FAQ’S – VIRTUAL BEANCOUNTERS

Have A Question Needing An Answer?

Often times you have a quick question that we can answer, other times, a bit more insight is helpful. You may find these beneficial.

1) How will outsourcing work in your business?

Outsourcing your bookkeeping will typically take less than 15% of the time and effort of hiring and managing a bookkeeper or accounting department in house. That’s on top of cutting the cost (see below). Best of all, it is the LAST time you will have to deal with the task. We don’t call in sick or bring emotional problems from home. We don’t even close – your accounting data is available 24/7 from your office, home, customers’ location, jobsite or even while you’re away on vacation.

Plus, you will have complete and total control of your business’s finances at all times. This is a critical ‘best practices’ upgrade for you. Very few business owners have a real handle on expenses, collections, cash position, profitability and back office activity. Good controls can make the difference between getting by and getting ahead. With outsourcing we put those controls in your hands every day – you know exactly what is working or not – every day.

2) A simple outline of how we manage your bookkeeping.

If you own a fax machine or scanner, you do not need a bookkeeper. Simply throw your daily invoices, deposit slips and bills on the scanner. Once or twice a day email and your source documents end up on a secure server as PDF files. As we enter your transactions, reconcile your accounts and set your bills up for payment, you can watch the progress of your bookkeeping right from your computer. Depending on the current condition of your books, it could take 3 days to 3 weeks to get a handle on your business, but the entire process ramps up very quickly. You could actually be out of handling your own bookkeeping by this time tomorrow.

3) A detailed explanation of how we deliver ‘Best Practices’ bookkeeping & accounting solutions

Now most business owners do not want to know all the details, but in case you are wondering just how we can deliver a better experience and still cut your cost by half, here is the key to our process. We follow a set of standards known as ‘Best Practices’ when handling all of your bookkeeping functions. if you are really interested in all step-by-step process details, please contact us.

We have a distinct set of tasks that we do over the first 3 to 5 days, 30 days and 90 days, followed by our (if you sign up for it) comprehensive planning process to help you see where your business is headed.

4) How much does it cost to outsource your bookkeeping?

The only real way to answer that question is to schedule a consultation so both of us can determine if this will work for you. Short of going through our discover process it is almost impossible to answer until we see what your business looks like in terms of size, complexity and existing systems, but here are some of the indicators we use to determine your scope of engagement:

  • If you want to keep your fee as low as possible, we can manage your accounts payable, enter deposits, reconcile the credit cards and bank accounts with a fee as low as $255 a week.
  • Our full service, where we do most everything and provide financial advisory services (like a CFO), can run to $595 a week. (Maybe more if your business is complicated or your sales are over $3,000,000 a year.) Most of our customers are somewhere in between, as they decide what services they want.
  • A good way to ascertain a ballpark figure on pricing is to calculate the burden rate of doing books in house. (We will show you how to calculate the total burden rate of employees if you need a formula.) In most cases, figure our fee is going to be a lot less than what it is costing you now to try to manage the process in-house. Keep in mind, however, that outsourcing is far more effective if you’re looking for ‘Best Practices’ to run a great business, not just trying to shave 100 bucks a week off your overhead.
  • Bottom line, it will cost less than doing books in-house, even if you do the work yourself, as your time is better spent on sales and team management. And if you are doing the books yourself with the help of a spouse what is it costing you in terms of making decision on bad information or not know how to use the information to help you run a better business. The best answer is to give us a call so I can look at your current bookkeeping processes and give you a very clear idea on the cost of outsourcing. For more details call Tim at 913-649-1040, ext 3.

5) How can I learn more about Virtual BeanCounters?

The first step is to call our office, Virtual BeanCounters, Inc, at 913-649-1040 and ask for Tim Sernett. Hit me with your toughest questions right out of the gate. We’ve helped lots of businesses and have addressed most problems with concrete solutions, so you can trust us to find a solid solution for your particular situation.

In fact, I will be happy to come by your office and take a quick look at your accounting records, and perhaps allow us to analyze your bookkeeping data file. We’ll be able to give you three things…

1) What we can do for you and how much it will cost.
2) What you will need to do from your end to make this work.
3) What will happen in your business if we do this together?

Our service does not fit every small business, but if we can truly impact your business we would love to work with you. For those businesses for which this is a good fit it is our goal to keep you out of the mundane tasks of bookkeeping as much as possible. At the same time we give you an accounting and finance division that is finally designed to support you in building the business of your vision. If you would like to get more details, simply give us a call at 913-649-1040.