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Questions? 

Little Financial aims for accuracy and transparency in both our books and how our service works. If anything remains unclear or if you have a question not covered in this FAQ, please send us a message and we will happily get you the answers you need.

We've Got Answers.

Frequently asked questions

  • Our bookkeeping and tax plans are based on a monthly subscription model with transparent pricing that scales with your transaction volume and your business needs such as connected institutions, bills, and invoices. See our pricing page for more details.

  • Yes! Support is included in your plan. Your dedicated finance expert is happy to answer any questions you might have. We strive to respond to inquiries in a business day or less. See our pricing page for more details.

  • QuickBooks Online. Please note that this software is required for accounting support.

  • You must use QuickBooks Online (QBO) for accounting support. If you do not currently utilize this software, we will work with you to migrate your data from your current accounting software over to QBO. However, it is not required for tax and fractional CFO support.

  • Yes, we’re happy to provide this support as an additional service. Please contact your sales rep for details.

  • Cash bookkeeping only tracks when money enters or leaves a bank account. Accrual bookkeeping is a more sophisticated approach that records when the money was earned or owed. Most larger companies use accrual and Little Financial ensures a seamless transition as your business grows.

  • We have clients ranging in all sizes and spanning many industries. We specialize in working with high-growth home services, construction, real estate, professional services, and more. Get in touch with us to see if Little Financial is the right fit for you.

  • We have three requirements that allow us to deliver the most accurate books for your business.

    1. Electronic transaction access

    2. Expense reporting software

    3. No commingling of personal expenses

  • They are not included by default, but you can add them to any plan. Please ask your sales rep for details.

  • We can support you if your company is a US entity, no matter where you are based in the world. We can also provide US entities with foreign subsidiaries with consolidated reporting. As of now, we do not support foreign entities.

How It Works

  • We understand the importance of predictability and transparency. Every month, we’ll average your prior 3 months of books to understand your transaction volume, as well as how your financial institution connections, special transactions, and hours of support have changed.

  • Yes, there’s an onboarding charge equal to one month of service for basic bookkeeping and payroll to help us make sure your setup process is a smooth one. 

  • Your subscription will continue until the end of your billing cycle. If you decide not to renew after the month is over, you can let us know in advance and we'll stop billing you for the next cycle.

Pricing

  • Little Financial's bookkeeping service is exceptional due to its real-time data updating, which ensures you always have the most current financial insights at your fingertips. The combination of advanced automation software and AI automatically categorizes transactions and monitors for discrepancies, allowing our expert bookkeepers to focus on addressing your specific needs. With Little Financial, you get a seamless, efficient, and highly accurate bookkeeping experience tailored to your business.

    Take a look at the Little Financial's bookkeeping solution.

  • Your bookkeeper focuses on ensuring the integrity and accuracy of your financial records. This includes reconciling accounts, categorizing transactions, and maintaining updated financial statements. Additionally, they make the necessary adjustments to keep your books tax-compliant and monitor for any data gaps.

    While we strive for a hands-off experience for you, there may be instances where your input is needed for specific transaction categorizations. Feel free to schedule a call or message your bookkeeper at any time.

    Support interactions come at no additional cost, and we're always eager to discuss your bookkeeping and financial reports in detail.

  • If you're using Little Financial for your bookkeeping, your records are updated in real-time. As we obtain transaction data from your financial institutions, these transactions are immediately categorized.

    For businesses with more complex requirements, such as Accounts Receivable/Accounts Payable (AR/AP), additional verification steps may be necessary before transactions are published. In such cases, the bookkeeping typically lags by 2-10 days from the transaction date.

  • At Little Financial, we employ advanced technology designed to continuously monitor the integrity of your accounting data. Any discrepancies trigger specific action plans, allowing us to address common issues with a high level of precision.

    Thanks to this real-time monitoring, our bookkeeping team can concentrate on resolving any inconsistencies in your account rather than getting bogged down with manual tasks. This results in more accurate financial records and enhanced support whenever you require it.

  • To get started with Little Financial, we employ a three-phase onboarding process designed to familiarize ourselves with your specific business needs and the design the best combination of software and processes for your business. If you require "Catch Up" services for overdue bookkeeping or taxes, this onboarding period is crucial for gathering any additional data that may be needed to complete our tasks efficiently.

  • Absolutely. Little Financial Catch Up services can be added to your customized plan to ensure you have accurate books. Whether you're behind by a few months or even several years, we're equipped to bring you up to speed promptly.

  • The duration for catching up your historical bookkeeping depends on the volume of overdue records and speed at which we can receive them. Generally, if we receive all information in the onboarding, it takes us between 14-60 days to reconcile an entire year's worth of backlogged bookkeeping.

Bookkeeping & Catch Up

  • You have a couple of options for doing your taxes when you use Little Financial.

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    The first option is to use Little Financial Tax. Please note that tax preparation is not included in your Little Financial Bookkeeping subscription – you must purchase Little Financial Tax for those services.

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    The second option is to use a firm of your choice and have Little Financial hand off your prepared books to them. This handoff is included in your Little Financial Bookkeeping subscription at no additional cost.

  • Little Financial Tax includes federal, state, and city level income tax preparation, Form 1099-NEC e-filing services, and email support for included deliverables. Please see the full scope of services here.

  • What sets Little Financial Tax apart is our commitment to tailored, efficient, and reliable tax solutions. Our seasoned Tax Advisors not only ensure timely preparation, review, and filing of your income taxes but also offer custom consulting services to optimize your business filings. Our enhanced tax solutions are designed to maximize your savings and provide peace of mind, knowing that you're fully prepared for any inquiries from the IRS.

  • Yes, we’ll generally want to take a look at the year’s books to make sure they meet our standards, but many Little Financial Tax clients started with Little Financial halfway through the year.

  • Absolutely, Little Financial specializes in helping businesses catch up on overdue tax filings. Whether you have one or multiple years of outstanding returns, our experienced Tax Advisors can facilitate the preparation, review, and timely filing of your income tax returns. We also offer bespoke consulting services to ensure you're optimizing your past, present, and future filings. Please reach out to our sales team for a customized plan that suits your specific tax needs.

  • Little Financial charges for tax subscriptions prior to filing to ensure uninterrupted and timely service, particularly during peak tax filing seasons. Your tax subscription is billed monthly and covers all the services outlined in your chosen plan. This billing allows our team of Tax Advisors to focus on providing you with optimized tax solutions without any delay. Rest assured, our commitment to transparent pricing means there are no hidden fees. If you have any questions about your subscription or billing, feel free to reach out to our support team.

  • Because we don't have insight into your personal tax situation like we would with a business tax subscription, we take a consultative approach for personal tax returns. We will provide a basic personal tax return on the usual subscription model, but then we work closely with you to assess your unique financial situation and specific needs before completing any filing work each year. This allows us to provide a tailored tax solution that best suits your individual circumstances, and ensures you never overpay. Once we've determined the scope of work, we'll provide a detailed true-up quote for work beyond the basic personal tax return, and only then will we proceed with completing your personal tax return.

  • If you have Little Financial Tax, our 1099 vendor information request form makes it easy to submit vendor information and e-file Form 1099-NEC. If you are only using Little Financial Bookkeeping, we are not able to file 1099 forms for you.

Tax

  • Little Financial does all of its bookkeeping in QuickBooks Online because it offers a number of advantages:

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    • Seamless tax prep. Virtually every tax preparer in the US knows how to work with QuickBooks. You’ll have the freedom to choose any tax preparer you want.

    • Industry standard. In addition to tax preparers, most other financial professionals (e.g., attorneys, bankers, and venture capitalists) all know how to work with QuickBooks. Again, this gives you the most freedom when making financial decisions.

    • Data portability. QuickBooks means you’re not locked in. If you ever decide to move on from Little Financial, your data goes with you, in a format that is immediately useful.

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    Take a look at the Little Financial's bookkeeping solution.

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  • Yes, we can help you transition your books over to QBO. As part of our onboarding process, we’ll make monthly journal entries in Quickbooks from your monthly account totals in Xero (for both the balance sheet and the P&L/income statement) going back to the beginning of the year.

Integration

  • You should outsource CFO services in two situations:

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    1. If you are a small, growing business where you don’t have many needs or ability to pay for a full-time CFO, or

    2. If you are a large business that only needs CFO services occasionally.

  • Get started by filling scheduling a consultation here. Our account executives will set up a call to discuss what fits your business needs and answer any questions. After you sign up, our CFO team will further scope out the details of supporting your financial needs and timelines during a kickoff call. Our goal is to deliver robust financial analysis and expert support to unlock growth for your business. For more details on our CFO Services, see here.

CFO Services

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