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Outsourced Accounting Services

Your MBS Accountancy full-charge bookkeeper handles all your daily accounting needs and the day-to-day communications with you.  He or she will get to know you, your staff and your business well, so that we are truly able to work as part of your team.  Your bookkeeper will work with you to process invoices and statements, accounts payable, cash receipts and disbursements, and payroll, as well as prepare bank reconciliations and recurring reports. Your bookkeeper will be in contact with you by email, phone, or Instant Messenger with any questions or concerns.

Our Outsourced Bookkeeping Services Include:

MBS Accountancy Technology Solutions Bundle

All MBS Accountancy Outsourced Accounting Clients are provided with access to our turn-key Technology Solutions Bundle.  This allows us to provide you with access to the software and technology solutions we’ll use to work together, so that you have access to your information at your convenience.  As part of our implementation process, we will set up a Management Dashboard, a financial reporting data file and other software solutions for you, so that we will be able to jump right in to working with you and sharing information.

Bookkeeping Functions Performed Daily (or weekly based on your agreement)

• Assign Appropriate MBS Accountancy and Client Approvers for Each Invoice

• Reconcile Vendor Statements

• Record Vendor, Debit Card Transactions, PayPal & EFT Payments

• Record Purchase Orders (PO) Prepared by Client

• Process Manual Checks Issued as needed for Emergencies

• Record Sales Invoices

• Email/Mail Customer Invoices and Statements

• Record Customer Payments

• Track Customer Under or Over Payments

Bookkeeping Functions Performed Weekly

• Set Up Online Bill Payments as Vendor Payments are Approved by the Client

• Record Individual Credit Card Purchase Transactions

• Weekly Accounts Payable Aging Report

• Weekly Accounts Receivable Aging Report

• Weekly “To Be Coded” and “Backup Needed” Reports

• Process and/or Record Payroll

• Break Out Payroll/Payroll fees/ Payroll Taxes

Bookkeeping Functions Performed Monthly

• Prepare Bank Account Reconciliation(s)

• Prepare Credit Card Reconciliation(s)

• Reconcile Additional Balance Sheet Accounts

Monthly Reporting

• Balance Sheet

• Profit and Loss Statement – Month

• Profit and Loss Statement – Year-to-Date

• Accounts Receivable Aging

• Accounts Payable Aging

• General Ledger

• Bank Reconciliation Report(s)

• Credit Card Reconciliation Report(s)

• 2 Custom Reports (the initial setup of these reports may require a separate agreement)

Additional Services

Monthly or Quarterly Telephone/Video Consultation to review financials and discuss strategic planning opportunities.

Getting Your Information to Us

We make getting your documents to us easy by offering several options.  As a client of MBS Accountancy, we utilize a special program, which will include a fax number and email address that are specific to your company.  Based on a schedule that we will confirm with you during your implementation process, we’ll ask you to send your documents to us using any combination of the following methods:

• Log in to our program and upload documents from your computer

• Scan and email documents to your email address created by our program

• Fax documents to your assigned fax number

Accounts Receivable

Get your invoices out promptly and send monthly statements on the date of your choice.

Based on the information you provide to us during each customer/client billing cycle (or information regarding automatic recurring charges), MBS Accountancy prepares your sales invoice.  We email you the final invoice for approval.  Invoices can then be sent to the recipient via email or U.S. mail.

Accounts Payable

MBS Accountancy uses a special program for Accounts Payable Processing and Vendor Document Management.  As we receive new vendor bills in your specially designed Inbox, we’ll enter the bills for your review and approval.  If you have a question about a bill or for any reason opt not to approve it, our program includes an easy “deny” option that routes the bill right back to us along with your question or the reason for the denial.  We’ll address any questions with you, make any adjustments that you request, or void the bill if it is not valid for payment.  Bills can be routed to multiple approvers in a number of ways.

Once your bills are approved and ready for payment, you have several options:

• Pay the bill directly through our program or through our programs integration with PayPal® (these options are the most common and recommended)

• Print a check for mailing (you will need to request a PDF version of the check from us, have access to compatible check stock, and be an authorized signer on the bank account).

• Pay the bill via wire, credit card, manual check, or via other options and note that payment in our program

With our program, all of your vendor bills and documents are digitally stored.  When you use our program to pay your bills, once a check for a vendor payment clears the bank, a copy of the front and back of that check is retained along with the digital image of the bill for easy reference.  You can even open that image as a PDF for printing or emailing if needed.  An even more powerful option is the e-payment solution available through our program.  Not only can you pay thousands of vendors electronically that are already part of our programs Payment Network, but you can actually send an email invitation to virtually anyone that will allow him/her to enter and maintain their banking information for electronic payment.

Cash Receipts

Prior to taking deposits to the bank, scan or copy the deposit slip and each of the items to be deposited. Then include the copy or forward the scan to your account within our program along with your other documents for processing. Your MBS Accountancy bookkeeper will post the customer payments against the appropriate customer invoices and record the bank deposit.

For the most streamlined billing and payment process, many of our clients choose to use the integrated credit card processing options available.  The use of these options can dramatically reduce accounting time and costs.  If you are interested in learning more, please ask us!

Payroll Processing

Your MBS Accountancy bookkeeper either processes payroll using our in-house system or makes the necessary entries to record payroll processed by a third-party provider. We will work with you to decide what option best suits your needs.  In either case, payroll entries will include complete recording of gross wages, employer taxes and other payroll expenses, and payroll liabilities, and quarterly and annual reconciliation of general ledger balances to payroll returns.  You are simply asked to ensure that funds are available in the account from which payroll will be drafted.  See more information about this under Banking Activities.

MBS Accountancy offers a variety of payroll processing options to suit the needs of your business.  However, in order for MBS Accountancy to process payroll using our in-house services, all employees must be paid via Direct Deposit.  Otherwise, we are happy to work with your third-party payroll provider.

Banking Activities

During our implementation process with you, and on an ongoing basis, we will ask you to provide us with access to view and download bank and credit card transaction history and statements.  Your bookkeeper will not have the authority to sign checks or to initiate electronic payments that have not been pre-approved by you or a designated staff member in our program.

Bank account activity is updated daily or weekly in your accounting file, based on our agreement with you, so that you always know your available cash balance. Transactions that appear in your bank or credit card account that the bookkeeper has no knowledge of will be posted, but the bookkeeper will inform you of these transactions and request supporting information from you by providing you with weekly “To Be Coded” and “Backup Needed” reports.

Banking, credit card, and loan accounts are reconciled to the corresponding statements each month, and the reconciliation reports are posted to your portal.

Our Fees

We will determine the specific service fee structure that is appropriate for your business during our initial consultation(s).  We are experts at what we do, and we specialize in finding ways to streamline business processes and procedures.  Our clients generally find that the cost of our services is less expensive than hiring an employee to provide the same level and quality of work.  In addition, we take the burden of ongoing management and supervision off of your plate, so that you can focus on growing your business.  What is the value of your time?  Priceless! Our clients generally find that we help to increase their profits and improve their internal efficiencies significantly.  It is our goal to pay for ourselves many times over as a result of your investment in our services.  Our clients also love the turn-key access to our technology solutions!

All clients incur a one-time initial set-up fee that includes our initial analysis of the processes being used to handle your accounting and related tasks today, our documented solution strategy showing you the workflow we will implement with you to streamline your processes and improve your ability to get the information you need to make informed decisions.  We also create an internal procedures manual that details each step in your accounting and related internal processes.  A copy of this manual will be provided to you.  The setup of your accounting and integrated software solutions is also included in this fee.