FAQ

What is Remote Bookkeeping?

Remote bookkeeping (also known as virtual bookkeeping and/or cloud-based accounting) is a service by which a person or entity performs bookkeeping and/or accounting services without regard for location. In simpler terms, a company like Art of Bookkeeping is able to do your books without having to come to your office.

What are the Benefits of Remote Bookkeeping?

Benefits include the ability to communicate with AOB at any time, any day. Information can be transmitted via our secured online portal where our office is notified of pending correspondence and/or data. We can retrieve as well as send you information through this same secured method. This approach also provides an affordable option to overhead related costs of office space and bookkeeping personnel.

Are There Disadvantages to Remote Services?

In a perfect world, there would be a one-size-fits-all-solution for everyone’s bookkeeping needs. Even though remote bookkeeping is a superior solution, there are some minor disadvantages. This approach to business accounting may not be a comfortable fit for some business owners. We get it. Since remote services are not for everyone, take advantage of our free initial consultation to see if our onsite services are a more comfortable fit for you (available only in the Phoenix Metropolitan area). This is still an affordable option over the high cost of personnel. Talk to us and we’ll help you evaluate the best fit for you.

Do I HAVE to Have My Books Done Remotely?

In short – no. We do offer regular onsite services in the Phoenix Metropolitan area; however, in some circumstances, we are also available to meet in other regions for an initial face-to-face meeting. From there, we will set up remote services and then schedule subsequent face-to-face meetings as necessary. Due to added time commitments with travel, regular onsite services are only available on a case-by-case basis.

 

Do You Offer Other Services Not Listed?

Yes we do! The services listed are the main ones we provide; however, we can help with other operational and financial projects as well. Need to form a new business entity? Looking for business insurance? How about setting up QuickBooks on your system? Do you or your staff need bookkeeping training? Would you like to learn the powerful benefits of utilizing Excel? We have the expertise to assist you in all of your business bookkeeping/accounting and administrative requirements. Call us today for a ‘no obligation’ consultation. (602) 492-5982

What are Accounts Payable?

An Accounts Payable system is traditionally used in accrual basis accounting – meaning that your company may have balances due to vendors on a short term basis at any given time. While accounts payable can also be utilized in a cash basis system, your books would be converted at year end for tax reporting purposes. In either case, an A/P system is a useful tool in most business applications.

Accounts Payable systems offer a variety of benefits such as knowing how much your business owes its vendors, having the ability to pull history and statistical reports, and having internal control. Additionally, it can be an effective way to save money. Many vendors offer extended terms, such as 30, 60, or 90 days to pay on invoices. These and other discounts can be implemented by utilizing a well-designed A/P system. Job costing and inventory control can be utilized in conjunction with accounts payable and receivable systems.

The history and information available to your company from vendor history to product purchasing can give a business the ability to maximize its profit. This information can play an important part in strategic planning. We have the skill and expertise to set up and implement an accounts payable system in your business. Call us today and enjoy the benefits of learning how to pay less through purchasing power and how to save money by eliminating costly mistakes.

What are Accounts Receivable?

An Accounts Receivable system is traditionally used in accrual basis accounting – meaning that your company may have monies due from clients/customers on a short term basis at any given time. While accounts receivable can also be utilized in a cash basis system, your books would be converted at year end for tax reporting purposes. In either case, an A/R system is a useful tool in most business applications.

An effective Accounts Receivable system offers the ability to track monies due by your client base on extended credit terms. It is an asset to your business and is generally watched closely by its owners / managers. There are many other benefits to an A/R system. The reporting ability empowers its owners by providing tools for budgeting and projecting future cash flow. It provides customer purchasing and payment histories. Other historical data can provide statistical information such as evaluating growth patterns, determining seasonal behaviors, and understanding product or service preferences. Job costing and inventory control can be utilized in conjunction with accounts receivable and payable systems.

We have the skill and expertise to set up and implement an accounts receivable system in your business. Call us today and enjoy the benefits of knowing who owes you money.

What are Bank Reconciliations?

Performing Bank Reconciliations are an essential part of every business operation. To know at all times how much money your operation has, and to have confidence in the accuracy of your bank balance is not only important for managing overhead, it provides a measure of internal control. All bank, savings and credit card accounts should be managed by monthly reconciliations that are balanced to bank issued statement(s).   We provide this critical service. If you are not utilizing a well-managed bank reconciling procedure, please call us today. We have the expertise to clean up your books to reflect accurate balances. We will perform monthly bank reconciliations and provide your business with these reports.

What are Financial Statements?

Financial Statements provide the financial condition and net income of your company. While the information on the Balance Sheet and Profit and Loss (or Income) Statements are most important to its owners and vested parties, it is sometimes needed for outside interests such as potential investors, lenders, or taxing authorities.

The accuracy of information on these statements is based on the day to day posting to the general ledger system. Misrepresentation of the company’s financial condition and profit can take place when these postings are done inaccurately. Damage can be extensive and costly.

Information is powerful and Profit is what you work for. Let us help you understand your company’s financial condition. We have years of experience in the day to day application of business bookkeeping and accounting. And we understand the importance of accurate general ledger posting. If you are a new or existing company we can set up an accounting system for your operation. If you believe your existing operation reflects inaccurate accounting information, we can provide audit and clean up of your existing books. Enjoy the benefit of having current and historical information represented in your profit and loss statements. Benefit too from reporting tools for strategic planning.

When Was the Art of Bookkeeping Founded?

As an entity, we have been in business since 2012; however, our expertise has accumulated through employment and freelancing since the early 1980s.

What Accounting Software Do You Use?

We are adaptable to many accounting platforms. If your business utilizes a software that you prefer and wish to keep, we’ll work with you to keep it that way.   Our customary software includes QuickBooks and Sage (Peachtree). If your office does not have the latest and greatest, we can help. Call to discuss the best fit for you.

 

What is My Cost to have an Employed Bookkeeper or Accountant?

Of course this varies depending on factors such as location, skill level and time demands. But we did some research and have arrived at some estimates. Take a full-time, employed bookkeeper with vacation, holiday, sick, healthcare, workers compensation, and retirement benefits earning $35 per hour. Add to that the cost of office space, software and equipment. Your business can pay from $93,000 to $105,000 a year; or $7,750 to $8,750 per month for an employed bookkeeper or accountant.

What are the Benefits & Savings from Having a Remote Bookkeeper?

  • Having your accounting records current each week, month or quarter, based on service.
  • Having your bank accounts reflect accurate, reconciled balances.
  • Having your receivables, inventory and payables reflect accurate data, based on service.
  • Having your sales tax reporting reflect accurate, timely reporting, based on service.
  • Having your payroll service set up for timely, accurate payroll submittals and tax reporting;   Coordination and posting direct with your payroll provider, based on service.
  • Having monthly or quarterly financial reporting, based on service.
  • Having support via phone, email, online portal, and where available – onsite.
  • Cost savings of $2,000 to $4,800 per year for office space and equipment costs.
  • Cost savings of up to $105,000 per year on employment of in-house bookkeeper/accountant.
  • Cost savings of $1,200 per year on office supplies, ink and postage.
  • Cost savings of potential damages due to inaccurate accounting of bank balances, receivables, payables, payroll records, sales tax reporting and financial reporting.
  • Cost savings to utilize Remote or Onsite Accounting Services over a CPA firm can be $thousands per year!
  • Cost savings to have annual records submitted to your CPA for tax analysis and tax return processing. We work directly with your CPA.
  • Cost savings to have records available for bank loans and vendor credit, taxing authorities and state compensation audits, or any other source requiring financial records or auditing.
  • Your time savings for utilizing efficient, interactive relationship with Remote (or Onsite) Accounting Services in the preparation and completion of your routine bookkeeping could save you $thousands per year!
  • Your cost savings for all the benefits of utilizing a Remote Professional Accounting/Bookkeeping Service over costly overhead, could be $thousands per month and/or year!
  • Services offered with satisfaction guaranteed!

How Do I Become an Art of Bookkeeping Client or Learn More?

Contact us today for your FREE, no obligation consultation. (602) 492-5982