FAQs

Here are the questions that are asked the most… The A to your Q not here?  Just want to find out more?  Contact us  Tell us what’s on your mind…we love talking to entrepreneurs & business owners.  Until then, check out these Qs & As.

FAQ: Outsourcing Your Accounting

Q. What is Virtual Accounting & Bookkeeping?
A.  Simplistically, it’s a combination of outsourcing and cloud computing with a new label.  So the real questions are:  what is outsourcing? and what is cloud computing? Neither concept is new…hopefully, this brief overview will give justice to it’s long history.

Q.  What is outsourcing?
A.  No need to get overly complicated or technical here – outsourcing is just having someone outside of your company or organization complete a task instead of hiring someone internally.  Some examples of outsourcing might include:  advertising, marketing, IT services, legal services, accounting related services (like billing, collections, etc).  Outsourcing can help small businesses access professional expertise that they may not need on a regular basis or they haven’t reached the ‘critical mass’ to warrant onboarding a part-time or full-time staff person.

Q.  What is cloud computing?
A.  In it’s simplest terms, it’s remote software hosting.  If you’ve created and stored a document or presentation using Google Docs, then you’ve been exposed to a version of “the cloud”.  (see more from this blog post – Cloud Computing: Are You Ready?)

Q.  Why does this combination of old concepts matter?
A.  Why should they matter to you?  Depending on how the individual service provider utilizes the SAAS platforms available and how the customer/client uses the platform mix offered…this could provide a small business owner with an incredible edge.  The edge of access, the edge of availability, the edge of big business in a small package (check out Leverage).

Q. Why outsource my accounting/accounting department?
A.  You outsource simply to stop doing the things that you are not good at…to let other professionals do the things that they love to do, while you get back, focus your time and energy on the things that you are good at.

Q.   Will I lose control of my books with outsourcing?
A.  No. Depending on how the individual service provider utilizes the SAAS platforms available and how the customer/client uses the platform mix offered…you actually get MORE control over your business’ finances not less.  The use of outsourcing and real time access actually provides a small business owner with an incredible edge.  The edge of access, the edge of availability, the edge of big business in a small package (check out Leverage).

FAQ: Access & Control

Q.  How will I access my files and accounting information? 
A.  Similar to going to your bank’s website and logging into a client portal – that’s how you access your files and accounting information via the Internet from any computer.  All you need is your username and password and you’re in!

Q.  Do I still own my data?
A.  Unlike other Internet accounting software providers/virtual accounting firms…we do not kidnap your data and hold it hostage.  You are in complete ownership of your documents & financial information at all times and you are able to download your data files at  any time.

Q.  How secure is my data?  
A.  Most small business owners leave their records on their desks or in unlocked cabinets.  And if they do use desktop accounting software like QuickBooks, they don’t backup their data as often if they should, if at all.  Using the same level of security and encryption that is used by the banking industry, your data is actually more secure in the cloud.

FAQ: Software Requirements

Q. What software can I use?
A.   When you work with Common Cents, you can use a variety of software packages, such as QuickBooks, Peachtree, etc.  If you don’t already have accounting software, we would be happy to help you make a selection.

Q.  Do you have a list of preferred software providers?
A.  Your software needs are as unique as you are.  We evaluate your needs and make selections based on those needs.  If you would like to see a list of some of our preferred vendors, you can check them out here.

FAQ:  Audits and Tax Preparation

Q.  Can my accountant/tax preparer have access to my books?
A.  If you give us your permission, then we will give your accountant/tax preparer read-only access to your financial information.

Q.  Does Common Cents provide audit and tax services? 
A.  We do not perform audits, reviews, and compilations or provide opinions on your financial statements.  In an effort to provide a broad base of services, we can include all required federal and state tax filings through our affiliate firms.