Frequently Asked Questions

 

Is my business a candidate for outsourced accounting?

I live in Timbuktu , how can you help me?

How does it work?

How does everything get to the bookkeeper?

How do I control who gets paid and when?

What software will I need?

Who’s going to go to the bank, pick up my lunch, and run my errands?

Why should I outsource my accounting functions?

What is this going to cost?

How do I get more information?

 

 

Is my business a candidate for outsourced accounting?

Any business is a candidate for outsourced accounting. Maybe you only need a part-time bookkeeper for your business and don’t wish to add this position to your employed staff. Maybe you are having difficulty finding and retaining qualified help. Outsourcing this “part time” need can provide an excellent alternative. On the other hand, as a small business, perhaps you need the services of a part-time controller to oversee the financial operations of your company or provide analysis to special project situations. By outsourcing your accounting department, you get a team of accounting professionals at a fraction of the cost.

 

I live in Timbuktu , how can you help me?

By leveraging today’s internet technology as a tool we can service clients across the country as easily as across town. We are currently serving clients from our Austin office that have presences or are located in many states throughout the country.  

How does it work?
Your business will be assigned a bookkeeper specifically dedicated to your account. The bookkeeper handles the daily activity of your account, such as entering bills, paying the bills you have authorized, applying cash receipts to your customers’ accounts and performing the weekly and monthly reconciliation and other services required based on the particular needs of your business. Several days before payday, the bookkeeper will prepare the payroll for your employees and submit the direct deposit transactions. You have constant access to your books and source documents through your secure virtual desktop. Clients typically retain responsibility for invoicing their customers and handling sales transactions, all through your virtual desktop, generating sales documents directly out of the QuickBooks accounting software to be printed or emailed.  Our accounting services manager heads your team and is responsible for the oversight of all of the accounting functions and coordination of any tax services with our Tax Services Manager, and ensures that your general ledger is prepared in accordance with Generally Accepted Accounting Principles (G.A.A.P.), fixed assets are tracked, accounts are reconciled, and the myriad of other required accounting tasks are accomplished. You work with the same people year-round so your Mangold Group professionals become a trusted extension of your management team.  

How does everything get to the bookkeeper?
Many clients choose to have their accounts payable bills and accounts receivable remittances sent directly to our offices. These documents are all scanned and placed on your secure server so that you may access them whenever you need to. Alternatively, documents can be faxed, couriered, emailed, snail mailed, or otherwise delivered to your bookkeeper, and will all be processed through our document imaging system and be available for review on your virtual desktop. At the end of the year, we will ship you a CD-ROM with all of the documents for the year. This eliminates the need to store boxes of files and allows for easy retrieval later.  

How do I control who gets paid and when?
You have the final authorization determining who gets paid and when those payments are issued. Once a week on a pre-determined day, your bookkeeper will set up all bills that are due through the following week to be authorized by you. You can either print the checks right in your office to sign and mail, or use the online banking service available through QuickBooks and protected by personal identification codes to authorize electronic payments to your vendors and employees.  

What software will I need?

You will need to own a licensed copy of QuickBooks (which we can provide to you at a discount), a web browser, and Adobe Acrobat (for viewing your scanned source documents. (A high speed internet connection is recommended, but not required.)  

Who’s going to go to the bank, pick up my lunch, and run my errands?
We can only help with one out of the three of those. For many clients, we receive customer payments and make daily bank deposits to several banks each day. If you prefer to continue receiving your customer payments at your office, you can have a courier to make your deposits and pick up your lunch and dry cleaning for less than you would spend on a qualified bookkeeper.  

Why should I outsource my accounting functions?

Our outsource solution allows your management team to focus on your core business, not your accounting department. Outsourcing gives your company access to a higher level of expertise than you normally could afford. A highly talented accounting department is staffed with CPA’s and trained bookkeepers, and our staff relies on systems and documented processes rather than individual knowledge, making your business far less vulnerable to employee turnover than a traditional solution. You get a full accounting department that lets your company access the right amount of each level of talent needed throughout the year to effectively give you timely transaction processing and meaningful financial reporting and analysis.  

What is this going to cost?
Probably less than you think. After answering a few questions, and reviewing the schedule of services required for your company, we will determine the amount of time involved to service your account. Businesses are typically spending 2 to 5 percent of gross revenues to maintain properly trained and staffed internal accounting departments, or the owners are doing the service for their companies “pro-bono”, not recognizing the costs of properly executing the accounting functions. Businesses in the $500,000 to $5 million sales range using our outsource services will get a fully staffed accounting department for less than they would spend on the number of full-time accountants and bookkeepers required to properly handle the job. Businesses that qualify for our gain-sharing program would pay no more than 3 percent of gross revenues for completely outsourcing their accounting departments. On average, a business in the $500,000 annual sales range would pay between $1000 and $1500 per month to outsource everything a $30,000 per year bookkeeper would do, and then some. Bookkeeping packages for smaller companies start at just $395 per month.  

How do I get more information?
Click here to fill out an information request and we will contact you to review your specific business requirements.

 

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2714 Bee Cave Suite 200
Austin, Texas 78746

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