Carrie McCulloch CPA, PLLC
Empower Your Finances, Elevate Your Success
Carrie McCulloch CPA
FAQ
What's the Difference?
Bookkeeping, Accounting and Tax...so what's the difference?
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Bookkeeping is putting it all together. Think data entry and reconciling statements.
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Accounting is taking the data a little farther and telling what it all means. What happened in the past and what the future looks like. Think analysis, strategy, and compliance.
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Some bookkeepers are amazing at verifying that coding is correct and others just enter.
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Tax Accountants are specialized in the tax code for not only the Federal Government but also states and possibly other countries.
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Some accountants provide tax planning and some do not.
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Lots of overlap so it's important to define expectations and work together as a team.
Do I need a separate bank account?
Yes. Keeping business and personal finances separate protects your liability shield, simplifies bookkeeping, and makes tax time far easier.
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This is actually one of the most common accounting mistakes.
Mixing personal and business funds. Other common mistakes are not reconciling accounts regularly, missing deductions, and waiting too long to ask for help. Small issues compound quickly — proactive oversight saves time and money.
How often should I reconcile my accounts?
There’s a popular “one‑size‑fits‑all” answer in the accounting world about how often you should reconcile your accounts — but the truth is, it depends on your activity and how well you document things.
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I’ve had clients whose accounts needed daily reconciliation because of high volume or cash volatility. I’ve also had accounts where annual reconciliation was appropriate because activity was minimal and extremely predictable.
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If you’re a solopreneur with low activity and low cash needs, I’ll say something that might be unpopular among accountants: quarterly might be enough. The real risk is that once you fall behind, you’re behind — and three months later, will you remember what that random charge was for?
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That’s why best practice is monthly. Monthly reconciliation keeps your books accurate and prevents surprises. It’s not just about recording transactions — it’s about catching invalid charges, duplicate payments, missing deposits, or errors that need to be corrected right away. Whether it’s on the income or expense side, issues are always easier to fix when they’re fresh.
Do I Still Need an Accountant if I use Bookkeeping Software?
I love this question but you will not love the answer because it depends.
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Software can record data, but it can’t replace professional judgment. An accountant helps you interpret your financials, stay compliant, optimize taxes, and make strategic decisions that software can’t anticipate.
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That being said AI is getting better, software is getting more intuitive and depending on your knowledge and time to spend review your own financials you might not need an accountant everyday.
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But what I do know is that with my own books, AI isn't always correct, even with the recurring transaction that has been hitting my statement for the last 4 years. Also, it's helpful to know that "my discrepancy is due to a supplies purchase for $4,000" but most small to mid-sized business owners know that before the accountant and the software program.
AI's not going anyway, hopefully it gets better, but Accountants have more to offer. It's a relationship.
Insightful Solutions to Create Business and Personal Goals for Financial Success
Success
Dedicated and Specialized
Optimize
Fractional CFO services offer a comprehensive commitment, featuring monthly meetings to review reports and trends, address concerns the client has in an open forum, and identify areas of opportunities across all departments.
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In addition to providing insight to the books I'm also here to help you analyze and strengthen your brain trust. As your personal or business finances grow, it’s crucial to have the right consultants and resources in place. This includes legal advisors, financial planners, specialty consultants, and insurance experts.
Accurate
Small to mid-sized businesses often focus on daily operations, trouble-shooting issues and prioritizing growth, sometimes leaving their accounting as an afterthought. I'm an expert at cleaning up financial confusion, organizing scattered bank and credit card statements, and helping you determine where your business stands so you can move forward with confidence.
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Once the accounting records are caught-up and organized we can keep them updated with monthly or quarterly Bookkeeping services, depending on activity level.
Insightful
​It's no secret that money and finances play a huge role in our lives, influencing everything from relationships to health. I can partner with you at any stage as a Coach to define and reach your goals. Whether it’s understanding financial literacy, creating a budget, set-up software, managing complex finances, navigating marriage or divorce, getting out of debt, or planning for a significant expenditure—no scenario is too small or too intimidating.
Personalized
Family Office Concierge Services: Managing wealth is challenging, often complicated by misinformation. Just as businesses periodically evaluate their specialty consultants, it's essential to ensure your family remains protected at every stage. Reaching your first $1M is a significant milestone, but what changes are necessary? Entry into the high-net-worth (HNW) category brings more than just tax concerns, and ultra-high-net-worth (UHNW) status introduces a unique set of questions and evaluations. Each family is different, so each solution should be tailored to you and your unique story. Let us ask the right questions and assess your needs, allowing you to focus on what truly matters to you and your family.
