Frequently asked questions are listed questions and answers.
Why should I outsource my bookkeeping?
By outsourcing parts of your business, you only pay for time used with virtually no overhead and no infrastructure expenses. In addition, you do not incur addition employee expenses.
Also by outsourcing, back end office work such as bookkeeping it allows you the small business owner to focus on why you started your business in the first place and to continue to grow your business without worrying about the mundane tasks that you do not particularly enjoy.
I have an accountant already do I need a bookkeeper?
Yes the bookkeeper is someone who handles all the day-to-day transactions and reporting for your company. Your accountant specialized in the preparation and filing of taxes and provides an analysis and the reporting of your financial statements. We work closely with your accountant to ensure that any tax saving recommendations are implemented and that your quarterly and year-end filings are completed on time.
What software do you use?
We use all different types of software based on the client’s needs. The majority of clients use QuickBooks either the desktop version or the online software. However, other clients prefer other software and we are able to accommodate that. Other popular software programs are Fresh books, Xero, Wave, and Kashoo. If you are trying to decide which program to use please contact us and we can help you in making the decision.
I have already set up some of my own bookkeeping. Can you pick up from where I left off?
Yes we can pick up from where you left off. We will review previous work done, make any adjustments if necessary, and then continue with everything.
I need certain key reports on a daily or weekly basis rather than waiting for month end financial reports.
Every business has distinctive elements that drive it. Although businesses recognize the importance of tracking these key financial performance measures, they often lack the infrastructure and resources to support this process. Tracking these metrics is key to evaluating the health of your company. The Imagine Solutions team can design customized reports based on the needs of your individual business.
I am not receiving timely & accurate financial reports on a regular basis.
Our bookkeeping and accounting solutions provide quick turnaround times for data updates. This ensures that your financials are current so that you can confidently make accurate and informed financial decisions about your business. Research indicates that the average small to midsize company loses between 25k - 75k a year in profits simply because they are not monitoring their business and its financials closely enough. Our team of accounting professionals has extensive knowledge and expertise in accounting principles, so they understand the critical nature of accurate and timely data and the importance of adhering to established accounting procedures and reporting deadlines.
I spend too much time managing my company’s cash flow
Lag times with bookkeeping can significantly impact cash flow management and projections. Our staff of professionals recognizes the fundamental importance of timely and accurate record keeping and how that impacts cash flow management. We perform regular reconciliation of bank accounts (more than once a month). In addition, we can also prepare cash flow forecasts daily, weekly, monthly or as frequently as appropriate. Our team also focuses on your business’s accounts receivable collections to improve cash flow, and we can negotiate with your vendors to extend better credit terms.
My CPA spends a significant amount of time correcting our books which increases my costs.
Our teams possess the accounting expertise and professional skill necessary to make difficult or urgent decisions when required and the capability to communicate complicated issues effectively. At year-end, we can work directly with your CPA firm and provide them with all required documentation in an organized manner. This will assist in reducing your costs, as neither you nor your CPA will need to spend time collecting and organizing the information. CPA firms refer many of their clients to Imagine Solutions because we make their job easier. We provide them with well-organized, timely and accurate information and allow them online access to their clients’ records.
Manual data entry is inefficient and costs my company a significant amount of money.
Our team has the expertise to automate certain functions and processes wherever possible. This helps in reducing manual data entry and the subsequent errors and costs associated with it. Automation results in increased profitability, as it is more efficient than manual processes. Automating key practices also allows your staff to focus on assignments that add more value to your business.
How long does it take to get started?
An initial meeting with the client is done to find out bookkeeping goals and requirements along with the current state of your books. Once this is completed a time line is created to get the books caught up if necessary and deadlines for month ends going forward. We usually have clients set up and ready to go within a week of the initial meeting based on the amount of catch up work that may be required.