FAQ

Frequently Asked Questions

Got questions? We’ve got answers.

Select which service you've got a question on.

Accounting & Bookkeeping

  • What is Bookkeeping?

    Bookkeeping is the fundamentals of your general ledger. It can help you take control of your business' finances and make smart, data-driven decisions. Learn more about GrowthLab bookkeeping HERE. 

  • What do online bookkeepers do?

    Online bookkeepers can be invaluable to your business. They perform the same types of tasks as traditional, on-site bookkeepers from a remote location rather than in your workforce. Learn more about online bookkeepers HERE. 

  • What is the difference between a bookkeeper vs. accountant?

    In simple terms, a bookkeeper records companies transactions and an accountant builds on the information from the bookkeeper. Learn more about the difference between accountants and bookkeepers HERE. 


  • What is the purpose of a balance sheet?

    A balance sheet is a snapshot financial document of the assets, liabilities, and equity of a business at the end of an accounting period. Business owners and investors alike use balance sheets on a regular basis to gauge the general financial health of their organizations.  Learn more about the purpose of a balance sheet HERE. 

  • What is Grant Accounting?

    If your organization depends on grants, grant accounting should be on your radar. It can help you track grant-related revenue and expenses so that you fulfill your mission and maintain excellent relationships with donors, stakeholders, and others who are important to you. Download our FREE P&L template HERE. 

  • What is an accounting calendar?

    One of our go-to solutions to always being on top of your numbers is to leverage an accounting calendar and stick to the cadence it requires. What it does, is summarizes accounting periods and material dates throughout the fiscal year but fiscal week, within your financial value stream. Check out our 6 steps to creating an accounting calendar HERE. 

Financial Planning & Analysis

  • What is FP&A?

    FP&A stands for financial planning and analysis. FP&A helps business owners analyze their operations in order to manage/forecast growth. Learn more about our FP&A services HERE. 

  • What’s the difference between accounting and FP&A?

    FP&A stands for financial planning and analysis, FP&A are in house finance roles responsible for communicating with higher ups about the of your company’s finances. 


    Accounting departments focus mainly on company records, reports, and transactions, while FP&A focus on the story behind the numbers.


    The differentiator can be as simple as this, accountants focus on the “what” and the center on the “why” when it comes to the state of your company’s finances. 

  • How critical is financial management and accounting for business strategy?

    Business strategy is basically the map of your business highlighting where you’re headed and how to get there.


    Financial management and accounting are imperative for business strategy because they make up huge portions of that map. 


    With financial management, you are defining your performance metrics and translating them to your strategic goals. Accounting is used to capture the data so that you are able to measure your defined metrics. 


Small Business Tax

  • What type of Tax filings do you do?

    At GrowthLab we do 1040, 1120, 1120S, 1065,  any sales tax filings, and state registrations. Learn more about our tax offerings. 

  • What are R&D tax credits?

    R&D tax creidts are the Research and Development  Tax Incentive is the government's key mechanism to stimulate investment in R&D.

  • What is sales tax nexus?

    The term “nexus” refers to a commercial connection in a certain state. A sales tax nexus in a certain state requires you to collect sales tax on the sales that you earn there.

CFO

  • What does a CFO do?

    Contrary to popular belief, a CFO is not a bookkeeper or accountant. Essentially, they use their deep financial expertise to analyze data and develop solid strategies that can help you meet (or even exceed) your goals. Learn about our CFO services HERE. 

  • What is a Fractional CFO?

    A fractional CFO has the level of experience and skillset of a full-time CFO but offers their services on a part-time or project basis. They are also known as a part time CFO or an interim CFO. Learn more about our CFO services HERE. 

  • What's the difference between a CFO & CPA?

    CFOs are individuals who oversee a company’s finances & financial strategy. A CPA is a licensed accounting professional who handles a variety of finance and accounting, auditing, tax, and compliance tasks. Learn more about CFOs & CPAs HERE. 

  • Why do I need a CFO?

    Having a lack of clarity and confidence in your business’ financial situation can be incredibly stressful. Hiring a Chief Financial Officer (CFO), provides you confidence knowing your finances will have oversight, it gives you operational alignment, strategy, and planning. Essentially, a CFO will set your mind at ease and pave a clear financial path for your business. 

  • What to look for in a CFO?

    It's very important to know what to look for when hiring or outsourcing CFO services. Do they have the proper experience to guide the accounting and financial decisions of the business, and will they do it with a forward-thinking, strategic mindset? Watch this video to learn about certain characteristics you should look for when looking to outsource a CFO. 

  • How much does a CFO cost?

     A CFO can range from $100,000 - $300,000 and will continue to increase as you move upmarket. At GrowthLab FaaS we give you a lower price-point and we add greater value than an individual fractional CFO because we leverage our full-stack finance and accounting - all under one roof. Check out our CFO pricing HERE.

  • When do I need a CFO?

    There comes a time in most businesses when the owner spends most of their time hovering over spreadsheets instead of with customers, working in the business instead of on the business, and just overly consumed by details and finances. When that time comes, it’s a good indicator that you need someone supporting you. If this seems like you, check out our CFO servcies.


Question not answered? Shoot us an email and we will answer it for you!

Share by: