Proposal for Accounting Services (Sample)

Transcription

1 Proposal for Accounting Services (Sample)

2 Benefits of LTP Accounting Current operation resources can focus on core responsibilities. Improved accounting controls and reporting Use of the leading on-demand account software from Intacct that resides in a Fortune 100 data center environment to assure robust security, availability, and support 24X7X365. Improved process for organizing tax reporting information for your company s accountant, in turn reducing internal costs and potentially professional fees paid. Introduction of infrastructure necessary to support early stage growth without the capital and internal resources typically required Flexibility to convert from an outsourced arrangement to an in-house function if your requirements change. I. LTP Accounting powered by Intacct Project Kick-off/Requirements Documentation During this phase, we will meet to review overall project goals and establish metrics to monitor achievement of objectives. In addition, we will map out the current Accounts Payable and Accounts Receivable process, document approval authority, review annual tax preparation requirements, review the format of your financial statements and dashboards, and define administrative and users rights. Finally, we will document the specific accounting responsibilities of your company and Leap the Pond to confirm they are aligned with the scope of this proposal. System Configuration During this phase, Leap the Pond will configure LTP Accounting powered by Intacct to support the requirements documented in the previous phase. Data Migration During this phase, we will upload files for: Chart of Accounts Customers Vendors Beginning Balances General Ledger month-end balances for prior 12 months Open invoices and bills as of the planned production date Testing/Conference Room Pilot Once the system has been configured and the data uploaded, we will meet with you to ensure that the system supports the requirements documented in the previous phase, reconcile reports and trial balances against your current accounting 2 P a g e

3 software application, and gain sign-off that the system is ready to be used in a production setting. Training While one goal of this project is to off load transactional accounting tasks from non-accounting personnel, it is important that your company s management knows how to run reports and check status of critical accounting metrics. During this phase, we will train designated resources to perform these critical tasks. Monthly Services Accounts Payable: 1. Review invoices on the second and fourth Friday of each month and reconcile against PO s, if applicable 2. Add new vendors to vendor master 3. Code and enter invoices, expense reports, and commission statements. 4. Route for approval 5. Configure system to allow two, named company resources to print checks on a local your company printer and/or initiate another payment transaction type 6. Archive invoices, set up vendor files, and hold for one year 7. Monitor payables aging Accounts Receivable: 1. Review deposit slips, remittance advices, and non-subscription client invoices produced outside of system on the second and fourth Friday of each month 2. Set-up of client billing for subscription services based on contract terms and conditions 3. Code and enter all professional services billing 4. Configure system to allow two, named your company resources to produce client invoices 5. Enter payment receipt information 6. Monitor cash receipts and aging 7. Monitor customer payment history Monthly Close: 1. Upload payroll information 2. Meet with designated your company resource to collect all accrual information 3. Reconcile GL with AR and AP sub-ledgers 4. Prepare monthly, quarterly, and annual financial statements balance sheet, income statement, and statement of cash flow. Close will occur within seven business days of the end of the period. This assumes we will have all required accruals by the last day of the period 5. Reconcile bank statement from two accounts 3 P a g e

4 II. Exclusions The following items have been excluded from the budget, but are available if requested: Budgeting and forecasting Check runs. This will be initiated by your company using LTP Accounting powered by Intacct printed locally using check stock Expense reporting module Audit of expense reports Distribution of client invoices and collection Special report preparation for board meetings, due diligence, funding, etc. Participation in board meetings Sales and Use/Property Tax Reporting Contract Monitoring Professional Services Automation (Integrated Time, Expense, and Billing Module) Invoice Scanning Purchase Order Creation Support of supplier inquiries/dispute resolution Breaking down the allocation of expenses from aggregated bills and expense reports for client billing and coding Fixed asset tracking No provision for creating a price book (Order Entry Module) III. Project Timeline It is anticipated that it will take approximately four to six weeks to go-live with LTP Accounting powered by Intacct. The kick-off date will be approximately eight to ten weeks from proposal acceptance. 4 P a g e

5 IV. LTP Accounting Fees Assumptions: 1. Up to 60 AP transactions/month 2. Up to two add-on annual subscription bills/month and five professional services bills/month 3. Two hours will be spent each month with your company management to review financial statements. 4. Coding for internal expenses will be by Account by Department 5. Coding for project expenses will be by Account by Client 6. Coding for revenue by Account by Client 7. your company will provide Leap the Pond a completed template of payroll data Description Timeframe Cost Implementation Six Weeks TBD Monthly Service One Year TBD Notes: 1. Implementation is based on an estimate of 60 hours which assumes limited modifications to standard financial statements and dashboards. 2. Monthly service is based on estimate of 15 hours for data entry clerk, five hours for senior finance resource oversight and monthly review with your company management, and two named users of accounting application. V. About Leap the Pond When you speak to someone at Leap the Pond, you will sense our passion for solving the accounting challenges of small- to medium-sized businesses. It s in our DNA. Our accounting practice is led by Andrea Low. Andrea started her career at Ernst & Young in the Entrepreneurial Services Group and has spent more than twenty years navigating in the waters of accounting and finance. She has spent the majority of her career helping early stage, start-ups and high-growth companies set up the proper infrastructure and controls to effectively manage their businesses, perform due diligence for acquisitions, and manage critical aspects of human resources. Andrea and her team offer strategic guidance, interim resources, and full accounting outsourcing. Andrea has become a trusted resource for CEOs and board members for a variety of start-ups. 5 P a g e