Frequently Asked Questions
The Web-Accounting team has tried to anticipate questions you might have about our services and provide the answers here. If you need additional information, please feel free to contact us.
1. What outsourcing functions do you offer?
Web-Accounting outsources the back office of your enterprise, such as accounting, bookkeeping, and finance functions. We can assist with all of the accounts payable and check disbursement processing, bill customers, post cash receipts and collections, record journal entries in the general ledger, perform bank account and subsidiary ledger reconciliations, perform month-end and quarter-end closings and reporting, and any other functions that would typically report to the chief financial officer. We also provide support to top management in analyzing data and trends and acting as your virtual controller.
2. How can your service be more effective than my in-house staff?
Our clients are able to leverage our trained professional personnel and web technologies. Imagine having the strength of experts in accounting, financial reporting and taxation working in your accounting department on a daily basis. Imagine not having to hire, train and manage an accounting department. We train our accounting and technology staff to use the most efficient business information processes and provide you with better management information than you are now receiving. Better information means better decision making, which translates into an increased bottom-line profit for your enterprise. We can be more effective because we save your firm recruiting, training, and employee turnover costs and eliminate the administrative time of running an accounting department. Our services are most highly requested from the development stage and emerging companies that need to focus on building their business rather than spending time managing an internal accounting function.
3. How do we start utilizing your services?
Contact us any time, and our professional accounting and consulting personnel will review your business processes with you at your office. We will help you determine the optimum mix of outsourcing or retaining processes in-house. We will also develop a servicing agreement that delineates which of our services your enterprise will be using and the costs for the implementation and monthly fee.
4. How much will financial outsourcing cost?
Our service agreement will be based on the specific needs of your enterprise. The cost of our service is dependent upon the transactional processing volume, complexity of your industry in terms of finance and accounting, and the types of processes you choose to outsource. There will be a one-time implementation fee and a monthly service retainer thereafter. Our customers appreciate the value of a virtual back office, so the cost and administration of being virtual are less than purchasing and performing these processes in-house. Usually, savings range from 10% to 20% of current in-house costs for performing these functions. However, the main reasons why clients outsource their accounting function is to reduce the time that management spends in this area, to end the hassle of constantly hiring and re-training accounting department personnel, and to obtain high-quality financial reporting and control.
If you have any other questions, please submit them on the form below or see our contact page.