How do outsourced bookkeeping services work?
An outsourced bookkeeper works with you on a part-time or full-time basis for an agreed time period. They assist you with tracking financial transactions into your accounting software. This gives you a broad level of accounting capabilities without having to hire a person directly into your company—avoiding the related costs of recruiting, employee benefits, training and work equipment.
Why would a company utilize outsourced bookeeping services?
Often, the owner of a small- to mid-size business is running the business while also doing the bookkeeping or managing the bookkeeper. Our outsourced bookkeeping and accounting services keep you focused on what you do best—running and growing your business, while we focus on what we do best—accurate accounting, recordkeeping and reporting. Outsourced bookkeeping services save you recurring expenses such as employer payroll taxes, employer benefits, compensation insurance and other costs associated with hiring and keeping employees on staff. In addition to the cost savings, you save time managing turnover and training the in-house bookkeeper. With outsourced bookkeeping services, you only pay for the actual accounting work and nothing else. You also gain a knowledgeable professional on your team who will keep your books up to date and provide desired reporting on a monthly basis.
How much do your outsourced booking services cost?
Our fees are based on the volume and complexity needed for each client. We work with you to establish the scope of services needed, and then settle on a fixed monthly fee based on the services expected.
Who will work on my account?
When you engage our outsourced bookkeeping services, we assign a dedicated Accounting Specialist to your account. This individual works with you to understand your business and processes and is responsible for servicing your account.
Depending on the level of accounting services you are looking for and your needs, we can also provide your account with a senior accounting specialist, outsourced controller or outsourced CFO. The higher levels can provide reviews, KPIs or additional analyses as warranted.
I have an existing accountant (or bookkeeper or office manager) on staff. Why would I need your outsourced bookkeeping services?
By using an outsourced bookkeeper, you eliminate the costs of hiring and training an in-house bookkeeper which occur every time they switch positions. The turnover in a bookkeeping position is often high. An outsourced bookkeeper provides consistency and efficiency.
How do Boulay’s outsourced bookkeepers work with my current CPA?
Our services do not create a conflict in working with your current CPA. In fact, we can provide your CPA with the final financial statements for tax purposes or assist in providing information for an audit.
What accounting software do you work with?
We primarily work with QuickBooks (Desktop and Online), NetSuite, Microsoft Dynamics 365, Xero and Yardi.
Will my CPA have access to my books if I use your outsourced bookkeeping services?
Your CPA will only have access to your books if you give them permission. Allowing your advisors and accountants access gives them the ability to review or change your data and documents whenever they need to.
When should I consider outsourced bookkeeping?
As a business owner, you may find you cannot be involved in every part of the business. Generally, this is when a business needs outsourced bookkeeping. Outsourced bookkeeping services help you handle billing, deposits, sales tax, payroll, collections, bank account reconciliations and basic financial statements.
Who benefits from outsourced bookkeeping services?
Any business with in-house bookkeeping or accounting positions can benefit from working with an outsourced bookkeeper.
How many projects can we outsource at one time?
There is no limitation to the number of projects our outsourced bookkeeping services can help you with.
Can I outsource only a few tasks, or do I need to outsource my entire project?
It’s completely up to you. Boulay’s outsourced accounting team can handle small or large outsourced bookkeeping projects. Depending on the size of your company, it may be more efficient to outsource all the accounting. We work with you to determine what is most beneficial to your company.
What is the preferred method of communication for your outsourced bookkeeping services?
It is really up to our clients. Whether it’s phone, email, text or in person, we will work how it works best for you. You can expect your outsourced bookkeeper to respond in a timely manner based on the expectations you’ve set.
Does Boulay work remotely or on-site? Does my company need to be located in Minnesota?
Our outsourced bookkeeping services can be remote or on-site. If you are requesting on-site services, we work within the seven-county metro of the Twin Cities. If you prefer a remote outsourced bookkeeper, we can work with you virtually anywhere in the United States.
How can you manage my books if you aren’t in my office?
Bookkeeping is easy to do remotely. Online software, used to enter expenses and receipts, makes it easy for our outsourced bookkeepers to access your accounting files remotely. We recommend applications that work well with your software to create more streamlined procedures and automation, making it easier for you to approve invoices, payroll and/or other expenses.
Do you provide audit and tax services?
Yes, Boulay offers a full suite of services including audit, tax and business consulting.
What is the difference between tax accounting services and outsourced accounting?
Essentially, tax accounting services focus on consulting and tax advice to prepare your tax returns for filing, and strategies to minimize your tax obligation. Outsourced accounting prepares your financial statements and fiscal year numbers to be ready to be input into your tax return.
How secure is my data when I use your outsourced bookkeeping services?
Boulay’s outsourced accounting team takes security seriously and regularly reviews our systems. There are three scenarios that influence the way your data is secured.
Scenario 1: Boulay hosts your files on our internal servers.
- Your financial data is stored on our centralized server and protected by industry-recognized security controls
- Access to your data is limited to those who are assigned to work on your data
- Authentication is required and is protected by multifactor authentication (MFA) in all situations that are technically feasible
- In situations where it is not technically possible to use MFA, other security controls are put into place
- Access is also limited by conditional access policies that will block access from unapproved locations or machines
- Data is protected at rest and in transit by industry standard encryption
- Data is backed up regularly and ready for restore if an issue arises
- All access is logged
- Boulay does not share your information with third parties
Scenario 2: Your files are hosted on QuickBooks Online (Intuit).
- You control the access our firm has to your data
- Once you grant our administrator access, they will assign access to only those Boulay staff that are working on your account
- All data is encrypted at rest and in transit using industry-leading security
- Access is protected by login, MFA (cannot be enforced), and is logged
- State-of-the-art encryption is used to protect your data at rest and in transit
- Intuit performs regular backups of your data, so you do not have to
Scenario 3: You host your own data on your business’s internal servers and provide access to Boulay via a VPN.
- You have full control of the security of your financial data and the systems on which it is stored
- A secure remote connection is used either by client-provided VPN or Boulay-provided remote connection software to connect to the hosting system
Regardless of the scenario chosen, the general controls we have in place are as follows:
- All systems are updated using automated systems on a weekly basis
- Vulnerabilities are monitored and quickly mediated when a new one arises
- All users are assigned security and privacy awareness training regularly
- Boulay does not share your information with third parties
- Security policies and procedures are reviewed and updated regularly
Who else can access my data?
When it comes to the data handled as part of our outsourced bookkeeping services, only the people to whom you give express permission, including your CPA, advisors and employees, can access your data. Boulay’s outsourced bookkeepers can set controls so specific functions are limited to individuals with the appropriate access.
After completing bookkeeping work, how does Boulay send it to me?
This varies by client. Some clients have their own access to the accounting software and log in to view and print the information they wish. Alternatively, an agreed-upon financial package can be sent to you monthly. We will work with you to determine the most beneficial information to help you run an efficient operation.
How much time does it take to complete a project?
Our monthly fees are based on the number of transactions processed through your company on a monthly basis. We will work with you to determine the time it will take to process all your transactions, close your monthly books and meet a deadline to provide you with the financial statements or a financial statement package on a timely basis.
Will I get Boulay support if I have technical issues using the accounting software?
Yes, Boulay will be happy to help with a technical issue. If we cannot help, we have access to a QuickBooks helpline for ProAdvisors, to help you find the answer you need in a timely manner.
How do I get started?
To get answers to any questions that are not on this list, learn more about our outsourced bookkeeping services, or schedule a meeting with a member of our outsourced accounting team, connect with us today.