FAQ - Accounting Services
Our business has some unique bookkeeping requirements. Can you customize your service for us?
Yes. In nearly all cases, we can provide the precise service you require. We are highly flexible and attempt to provide all necessary services for our clients.
What is the difference between bookkeeping and accounting?
Most people use the terms interchangeably but there are technical differences that are not of great significance as long as a client knows exactly what services they will be receiving.
Technically, bookkeeping consists of the recording of financial transactions, and is part of the process of accounting. Accounting focuses on the reporting of an organization's financial information including the preparation of financial statements. Nationwide Accounting Services provides both bookkeeping and accounting services to its clients and the terms are used interchangeably on our website.
Can you provide accounting services in Northern California?
We can provide accounting services anywhere within the United States. We are a nationwide accounting firm.
If we hire Nationwide Accounting Services, will we be dealing with staff located outside the United States?
No. All of the owners and staff live and work in Southern California. You will never be referred to anyone outside of California.
If we hire you, will we be locked into a long term contract?
No. Either party can cancel at any time providing a 60 day notice.
Will we be able do reach you on weekends or after hours if necessary?
Yes. Our clients are provided a cell phone number for afterhours or weekend communications.
Can you assist our homeowner association prepare an annual budget?
Absolutely. We also have an affiliate that provides Reserve Studies for homeowner associations: PacificReserveStudies.com.
Does your company make it a practice to scan all important documents and communications?
What property management software do you use?
We use AppFolio which is a first-class software designed specifically for property management companies and their clients.
How often do you write checks?
Generally, once each week, but we can produce a check within 24 hours if necessary.
If we hire Nationwide Accounting Services to provide bookkeeping services for one small homeowner association, how much can we expect to pay?
Bookkeeping services utilizing AppFolio will typically cost $200 to $400 per month for small associations. If homeowners sell or refinance their units, there is an additional fee paid by the owner or buyer, not the association.
How does Nationwide Accounting Services handle payroll?
We highly recommend that our clients utilize the services of a payroll and human resources specialist to work directly with our firm. The large companies keep current on all of the tax and employment laws which provides our accounting clients with the highest level of legal protection. We then work with a payroll and human resources expert. ADP, Paychecks, Gusto, OnPay, and Heartland Payroll is a partial list of experienced payroll companies. See: IRS Forms.
Our company has reached the point where we need a controller or chief financial officer to watch over our finances and to deal with the filling of tax returns, and our banking relationship. At this point, we cannot afford to hire a full-time person to fill this important position. What is the solution?
The solution is to hire a part-time chief financial officer-controller who can take your company to the next level. This is one of several services provided by Nationwide Accounting Services.
Can you form a corporation for our business?
Absolutely. The cost is $200 plus the fee to the state which is currently $100. The state also charges an annual fee which is currently $800 per year. Nationwide Accounting Services is incorporated in California. We believe the protections provided to the shareholders of a corporation are well worth the cost.
When are HOA tax returns required to be filed with the state and federal governments?
HOAs are required to file their tax returns by the 15th day of the 4th month after the end of its tax year. For community associations with a tax year ending on December 31, they must file by the following April 15.
Are HOAs permitted to obtain extensions to file their state and federal tax returns?
Yes. As long as the extension form is filed prior to the filing due date, a 6-month extension is generally automatic. It is important to be aware that an extension is only an extension to file the return, the taxes must be paid on time or a penalty will apply.
How long does the IRS have to audit our association's tax returns?
The IRS has3 years to audit HOA tax returns. HOA tax returns prepared by an accounting firm using form 1120-H are rarely audited.
Can Nationwide Accounting Services refer us to a commercial collection company that collects both accounts receivable and court judgments for its clients?
Yes. Our affiliate, Pacific Rim Commercial Collections (PRC) is a full service business to business commercial collection firm with more than 30 years of experience collecting debts for its clients.
How are FICO scores determined and how can a FICO score be improved?
A FICO score is a credit score created by the Fair Isaac Corporation (FICO). Lenders and lessors use the scores to make credit granting decisions. See: FICO Score - Credit Score for detailed answers to your questions.
What hours is Nationwide Accounting open for business?
Monday through Friday from 9:00 am to Noon and 1:00 pm to 5:30 pm. Clients are provided cell phone numbers so we can be reached after hours or on weekends in the event of an emergency.
Can Nationwide Accounting Services help us sell our California business?
Absolutely. NAS works closely with its affiliate, Pacific Business Advisors, a full-service business brokerage firm established by Michael Chulak in 1987.
Is Nationwide Accounting Services related to First Nationwide Accounting Services?
No. Our firm is not, and has never been related to First Nationwide Accounting Services.
Does Nationwide Accounting contribute to any charitable organizations?
Yes. We contribute to St. Jude Children’s Research Hospital and Shriner’s Hospital for Children. See Charitable Contributions.
We have a new growing business with limited cash flow. Will Nationwide Accounting Services consider providing accounting services in exchange for our services?
Possibly. Please refer to: Barter for Accounting Services.
Does Nationwide Accounting provide accounting services to mutual water companies located in California?
Absolutely. We provide monthly billing of assessments, the payment of all authorized invoices, transfers to reserve accounts, collection services, and monthly financial statements. Our AppFolio software is perfectly designed for mutual water company accounting. We can also refer you to a company that provides management services to mutual water companies anywhere in California.
Can Nationwide Accounting Services provide us advice on how we should hold title to our property?
Only an attorney can provide such advice, however, we have provided educational material on this website to assist you see: See: Holding Title to Real Estate in California.
May we distribute your articles to others and add them to our website?
Yes, provided we are given credit for writing the article. Every one of our articles includes our identifying information at the bottom which must be included. There is no cost for using our articles.
Nationwide Accounting Services