As a business owner, chances are you’re juggling a million balls at once. It’s simply the nature of the entrepreneurial beast. We get it. And we understand that with all you have going on, the idea of sitting down to make sense of your financial data can be downright loathsome; but it doesn’t have to be. We’ve designed our Virtual Accounting service to give you instant access to the financial data you need when you need it, all presented in a clear and easily digestible way that makes sense to you. We’ll show you what’s happening.
Show Me What’s Happening
The services below are included in our Virtual Accounting package and are designed to keep you up to date on your company’s financials. We assign one of our team members to update transactions several times per week. It also includes the option of a 15-minute standing weekly meeting with a Virtual Accountant to review transactions and clarify any issues.
We work with your staff to ensure invoices are properly booked to your general ledger software. We review AR weekly and advise you on any collection issues. If you collect credit card payments, we will post those to your account.
We use Bill.com to digitize and automate all accounts payable. When a bill is sent to your Bill.com inbox, we will code it and route it for approval before payment. We maintain the system and sync it to your general ledger software to ensure it is accurate and up to date. We’ll set up invoices to be paid, you will make the payments.
Bank and Credit Card Transaction Processing
Fintelligent will post bank and credit card transactions to your accounting software. After the end of each month, we will reconcile those accounts to your bank statement.
We post payroll to your general ledger every pay period. If you add on our Job Costing service, we will develop a system to allocate payroll costs to customers each pay period so you can get accurate customer profitability. We require access to your company’s third-party payroll provider. You’ll need a third-party payroll service as we do not administer (such as add or modify employees to your system) nor process payroll (initiate payroll, submit timecards, etc.)
Tax Prep Assistance
We will provide quarterly financial reports to your tax preparer for estimated tax purposes, and we will provide year-end reports for your annual tax filings. Fintelligent does not provide any tax return preparation services
If you have any debt on your books, Fintelligent will ensure that principal balances are accurate and that the amount of interest expense is properly booked. We will maintain amortization schedules and provide you those statements if requested.
We perform a “soft” close each month. We send you a listing of your transactions for the month so you can review and approve how we have classified your transactions. We’ll reconcile all of your bank and credit card accounts. When complete, we’ll inform you that your financial statements may be viewed in your accounting software.
We include a customized dashboard with key financial indicators that will be updated throughout the month as accounting transactions are processed. The cost of the software we use is included in our price to you. We use Klipfolio for QuickBooks Online and SageIntaccts native dashboard.
Our Virtual Accountant expects to meet via video conference with his or her customers once per week. We also utilize a handful of other forms of communication to keep in touch with our customers.
Supervision and Support
Our Virtual Accountant will partner with your internal staff to provide accounting support to ensure transactions are properly booked. We will also alert you to any problems with the data and recommend corrective action when appropriate.
You can extend the functionality of a Virtual Accounting subscription with add on services useful to your business. They include
- Enhanced Accounts Receivable: This service is for companies with no in-house resource to perform customer invoicing. We’ll create and send up to 25 customer invoices per month. You’ll still be responsible for collections. As the business grows, we expect you’ll have an in-house recourse dedicated to customer service, including invoicing.
- Processing annual 1099s: We’ll process the annual Form 1099 required to be sent to certain vendors you pay, such as independent contractors.
- Sales tax management through our partnership with Avalara: Fintelligent does not prepare or manage sales taxes. We partner with Avalara, a leading provider of sales tax management. We run their free tool to determine if you may have a sales tax liability, then refer them to you to manage sales taxes. We interface with them when needed and keep you informed as to their progress.
- Basic inventory management: This service is for companies that purchase finished goods for resale. We’ll set up items in your accounting software and maintain proper inventory units and values at the end of each month. This service requires online access to your company’s inventory management system.