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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...
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.
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.
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.
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.
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
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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. |
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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. |
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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. |
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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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