We have a high level of expertise in outsourcing accounts, bookkeeping and writeup services for CPA firms across US, UK and Canada. Our expertise spans most popular and often used small business accounting software popular in North America and Canada such as QuickBooks (All Versions including Accountants and Enterprise Versions), Simply Accounting, Quicken, Sage, FreshBooks, Peachtree, Net Suite among others. We have performed write-up, bookkeeping and financial statement preparation services for CPA clients’ spanning across retail stores, gas stations, IT firms, wholesalers and distribution firms, general contractors, medical practitioners, lawyers, salons, restaurants and many others.
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- Creation of accounting file for initial stage of firm in accounting software as per industry type including the following
- Set-up of chart of accounts structure covering asset, liabilities, income and expense accounts including sub accounts
- Set-up of GL code numbering system
- Set-up customer, vendor, employee and inventory lists
- Set-up initial balances and ensuring tie-up with sub-ledgers/specific reports
- Establish invoice entry, memos and notes guidelines
- Complete entry of revenue, expense, bank and credit card entries in most of popular North American and UK accounting software
- Expertise in conversion of books from client software to financial reporting software such as QuickBooks Accountant version for the purpose of IRS filing
- Migration of accounting books from existing software to new software
- Creation of account books from bank, credit card and/or merchant account statements for small stores/ firms
- Classification of income & expenses by understanding nature of entries through descriptions appearing on bank & credit card statements
- Regular reconciliation of Bank, Credit Card and/or Merchant account statements after posting of entries
- Posting payroll entries based on ADP reports
- Sales tax tie-in with sales tax reports
- Preparation of financial statements
- Processing of weekly/bimonthly/monthly payroll from time sheet
- Calculation of net pay checks and federal / state taxes for employer and employee
- Accurate deductions of FUTA, SUTA, social security, Medicare and 401(K) deductions
- Tracking of all payroll taxes and payments after every payroll cycle
- Preparation & filing of all quarterly & yearly online payroll returns
- Yearly closing of books including booking accruals, depreciation entries, amortizations and other year-end entries
- Preparation of schedules of balance sheet accounts
- Provide assistance in statuary & tax audits of firms
- Preparing & filing of sales tax and VAT (UK) online returns
Q. How qualified is my bookkeeper?
A. Our bookkeepers are well trained in advanced accounting, principles, software, controls and processes. We are having every level of accountants according to work requirement and intensity. Our team is comprised of Chartered Accountants (equivalent to CPAs), Seniors Accountants, Financial analysts & well trained junior accountants. All of them have an undergraduate/graduate degree in Accounting and some of them have Chartered Accountancy certifications and MBAs. Junior accountants have good experience and knowledge of daily accounting activities while senior accountants additionally have good balance sheet knowledge and financial analysis and reporting skills. For detailed profile you can view our “Staffing Profile” section.
Q. What does “write-up” mean in terms of preparing financial statements?
A. “Write-up” means process of preparing routine financial books from limited resources. Instead of gathering and providing all the specific information to accountant, client provides summarized information and forwards it. This would be information such as bank statements, check register and any other information that pertains to the period activity. The accountant, combines the information, organizes it according to the requirement of the client and issues a complete set of financial statements. It is predominantly computed on a cash basis accounting.
Q. Won’t I lose control if the books are done by an outside service?
A. Outsourcing does not impact the control the CPA has over their clients’ books. Accountability and control improves through outsourcing as we provide you a dedicated accountant for performing our services. The use of features like time tracking software, audit rail in accounting software, restricted access/action rights in software enhance accountability. Similarly the accountants can be easily communicated over through emails, Skype chats, and phone calls on US Phone Numbers (that land at our centre) make it easy to reach across to your accountants. Accountant will reply and work accordingly to deliver accurate and up-to-date financial output. You’ll require limited supervision and attention for bookkeeping quality control, once the process is established and instead you can invest more time in business increase opportunities.
Q. Which are the software that your accountants have good expertise in?
A. Our accountants have medium to high level expertise is most popular software among CPA firms i.e. QuickBooks, Quicken, Peachtree, Simply Accounting, Sage Line50, Great Plains, Caseware, Easy Accounting, MYOB, Professional Accounting 7, and Multiledger.
Q. Type of end Industry clients you people have worked on?
A. Our accountants have experience in variety of industry specific accounting by working with different CPA firms. We can handle accurately and confidently account books of different nature of businesses, like gas stations, restaurants and cafes, IT firms, retail stores, distribution firms, general contractors, doctors, salons and many others.
Q. Are your accountants familiar with US GAAP (Generally Accepted Accounting Principles)?
A. Our accountants have varied expertise and understanding of US GAAP principles depending on their experience and education. All our accountants have a good understanding of basic revenue, expense, asset and liability related US GAAP principles. This includes expense amortizations, prepaid reclassifications, capitalizing vs expensing transactions and standard accounting practices while processing payables, receivables, general ledger entries and reconciliations. In addition, senior accountants have sound knowledge of most accounting principles used in preparation of financial statements. If a project requires in-depth knowledge of specialized US GAAP sections, then we have access to very senior accountants with deep knowledge of US GAAP principles. They are involved in specific projects on a case to case basis.
Q. What technology options you people can offer for accessing/ working of accounting files?
A. Primarily there are two ways suitable ways to execute accounting outsourcing services for CPA firms namely Offline Accounting File Based and Remote PC Access Based. In Offline accounting based method, accountant works on the backup copy of the accounting file uploaded on server by client. Once the work has been completed the file is uploaded back to the server by the Indian team. This process suits CPA firms handling small businesses, who do not need daily access to their accounting files and data. In such cases, accounting work can be done faster rather than over a remote connection. This method is not suitable for clients who need access to accounting files on a real time or frequent basis. In Remote PC Access based method, the accountant connects to the clients’ PC using a remote desktop access service to work on the accounting software and files available on client’s computer. Alternatively, he/she may access web-based accounting software to update books. This option works for CPA firms who want to retain control over the accounting file and whose onsite staff/client need consistent access to the accounting files. For detailed overview about technology options, please view our “Technology involved in Accounting Outsourcing” section.
Q. How many CPA clients have you worked with in USA and Canada?
A. We have worked with multiple CPA clients across Dallas, Miami, New York, Los Angeles, Ontario, Vancouver, and Alberta among others. They have ranged from single person accounting companies to multi-partner multi-location CPA firms.
1. A mid-sized accountancy firm based in Dallas, Texas. The Client provides accounting, payroll and individual and corporate tax return preparation services to a diverse mix of small-medium businesses.
Monthly bookkeeping, year-end closing, and write-up services
2. A CPA firm based in Tampa Bay, FL providing accounting, write-up, tax-consulting and advisory services to small mid-sized businesses in services, contractors, and retail stores
Monthly write-up (bookkeeping) services in QuickBooks. We also generate monthly financial statements for the clients.
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