Outsourced, virtual accounting is a new concept for many people. We’ve tried to answer the most frequently asked questions here. If you have a question that is not answered in our FAQs, please email us your question.
FAQ: Outsourcing Your Accounting
Q. What is “outsourced,” virtual accounting?
A. Consultance Accounting Services uses cloud-based technology to provide our clients with comprehensive, virtual services to fulfill all their bookkeeping and accounting needs. We are easily accessible and able to provide you with a full range of services, without you having to provide physical office space. We “fetch” and store client documents electronically and maximize the use of automation and integration, so that our services are done as efficiently as possible – thus allowing us to spend more time on higher value services, such as helping you grow your business. We leverage best-in-class apps, (often referred to as “SaaS” – Software as a Service) to improve efficiency, security and profitability. To learn more about SaaS, go to: http://www.softwareadvice.com/resources/saas-10-faqs-software-service/.
Q. Why outsource my accounting function?
A. If you are like most owners/managers, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting function to a dedicated, highly skilled professional services firm allows you to do exactly that. By outsourcing to Consultance Accounting Services, you’ll save valuable time in your day, reduce operating costs, and gain peace of mind.
Q. How can outsourced accounting help me manage my business?
A. By outsourcing your accounting to Consultance Accounting Services, your company will no longer have to endure the hiring process and lose valuable time and money training bookkeepers. Or, if you have been doing the accounting yourself, you can finally free up your time to focus on things more important to you and your business. You’ll be able to make informed decisions based on more than just your cash balance at the bank.
Outsourced accounting gives your company accurate financial data so you can determine what customers and/or products are the most successful. You can concentrate more time on the more profitable aspects of your company. This capability allows a business owner to become truly savvy in investing energy and resources in the right places. The door is left open for you to do the tasks that are most important to your company’s well being. Using Consultance Accounting Services, you gain resources for your business to draw on that were otherwise unavailable to you. You maintain full, round-the-clock control of and access to your information, while we perform all of your accounting needs. Truly the best of both worlds.
Q. Won’t I lose control if the books are done by an outside service?
A. The short answer: No. You will actually now have more control since you will have improved financials at your fingertips and have more time and money to plan instead of simply reacting to business events.
Q. I like having an extra employee around here to help with other things.
A. OK. If you need someone to make coffee and fill his or her day with other small tasks, that’s great. But think about this: How easy is it to find a good bookkeeper that is certified in QuickBooks® and the many cloud-based applications that seamlessly integrate with it, such as Bill.com, Hubdoc, Fathom and Tsheets, to name a few? Wouldn’t it be great to rely upon an expert and not have to worry about staffing up or down, based on the seasonal needs of your business?
FAQ: Data Access & Security
Q. How secure is my data?
A. Consultance Accounting Services leverages best in class apps, (often referred to as “SaaS” – Software as a Service) as part of service offering. We only use SaaS tools provided by technology providers who are committed to protecting the security and privacy of your information. Our partners know that their brand name and reputation are on the line, and make data security a priority. The most advanced security and process controls are employed, including encryption technology, virus and firewall protections, log-in and physical access controls, and back up procedures. In fact, Consultance Accounting Services can offer greater security, since many companies are currently at risk of losing their data due to outdated security and other internal controls. To learn more about SaaS, go to: http://www.softwareadvice.com/resources/saas-10-faqs-software-service/.
Q. Who controls the money and makes the decisions?
A. You have 100% control of your money and the decisions on how it is used or invested. You decide what individuals and which vendors get paid. We provide the data, but you approve all invoices for payment. Through Bill.com, our bill payment solution, you have 24/7, real time access to your data, so that you can see what transactions have taken place and what is scheduled for payment. Internal controls are embedded in the application to prevent payment errors and other issues from occurring.
FAQ: Applications Required
Q. What applications can I use?
A. Consultance Accounting Services works with QuickBooks Online® and a variety of other best-in-class technology partners (link to technology page) to perform services on your behalf. Our signature platform, customized to your needs, will tangibly reduce the amount of time and effort you have to spend on accounting and bookkeeping while ensuring the highest quality service. You simply pay for the monthly license fees for the application packages used, which we include in our monthly invoices to you.
Q. Why use QuickBooks Online; what are the advantages?
A. Consultance Accounting Services uses QuickBooks Online, since there are many benefits, including:
- Perfectly in sync: Your data will always be up-to-date and in sync, since you and your accountant share just one set of books – in real time.
- Accessible anywhere: You’ll have the freedom to work where and when you want.
- You’ll always have the latest version: QuickBooks Online includes automatic updates.
- You’ll receive free and secure cloud storage: Your online data is protected by the same encryption technology used by the world’s top banking institutions, plus it’s backed up for you.
- Streamlined and enhanced business processes: QuickBooks Online seamlessly integrates with many third-party business apps that tackle functions such as time-keeping, shipping, marketing and e-commerce or field service management.
- Easily scalable: Cloud-based solutions enable your business to meet changes in demand by scaling up or down without investing in additional resources.
Q. How is the risk of fraud managed?
A. Consultance Accounting Services helps you manage the risk of fraud by establishing strong internal controls in your accounting processes. these include separation of duties, use of electronic payments versus paper checks, and a robust audit trail. Our standard operating procedures include a thorough review of your financial activity, to help prevent and detect potential fraud or errors.
Q. What will it cost?
A. Actually less then what you’re spending now. First, we are most likely going to charge less than your current payroll for that staff person. Moreover, you will be able to save hiring and training costs. You will also no longer have to pay for rent, phone lines, or benefits. Best of all, you will NOT have to manage the accountant. For a no-obligation price quote contact us. Click here to get your estimate your costs.
Q. How can outsourcing do better work and cost less?
A. We are experts. Accounting is our business and we employ best-in-class technology tools to streamline processes. We put into place appropriate controls and standard operating procedures to ensure accurate and timely processing of all accounting data. Outsourcing can cost less, since employing an in-house bookkeeper entails not only salary costs, but related taxes, benefits, and insurance costs, as well as the time and expense of hiring and managing the employee.
FAQ: More Information
Q. Does Consultance Accounting Services provide audit and tax services?
A. We partner with reputable and professional CPA firms to provide you with audit and tax services. We are great at what we do and rely on experts in the tax and audit field for their expertise; together we are successful in meeting our clients’ comprehensive needs.
Q. How do I find out more?
A. Contact us. We welcome the opportunity to speak with you, answer all your questions, and work out all the details of how Consultance Accounting Services can help you. If it looks like we have the right solution, then use our service to experience high-quality results without the stress of tackling your back-office processes on your own.
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