You've got questions; we've got answers.

Where do you draw the line with unlimited access? What are support hours?

If a team member leaves a meeting with additional work as a result of the meeting, this additional work is considered out of scope and is subject to billable support hours. The exception to this rule is when the additional work is directly related to the scope of work. Your client advisor will let you know if a service is subject to support hours. Support hours are billed at a blended rate of $225/hr.

Who is responsible for tax notices?

Please send all tax notices to If the tax notice is related to work performed by our team, then addressing the notice is considered in-scope no matter how long it takes. If the tax notice is related to work performed by you or your previous accountant, then the time attributable to resolving the notices is considered billable support hours.

What do you do to protect my data and information?

We manage our client data using Microsoft 365 and V2 Cloud. Microsoft 365 provides us with the tools to assess current and historical security postures and to mitigate future risks. Each of these tools, including dashboards, reports, and MS Secure Score, are designed to provide the visibility, control, and guidance to drive maximum security improvements. Microsoft 365 also provides means to protect and govern data with sensitivity and retention labels, and provides access to compliance and privacy solutions. V2 Cloud provides the latest security in their data centers, servers, and private networks, with firewalls, encrypted connections, multi-factor authentications, and of course the latest antivirus.

We also have a Cybersecurity insurance policy to protect us in a worst-case scenario. Our insurance policy is through Coalition Cybersecurity Insurance, who provides state-of-the-art cybersecurity and best-in-class cyber insurance. The Coalition Cybersecurity platform provides 24/7 security monitoring, automated alerts, employee training, and access to experts who help prevent cyber incidents before they occur.

Who owns my accounting data?

We prepare and manage your accounting data, but you own it. This includes your QBO and all source documents that we store to prepare your financials. If you ever want to leave us or move your accounting in-house, we’re happy to transfer admin access for your QBO and all documents upon request.

What do you mean by accounting@?

For Thrive plan clients, we set up and manage an Accounting@ inbox under your domain name. For example, if you own Big Petes BBQ, and the domain name, then we will ask you to set up for our team. This email will be used to interact with your vendors to deal with Accounts Payable issues such as requesting vendor credits. It’s meant to replicate an in-house accounting team for a business of any size.

When do I email accounting@ versus my client advisor?

Accounting@ is meant for Accounts Payable-related issues. You shouldn’t send vendor introductions, invoices, receipts, statements, vendor credits, or any other vendor related issues to your client advisor. These will go to accounting@.

Which bills do you pay when providing bill pay and vendor reconciliation services?

By default, we assume that we are responsible for all bills including credit card payments, rent, utilities, insurance, suppliers, liquor/beer/wine, etc. We will confirm this during your onboarding and kick-off meeting.

If the bill is uploaded by the restaurant to Marginedge, xtraCHEF, or Craftable then we assume it has been approved by the restaurant for payment. If a bill appears in a vendor statement, and was not uploaded to Marginedge, xtraCHEF, or Craftable, then we will send you a client task asking for approval to record and pay the bill. 

How should I ring up my third-party delivery (Ubereats, Grubhub, etc.) orders?

All third-party delivery orders should get processed through the POS using the pricing that is shown in the delivery platform. We recommend using a system like Chowly to consolidate your third-party delivery systems. Whether you use a system to consolidate these orders, or if you’re inputting the orders manually, we recommend inputting the orders as if it’s a regular sale and using the third-party delivery tender for payment. We recommend setting up a separate tender in your POS for each third-party delivery provider.

How do you account for fixed assets and depreciation?

Our default policy is to record fixed assets and depreciation on a tax basis unless you’re required to have a GAAP audit, review, or compilation. When you purchase a fixed asset, we will determine whether it needs to be capitalized or expensed based on the IRS’s cost segregation guide for restaurants. If the purchase is a fixed asset, then we will record tax depreciation in that same month for that fixed asset. Most fixed assets qualify for accelerated 100% depreciation in the year of purchase, so you will see a large depreciation expense on your P&L in the month of purchase.

How do I know my vendor balance aka Accounts Payable?

Your vendor balance is updated on a weekly basis in QBO if you’re a Essentials or Thrive client. You can access this information by going to QBO > Reports > Unpaid Bills. Alternatively, you can run an aging report by going to QBO > Reports > Accounts Payable Aging.

Will you make sure we have documentation for all transactions?

We will save and organize documentation (such as receipts, invoices, bills) and attach them to transactions in QBO for all documentation that you send to invoices@, receipts@, or accounting@. All documents uploaded to Marginedge/Xtrachef will automatically get uploaded to QBO. If you requested that we don’t add any transactions that don’t have documentation during your onboarding, then there could be delays in your accounting process if you don’t upload documentation.

How do you deal with missing bills?

When there are missing bills (that we haven’t received from the restaurant) that appear on a vendor’s statement, then we will email the vendor to request a signed copy of the bill. If the vendor can’t provide a signed copy then we will either (1) request it from you via a client task, or (2) take the vendor’s word, based on your preference.

Why can’t I run personal expenses through my business account?

You shouldn’t run personal expenses through your business for multiple reasons, but here are the top 5:

  1. It makes your financial statements meaningless for analysis
  2. You could mislead external stakeholders and provide inaccurate financials resulting in potential legal action. One of the main rules in running a successful business is to have it always ready for sale. And if you’re using the business as a personal bank account then no one will want to buy or invest in something like that. A savvy investor/buyer will know if your numbers are lying, so don’t compromise your valuation because you don’t feel like transferring money to your personal account.
  3. It could pierce the corporate veil, meaning you could lose your limited liability shield if you were ever taken to court and they could prove that your business account was being used for personal expenses.
  4. If the IRS catches you doing this then they will start questioning all of your legitimate business expenses.
  5. If the personal expenses are classified as distributions then your distributions could trigger a red flag from the IRS because they’re very high in proportion to your salaries.
What are the benefits of paying all tips through payroll?

We recommend paying all tips through payroll for the following reasons:

  • You don’t need to worry about reporting cash tips separately through payroll, or underreporting tips to the IRS.
  • It allows us to reconcile tips received with tips paid out more accurately because we see all transactions related to tips.