online.jpg Accounting On-Line

Accounting On-Line allows business owners to outsource the bookkeeping function at substantial savings over hiring an in-house bookkeeper. All work is hosted on a server farm so that real time access is available both to the business owner and the local accountant. Fees range from $250 a week to $985 depending on transactions and workload. A realistic ballpark figure is the payroll cost for the current bookkeeper (you get to pocket the staffing overhead: insurance, management costs, deskspace, etc.).

How we do it…

Entry-level clerks do the keypunch. The workload varies but most firms require one to three hours per day of data entry. A well paid bookkeeper then completes the accounting cycle. The bookkeeper spends an average of 2 hours per week working on the high-end tasks for each firm.

The efficiency of putting low skilled workers on key punch (80% of the job) and one very skilled bookkeeper on the 20% that requires in depth accounting knowledge, allows us to deliver quality management information at a lower cost than doing the work in house. The profit margin comes from this efficiency.

How we handle the data transactions...

  • Incoming invoices

When invoices come in from vendors, source documents are scanned in at your office. This will automatically be converted to an email and sent to us where it will be posted to the server farm. That page will be a permanent file cabinet for all invoices from a certain company that the client can access at any time. Our office will then read the source document and enter the data into Quickbooks. The owner will review the source documents at his convenience and email us with any changes. Eventually invoices can be sent to us electronically from the vendors, or we can set up a BILL TO address at our local office for all vendors. These will also be posted on the server farm for future reference.

  • Payments

An e-mail with the recommended payments will be sent to the business owner. They will check off (on screen) what bills they want paid and send it back to our local accountant’s office.We will print the checks on the local printer that we have provided.In order to reduce labor we will encourage the business owner to allow us to use electronic payments as a cost savings over printed checks. The owner can write checks at any time in their office, since they will still have access to the Quickbooks.exe file and data on the server farm.

  • Sales Orders

24/7 invoicing can be accomplished by setting order entry on a web page. This allows an invoice to be printed immediately from the point of sale. It also allows a copy to automatically be delivered to the point of data entry for the bookkeeping process. Firms with few invoices could use a form in MS Word that is delivered to the customer and emailed to the point of data entry (our local office). This would be different in every business, but it could be set up so that a shipping or picking label is created at the point of sale and then the charging process takes place in the local accountant’s office.

  • Receipts

Checks will be delivered directly to the lock box at the client’s local bank and we will use electronic banking to reconcile the deposits and accounts receivable. If it is a cash business, you local office will scan the deposit slip daily and it goes to our site automatically.

  • Exceptions to the rules

As always, we will have exceptions. The exceptions are all scanned and automatically e-mailed to our local office so that you have the source document and any written explanations of the exception.

Reporting the business results on-line and in real time to the local business owner provides major benefits.

1. At any time the owner can open a secret web page and know exactly where the business is. You no longer wait until the end of the month, you can check twice a day if you like.

2. Our local accountant acts as a Guardian Angel and provides constant feed back on where the business is actually making the most money, and how to concentrate on those products and customers.

3. 128 bit encryption technology assures the owner that no unauthorized person will see his or her financials.

Web Based Reporting Systems

Current Status Reports: At any time a business owner can open an encrypted web site, type in a security password and bring up the most current data. Sales, Cash in the bank, Accts Receivable and Payable all pull instantly from the server farm. We recommend you look at these numbers daily.
80/20 Reports: Our accountant will be reviewing your progress over the course of the year. You will get constant feed back on where you are spending too much money. If you are like many businesses you may find that 20% of your customers account for 80% of your profit.
My Ledger: Tired of vendors calling to see if you received an invoice, or asking when you will pay it? We interface with vendors saving time and irritation.
My Financials: The next time you are asked to produce your past tax records or financial statements, you can access your data on the spot. No more searching the house or making calls all over town to round up returns and reports.

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