AccountNet can provide one or more of the following Financial Services using advanced technology that suits a Client’s needs. All of the services quoted, come with a normal 24 business hour turnaround time, although most services will be accomplished in less time than that.
You will have 24-hour access to your accounting records through a new service offered to all our clients. We use a version of QuickBooks which had the Cloud Computing Environment. This is accomplished by our agreement with a 3rd Party Supplier to host QuickBooks on its servers accessible through a remote desktop connection, installed on your PC secured by a password. Any QuickBooks issues that arise outside of AccountNet’s normal operating hours can be handled by a 24 hour Monitored Tech Support Line.
You can share your files with co-workers, and restrict them from seeing private files, just as if you had your own fileserver. Your files are secure in a SAS70 Type II data center, backed up and always available.
After establishment of your Cloud Computing Account, the supplier will contact you for an appropriate time to set up access to the program and install any necessary drivers required. As always, Administrator Rights to QuickBooks will be obtained by AccountNet. Users can be set up with full, limited or no access to certain areas, in line with your users’ job requirements.
Accounts Receivable Services
- Processing of invoices, sending them out promptly and sending monthly statements on the date chosen by Client.
- Processing of customer’s payments received by check, credit card, or any other methods.
- Preparation of monthly accounts receivable reports for collection and cash flow management.
- Assessing of finance charges and other fees on past due invoices based on Client’s contractual payment terms and conditions.
- Collection of pass due receivables based on pre-established terms.
- Processing of credits or refunds or any needed adjustment
- Maintenance of customer folders.
Accounts Payable Services
- Processing of vendor’s bills as received via mail, fax, email, or other means. If necessary, we can set up a PO Box to receive all your bills for you.
- Preparation of periodic reports of open vendor bills (“Accounts Payable Report”) to determine checks to be issued. At least once a week we will send you an Accounts Payable Report listing all vendor invoices and suggestions on which to pay. You can agree or change based on what you feel should be paid. Your written approved list will then be used to create checks or electronic transfers.
- Periodic processing of payments by AccountNet printing the checks according to approved accounts payable report and mails them to vendors. We can use a digital signature of one on the account signers to sign the checks directly through QuickBooks.
- Periodic processing of electronic payments. AccountNet logs into the Client’s bank account and processes payments according to the written approved accounts payable report and process payments on the accounting software.
- Processing of credits or refunds or any needed adjustment
Maintenance of customer folders, including W-9 forms when needed.
- AccountNet will maintain strict control of all inventory and assets in the accounting software, including but not limited to:
- Equipment in use (including time management)
- Equipment offline
- Spare parts
- Client will provide:
- All Purchase orders issued and receipt of goods other than those processed by AccountNet in QuickBooks
- Repair records and charges
- Acquisition records of new purchases of equipment
- Strict adherence to the policies and procedures developed will help us help you determine the correct unit pricing for each piece of equipment. Part of pricing is not only the strict maintenance of cost structures, but also the understanding of the maintenance process and the cost of intangibles.
Cash Receipts Services
- Periodic processing of bank deposits by the AccountNet receiving checks by mail, making the bank deposit and processes the customer payments against the appropriate customer invoices and records the bank deposit.
Banking Activities Services
- On demand as well as periodical review of bank accounts and processing.
- The Client provides AccountNet with its own User Name and Password for all bank accounts.
- AccountNet accesses the Client’s bank account s to view and download transaction history and bank statements, and, to transfer funds between business accounts at the Client’s bank.
- AccountNet initiates pre-approved electronic payments.
- On demand updates of bank account activity.
- Transitory processing of transactions that appear in the Client’s bank account that AccountNet has no knowledge until supporting information is received.
- On demand bank account balance notifications by email.
- Monthly reconciliation of banking, credit card, and loan accounts to the corresponding statements.
Business Filings Services
- Preparation of required business returns such as sales tax, business license tax, personal property tax, and various industry specific tax filings, under two possible options:
- Upon approval from the CFO (or CPA, as the case may be) AccountNet will file these returns electronically, or
- AccountNet will email the completed tax forms to the CFO for signature and filing.
Financial Information Management Services:
- Preparation of periodic financial reports so that you can determine your business financial condition and the operating performance of your business, including:
- Financial Flash Report
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Accounts Receivable Aging
- Accounts Payable Aging
- Bank Reconciliation Report
- Credit Card Reconciliation Report
- Periodic online meeting to review financial flash report reports.
- In order to maintain accurate financial statements, we will maintain an After-the-Fact Payroll. This is accomplished by receiving the payroll journals after each payroll cycle and recording transactions through the use of Journal Entries.
- The Client will ensure that AccountNet is on the distribution list from the Payroll Provider for all payroll journals, copies of monthly/quarterly/annual tax returns, yearend form filings including copies of 941, 940, W-2, W-3, and any other applicable forms as required by local/state/federal taxing authorities.
- AccountNet will provide periodic reconciliation of general ledger balances to payroll returns.