Outsourcing Q&A

Outsourcing bookkeeping is a new concept for most people. While we've tried to cover the who, what, when, where and how of outsourcing, if you don't find the answers you are looking for, please check our FAQ or email us your question.

Q. Who is Outsourced Accounting Suited for?

A. You have the opportunity to upgrade the quality of your bookkeeping department while cuttings costs! Outsourced bookkeeping allows you to replace the salary, payroll taxes, fringe benefits, worker’s compensation insurance, employee training and management, accounting software, office space and other costs associated with an in-house employee with a FIXED monthly fee from BYB. BYB expects that your current costs will be reduced up to 40%!

Q. When Should You Outsource Your Accounting?

A. Maybe you only need a part-time bookkeeper for your business and don’t wish to add this position to your employed staff. Maybe you are having difficulty finding and retaining qualified help. Outsourcing this “part time” need can provide an excellent alternative. On the other hand, as a small business, perhaps you need the services of a part-time controller oversee the financial operations of your company or provide analysis to special project situations.

Q. Why does it make sense to outsource your companys bookkeeping/accounting functions?

A. Outsourcing a “back-office” function such as bookkeeping and controllership allows the owner/management to focus on the core growth activities of the business. So whether your business needs a bookkeeper or accountant for a few hours a week, or a full-time position, you need highly trained and supervised staff to give you an accurate, organized, consistent and cost effective solution to the ongoing accounting needs of the business. BYB employs accountants with public accounting experience to work closely with the bookkeepers assigned to each client.

Q. Where Should You Outsource Your Accounting?

A. By using technology as a tool, BYB can be across the country as easily as across town.

Q. How does Outsourcing Work?

A. Your accounting can’t get any easier! Just 3 easy steps:

1. You scan your source documents (invoices, payroll data, sales reports, etc.) with a scanner we provide at no cost, then upload the scanned file to our secure Web site.

2. We do the work while you operate your business.

3. You download your financial reports and checks for printing in your office.

Q. What software will I need?

A. No special software is required. Your information will be stored in a PDF file and can be read using a free version of Adobe Acrobat reader. No special printer is required either.

Q. What are the benefits?

A. Outsourcing gives your company access to a higher level of expertise than you normally could afford. A highly talented accounting department is staffed with a CPA and bookkeeper. BYB lets your company access the right amount of each level of talent needed throughout the year to effectively give you timely transaction processing and meaningful financial reporting and analysis.

Immediate Access to Data via a secured connection over the Internet providing you direct access to your reports, 24 hours a day, 7 days a week.

The savings realized as BYB puts your accounting department on our staff, not yours, keeping your overhead flexible and lean.

The owner / management can now focus on your core business, not your accounting department. Outsourced accounting services can result in improved efficiency, cost savings, access to financial expertise not available in-house and an improvement in your ability to monitor your business.

You maintain control over your cash. We provide the data, but you approve all invoices for payment and sign all checks ensuring proper segregation of duties over the cash function.

Q. What about income tax planning and preparation?

A. Because BYB is not a CPA firm, we do not provide income tax planning and preparation or perform audits, compilations, or other types of financial reviews. Those functions are typically performed by Certified Public Accountants. We view ourselves as an extension of our client's business and act in that capacity to provide a foundation of accurate, auditable, financial records from which outside auditors work.

The Managing Member of BYB owns and operates the public accounting firm of Dennis M. Najjar, CPA. They are available to meet your tax reporting needs and corporate, partnership and individual tax preparation.

 


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