FAQ
Straight answers.
What does Closed by Five do?
We do monthly bookkeeping for solopreneurs and small service businesses. Software categorizes and reconciles your transactions every day, a person reviews and closes the month, and you get your reports by the 5th.
How much does it cost?
Plans are $300, $400, or $500 a month depending on your transaction volume (up to 75, 150, or 200 transactions). The accounting software is included.
Do I still need QuickBooks?
No. Your plan includes the accounting platform we work in, so you can cancel your QuickBooks subscription once we've moved your books over.
What does "closed by five" mean?
Your books for the prior month are reconciled, reviewed, and closed, with reports delivered, by the 5th day of the following month.
What is a month-end close?
It's the process of making sure every transaction for the month is recorded and categorized correctly, matching your accounts to bank and card statements, and locking the month so your reports are reliable.
Is AI bookkeeping accurate?
AI is fast and consistent on routine transactions. It can miss context, like a personal purchase on a business card. That's why a person reviews every close before it reaches you.
Who is this for?
Consultants, freelancers, coaches, and one-person agencies with simple books and fewer than 200 transactions a month.
How many transactions does a typical small business have?
A solo consultant often has 30 to 80 transactions a month. A freelancer selling through Stripe or PayPal may have 100 or more. Count every deposit, charge, and transfer across your accounts.
Which banks and tools do you work with?
Most US banks and cards, plus direct connections to Mercury, Stripe, PayPal, Ramp, Gusto, and BILL.
Do you do taxes?
No. We prepare a year-end tax package (profit and loss, balance sheet, and supporting detail) for your CPA or tax preparer.
Can you catch up on past months?
Yes. Catch-up work is quoted as a flat fee per month on your intro call before anything starts.
Do you have access to my money?
No. Connections are read-only. We can see transactions; we can't move funds.
What do I need to do each month?
Usually nothing. Occasionally we'll ask you to explain a transaction or forward a receipt. It takes minutes.
Is there a contract?
No long-term contract. Plans are month to month and you can cancel anytime.
How do I get started?
Book a 20-minute intro call. We'll confirm the fit, quote your plan, and get your accounts connected the same week.