Frequently Asked Questions

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How important is it to find an Accounting Company with relevant experience?

For businesses in sectors with specific tax rules, it's crucial. Rules for most other business are largely the same, so you'll just need to find an Accounting Company with a good track record of working for all size company's or new businesses. Pick a reputable firm – they will be able to prove their suitability.
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How does the service work?

Your business is assigned a personal Bookkeeping Associate. That person has an interview with you to get to know your business and its unique accounting and bookkeeping requirements. Your Bookkeeping Associate becomes a trusted advisor who thoroughly understands your business and its accounting needs.

You send us your "source documents": statements, bills, and receipts that we need to update your accounting on a regular basis. You can send us these documents by mail or email.

Your Bookkeeping Associate manages the regular updating of your books with all transactions, deposits and checks, and payables and receivables. You can open your on-line web portal anytime and view your accounts, and see a real-time picture of your businesses balances and finances. At month's-end, we create financial reports for you that give you an accurate picture of your businesses' finances.
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Wouldn't we be better off hiring an in-house bookkeeper?

In many cases, no. To hire an in-house bookkeeper, first you must find that person, check their credentials, negotiate a salary, hire and train them, and manage them. That can be very expensive both in time and money for your association. You must also provide office space, a desk, a computer, and software for them to use. You incur payroll tax expenses, vacation and sick time, and the cost of other benefits for that employee. If the person you hire is part-time, you must manage their hours and will only have access to them when they are at work. If they go on vacation, get sick, or leave your employ, you may have a large gap in your accounting and payroll. Furthermore, in some cases, there can be security concerns when only one person has access to all your business financial information, data, bank accounts, statements, and checks.

Our clients find that our affordable and efficient accounting services, combined with the continuity, security, and reliability of working with an outsourced accounting solution, are a far better value than hiring an in-house person.
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Who controls the check book for our association?

The board controls who they will appoint to approve all invoices to be paid, twice a month all invoices are posted on-line to be approved. We then send out the checks for the association.
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What if we need "catch-up" accounting?

Many businesses are a few months behind in their bookkeeping when they come to Greenacre Professional Services. That is precisely why they need us – because it is difficult to stay on top of your books and run a demanding business!

It's simple – you send us the source documents (bank statements, credit card statements, etc.) for the missing months, and your Bookkeeping Associate will take it from there, catching you up and getting you current so you have an accurate picture of your business finances.
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How much does it cost?

Our services are determined by the volume and nature of the work involved. We'll tailor an accounting package and price based on your needs. Please call us to discuss your particular needs at (813) 936-4100. We save each of our clients money every month. Find out how you can benefit too.
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Is my association fee tax deductible as a real estate tax?

Unfortunately - No. Your association fee is not considered a real estate tax and therefore is not deductible as an itemized deduction. Consult with your tax advisor is you have a business with an office in the home as it may be partially deductible as a business expense.
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Why do we have to pay assessments to our association?

When you purchase your home you also purchase an ownership interest in all of the common areas owned by the association (common ground, park areas, entrance monuments, etc). As an owner, you have a legal responsibility to maintain these areas. Your association collects assessments from all owners to pay these costs.
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Can my assessments be increased without my vote?

Most association covenants allow the elected trustees to set the assessments at any amount that they deem necessary to cover expenses. If you are concerned about this issues our best advice is for you to attend your association meetings to discuss the proposed budgets.
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Is liability insurance required for my association?

Most covenants require the association to carry insurance but even if your covenants do not, it would be very unwise for you not to have liability insurance. If someone was injured on association property and won a judgment against the association, all of the homeowners may find that they are liable.
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What is D&O insurance?

Directors & Officers (D&O) insurance is to protect the trustees of your association from lawsuits. It does not protect them from illegal or fraudulent acts but is designed to protect them for acts they perform in good faith in their capacity as trustees. Many covenants do not require this insurance but it may be difficult to find people who want to act as trustees without it.
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How do we get started?

Call us at (813) 936-4100 to discuss your individual requirements. Then we'll put together a tailored accounting/bookkeeping package for you.
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