Depending on the engagement, services may include transaction categorization, bank and credit-card reconciliation, accounts receivable or payable support, financial reporting, catch-up or clean-up bookkeeping, payroll support, 1099 and W-2 support, sales-tax support, and other agreed accounting-support services.
The client retains management responsibility, including authorization of transactions and payments, business decisions, internal controls, custody of assets, business and personal separation, and approval of financial information.
Bookkeeping is performed using records and explanations provided or authorized by the client. The client is responsible for completeness, accuracy, timely delivery, and clarification of transactions.
Unless separately agreed in writing, bookkeeping and accounting-support services do not constitute an audit, review, compilation, attestation, fraud examination, forensic engagement, or guarantee that records are free from error or fraud.
When financial-account access is necessary, LVP prefers read-only, accountant, or delegated access when available. Clients should not send passwords or sensitive credentials through ordinary email or text.
LVP may propose adjusting entries or request clarification. Reports may change when new information is received. Clients should review reports and notify LVP of known errors or missing information.
Bookkeeping and related accounting-support records maintained by LVP are generally subject to LVP’s seven-year baseline, with longer retention where required or appropriate.
LVP may assist with administrative formation tasks, EIN application support, registration coordination, document organization, basic business setup, and general business planning when included in the client’s engagement.
Unless separately qualified and expressly engaged to provide legal services, LVP is not acting as the client’s attorney or law firm. Business owners should obtain legal advice regarding entity rights, ownership disputes, contracts, licensing, employment matters, securities, intellectual property, and other legal issues.
Entity choice and tax elections can have significant legal and tax consequences. LVP may provide tax-oriented information within the scope of its services, but clients remain responsible for decisions and should consult appropriate legal or other advisers when needed.
Formation does not by itself satisfy all ongoing obligations. Clients remain responsible for annual registrations, licenses, registered-agent arrangements, tax filings, payroll obligations, ownership information, permits, and other federal, state, or local requirements unless LVP has specifically agreed in writing to handle an item.
Bookkeeping, tax planning, accounting support, payroll-related support, advisory services, business support, and other ongoing services are month-to-month unless a specific written agreement states otherwise. A recurring service may be billed monthly, weekly, or on another stated recurring cycle.
Clients must provide at least 14 days’ written notice before the next scheduled billing date to cancel a recurring service before the next billing period. If notice is provided fewer than 14 days before the next billing date, the next scheduled payment may still become due or be processed, and cancellation will take effect for the following billing period.
The first recurring-service payment is payment for the first service period rather than a refundable security deposit unless expressly stated otherwise. Once work for a service period begins, payment for that period is non-refundable.
