Small and medium businesses can save a lot of time and money be outsourcing mundane bookkeeping tasks. Spending time on receipts, documents, and invoices each week takes time away from overseeing the day to day operations of the business. Accountants have more important things to do for the business, such as keeping track of reporting revenues for tax purposes, making regular tax payments on time, and working with financial planners and lawyers on growing the wealth of the business. It makes no sense to burden the business accountant with small things like receipts. An online company of virtual bookjeepers can provide those mundane services efficiently and cost-effectively. Professional accountants utilize accounting software to process weekly receipts and documents. From that point, the accountants can handle income tax reporting duties and payments for the business.
The process is quick and easy. Business owners are provided with reply paid Magic Envelopes in which they send out receipts and documents weekly. If owners prefer to save paper, they can take pictures of receipts and send them to a secured document portal. The company processes the books on a weekly basis and sends out reports at month end. That eliminates the business owner paying a staff person to work on the books, pouring over receipts after the day is over or paying the accountant an hourly rate to balance the books. Business packages are offered, rather than hourly billing for services. That keeps costs low and allows businesses to make monthly payments based on the size of the business. There are three package levels designed to accommodate sole proprietors and contractors; small and growing businesses, and medium businesses.
All packages include unlimited Email support, monthly reports by the tenth day of the following month, quality assurance reviews, and collaboration with business tax accountants. The “Freelancer” package supports businesses with less than two-hundred thousand dollars in annual revenue and up to fifty bank lines per month. The next level, “Growth”, suits businesses with annual revenues of up to one-million dollars. That includes unlimited bank lines, and weekly bank and credit card processing. The final package, called “Enterprise”, is designed for medium businesses that have annual revenues of over one-million dollars. That includes all features of the Growth package, plus enter and matching of supplier bills and receipts, and paperless payable. Additional services available include catch-up services if books are not current, and payroll services for the business.