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1. Services and Fees

GreenOak Accounting LLC will provide services to The Client as described in the Services/Service Summary section of the Agreement.

In addition to our monthly fee, we may bill you (if applicable) for out-of-pocket expenses related to services that you request including additional software subscriptions, postage, checks, filing fees, 1099 and other government-issued forms.

We will prepare your accounting records as specified in the services section of the signed proposal, in accordance with the appropriate income tax laws, from the information you furnish to us. We will use our judgment in resolving questions where the law is unclear, or where there are conflicts between interpretations of the law. Unless otherwise instructed by you, we will resolve such questions in your favor whenever possible.

Failure to pay for our services may result in our firm to immediately stopping services without further notice.

2. Additional Services

While the fixed monthly price of your monthly accounting service agreement entitles you to unlimited communication related to your accounting and/or bookkeeping, if a question or issue requires additional research and analysis beyond the services agreed in this contract, we will let you know (including giving you a quote for the additional work) before we perform that additional work. Once we agree to the scope of the additional work, we will issue a separate agreement via our online proposal system, and will ask you to sign the new agreement before we commence the new work.

The following is a (non-exhaustive) list of the kind of work that is not included in this engagement and would require a separate engagement:

  • Legal Matters and Compliance: The provision of legal advice, representation, and related services falls outside the scope of this Agreement. (including registering with local and state municipalities)

  • Tax Disputes and Litigation: Services related to tax disputes, audits, or litigation are excluded from the scope of this Agreement.

  • Tax Preparation: Tax return preparation, amendments and calculation of quarterly estimated tax payments are not included in the scope of this Agreement.

  • Preparation of Foreign Account Disclosures and Corporate Transparency Act Filings: The preparation of disclosures for foreign accounts and filings required by the Corporate Transparency Act is not included in the scope of this contract.

  • Sales Tax: Services related to sales tax calculation, reporting, and compliance are not covered under this contract.

  • Audit and Assurance: This Agreement does not cover audit and assurance services required for regulatory compliance or public reporting.

  • Business Valuation: The valuation of businesses or assets for purposes other than standard accounting practices is not included.

  • Mergers and Acquisitions: Services related to mergers, acquisitions, or business restructuring are not included.

  • Accounts Payable (AP) and Accounts Receivable (AR) Services: This Agreement does not encompass Accounts Payable (AP) and Accounts Receivable (AR) management services.

  • HR Consulting and Payroll Services: Human resources consulting, payroll processing, benefit management and employment-related services are not included.

  • Medical Billing Services: Services related to medical billing, are not covered by this Agreement.

  • Contract and Vendor Relationship Management:  Communication with vendors, including contract negotiation, is not included. This includes banking relationship management. 

  • IT Services and Data Mining: Information technology consulting and software implementation outside the accounting function are excluded. We are unable to provide accounting or financial information beyond general inquiry for reporting periods prior to our engagement (including searching for transactions, data mining, etc)

  • Risk Management and Insurance Services: Any services related to risk assessment, insurance brokerage, or risk management are outside the scope of this Agreement.

  • Financial Planning: Comprehensive financial planning, retirement planning, and wealth management services are not part of this Agreement. This includes the preparation of Personal Financial Statements.

  • Investment Advisory Services: Any investment advice, financial planning, or asset management services are not covered by this Agreement.

  • Real Estate Services: Real estate consulting, property management, and related services are not within the terms of this Agreement.

  • Educational Services: Training, workshops, and educational programs are not part of this Agreement.

  • Any additional services not specifically provided in Section 1 above.


3. Package Pricing

Your initial fixed package pricing is detailed in the Pricing/Payment Schedule section of your agreement (the "Monthly Payment"). You will be billed for the Monthly Payment amount on the same day each month, per the Payment Schedule. Our services are available in different pricing tiers, depending on your average monthly income over a period of 3 consecutive months. We review and adjust our package pricing annually at our sole discretion. After 3 consecutive months at the next income tier, your package pricing will be automatically adjusted on your next billing date. Substantial changes in the size of your business has the effect of substantially increasing the amount of resources necessary to support you, our automatic pricing tiers allow us to continue to support you seamlessly. We will send you notification of our new pricing before you are billed at the new rate.

4. Client Responsibility

It is your responsibility to provide all the information necessary for us to complete your financial reports. You should retain all the documents, receipts and canceled checks and other records to substantiate the items of income and deductible expenditures. These items and any other items that we obtain from you will be based on information provided by you and will be used without any further verification, audit or investigation on our part. We will be available to assist and guide you in gathering the necessary information. Any information we receive from you will be treated as confidential and will be handled in accordance with the terms set forth in this Agreement.

GreenOak Accounting LLC is not responsible for errors in any financial statements, records and billings, or any other financial reports that we prepare for you if the financial data that you submitted to us and upon which it is based was inaccurate or incomplete.

5. Client Review

We want to remind you that you have the final responsibility for your accounting records. By signing this Agreement, you agree to review your reports, in detail, and alert us of any changes to be made. We welcome any questions you may have concerning the reports we have prepared. Advice, suggestions, and opinions which are given informally, orally, or via email do not have the same force and effect of a formal written opinion and should not be relied upon to the same degree. The IRS says that any advice which you receive from us, either in writing or orally, cannot be used as a defense against the assessment of a penalty.

6. Payment of Taxes

You, as the taxpayer, remains responsible for the payment of all tax, penalties, and interest charges imposed by tax authorities. The Client is solely responsible for making timely Income Tax, Payroll Tax, Sales Tax and Quarterly Estimated Tax Payments.

Federal, state, and local tax authorities impose various penalties and interest charges for noncompliance with tax laws and regulations, including, failure to file or late filing of returns, and underpayment of taxes. Penalties may be due on any balances with your tax and/or payroll tax return(s). You acknowledge this and your responsibilities for payment of such penalties and any related interest. We rely on the accuracy and completeness of the information you provide to us in connection with the preparation of your tax returns. Failure to disclose or inadequate disclosure of income or tax positions may result in the imposition of penalties and interest charges.

7. Disclaimer

We will make no audit or other verification of the data you submit. Our work is not audited however we will submit un-audited financial reports and statements for your records. We have not been requested to discover misrepresentations, fraud, illegal acts, or theft, and therefore, have not included any procedures designed or intended to discover such acts, and you agree we have no responsibility to do so.

8. Responding to Outside Inquiries

We may receive requests for information in our possession arising out of this engagement. The requests may come from governmental agencies, courts, other tribunals or other third parties. If permitted, we may notify you of any request for information prior to responding. In certain proceedings, an accountant-client privilege may exist. You agree that we are not under any obligation to assert any privilege to protect the release of information. You may, prior to our response to any request, initiate legal action to prevent or limit our response. Unless you promptly initiate such action after we notify you at your last known address, as reflected in our files, we will release the information requested.

9. Government Inquiries

This engagement does not include responding to inquiries by any governmental agency or tax authority. If you ask us to represent you with regards to a governmental audit or inquiry, we will confirm this in a separate engagement letter and delineate how additional charges for this service will be calculated.

10. Other Inquiries

In line from guidance from the American Institute of CPAs, we are limited in what types of information or assurances we can give to third parties concerning your financial matters. Accordingly, we will not respond to any request from banks, mortgage brokers or others for verification of any information reported on your tax return or accounting file.

11. Privacy Policy

In accordance with the Federal Trade Commission rule, Privacy of Consumer Financial Information, we are required to inform you of our policy regarding privacy of client information.

12. Types of Nonpublic Personal Information We Collect

We collect nonpublic personal information about you that is provided to us by you or obtained by us from third parties with your authorization.

13. Parties to Whom We Disclose Information

For current and former clients, we do not disclose any nonpublic personal information obtained in the course of our practice, except as required or permitted by law (and subject to the terms contained in this Agreement). Permitted disclosures include, for instance, providing information to our employees, and in limited situations, to unrelated third parties who need to know that information to assist us in providing services to you. In all such situations, we stress the confidential nature of information being shared.

14. Protecting the Confidentiality and Security of Current and Former Clients' Information

We retain records relating to professional services that we provide so that we are better able to assist you with your professional needs and, in some cases, to comply with professional guidelines. To guard your nonpublic personal information, we maintain physical, electronic and procedural safeguards that comply with our professional standards.

15. Electronic Data Communication and Storage

In the interest of facilitating our services to your company, we may send data over the Internet, store electronic data via computer software applications hosted remotely on the Internet, or allow access of data through third-party vendors' secured portals or clouds. Electronic data that is confidential to your company may be transmitted or stored using these methods. We may use third-party service providers to store or transmit this data, such as providers of tax return preparation software. In using these data communication and storage methods, our firm employs measures designed to maintain data security. We use reasonable efforts to keep such communications and data access secure in accordance with our obligations under applicable laws and professional standards, and we require all of our third-party vendors to do the same.

You recognize and accept that we have no control over the unauthorized interception or breach of any communications or data once it has been sent or has been subject to unauthorized access, notwithstanding all reasonable security measures employed by us or our third-party vendors, and consent to our use of these electronic devices and applications during this engagement. You agree to hold us harmless for unauthorized access or security breaches of your data related to such third-party vendors.

16. Term of Agreement

The Initial Term of this Agreement shall be a minimum of 12 months unless otherwise noted and is not cancelable by you during the Initial Term. After the Initial Term, this agreement shall automatically renew on a month-to-month. Should the parties agree in writing to change the start date of the agreement, the Initial Term  will begin from the newly agreed start date.

17. Termination

We reserve the right to withdraw from this engagement without rendering services for any reason if the client fails to comply with the terms of this Agreement, if the client disagrees with our recommendations regarding financial reporting presentation, or if we determine professional standards require our withdrawal for any other reason. 

Should The Client terminate this Agreement prior to the expiration of the Initial Term for any reason, GreenOak Accounting LLC will be entitled to the full fee for the entirety of the Initial Term.  If not prepaid, the amount representing the fee for the Initial Term  will be due and payable within 10 business days.  If your payment is not made within 10 business days, such amount shall bear interest equal to one percent of such unpaid balance for each subsequent month, or fraction thereof, until the entire unpaid balance, together with interest thereon, is paid in full.  This is equivalent to a 12 percent annual percentage rate of interest.

Either Party may terminate this Agreement at any time beyond the 12 month Initial Term if, for any reason, the relationship is deemed unsatisfactory. A notice of termination must be received in writing a minimum of 5 business days prior to the next billing cycle. Upon written cancellation, Client is responsible for payment for all expenses incurred and any work done up to the point of cancellation. All services per this Agreement will be completed and the final invoice will be settled in full prior to release of month-end reports.

18. Refund and Dispute Policy

Due to the nature of the products and services that we offer, including, but not limited to, the time that we will invest in your specific client file, we do not offer refunds for any of our products or services and you waive the right to dispute any charges made from working within this engagement.

19. Outsourcing

The firm may, from time to time, in its sole discretion and depending on the circumstances, use third-party service providers to serve your account. We may share confidential information about you with these service providers but remain committed to maintaining the confidentiality and security of your information.

Accordingly, we maintain internal policies, procedures and safeguards to protect the confidentiality of your personal information. In addition, we will secure confidentiality agreements with all service providers to maintain the confidentiality of your information, and we will take reasonable precautions to determine that they have appropriate procedures in place to prevent the unauthorized release of your confidential information to others.

20. Mediation; Governing Law

Should there be any disagreement or dispute of any kind between or among the parties with respect to this Agreement, you agree to resolve the dispute via mediation. The limit of time for making a claim arising from our services is one (1) year after the services subject to the dispute are rendered. 

The parties irrevocably consent to have such mediation and litigation settled in the Commonwealth of Virginia. This Agreement shall be governed in all respects by the laws of the United States of America and by the laws of the Commonwealth of Virginia.

If any provision herein is inoperative, the remainder of this agreement shall remain in full force and effect. This agreement is intended as the complete agreement and can only be modified in writing signed by all parties.

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