Rocket City Tax Accounting provides QuickBooks accounting services for service-based businesses in the areas of law, healthcare, architecture, engineering, SaaS, business consulting, and other fields. We’ve been in business for more than 15 years.  We are Intuit-Certified QuickBooks Advanced ProAdvisors who use:

  • QuickBooks Online
  • QuickBooks Desktop, BUT…only if you’ve established remote access at least 3 months ago. Options include Qbox or a cloud hosting service such as Right Networks or Apps for Rent.

Below are brief descriptions of the challenges faced by a sampling of service provider industries, followed by our QuickBooks Accounting prices. In general, we charge a percentage of your gross revenue or sales, divided by 12 months and billed monthly. Gross revenue is a pretty good indicator of accounting work volume. However, customized quotes are available upon request. Book a call today so we may discuss your unique accounting needs and get a custom quote.

Unique Challenges Faced by These Service Providers

Law firms of all sizes must manage client matters, market the firm, build strategic relationships in your area and in your profession, and ensure CLE is met. This is in addition to actually practicing law and ensuring your firm achieves both profit and growth. Rocket City Tax Accounting LLC knows how to correctly handle:
  • Trust Accounting - Meticulously track deposit and disbursement, to ensure compliance with ethical and legal standards.
  • IOLTA Accounts - Record interest earned and remitted.
  • Client Retainer Accounting - Ensure fees are properly earned and applied.
  • Client Costs and Billing - Properly record court fees, expert witness fees, and other expenses. Accuracy and transparency are essential to maintaining client trust.
  • Ethics and Compliance - In addition to trust and IOLTA standards, make sure all other accounting transactions are in compliance, to avoid disciplinary actions.
  • Fee Structures - Attorneys often offer hourly, contingency, flat, or hybrid fee structures. Each one requires specific accounting and reporting.
  • Court-Ordered Payments - Recording payment of court-ordered settlements, judgments, or structured payments requires specific accounting procedures.
  • Client Confidentiallity - While accountants usually have access to only limited amounts of client information, accountants must still strictly guard attorney-client privilege.
  • Data Security - Rocket City Tax Accounting complies with all IRS regulations governing data security.
Accounting for healthcare professionals, including doctors, dentists, veterinarians, medical practices, and mental health care providers, has unique characteristics and considerations. Here are some key differences.
  • Healthcare providers are subject to a complex web of regulations, including those related to billing, coding, compliance with HIPAA (Health Insurance Portability and Accountability Act), and healthcare reimbursement rules. Healthcare accounting must ensure compliance.
  • Accurate and timely medical billing is crucial, as it directly impacts cash flow and revenue recognition.
  • Managing accounts receivable from insurance companies requires specialized knowledge of healthcare billing and coding.
  • Managing accounts receivable from patients includes recording co-pays, deductibles, setting up payment plans, and managing collections.
  • Electronic Health Records (EHR) are used by many providers. These systems often house patient data, diagnoses, treatments, and billing. Users must be proficient in these systems, and the data in them must be safeguarded in compliance with HIPAA.
  • Optimizing the healthcare revenue cycle is essential to financial success.
  • Tracking depreciation of equipment, and expenditures for medical supplies, staff recruitment, payroll, and facility maintenance in compliance with regulations, while minimizing tax obligations, is another essential component of financial success.
  • Healthcare professionals may use various compensation models, each of which has its own unique accounting requirements. These include fee-for-service, capitation, and salary arrangements.
  • Healthcare practices may have complex ownership structures, including partnerships, professional corporations (PCs), limited liability companies (LLCs), and more. Each structure has unique accounting and tax requirements.
Here are some key differences between architecture and engineering, and other industries.
  • Project-Based revenue recognition requires the accurate tracking of project costs, billings, and revenue recognition that is based on project milestones or completion.
  • Engineers and architects frequently bill clients for their time and expenses. Effective time tracking and expense management are critical.
  • Project budgeting and estimation must be accurate to optimize profitability of each project.
  • Engineers and architects may receive retainers or progress payments from clients. These must be recorded following a specific, advanced procedure in QuickBooks.
  • Compliance with professional regulations is, in part, ensured by accurate accounting and compliance with applicable accounting principles.
  • Calculating and allocating overhead costs, such as rent utilities, and administrative expenses, is important for profitability analysis of each project.
  • Client contract payment terms, deliverables, and project scope, play a significant role in accounting for engineers and architects.
  • Fee structures can vary widely, and include fixed fees, hourly rates, or a combination. Knowing how to record each in QuickBooks is important.
  • Work in Progress (WIP) tracking is another crucial component in assessing project profitability and appropriate revenue recognition.
Here are some distinct characteristics and considerations for SaaS companies.
  • Subscription based revenue recognition must follow ASC 606 or IFRS 15 accounting standards, which require allocating subscription revenue over the contract term.
  • SaaS companies often collect payments up front, but recognize revenue over time. Deferred revenue accounts track unearned income, which gradually converts to recognized revenue as services are delivered.
  • Churn rate is a critical metric in SaaS accounting, and (of course) has a direct impact on revenue. It represents the percentage of customers who cancel their subscriptions.
  • Calculating Customer Acquisition Costs (CAC) is essential to determining how much a company spends to acquire new customers. These costs must be analyzed relative to customer lifetime value (CLTV). CLTV represents the expected revenue from a customer over their lifetime.
  • Another key metric for SaaS companies is Monthly Recurring Revenue (MRR). It represents the predictable monthly revenue generated from subscription customers.
  • Some SaaS companies charge customers based on usage or the number of users. This Usage-Based Billing model requires both usage data tracking and billing calculations.
  • Research and Development (R&D) costs can be capitalized over time to further reduce the company's tax burden. In SaaS, R&D consists primarily of software development costs.
  • Cloud hosting costs must be allocated to specific projects or services accurately.
  • Customer retention costs include customer support and onboarding. Accountants may need to allocate these expenses in a manner that ensures accurate cost attribution.
  • As SaaS companies grow, scaling costs such as marketing, sales, and infrastructure expenses, must be monitored and managed effectively.
  • SaaS companies often use stock options and equity grants as part of their compensation packages.
  • SaaS companies may be subject to data privacy and security regulations, which incurs compliance-related expenses.
  • SaaS accounting may involve reporting metrics such as Annual Recurring Revenue (ARR), Customer Acquisition Payback Period, and Gross Monthly Recurring Revenue (GMRR).
Here are some distinct characteristics of business consultant accounting.
  • Business consultants often bill clients based on billable hours worked, which makes accurate time tracking and client invoicing essential.
  • Client contract terms, including project scope, deliverables, payment terms, and milestones, must be adhered to for customer retention and firm profitability.
  • Revenue recognition must be aligned with the nature of the services provided and any contractual agreements.
  • Tracking project-related expenses such as travel, materials, and subcontractor costs, is essential to cost management and accurate client billing.
  • Consultants may receive retainers or up-front payments from clients. There is a specific procedure for recording these in QuickBooks.
  • Because consultants often work with sensitive client information, an NDA (Non-Disclosure Agreement) is usually part of every project. Accounting should comply with NDAs.
  • Many consultants are self-employed, which means they are responsible for self-employment taxes.
  • Self-employed consultants typically make quarterly estimated tax payments to cover income and self-employment taxes.
  • Consultants may operate as sole proprietors, LLCs, S corporations, or other legal structures.
  • Consultants manage their own health insurance and retirement planning. This may include setting up and contributing to IRAs, solo 401(k)s, or other retirement accounts.
  • Income is often variable in the consulting industry, which makes budgeting and cash flow management challenging.
  • Marketing, networking, and professional memberships to acquire clients are tax deductible, and must be tracked accurately.
  • Professional development is important to staying competitive, and such expense are also tax deductible.
  • Consultants must maintain detailed records of client interactions, expenses, contracts, and income for tax and financial reporting.

Monthly QuickBooks Accounting Services

Note: The packages below can be customized upon request.

Core
For Updated Books Only
1% of Sales
  • Minimum Monthly Fee $250
  • Secure Client Portal for Document Exchange
  • Weekly Bank Connection Update
  • Setup Categorization Rules
  • Monthly Account Reconciliations
  • Unlimited Chat Messages
  • QBO Email Support (1 Hour Max)
  • QBO Learning Resources
  • Year-End Closing
Pay Deposit Now
Premium
For Updated Books Only
2% of Sales
  • Minimum Monthly Fee of $750
  • Everything in Core and Enhanced Plus:
  • Custom Overview Dashboard
  • Custom KPI Dashboard
  • Interactive Financials Review via Zoom
  • Up to 5 Additional Custom Reports
  • Zoom Meetings of 2 Hours Total Per Month
  • Annual Budgeting
  • Budget Analysis Summary
Pay Deposit Now

Additional Services & Special Projects

Payroll, A/P, A/R, Sales Tax, QuickBooks Cleanup/Catchup, Conversion

12 Months Behind Max
QuickBooks Setup/Catchup/Cleanup
Price is per month to be fixed.
1% of Sales
  • Minimum Fee: $250 Per Month To Be Fixed
  • Examples of What We Can Fix:
  • Reconcile accounts to statements
  • Bulk historical data import
  • Broken account reconciliations
  • Customize Categories (aka Accounts)
  • Category negative balance(s)
  • Paid vs. unpaid invoice issues
  • Incorrect A/R balance
  • Undeposited funds problems
  • Journal Entries
  • Payroll mistakes
  • Recording owner withdrawals
  • QuickBooks Training via Zoom
  • Convert Desktop to Online
  • And more
Pay Deposit Now

Frequently Asked Questions (FAQs)

Our experience has been that we serve our clients best if we don't try to take on all business and industry types. Narrowing our focus gives us time to be fully prepared and up-to-date on the unique accounting and reporting needs of our clients.
Please use the "Book a Call" buttons on this page to schedule a Zoom call so we can explain. We will NOT subject you to any high-pressure sales tactics. We'll simply answer your questions and let you take the next step, if any.
Because that is standard accounting practice, and the Intuit-recommended practice. Reconciling to statements is just a way to double-check that all the transactions you have in QuickBooks actually came through that account. This ensures you don't over-report your income or under-report your deductible business expenses.
You can scan them to PDF and upload them to our secure client portal, TaxDome. If you don't have a scanner, you can install the easy and free Adobe Scan app on your smartphone and scan them with it. Or, you can take your documents to Staples, Office, Depot, or another office supply store and use their scanners.
If you’d rather not do that task yourself, and are comfortable doing so, you can set up a “statements only” or "read only" login for us with your bank. Check with your bank for details, as how to do this varies from bank to bank.
That depends on how far behind your books are and how many transactions flow through your bank and credit accounts each month. Use the "Book a Call" button on this page to schedule a no-pressure discussion of reasonable project deadlines.
The transactions that present challenges to non-accountant users of QuickBooks include recording the payment of business expenses with personal funds, payment of personal expenses with business funds, using Undeposited Funds or Payments to Deposit, recording deposits that contain multiple invoice payments, whether loan payments are 100% tax deductible, capturing loan interest paid as a business expense, and categorizing transactions. We can help you with all of these.
You must register with all government entities to whom your employees may pay tax, such as the IRS and your state department of revenue. You must remit payroll taxes withheld from employee paychecks on a weekly, biweekly, monthly, or quarterly schedule. The IRS and your state will inform you how often you must remit those; it's usually based on the size of your payroll. You will have to match, dollar for dollar, any Medicare and Social Security taxes withheld from employee paychecks. Those funds are remitted right along with the withholdings from paychecks. We strongly recommend that all our clients not use QuickBooks Payroll because Gusto Payroll is much easier to use, and Gusto handles all your tax remittances and reports for you. QuickBooks Payroll will handle it too, but they will charge extra.
Cost of Goods Sold is typically used by companies that manufacture something. This includes buying components from suppliers for assembly before sale, and buying raw materials for component manufacture. There are a few other types of companies that may use Cost of Goods Sold, but it's most commonly used in manufacturing.
Absolutely! But you must have a basic understanding of what each account/category type does, and which accounts you must keep for QuickBooks to function correctly. We can help you create a lean, logical Chart of Accounts.