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Too often we hear from business owners how hard they have to work to get the financial data they need. Sometimes it seems like accounting just can’t keep up, and it impacts the company’s ability to grow.
With Fintelligent’s Virtual Accounting service, you’ll get the data you need when you need it. We assign people to your account who use the latest cloud technology and proven processes to deliver timely and accurate information. You’ll always be informed and have someone available to call on if you need help.
Fintelligent’s Virtual Accounting subscription’s primary purpose is to inform. It may be combined with our Virtual Controller or Virtual CFO offerings to provide a complete, turnkey financial department for your company.
We also offer add-on services to extend its functionality in a way that works for you and your budget.
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.
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.).
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.
Your monthly financial statements include an Income Statement (month and year-to-date), balance sheet (current month) and statement of cash flows (year to date) and are available after each monthly close.
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.
The services below can be added to a Virtual Accounting subscription:
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.
We’ll process the annual Form 1099 required to be sent to certain vendors you pay, such as independent contractors.
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.
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.
How It Works
We work on accounting transactions at least two to three times per week. Each subscription allows for one 15-minute standing meeting with a Virtual Accountant per week. We communicate with you regularly as we work on your account. Fintelligent augments your internal staff to provide accounting guidance and support.
|Accounting software:||QuickBooks Online or SageIntacct|
|Accounts Payable processing:||Bill.com|
|Dashboards:||Klipfolio or SageIntacct|