Frequently Asked Questions
Our platforms are protected by biometric locks and round-the-clock interior and exterior surveillance monitoring. Only authorized personnel can access the data center. 24/7/365 on-site staff provides additional protection against unauthorized entry and security breaches.
Whenever your data is in transit between you and us, everything is encrypted and sent using HTTPS.
We use Transport Layer Security (TLS) 1.2 with a 2048-bit server key length with industry-leading modern browsers. When you access our platform via a web browser, mobile application, email add-in or browser extension, TLS technology protects your information using server authentication and data encryption. It is equivalent to network security methods used in banking and leading ecommerce sites. All users’ passwords, cookies and sensitive information are reliably protected from eavesdropping.
It is simple. We will use your closing balance on your previous accounting software. If you are unsure about your closing balance, our team leader will help you with the process during your onboarding call.
You don’t need any accounting software when you decide to have ProfitYO as your bookkeeper. We will take your bookkeeping off your plate when you sign up for our service.
First, access ProfitYO’s portal. Then, upload your files. It is secure, fast, and easy.
To work on your current books, we only need the files from your merchant accounts, bank statements, credit card statements and financial data from the ecommerce platforms on which you sell your products.
We may ask you for your past tax-filing information during the tax season if we need to make some adjustments – That’s it.
We use our internal software to complete your books. It means that you can stop subscribing to other accounting software products. All data will be recorded on Excel files, which is an accountant’s standard.
No limit. It can be about a new tax code, a letter from the IRS, how you should incorporate your business or advice on the right way to maximize deductions or reduce your taxes. ProfitYO’s CPA partner will usually get back to you in one business day.
Yes, you can use our platform to communicate directly with one of our CPA partners whom we assigned to you. You can then communicate with your CPA partner to create your strategic planning for reducing taxes. Your bookkeeper will receive direct guidance from both a team leader and your assigned CPA.
Unfortunately, we don’t service non-profit organizations.
Personal and corporation filings are included in the pro plan. Our CPA partner can file a personal income tax as part of the add-on service when you have more than one shareholder on an S-Corp, C-Corp, or partnership.
No, we don’t file your taxes directly. Instead, ProfitYO works closely with our firm’s CPA partners to file your taxes for you, especially when you opt for our pro plan.
Do remember that we are very proactive in meeting deadlines. This means that once your bookkeeper completes the year-end tax financial package, one of our CPA partners looks carefully to make sure no deduction was forgotten.
Before filing your taxes, ProfitYO’s CPA partner will reach out to you to get your approval. Then, the CPA will file your taxes and pull funds directly from your account to pay the taxes. Yep, it is stress-free.
Absolutely. Once you have access to ProfitYO’s platform, you can authorize your accountant to communicate with us directly. Your accountant can then communicate directly with our bookkeeper team leader for any request via in-app messaging or requesting a scheduled call.
A bookkeeper stores your day-to-day transactions, revenue, expenses and more. A bookkeeper lets you know how the money flows in and out of your business. In a few words, a bookkeeper focuses on the micro part of your financial health.
Without organized books, you end up guessing the best way to maximize your deductions.
An accountant focuses on summarizing your transactions, helping you with tax planning, completing your tax returns and strategizing and forecasting your business’ health. In a few words, an accountant focuses on the macro part of your financial health.
Without an experienced accountant, you will not know the correct tax codes that allow you to maximize the growth of your business.
We use both cash basis and accrual accounting. When you speak with us on the phone, you can tell us what you need and want. It allows us to know which plan suits your needs.
It depends. We can get one year of your past year’s bookkeeping completed in 2 to 4 weeks. Click here to learn more about our catching-up service.
Of course. Regardless of how long you are behind on your books (months or years), we will get you up to date as soon as possible.
Once we receive all the necessary documents, it will take us up to 14 business days to complete your books.
And if you need to provide us with more documents for any reason, you can upload them inside our platform, and we will adjust your books accordingly. At that time, it may take us a few more days before we can complete your monthly statements, but we will let you know in advance if we need more time to complete your monthly accounting.
Your bookkeeper reconciles your bank accounts (merchant accounts), categorizes your transactions and generates financial statements. Then, under the guidance of their team managers, they will ensure that your books are tax compliant.
Your bookkeeper will contact you if they need clarification about certain transactions. However, since ecommerce is our cup of tea, most of the time the team manager will do most of the explaining on your behalf. This way, you enjoy investing your time in building your business.
Having updated books allows you to maximize deductions. It enables you to see your business’s health, expenses and profit for each month.
When you don’t have a clear picture of your financial health, you end up paying too much on your taxes. For example, say by the end of November, you have a net profit of $50,000. If you have updated books, you can reduce your taxes by buying inventory for your ecommerce business or computer equipment ahead of time. If you don’t have the books correct, you may end up paying taxes on a $50,000 profit. Of course, this is one of the few examples we use to reduce your taxable income.
Hiring a qualified bookkeeper on a full-time basis can cost $30 to $35 per hour or about $67,000 per year. In addition, it requires you to explain your business model and how itemization works. If you are not careful, you may not receive the maximum deductions your business needs. Worse, if your bookkeeper leaves, you have to re-explain your company, process and specifics to a new bookkeeper.
With ProfitYO, our passionate bookkeepers work under team leaders, an experienced tax specialist, and a senior certified public accountant (CPA) who manages over a billion-dollar corporation and many different industries.
Under the guidance of two veteran online marketers, specifically in ecommerce, you don’t need to re-explain your business model. We understand the ins and outs of the industry, so you can invest your time scaling your business while we work closely on your books.
Even if one of ProfitYO’s bookkeepers decided to work outside of our company, you would never have to experience any downtime because our staff members are fully-trained to catch up on your books – PERIOD.
Unfortunately, we don’t offer those services. However, we will be more than happy to provide you with referrals.
Yes, we do. You can request our tax reduction specialist add on a specialized request for payroll services during your onboarding call.
Yes, we do. You can request our tax reduction specialist add on a specialized request for accounts payable and accounts receivable during your onboarding call.
Yes. You can request an add-on customized service that fits your needs during your onboarding. We can break out the revenue and cost for every product you have for each platform you sell – We will accommodate your special requests.
Yes, we can. Speak with one of our welcome specialists and ask about your special add-on request. Our pro plan can break down the various fees from different platforms and merchant accounts on your P/L statement.
With our pro plan, you can request an add-on service to make inventory updates, whether monthly, quarterly, bi-yearly or annually, on your financial statements. We also use FIFO and LIFO inventory accounting methods to maximize your deductions.
Most ecommerce sellers use Shopify, Amazon, Walmart, WooCommerce, Magento, BigCommerce, Etsy and eBay. However, we are also aware of new and upcoming platforms, such as Square Online, GoDaddy, Shift4Shop, GrooveKart, Gearbubble and Wix.
We will study them intensely to know the ins and outs of the system. This way, we know how to serve you better when you start scaling your business to other platforms.
No. There will never be any surprise auto-billing. We only collect your payment information when you decide to keep us as your bookkeeper.
After you sign-up, you will automatically receive a scheduler to arrange a call with one of our bookkeeping experts. We will provide you with access to our platform and gather any information to complete your account set-up on this call.
Once we have everything set up, we will complete your one-month books in a few days. Then, our bookkeepers will reconcile your accounts, categorize your transactions and provide you with financial statements, including a balance sheet, cash flow statement and an income statement.
Then, we will speak on the phone to review your books together. During this call, you can ask us any further questions before you decide to use us as your bookkeeper.
You will receive one prior month of bookkeeping services during your free trial. You’ll also receive an onboarding call with our expert team. It includes a tour inside our platform, upload of your bank (credit card) statements and communication with your dedicated bookkeeper.
Whether you decide to continue working with us or not, your monthly report is yours to keep.
ProfitYO serves primarily small and medium-sized businesses. Our clients vary from spas, hotels, retail stores, e-commerce stores, SAAS, digital agencies, freelancers, product creators, coaches, or consultants.
Yes, we support international companies that own a business in the United States. However, we suggest you schedule a call with one of our welcome specialists to see if we can assist you. PLEASE NOTE: We can only provide tax filing services for companies that started in the United States.
Absolutely. When you are inside the platform, schedule a call at any time. We will be more than happy to speak with you on the phone – Yes, you always receive unlimited support anyway.
No limit. Just ask away inside our platform. Your bookkeeper team leader will usually get back to you in one business day. Often, we will get back to you the same day.
Absolutely. We understand that any business experiences circumstances and sudden changes. We will work together to ensure that you choose the right subscription that works for you.
You can access your financial data inside our platform for up to 30 days. After 30 days, we discard the data. If you need us to destroy your data after the cancellation, please feel free to contact us at any time.
Of course. We also make downloading your financial data from our platform easy.
We will walk you through the different types of pricing that best fit your needs during your free trial.
Let ProfitYO Handle Your Bookkeeping Needs Today!
We will be your first line of defense to protect your profits, maximize your deductions, and reduce your tax.
Try us for free — we will do your most recent month book so you know what it is like to have us on your back.