Virtual Accounting Department
When you work with us, we provide you with a full-service virtual accounting department. Your virtual department of outsourced accounting will include:
- Tax specialist
You can expect timely work and in-depth financial insights. With strategies and philosophies that focus on ensuring your business is as profitable as possible, our team only needs you to shift your mindset to allowing our help.
Transforming Your Business
When you choose to hire our virtual accounting team, we can help transform your business. We'll tackle tasks that may be things you haven't thought about or that you were unable to do because of a lack of time, such as creating an annual budget, developing KPI, doing a deep dive into your expenses and revenue, and providing you with quarterly forecasts.
We want to ensure that working with us changes your business for the better. To do this, we create roadmaps that help you set goals, maintain expectations, and run your business more effectively and efficiently.
We have tools and ideas that we use to reach these goals. The philosophy of profit first is something about which you will continuously hear. This is the idea that you can focus your efforts to get the profit you want as long as you keep your mindset on making a profit.
We will teach you how to use profit first ideology in your business. Don't worry, though. We won't spring it on you or push you into it. We go slowly with baby steps to introduce you to the ideas and implement them into your business.
Through all our efforts, we will identify areas within your business that could improve to bring about the best profits. We also will give your analysis of your finances for quarterly reviews that make sure you stay on track.
Your Virtual Accounting Department
Professional bookkeeping and accounting services can do more than simply tally up the numbers and prepare your taxes. When you outsource your bookkeeping and accounting to Exigo Business Solutions, you get a virtual accounting department. With a virtual accounting department you will have a bookkeeper, virtual controller and tax specialist. This team will provide in-depth financial insights that will drive your business to higher levels of success. You will have the benefit of levels of experience and skill that you could never afford to have in-house.
What Can a Virtual Accounting Department Do for Your Business?
Timely and accurate completion of your company books is essential for any business. But, if you are not getting insightful reports that help drive your business decisions, you are missing out on a lot of opportunities while letting problems creep up unnoticed. With virtual accounting from Exigo Business Solutions, your accounting team does not only do your bookkeeping. It gives you a virtual controller, tax specialists, and virtual CFO (chief financial officer) to help with your transformational strategy.
Your accounting team of a bookkeeper, virtual controller and tax specialist will guarantee that your books are done correctly and on time. You will get KPI(key performance indicator) tracking, budgeting, and highlighting of your financial drivers. And, your team will help you implement the Profit First system, a change of mindset that results in guaranteed profits, reduced overhead and improved cash flow management.
vAccounting Department Bookkeeping
While you may have decided to outsource your bookkeeping to reduce errors or save money, you will get a lot more when you outsource the job to Exigo Business Solutions. The skills and experience of our bookkeeping staff will give you affordable rates, accurate books, and the work done on time, all of the time. We don’t simply do your books and present you with lists of numbers.Our advanced reports will pick up problems before they would otherwise be noticeable. You will see business opportunities that you might otherwise have missed.
We will help you identify your key performance indicators and then set up tracking systems so that you can see the big picture of your finances and operations as well as the important details. It will be easier to see how new business efforts are doing and how they are affecting your bottom line.
Review of QuickBooks Files
Even with modern bookkeeping software like QuickBooks, errors creep into the system. With our monthly review of your QuickBooks files we find and correct errors before they distort the view of your finances or cause problems in your business operations.
Bank and Credit Card Account Reconciliation
Like with your bookkeeping software, errors can occur in your banking and credit card data. We will reconcile your accounts to eliminate errors caused by inaccurate data entry or other factors. This is just one more way that outsourcing your bookkeeping can pay for itself over the years by eliminating costly errors.
Source Document Access
We frequently advise our clients to use efficient apps like ReceiptBank to take the information from paper receipts and digitize it so that it resides in your bookkeeping software and not in cardboard boxes piled up in a closet. Typically, our clients take digital images of their receipts but then pass the images to us and we upload the data into the Receipt Bank system and then back to your software. This is an efficient app that helps streamline your business and our staff is highly skilled in its application.
Weekly Transaction Coding
In order to track payments and transactions properly, they need to be coded according to paymenttype. Bills of exchange, electronic files, system checks, and manual checks all need to be assigned their code. We can do this for you on a weekly basis with our virtual bookkeeping service.
While standard bookkeeping and accounting tally up the numbers after the fact, a controller oversees the daily accounting operations of a business. Accounts payable and receivable,payroll, and bookkeeping are all under the controller’s jurisdiction. As yourvirtual controller we will oversee daily operations, help guide strategic decision-making, ensure tax compliance, set and track financial benchmarks,keep track of accounts payable and receivable, and keep a close eye on troublesome areas in your business. Because our firm has years of experience and an unparalleled level of skill, we will do the job of a top industry controller when you needed and at affordable rates.
Executive Summary and Virtual Meeting
Important parts of our virtual bookkeeping services are the executive summary and financial video review. We highlight what is progressing well in your business and what needs improvement. Using advanced reporting tools we provide you with important insights that would otherwise be hidden in the numbers. The financial video review is useful for many of our clients as a good way to highlight what is important. And, this feature comes with the opportunity to meet with yourvirtual Chief Financial Officer (CFO). While you may not be able to afford someone with the skills of a CFO, you get those same skills and experience from us when you need them and a lot more affordably than if you hired someone in-house for the job.
With the Profit First system as part of our virtual services, we will introduce you to a change mindset that guarantees routine profits in your business, cleans up your cash flow management, and improves your budgeting. With the Profit First system you will set aside profit each pay cycle, set up individual bank accounts for items such as profits, owner’s pay, and taxes. We will take you through the initial steps needed so that you become accustomed to the system.
An important feature of Profit First is setting and adjusting the allocation percentages for your profits, owner’s pay, and the rest. Our virtual service does the necessary analysis and sets the appropriate allocation percentages quarterly so that Profit First functions optimally. Along the way we furnish you with a bi-weekly distribution report so that you can monitor the success of your Profit First system.
Optimal management of your cash flow is the first half of Profit First and the second half is cutting out unnecessary expenses. With the insightful reports that we generate using advanced bookkeeping software you will be able to spot hidden costs and get rid of them. When you are doing it will free up more cash for your allocations and drive your business to long term success.
Our virtual accounting department will not only do your taxes but help you set up a tax strategy that saves you money. We will do both your personal and business tax returns and advise you regarding tax strategy on each. We calculate your estimated quarterly payments and make certain that you are compliant with the IRS. When our virtual accounting department does your taxes you will cease to have end of the year tax “surprises.”
When our virtual accounting department works with you we will not just do your bookkeeping and taxes efficiently and cost effectively. We will introduce you to ways of doing business (like using Profit First) that can transform your business and drive it to higher levels of success. Creation of an annual budget is one of our essential services as it gives you a roadmap for planning and expectations throughout the year.
Our experienced accounting staff will be able to dive deep into your revenue and expenses, finding any hidden expenses and helping you eliminate them. With accurate revenue forecasts we will help you plan throughout the year and adjust your expectations accordingly.
Our Services Balance Freedom and Control
Once you hire our virtual team, we will do everything we can to take the work off of you, so you have more freedom in the operational side of your business. At the same time, we make sure you still maintain control and oversight of our work.
Our services include creating documents for you to review in QuickBooks and making delivery of documents from you to us simple through our app. We provide you with an executive summary that highlights the things moving in the right direction and those things that require more attention.
Because we want to give you all the information necessary to make decisions, we only use advanced reporting tactics and provide precise recommendations. Everything we do, from weekly coding of all transactions to the reconciliation of all your bank accounts, occurs under the watchful eye of a virtual controller who checks over the accounting to ensure no errors.
We also provide you with tax services because getting in trouble with the IRS could seriously impact your finances. We will identify potential tax savings, calculate your estimated quarterly payments and process your business and personal tax returns. We ensure you remain compliant with the IRS in all areas.
Every month, you will get the chance to meet with your virtual controller who will go over your account with you. You'll be able to ask questions and get answers to keep you in control over the management of our team.
Benefits of a Virtual Accounting Department
When you hire our accounting team to serve as your virtual accounting department, you are able to trust that you have dedicated professionals working hard to improve your business. We will do everything possible on our end to help you find ways to cut expenses, stop tax issues, and identify areas of opportunity within your finances that can lead to positive change.
- Review how your money is being spent
- Identify where meaningful opportunities lie
- Make profit a habit in your business
- Realize business improvement based on reducing previously hidden expenses
- Get rid of year-end “tax surprises”
- Have an accounting team with specialists in every area that you need
Our review of everything from how you spend money to where the money is coming in can give you helpful insights that will improve your business and lead you to success. You have nothing to lose by hiring us and everything to gain. Take your business to the next level with our team by your side.