Question 1

Do I have to switch payroll processors?

Accepted Answer

Yes. To ensure seamless financial reporting and total accuracy, we utilize RUN Powered by ADP. By integrating your payroll directly into our workflow, we can handle all filings, compliance, and reporting without you ever having to act as the middleman.

Question 2

How does the transition to a new payroll system work?

Accepted Answer

We handle the entire transition for you. We'll migrate your year-to-date data from your current provider into RUN Powered by ADP so you can pick up right where you left off — on a more capable system.

Question 3

Who is responsible for entering employee data and hours?

Accepted Answer

Our solutions are tailored to each client's needs. Some clients enter this information directly in ADP themselves; for others, we handle it entirely. Simply share your hours from your timeclock and have employees submit their information via an electronic form, and we'll take care of the rest.

Question 4

How do my employees receive their pay?

Accepted Answer

Most clients prefer direct deposit for speed and convenience. However, if you prefer physical checks, we can have them delivered to your business via UPS, FedEx, or USPS in pre-sealed envelopes, ready to hand out.

Question 5

How are payroll taxes handled?

Accepted Answer

After each payroll is processed, ADP will debit your bank account for both employee and employer taxes. These funds are held in escrow and remitted to the appropriate tax authorities when they become due.

Question 6

What is the cutoff for running payroll each week?

Accepted Answer

Direct deposit and check mailings require one business day of lead time. Simply run payroll by 5:00 PM EST the day before your check date, and your employees will be paid on time. We encourage clients to process payroll two days before the check date whenever possible, as severe weather can potentially delay mailings.

Question 7

Do I have to switch my accounting software?

Accepted Answer

We use QuickBooks Online as our bookkeeping platform. If you already have a QuickBooks Online file, great — we'll pick up right where you left off. If not, we'll set up a new file and migrate any relevant data from your previous software.

Question 8

How do you access my financial transactions securely?

Accepted Answer

For most major institutions — like Chase or American Express — you can simply invite us as a view-only user. We only need the ability to connect your accounts to QuickBooks, view check images, and download statements. If your bank doesn't support a separate view-only login, we can work with a shared login and add our contact information to handle security questions, though a dedicated login is always preferred.

Question 9

When will I receive my monthly financial statements?

Accepted Answer

Clients typically receive their financials within one to two weeks of the month's close. Some may receive them as early as the 1st but no later than the 20th. The 20th is our deadline because it aligns with sales tax filing deadlines; the prior month's books need to be completed in order to file accurately.

Question 10

How do you pay my bills?

Accepted Answer

We collect invoices from you and your vendors and prepare a weekly accounts payable list for your review. Some clients prefer to hand this off to us entirely; others like to stay involved. If that's you, no problem — simply review the list and direct us on who to pay, and we'll schedule checks or electronic payments through our third-party platform, BILL. BILL debits your account for the total weekly payment amount and sends funds directly to your vendors.

Question 11

If my vendors have any issues, who handles this?

Accepted Answer

We manage vendor relationships on your behalf and will work directly with them to resolve any payment or communication issues.

Question 12

Can I keep my current CPA?

Accepted Answer

In most cases, yes — CPAs love working with us because we make their jobs easier. We deliver clean, accurate books and organized records that reduce their workload significantly. If tax preparation is something you'd like us to handle as well, we offer that as part of our full-service packages.

Question 13

What tax credits do you help with?

Accepted Answer

Tax credits exist at the federal, state, and local levels. At the federal level, we help clients optimize the FICA tip credit — and because we process your payroll, we can calculate this figure accurately and make sure you're maximizing it. Locally, tax opportunities vary by jurisdiction, and we'll research any new markets we work in. Here in Lexington, for example, profits from alcohol sales can be excluded from Net Profit returns.

Question 14

How should I choose a CPA or accountant for my restaurant?

Accepted Answer

Compare the work you actually need: bookkeeping cadence, restaurant sales and payroll reconciliation, tax-return preparation, advisory, and who is responsible for each deadline. Ask about restaurant experience, sample deliverables, response times, software, scope, pricing, and how the provider coordinates with outside professionals. If a licensed CPA is required for a particular engagement, verify the individual or firm's active license with the relevant state board. Frye Advisors does not represent in this FAQ that it is a CPA firm.

Question 15

Do I need a CPA, a bookkeeper, or a restaurant-focused accountant?

Accepted Answer

The answer depends on the task. Bookkeeping focuses on complete, reconciled records; advisory focuses on interpreting those records for business decisions; tax preparation addresses returns and planning; and some attest or representation services may require specific credentials. One provider may cover several areas, or a restaurant may use Frye Advisors for ongoing books and finance support while retaining a separate CPA.

Question 16

Do I have to use all of your services, or can I just utilize some of them?

Accepted Answer

Payroll and bookkeeping are our core services, but everything beyond that is entirely up to you. If you want to continue managing your own accounts payable, that's perfectly fine — and if you'd like to add it later, we can do that too. If you already have a trusted tax preparer, no problem; CPAs love working with us because we make their jobs easier.

Question 17

Do you only work with restaurants?

Accepted Answer

We primarily serve restaurants, food and beverage, and hospitality businesses, but we also work with clients in other industries when it's the right fit.

Question 18

How does pricing work?

Accepted Answer

We offer fixed monthly packages based on your business size and the services you need. No surprise bills, no hourly rates that make you afraid to call. Contact us for a custom quote.

Question 19

Who will I be working with?

Accepted Answer

You get the benefit of a dedicated account manager for day-to-day operations and direct access to our owner, Clark Frye, for high-level financial strategy and advisory.

Question 20

How often will I hear from you?

Accepted Answer

As often as you need. Some clients talk with us weekly; others monthly. We adjust our communication style and frequency to whatever works best for you — whether that's email, text, phone, or an in-person meeting.

Question 21

How do I start working with Frye Advisors?

Accepted Answer

Fill out our contact form and we'll be in touch right away.

Question 22

How long does it take to get set up with Frye Advisors?

Accepted Answer

We'll identify the most time-sensitive areas of your operations first — typically starting with payroll, then bookkeeping and accounts payable, and finally tax services. Our goal is to be up and running within a single month.

Question 23

What makes you different from a traditional bookkeeper or accounting firm?

Accepted Answer

Because we work with many businesses, we bring perspective that a traditional bookkeeper simply can't offer. A bookkeeper does what you ask — we do that and more, bringing ideas and insights drawn from everything we've seen across our client base. Most accounting firms specialize in only one area — taxes, or bookkeeping, or payroll — and send you elsewhere for the rest. By offering all of these services together, we develop a complete picture of your business, which is the foundation for truly useful financial advice.

Question 24

Can you help me if I am just starting my restaurant or business?

Accepted Answer

Absolutely. We can help register your new business with the IRS, your state government, and applicable local tax jurisdictions. We can also assist with obtaining specific tax accounts, including sales tax, payroll withholding tax, and State Unemployment Insurance.

Question 25

What happens if I want to cancel or transition away from your services?

Accepted Answer

We want you to stay with Frye Advisors because you value our service—not because leaving is difficult. If you decide to move on, we require 30 days’ written notice, as outlined in our engagement letter. We’ll provide your records and coordinate with your next accountant to help ensure a smooth, professional handoff.

Question 26

What financial reports will I receive, and how do I use them?

Accepted Answer

Each month, upon reconciling your banking and credit card accounts, we will supply you with a Financial Reports package. This monthly deliverable contains various income statements, balance sheets, general ledgers, and everything you need to understand your operation's financial health.

Question 27

Can you help me understand my numbers, not just report them?

Accepted Answer

Yes — that's one of the things that sets us apart. When we deliver your financial statements, we're here to walk you through them. Whether you're trying to understand your food cost, plan for an upcoming tax bill, or figure out where your cash is going, the numbers tell a story. We translate that story into clear, objective guidance you can actually act on.

Frequently Asked Questions

Payroll & Operations

Bookkeeping & Banking

Bill Paying & Vendors

Taxes & Your CPA

Working With Frye Advisors

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