Weymon & Associates
Accounting On-Line allows business owners to outsource the
bookkeeping function at savings up to 40%.
We use data-entry clerks moderately skilled with QuickBooks®
or Peachtree software to keypunch the transactions. The keypunching
takes place at the local Weymon & Associates office in the majority of
situations. In some
cases a part time clerk is sent on-site to the business location.
All work is hosted on a server farm so that real time access is
available to the business owner and the local accountant.
Fees range from $250 a week to $985 depending on transactions
and workload. A realistic ballpark figure is the payroll cost for
the current bookkeeper.
How
we do it…
Entry-level
clerks do the keypunch. The workload varies but most firms require
one to three hours per day of data entry.
Many of our current “Weymon & Associates Accounting On-Line”
accounts require less than two hours per week. A very well paid
bookkeeper then completes the accounting cycle for up to 20
companies in any given month. The bookkeeper spends an average of 2
hours per week working on the high-end task for each firm.
The
efficiency of putting low skilled workers on key punch (80% of the
job) and one very skilled bookkeeper on the 20% that requires in
depth accounting knowledge, allows us to deliver quality management
information at a lower cost than doing the work in house. The
Weymon & Associates profit margin comes from this efficiency.
How we handle the data transactions…
In
some cases a part time clerk is sent to the business location.
This is generally the case for larger firms with 1 million or
more in sales or a large number of complicated transactions that
need to be keyed in daily.
For
most firms, Weymon & Associates installs a scanner and magnetic ink cartridge
check printer in each of our clients’ offices and assigns these
pieces of office equipment an IP address.
If possible, we prefer to install a full time Internet access
line using DSL technology.
When
invoices come in from vendors, the receptionist (or the owner’s
teenager) will scan the source document.
It will automatically be converted to an email and posted to
a secret web page. That
page will be a permanent file cabinet for all invoices from a
certain company, (paperless office) that the client can access at
any time. A local
Weymon & Associates accounting office will read the source document and enter
the data into the on-line accounting software. The owner will review
the source documents at his convenience and email us with any
changes. Eventually all invoices can be sent to us by email from the
vendors, or we can set up a BILL TO address at our local office for
all vendors. These will also be posted on the paperless office web
page for future reference.
An
email with the recommended payments will be sent to the business
owner. They will check
off (on screen) what bills they want paid and send it back to our
local accountant’s office. We
will print the checks on the local printer that we have provided.
In order to reduce labor we will encourage the business owner
to allow us to use electronic payments as a cost savings over
printed checks. The
owner can write checks at any time, since they will still have
access to the .exe file
and data on the server farm.
24/7
invoicing can be accomplished by setting all order entry on a web
page. This allows
an invoice to be printed immediately from the point of sale.
It also allows a copy to automatically be delivered to the
point of data entry for the bookkeeping process.
Firms with few invoices could use a form in MS Word that is
delivered to the customer and emailed to the point of data entry
(our local office). This
would be different in every business, but it could be set up so that
a shipping or picking label is created at the point of sale and then
the charging process takes place in the local accountant’s office.
Checks
will be delivered directly to the lock box at the client’s local
bank and we will use electronic banking to reconcile the deposits
and accounts receivable. If it is a cash business, the receptionist
(or the owner’s teenager) will scan the deposit slip daily and it
goes to our site automatically.
A
web page can be created to accept payroll information.
Our computers will process the data immediately and the
paychecks printed within 60 minutes at the printer we have installed
at the local office. We
will strongly recommend direct deposit.
As
always, we will have exceptions. The exceptions are all scanned and
automatically emailed to your accountant’s local office so that
you have the source document and any written explanations of the
exception.
Additional time savers…
Using
CTI Voice Mail to Email conversion technology we can also provide a
series of services to speed up the business cycle.
A voice mailbox is set up to record data, it is automatically
converted to an email and that email message goes directly to our
office for data entry. Here
are the time savers we have in place now.
My
Time & Billing: Allows an attorney to use voice mail to
record billing events. No
more billing leakage.
My
Invoices:
Field sales rep uses voice mail from a cell phone to write orders on
the run, no more paper work.
My
Time Clock: Hourly staff uses a speed dial number to record time
on and off the job. Imports to payroll.
My
Expenses: No
more yellow receipts to track.
Just hit the speed dial on your cellular and talk your
report.
By
using email, voice mail, web pages, electronic banking, and working
with vendors to get them on electronic data exchange we have
eliminated the need for a data entry clerk on site.
We have created our profit margin for “Weymon & Associates Accounting
On Line” out of the increased efficiency from web based
communications, lower paid staff doing data entry, and highly
trained and managed staff completing the accounting cycle.
Reporting
the business results on-line and in real time to the local business
owner provides four major benefits.
1.
At any time the owner can open a secret web page and know
exactly where the business is.
You no longer wait until the end of the month, you can check
twice a day if you like. (Our recommendation)
2.
Our local accountant acts as a Guardian Angel and provides
constant feed back on where the business is actually making the most
money, and how to concentrate on those products and customers.
3.
All source documents can be viewed on the web site, allowing the business owner to have a paperless office system in the bookkeeping department. No more looking for tax or billing information.
4.
We use ATM like security assuring the owner that no unauthorized
person will see his or her financials.
