Our partnership
As a Collective member, we want you to focus on your passion, not your paperwork.
We keep your books updated regularly so you're ready for quarterly taxes. Your financial reports are available anytime on your dashboard so you know where you stand with your finances every month.
That said, you know your business best, so we'll sometimes need your input. We'll reach out when a transaction needs more context than we have. We'd also ask that you take a look at your financial reports and let us know if anything looks off. And if something changes on your end (a new account, a loan, a shift in insurance), please keep us posted so your books stay accurate.
What we do
Each month we'll be hard at work to:
- Put your income and expenses in the right category, so your deductions are properly tracked as you go. This keeps your books compliant and gives you the most accurate picture of your numbers when it's time to estimate and file taxes.
- Compare your bank and credit card transactions to PDF bank statements from your financial institution to ensure the books are complete. We'll help make sure everything lines up as it should so you know that your numbers are current and accurate.
- Keep your financial reports current in the Reports section of your dashboard as the month's work is done.
- Get ready to close your books at the year-end to make sure everything is buttoned up and ready for tax season.
What we need you to do
- Connect your bank and credit card accounts from Settings > Bank Accounts so we can auto-pull your statements each month. If a connection isn't available for one of your accounts, you'll need to upload that statement manually before the 5th of the month instead.
- Fill out the Reimbursements page in your Dashboard (this processes your IRS-compliant accountable plan) monthly so your business can deduct mixed-use expenses (expenses that are both personal and business, such as your home office). Then transfer the funds to yourself and we’ll record it in your books.
- Categorize any transactions we've flagged as needing your expertise. A task will show up for you to handle these seamlessly within your Dashboard.
- Review your Transactions page. As a savvy business owner, it’s helpful insight into your business to check the transactions categorized for the month so you can catch anything that you feel needs a second look. If you have any questions, please reach out so we can align and make timely corrections if needed.
- Let us know if:
- You opened a new business bank or credit card.
- Started using a personal credit card for 100% business use
- Stopped using a personal credit card for 100% business use
- You took out a business loan or sold a business asset during the year.
- Your health insurance is not run through payroll or your premiums increased/decreased.
- Your state unemployment insurance rates increase.
Without this information, your books won't be accurate and complete.
Understanding your numbers
Have questions about your books or what your reports mean? Reach out anytime — we're happy to help where you might be confused.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.