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Accounting FAQs

 

1. What are the Various Book-keeping and Accounting Options that are Available?

 
The options that are outlined below are based on the specific need of a customer and the nature of their business. VXL Suite of services simply strives to accomplish two goals: To provide you with high quality services, and to save you time and money. Our unique business model is based on the merger of technology and a highly streamlined internal fulfillment process, the result of which is a powerful one-stop shop, providing you with the essential back-office services you need to manage and grow your small business. We call this "The VXL Advantage":
 
Daily/Weekly: Choose this option if your business involves a large transaction volume and it is critical that records are maintained with no time lag. This service provides the business owner with a completely outsourced accounting department that works with the management on a day to day basis to ensure that revenue, expenses are recorded and deposited or paid on time, month end accruals, reconciliations are performed, MIS reports are generated for management just like a normal full fledged accounting department would do. In this option we would either have our staff working at the customer site or remotely at our office solely dedicated to that client.
 
Monthly: Monthly bookkeeping is the best option for business owners who want an accurate and up-to-date picture of the financial performance of their business. This service provides you, as the business owner, with accurate information on where your money is spent, and what the exact cash position is on a monthly basis. Knowing this in turn helps you avoid unnecessary mistakes such as overdrawing on your account, but more importantly, this information helps you plan your business operations.
 
Quarterly: Choose this quarterly (every three months) option if you feel you don't need to track your business expenses and revenues on a monthly basis, but would like to get a good idea of the financial performance for your business on a relatively regular basis. This option is also recommended, at a minimum, for small businesses that are required to file any of the many regulatory taxes on a quarterly basis, such as payroll taxes.
 
Annual Catch-Up: This year-end option applies primarily for newly formed companies as well as for clientele, who have not performed any bookkeeping through the year and need us to "catch-up" on their books. Select this option also if you need a "sanity check" of your financials that either you or someone else has prepared, mainly for tax filing purposes. We offer steeply discounted catch-up fees if you sign-up for our monthly or quarterly service.
 
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2. How Does the Process Work?

 
For customers where the work is performed at our office the process is highly streamlined. For all other customers the process is based on their specific situation and can’t be generalized.
 
Through our unique centralized data processing method, we are able to provide small businesses with top quality accounting services at great savings. Our process involves three main steps:
 
1. Send your month-end documents (bank statements, check ledger, etc.) via our toll-free fax, email, or mail/courier.
2. We input and process all data onto our accounting system.
3. We make any necessary classifications, adjustments, and reviews.
4. We complete and provide you with professional financial reports for the month.
 
If you have any questions about your reports or your account, simply call or email us and we will answer all your questions immediately. Because we are a completely remote service, our staff is always available and responsive to your needs. No need to drive through traffic to meet with your accountant and no need to try to get them to return your calls. We are there for you at the click of a button or a phone call away. We answer all our emails usually within a couple of hours and we don't charge any additional fees. Call us, and most likely, you'll reach us live. Alternatively you can also schedule an appointment to review the accounts.
 

 

3. Wouldn't I be Better off Hiring an In-House Accountant or Bookkeeper?

 
In most cases, the answer is no. To hire an in-house bookkeeper, first you must find that person, check their credentials, negotiate a salary, hire and train them, and manage them. That can be very expensive both in time and money for a business owner.
 
You must also provide office space, a desk, a computer and software for them to use. You incur payroll tax expenses, vacation and sick time, and the cost of other benefits for that employee.
 
If the person you hire is part-time, you must manage their hours and will only have access to them when they are at work. If they go on vacation, get sick, or leave your employment, you may have a large gap in your accounting and payroll.
 
Furthermore, in some cases, there can be security concerns when only one person has access to all your business financial information, data, bank accounts, statements, and checks.
 
VXL clients find that our affordable and efficient accounting services, combined with the continuity, security, and reliability of working with an outsourced accounting solution, are a far better value than hiring an in-house person.
 
 

4. What About Security?

 
VXL Services, utilizes state-of-the-art security measures. This has worked so well that we have never had a single incident to give our clients concern! In fact, we guarantee that your financial information and data is far more secure with us than it would be when handled in-house with accounting or bookkeeping personnel and possibly minimal security measures in place.
  Here are some specifics:
 
  • Accounting and Tax Professionals requires logins and passwords, making causal access to your financial information, source documents, payroll data, and other information impossible.
  • We have implemented multiple firewalls between the Internet and our programs and data storage. Other electronic security measures add still more hurdles and obstacles.
  • We maintain heavy physical security over servers containing client information. Our facilities include intrusion detection devices.
  • This is your company's data - we protect it with generations of accounting experience and commitment, combined with the latest in cutting-edge security technology.
 

 

5. What are your Charges?

 
Our services are billed at a fixed-flat fee rate determined by the nature of the work involved or we charge an hourly rate based on the type of assignment. Because we are committed to staying within your allotted budget you are never surprised by a huge, unexpected bill.
 
Our services are billed at a fixed-flat fee rate determined by the nature of the work involved or we charge an hourly rate based on the type of assignment. Because we are committed to staying within your allotted budget you are never surprised by a huge, unexpected bill. 
We'll tailor an accounting package and price based on your needs. We will design an accounting solution specifically for you. 
Call us to discuss your particular needs at (732) 983-4150 or write to Prakash Iyer at info@vxlservices.com.
 

 

6. How do I get Started With Bookkeeping and Accounting Services?

 
Please call us at (732) 983-4150 or email us at info@vxlservices.com to discuss your individual requirements. 
 
Once we have tailored a custom accounting package for you, there are a few simple steps to getting started:
 
  • We'll send you an engagement letter that outlines what we are going to do for you.
  • You complete a simple questionnaire about your business so that we may set up your account accurately.
  • You send us your set-up source documents and your QuickBooks® file (if any).
  • You are all set – we will contact you to schedule your setup interview and will begin to handle your accounting and bookkeeping!
 



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