client hub platform and begin a financial diagnostic. After analyzing the results, we’ll work with you to create a plan on how to take over your books, establish our working protocols, gather the necessary financial documents, and set things in motion to manage your books effectively. Onboarding usually takes 2-4 weeks to complete.

  • How Will CoCountant access my financial data?

    CoCountant utilizes a modern cloud-based accounting approach to provide a convenient and secure service. Here’s how we’ll collaborate with you:

    Main Accounting System: Our services are integrated with QuickBooks Online, a leading cloud-based accounting software. We’ll use QuickBooks Online to streamline our services. To do so, you’ll grant CoCountant administrative access.

    Banking Details: To access banking transactional data, we’ll require view-only access to your online banking. This ensures that your funds remain secure. We’ll only observe the transactions without having direct control.

    Bill Management: We use Bill.com to handle accounts payable and bill payments efficiently. This platform guarantees accuracy and timeliness in managing your payables.

    Expense Reporting: To simplify and centralize expense tracking, we use Expensify. It’s an intuitive tool that streamlines expense reports, approvals, and reimbursements.

    Payroll Processing: We use Intuit and Gusto to access and manage payroll data. Rest assured that safeguarding your financial data is our top priority. Our systems and processes are designed to ensure confidentiality, integrity, and accessibility at all times.

  • Will I have a dedicated bookkeeper or accountant?

    When you sign up with us, we will assign a Finance Manager to your account. Your Finance Manager will then designate a bookkeeper, accountant, or controller for your account, depending on the plan you have subscribed to. This approach ensures that your designated professional and your Finance Manager have a deep understanding of the unique aspects of your business. Therefore, it eliminates the need for repetitive explanations and the inconvenience of dealing with new people in every interaction.

  • How do I communicate with my assigned bookkeeper or accountant?

    We will communicate exclusively through our client hub portal. Our team will guide you through the setup process during onboarding. We will assign tasks, exchange documents, and collaborate through the portal. You can access the portal from the web or your mobile phone.

    For secure conference calls and meetings, we will use Microsoft Teams.

     

  • What's the turnaround time for any questions?

    We have designated professionals assigned to your account, and you can expect to receive responses within a couple of hours. If you send a query late in the day, we may not be able to respond until the following day. However, we guarantee that we will address every query within 24 hours.

  • Can I speak to my bookkeeper at nights or weekends?

    Our standard business operating hours are from 8am to 4pm ET. We are happy to assist you during these times. In case of any critical matter, your Customer Success Manager will ensure that we are available to help you out.

  • Can we have monthly calls to go over financials?

    Absolutely! After preparing your monthly financial statements, your finance manager would be happy to schedule a call and go over them in detail with you.

  • When do you deliver monthly reports?

    You will receive your monthly financial reports by the 10th of each month, keeping you informed about the previous month’s financial activities.

  • If I leave CoCountant, can I keep my Quickbooks online account?

    Yes, your Quickbooks online account is yours. We’ll ensure a smooth transition of all your financial data.

  • How can I reach CoCountant's customer service?

    Your main contact for any service or contract related questions is your dedicated Customer Success Manager. Whether you need assistance with your plan, your team, or anything else, you can always reach out to them via email or phone at any time. Our commitment is to always be available for you when you need us.

Bookkeeping & Accounting

  • What is cash basis accounting?

    Cash basis accounting is a method in which income and expenses are recorded in the books at the time actual cash is received or paid, rather than when the income is earned or the expense is incurred.

  • What’s the difference between accrual and cash bookkeeping?

    In bookkeeping, there are two methods of recording transactions: cash method and accrual method. Under the cash method, transactions are recorded when cash is physically received or paid out. In contrast, under the accrual method, transactions are recorded when they occur, regardless of whether cash has been exchanged or not.

    For instance, if you sell a product on credit, under the accrual method, the sale is recorded immediately, while under the cash method, it’s recorded only when you receive the payment.

  • How do I know I need cash bookkeeping or accrual bookkeeping?

    The decision to use either cash or accrual bookkeeping depends on your business’s size and nature. For small businesses with simple transactions, cash bookkeeping might be more appropriate. However, if your business involves contracts, credit transactions, inventory, and you’re required to provide financial statements to external parties such as investors, it’s recommended to use the accrual method. It’s crucial to talk to an accountant about your business’s specific requirements to make an informed decision.

  • Are AP/AR services included in CoCountant Bookkeeping?

    Our Full-Service Finance plan includes both Accounts Payable (AP) and Accounts Receivable (AR), providing a comprehensive approach to managing your business’s financial transactions.

  • What is modified accrual accounting?

    Modified accrual accounting is a blend of the cash and accrual accounting methods. Under this method, revenues are recorded when they become available and measurable, and expenses are recorded in the period in which they are incurred. This method is often used by governmental entities and offers a middle ground between the strict cash and accrual methods.

  • What’s the difference between bookkeeping and accounting?

    Bookkeeping is primarily concerned with systematically maintaining a consistent and accurate record of daily financial transactions. It ensures that every transaction, be it sales, purchases, income, or expenditure, is recorded.

    Accounting, on the other hand, takes it a step further. It involves interpreting, classifying, analyzing, reporting, and summarizing financial data. Accounting provides a deeper understanding of the business’s financial health, aids in strategic planning and tax strategies, and is critical for external reporting to stakeholders.

  • What value does a controller provide?

    A controller is an essential function that offers advanced financial oversight. They manage intricate charts of accounts, cash flow planning, budgeting, and coordinate with auditors. They handle complex financial structures, enforce internal controls, and provide strategic financial guidance to ensure comprehensive financial management and compliance for the company.

    As part of our Full Service Finance plan, a controller is provided to help you manage your finances more effectively.

Technology & Systems

  • What accounting systems does CoCountant use?

    CoCountant primarily uses QuickBooks for accounting due to its reliability and comprehensive features.

  • Why use Quickbooks?

    QuickBooks is a premier accounting software known for its adaptability, wide range of features, and seamless integrations, designed to enhance financial management, especially for small businesses.

  • I'm using Xero or another accounting platform. Can I still work with CoCountant?

    Absolutely. While we primarily use QuickBooks but we can assist you in migrating your data from platforms like Xero to QuickBooks. Our team will make sure the transition is smooth and efficient.

  • What do you use for payroll?

    For payroll operations, we trust and utilize both Gusto and Intuit, given their robustness and efficiency in payroll processing.

  • What do you use for bill payments?

    For efficient invoicing, bill payments, and receivables management, we use and recommend Bill.com, a leading financial solution.

  • What do you use for employee expenses?

    Our go-to solution for managing employee expenses is Expensify. However, we’re flexible and can accommodate other systems based on your preference.

  • What sales platforms do your eCommerce customers utilize?

    Our clients in the eCommerce industry operate across various platforms, including Amazon, Shopify, eBay, WooCommerce, Magento, and others tailored to specific needs.

Policies and Assurances

  • What's your data privacy policy?

    At CoCountant, we prioritize the confidentiality and security of your data. We comply with global data protection standards and never share or sell your information to third parties.

  • How CoCountant Safeguards Your Personal Information

    At CoCountant, we place the utmost importance on protecting your personal and financial data. We use various measures to ensure the safety of your information, including:

    Encrypted Password Vault: We use a state-of-the-art encrypted password vault called 1Password to securely store and manage all of our team’s usernames and passwords. This ensures that unauthorized entities cannot access them.

    Secure Data Transmission: We store all sensitive data on our client hub portal and encrypt all communication to and from the portal.

    Secure Documents: All secure documents, from bank statements to tax statements, are stored on our secure client hub portal. This allows us to set up access controls so that only authorized personnel can view and manage these documents.

    Continual Monitoring: We regularly review and audit our systems for security. This constant vigilance ensures that we always use best practices to keep your data safe.

    We understand that trust is the foundation of our relationship with you, and we are committed to maintaining that trust by safeguarding your data at every step.

  • Is there a contract or commitment period?

    CoCountant works on a month-to-month basis, which means that there is no long-term commitment required. This provides you with the flexibility to tailor our services to your business needs. However, we do offer the option to sign up for a yearly contract. By doing so, you can lock in a price for the entire year, which will protect you from any potential price increases during the term.

  • What is your refund or cancellation policy?

    Your satisfaction is our top priority. Should you decide to cancel our services, we’ve made the process simple. For information on refunds and cancellations, please contact your customer success manager.