Frequently Asked Questions

Monthly bookkeeping includes regular review and categorization of all business transactions, ensuring records stay accurate and up to date. At On Track Bookkeeping, we organize income and expenses, maintain proper account structure, and deliver reports that support informed decision-making for service-based and small businesses.

You should reconcile bank and credit card accounts monthly to ensure your records match financial institution statements. Monthly reconciliation identifies errors or missing transactions quickly, improves the accuracy of financial reports, and builds confidence in your reported numbers.

A profit and loss statement shows your income and expenses over a specific period, revealing profitability and trends. A balance sheet displays your assets, liabilities, and equity at a point in time, giving a snapshot of financial health. Both are prepared monthly at On Track Bookkeeping to support consistent visibility.

You should get QuickBooks cleaned up when transactions are miscategorized, reports look inaccurate, or your file feels disorganized. Cleanup corrects structural issues and creates a solid foundation for ongoing bookkeeping. It's ideal for businesses that are behind or haven't maintained consistent records.

BOI reports disclose Beneficial Ownership Information required by federal regulations for many businesses. If your business entity is subject to this requirement, timely and accurate filing avoids compliance issues. On Track Bookkeeping assists with organized collection of ownership data and proper preparation throughout the process.

Tracking accounts payable gives you organized records of what you owe and when payments are due, helping you avoid missed bills and late fees. Clear visibility into upcoming obligations supports healthier cash flow planning and smoother business operations, especially for service-based companies.

Yes, Texas LLCs must file annual franchise reports to maintain compliance with state obligations. On Track Bookkeeping prepares these reports with required information, provides timely reminders, and handles organized submissions to reduce administrative burden for El Paso and West Texas business owners.

Accuracy depends on proper transaction categorization, complete bank reconciliations, and timely data entry. Errors or missing transactions reduce reliability and can lead to poor decisions. At On Track Bookkeeping, we maintain excellent attention to detail and monthly processes to ensure your reports are trustworthy.

Detailed income and expense tracking keeps your records audit-ready and helps your CPA prepare accurate tax returns. Proper categorization supports deductions, reduces errors, and improves understanding of profitability throughout the year, making tax season less stressful.

Yes, a bookkeeper can track taxable sales, calculate use tax obligations, and prepare accurate reports for Texas state compliance. On Track Bookkeeping helps El Paso and West Texas businesses reduce the risk of errors and penalties with organized, timely sales and use tax reporting.

The biggest mistake is waiting too long to organize records, leading to missing transactions, incorrect reports, and costly catch-up work. Regular monthly bookkeeping prevents these issues, saves time, and supports confident financial decisions for service-based business owners.

Virtual bookkeeping uses secure cloud-based tools like QuickBooks Online and video meetings to deliver the same personalized service remotely. On Track Bookkeeping serves clients across West Texas, including Midland and Odessa, with clear communication and dependable monthly processes regardless of location.