Question 1

What bookkeeping services does Hallmark CPA Group provide?

Accepted Answer

We offer comprehensive bookkeeping including monthly and quarterly reconciliation, accounts payable and receivable management, financial statement preparation (P&L, Balance Sheet), QuickBooks management, chart of accounts setup, and year-end tax-ready packages — all tailored to your industry.

Question 2

How often will my books be updated?

Accepted Answer

Most clients are on a monthly bookkeeping cycle. We reconcile all accounts, categorize transactions, and deliver clean financial statements by an agreed-upon date each month. Quarterly options are available for smaller organizations.

Question 3

Do you work with QuickBooks?

Accepted Answer

Yes. We work with QuickBooks Online and QuickBooks Desktop. We can set up new accounts, clean up existing books, and maintain your file on an ongoing basis. We can also work with other accounting platforms — just ask.

Question 4

What if my books are behind or messy?

Accepted Answer

No problem. We regularly onboard clients with backlogs or disorganized records. Our team will assess the situation, provide a cleanup plan, and get your books current before transitioning to an ongoing schedule.

Question 5

Can you handle bookkeeping for a homeowners association or nonprofit?

Accepted Answer

Absolutely. We specialize in industry-specific bookkeeping for HOAs (including assessment tracking and reserve fund accounting), nonprofits (fund accounting and grant tracking), churches, construction companies, and law firms.

Question 6

Does my HOA need an annual audit?

Accepted Answer

Under Florida Statute 720 and 718, many homeowners associations and condominium associations are required to have annual audits, reviews, or compilations depending on their total annual revenues. We can determine the appropriate level of assurance for your association and ensure full statutory compliance.

Question 7

What is a Single Audit and does my nonprofit need one?

Accepted Answer

A Single Audit (under 2 CFR Part 200 / Uniform Guidance) is required for organizations that expend $750,000 or more in federal awards in a fiscal year. If your nonprofit receives federal grants and meets this threshold, a Single Audit is mandatory. We have extensive experience conducting these.

Question 8

How long does an audit typically take?

Accepted Answer

Most engagements take 4–8 weeks from fieldwork start to final report delivery, depending on the complexity of the organization and the completeness of records provided. We work efficiently and communicate clearly throughout the process.

Question 9

What is the difference between an audit, a review, and a compilation?

Accepted Answer

An audit provides the highest level of assurance — our CPAs independently test transactions and controls. A review provides limited assurance through analytical procedures and inquiries. A compilation involves organizing financial data into proper format with no assurance. The right level depends on your stakeholders' requirements and applicable statutes.

Question 10

Do you prepare Form 990 for nonprofits?

Accepted Answer

Yes. We prepare Form 990, 990-EZ, and 990-N for tax-exempt organizations. Proper 990 preparation is critical for maintaining IRS tax-exempt status, demonstrating financial transparency to donors, and complying with state reporting requirements.

Question 11

Does Hallmark CPA Group prepare personal or business income tax returns?

Accepted Answer

Our primary focus is audit, bookkeeping, and advisory services for organizations — not individual or business income tax preparation. However, we do prepare tax-related filings for the entities we serve, including Form 990 for nonprofits and payroll tax compliance. For personal income tax needs, we are happy to provide a referral.

Question 12

What is IOLTA and why does it matter for law firms?

Accepted Answer

IOLTA (Interest on Lawyer Trust Accounts) are client trust accounts that Florida attorneys are required to maintain. These accounts must be reconciled on a three-way basis monthly and are subject to Florida Bar oversight. Errors can result in disciplinary action. We specialize in IOLTA reconciliation and compliance reporting.

Question 13

How does payroll compliance work for churches and nonprofits?

Accepted Answer

Religious organizations have unique payroll considerations including clergy housing allowances, which are excludable from federal income tax when properly designated. We handle payroll processing, housing allowance documentation, W-2 preparation, and 941 filings to keep your organization compliant.

Question 14

What is a Fractional CFO?

Accepted Answer

A Fractional CFO is a senior financial executive who works with your organization on a part-time or project basis. You get the strategic insight and financial leadership of a seasoned CFO — without the full-time salary and benefits cost. We serve in this capacity for nonprofits, associations, and growing businesses that need C-suite financial guidance.

Question 15

What does a Fractional CFO engagement include?

Accepted Answer

Engagements are customized, but typically include monthly financial reporting, cash flow forecasting, annual budgeting, KPI development, board-level presentations, banking and lender relationship support, and strategic advisory. We offer tiered engagement models starting at 5–10 hours per month.

Question 16

How is Hallmark CPA Group different from a general bookkeeper?

Accepted Answer

We are licensed Certified Public Accountants — not bookkeepers or accounting services. This means we bring professional standards, ethical obligations, and the expertise to conduct audits, sign financial reports, and provide attest services that unlicensed bookkeepers legally cannot. Our work carries the credibility your boards, lenders, and regulators require.

Question 17

How do I get started with Hallmark CPA Group?

Accepted Answer

Simply reach out via our contact form, call us at (813) 283-0642, or email admin@hcpagrp.com to schedule a complimentary consultation. We'll learn about your organization, assess your needs, and recommend the right services.

Question 18

What information should I have ready for an initial consultation?

Accepted Answer

It helps to have a general sense of your organization type, annual revenue or budget, current accounting software (if any), and what specific challenges or needs you're looking to address. There's no need to have everything perfectly organized — that's what we're here for.

Question 19

Do you work with organizations outside of Tampa Bay?

Accepted Answer

While we are headquartered in Downtown Tampa and primarily serve the Tampa Bay region, we work with Florida-based organizations across the state. For audit and attest engagements, our licensed CPAs are authorized to practice throughout Florida.

Frequently Asked Questions

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Frequently Asked Questions

Let's Talk Through Your Situation

Initialize YourStrategic Review

Initialize Your
Strategic Review