TERMS OF AGREEMENT

Term

The term of this Agreement will last until the Catch-Up Service is complete from the Effective Date (DAY CONTRACT IS SIGNED), unless otherwise extended or terminated in accordance with the terms of this Agreement.

Services

Catch-Up Services:

Bookkeeper will provide Client with the following services and deliverables (collectively, “Services”) for the fiscal year(s) agreed:

  • Setup & customize your QBO account with the correct entities, properties, & categories.

  • Establish a correct Balance Sheet based on the latest tax return.

  • Record & categorize all transactions.

  • Reconcile all bank statements.

  • Produce accurate end of year balance sheet and profit & loss statements.

  • Unlimited support & meetings to ensure accountability to finish the work in a timely manner.

  • One 30-minute recorded meeting to review your financials & provide business strategies with our profit officer.

Monthly Services:

Bookkeeper will provide Client with the following services and deliverables (collectively, “Services”):

  • Daily transaction management

  • Unlimited assets management in the same entity

  • Asset & Liability  management  (classes & locations)

  • Monthly reconciliation of all bank accounts

  • Monthly balance sheet & P&L report

  • Monthly P&L report on active projects

  • Quarterly balance sheet & P&L report

  • Year end balance sheet & P&L report

  • Unlimited support via client interface

Advisory Services:

Bookkeeper will provide Client with the following services and deliverables (collectively, “Services”):

  • Daily transaction management

  • Unlimited assets management in the same entity

  • Asset & Liability  management  (classes & locations)

  • Monthly reconciliation of all bank accounts

  • Monthly balance sheet & P&L report

  • Monthly P&L report on active projects

  • Quarterly balance sheet & P&L report

  • Year end balance sheet & P&L report

  • Unlimited support via client interface

One-Time Services:

Bookkeeper will provide Client with the following services and deliverables (collectively, “Services”) for the One-Time Service agreed:

  • Create & setup QuickBooks Online (QBO) subscription for main entity.

  • Customize Chart of Account (COA) to tailor investor profiles.

  • Customize locations & classes for based on entity structure & assets.

  • Create project pro forma template to track future rehab project.

  • One 30min recorded zoom session for best practice on DIY bookkeeping with a profit officer.

Services Not Provided

Bookkeeper does not prepare or file income tax returns. Client understands and agrees that they are solely responsible for preparing and filing their own income tax return, or hiring a third-party to do so on their behalf. 

Client Responsibility

Bookkeeper relies on the accuracy and completeness of the documents and information provided by the Client. Client represents and warrants to Bookkeeper that all documents provided to them during the Term of this Agreement shall, to the best of their knowledge and belief, be complete and accurate. 

Client is responsible to provide the following documents to Bookkeeper during the term of the Catch-Up Service: 

  • All business entities information

  • All Credit Cards and Bank Account statements

  • All loan documents and statements 

  • All property(s) information and closing statements 

  • All other documents necessary for correct account reporting

Client agrees to provide updated information, to enable Bookkeeper to provide you with current, meaningful and useful reports.

Communication Requirement

Bookkeepers business hours are 7-3pm CST. Bookkeeper will have a email communication turnaround time of 1-2 business days. From time to time it may be necessary for Bookkeeper to ask Client for clarification of the information provided, and relies on Client’s timely response. During the Term, Client agrees to maintain communication and provide all information and feedback needed for Bookkeeper to carry out their obligations under this Agreement. Parties agree to inform the other using reasonable efforts should a delay occur or be expected to occur. If Client does not maintain communication or provide Bookkeeper with information as requested and required for the duration of the term, Bookkeeper may, in their discretion, delay the delivery of Services and/or charge Client a fee of $50.00 per week for each week Client is not reachable by any forms of communication to accommodate for such delay.

Storage of Files and Retention Policy

Bookkeeper does not hold or store any original records. It is the Client’s responsibility to retain and protect all original records for future use, potential examination by any government or regulatory agency, prospective buyers of your business, acquiring business loans or for other purposes. Client is responsible for adopting sound accounting policies, for maintaining an adequate and efficient accounting system, for safeguarding assets, for authorizing transactions, for retaining supporting documentation for those transactions, and for devising a system of internal controls that will, among other things, help assure the preparation of proper reports. In addition, Client is solely responsible for identifying and ensuring that you comply with all applicable laws and regulations with respect to retaining your records. 

Passwords

Client agrees to provide any passwords and log-in credentials to Bookkeeper for any accounts or third-party programs as required from time to time to perform the Services on or before the start date for the Services.