Best for a simple, low-volume business
Usually a solo owner or service business with up to two bank or credit-card accounts, no payment-processor reconciliation, and no payroll reconciliation inside the package.
Up to 50 transactions · 2 accountsBookkeeping & payroll
Current books. Coordinated payroll. No year-end reconstruction.
TaxFM provides monthly bookkeeping and payroll coordination for small, closely held businesses that want financial records ready for decisions, tax planning, and return preparation throughout the year.
Monthly bookkeeping
Choose by volume and operating complexity — not just company size.
Transaction and account limits apply across the entire company. All plans include monthly reconciliation and standard financial statements.
Best for an active growing business
For a company using more accounts, payroll, or Stripe, Square, and similar processors and wanting a quarterly review of the numbers.
Up to 100 transactions · 4 accountsBest for a business with more moving parts
For higher monthly volume, more accounts, payroll and processor reconciliation, plus management reporting by period, project, location, or another agreed dimension.
Up to 250 transactions · 7 accountsHow volume is measured
What counts as one transaction?
For package limits, a transaction is one imported or recorded line in a bank, credit-card, loan, or payment account during the month.
- A customer deposit, expense, bank fee, interest charge, refund, reversal, loan payment, or owner contribution or distribution generally counts as one line.
- A transfer can create a line in each affected connected account; each statement line must still be reviewed and matched.
- Splitting one downloaded line among several expense categories does not by itself create several bank transactions.
- Invoices, bills, journal entries, payroll detail, inventory activity, and sales-tax records may require separate workflow even when they do not appear as additional bank lines.
If the monthly limit is exceeded
- Additional statement lines are billed in blocks of five at $5 per block under the current package terms.
- A single busy month does not automatically move the business to another package.
- Repeated overages are reviewed with the client; a higher or custom plan is recommended when it is more predictable or economical.
- The plan is not changed without agreement. Material changes in accounts, processors, payroll, inventory, or workflow may require a revised scope.
Starting the relationship
Onboarding establishes the opening balance before the monthly close begins.
Clean monthly reporting depends on reliable opening balances, complete access, and a clear division of responsibilities.
Diagnostic review
Review the accounting file, prior financial statements, bank and card statements, tax return, payroll reports, unresolved balances, and the current chart of accounts.
Access and connections
Set up accountant access and confirm bank feeds, payment processors, payroll integrations, users, document delivery, and the monthly information deadline.
Opening balance and workflow
Confirm the start date, opening balances, recurring rules, owner transactions, loan accounts, and who handles invoices, bills, sales tax, payroll, and receipts.
First monthly close
Reconcile accounts, resolve questions, issue the first reports, and confirm the recurring close calendar and communication process.
QuickBooks Online or Xero
The software is the accounting system — the service is the work performed in it.
TaxFM can work in QuickBooks Online or Xero and help organize the chart of accounts, connections, users, and recurring workflow. The platform should match the company’s needs and the systems it must connect to.
QuickBooks or Xero setup consultation — $80- The client owns the subscription and pays the software provider directly.
- A new file, conversion, chart-of-accounts redesign, or integration project may require separate setup work.
- Bank feeds speed up data entry but do not replace reconciliation, supporting records, or professional review.
- Historical data migration, app troubleshooting, inventory configuration, and extensive custom reporting are not assumed in a standard monthly plan.
Cleanup & catch-up
Past months must be repaired before current books can be trusted.
Catch-up bookkeeping
Recording and reconciling missing months when the underlying records are substantially complete and the accounting structure is usable.
Cleanup bookkeeping
Correcting unreliable existing books: duplicate or missing activity, unreconciled accounts, incorrect opening balances, uncategorized transactions, owner activity, payroll mismatches, and balance-sheet errors.
- 01
Diagnostic review of the accounting file and source statements
- 02
Written identification of the periods and accounts requiring work
- 03
Estimate based on volume, condition of the books, missing records, and required corrections
- 04
Approval before work outside the monthly package begins
The current monthly-plan offer includes catch-up for the three months immediately before the recurring engagement. Eligibility and scope are confirmed during onboarding; earlier periods, missing records, reconstruction, or substantial cleanup are quoted separately from $80 per hour.
Vendors and Forms 1099
1099 preparation begins when the vendor is hired — not in January.
TaxFM can prepare applicable Forms 1099 using the vendor and payment information maintained by the client. The company remains responsible for identifying vendors, providing complete records, and approving the filings.
1099 preparation — $25 setup + $10 per form- Collect a completed Form W-9 before or at the time a U.S. vendor begins work, rather than chasing the information after year-end.
- Track the payee’s legal name, tax classification, TIN, address, payment type, and payment method.
- Payments by card or qualifying third-party networks may be reported by the processor rather than by the business; the payment method must be reviewed before preparing a form.
- Worker classification, missing TINs, backup withholding, corrections, late filings, and state 1099 rules may require additional review.
1099 preparation and filing are not automatically included in a monthly bookkeeping plan. Complete vendor data must be provided by the agreed deadline.
Payroll services
Setup gets payroll running. Ongoing support keeps it aligned.
TaxFM coordinates payroll through a third-party provider; the provider calculates payroll and transmits filings and payments according to its service, while TaxFM supports setup, review, reconciliation, and the connection to the books and tax return.
Payroll setup — from $200
- Company and payroll-provider implementation
- Coordination of federal and state employer accounts
- Employee and owner onboarding information
- Pay schedule, compensation, withholding, and deduction review
- Opening payroll balances and initial general-ledger mapping when applicable
Ongoing support — from $80 per month
- Routine coordination and payroll questions
- Review of owner compensation and payroll workflow
- Reconciliation of payroll activity to the general ledger
- Quarterly Form 941 and state-report reconciliation
- Annual Forms W-2, W-3, and 940 reconciliation
Payroll subscription and direct provider charges are separate. TaxFM does not hold client payroll funds. Prior-quarter corrections, late filings, notices, benefits administration, workers’ compensation, multi-state payroll, and unusual registrations are separately scoped.
Scope boundaries
What a standard monthly bookkeeping package does not include.
These services can often be added, but they are not assumed in the advertised monthly fee unless the engagement specifically includes them.
Cleanup, reconstruction, or catch-up outside the stated introductory offer
Payroll processing, payroll-provider subscriptions, prior-period corrections, and payroll notices
Tax-return preparation, tax planning, IRS or state representation, and entity compliance
Form 1099 preparation and filing
Accounts receivable, customer invoicing, bill payment, and accounts payable management
Inventory, job costing, sales-tax filings, multi-state compliance, and international reporting
Loan applications, audits, reviews, compilations, assurance, valuations, or legal services
Software subscriptions, third-party applications, government fees, and merchant or payroll-provider charges
The signed engagement letter defines the actual services, deadlines, client responsibilities, and fee for each company.
Choose the right workflow
Start with the books you have — then define the system you need.
Review package pricing or schedule an introductory call. For cleanup, catch-up, multiple entities, inventory, or complex payroll, TaxFM reviews the file before quoting the work.
General information for the 2026 tax year, not advice about your situation. Rules, amounts and dates are current as of the date of publication and can change. What applies to your return depends on facts we would go through together.