Outsourcing any part of your business is a great way to keep overhead costs low, save time, and utilize outside expertise. But outsourcing also throws up many questions and your success is dependent on choosing the right partner for your organization. Below are 13 frequently asked questions when considering ProNexus as an Outsourced Accounting Partner.
The costs will vary based on the specifics of the client, but we typically bill a fixed monthly fee for Outsourced Accounting Services (OAS). The minimum commitment for OAS is one year. This way you can budget going forward and we can dedicate a team and continuity on your account in advance. We also invite a discussion on the pricing after we provide it, to work out the best solution for you. We are flexible on designing solutions to meet your needs. We can also fill staffing gaps in the interim especially for those instances where you only need support for less than one year. These services are provided on a time & materials basis.
Timeline can vary by client depending on your current state, the technology involved, and complexity. Typically, we can start working on your account immediately if we need to continue the department’s productivity, but it could 60-90 days to fully learn your account depending on the complexity. During the learning phase, we would identify opportunities and make recommendations to streamline policies, procedures, and systems. Thereafter, we would implement those recommendations and continue to look for ways to add value to your account.
We typically require at least 12 months as it is an investment in our time and yours to become efficient in your account and to fully optimize processes. In the event you're looking for month-to-month, you should consider our interim & loan staff augmentation services.
Yes, you will work with the same team members. In fact, we use a team-based approach that typically includes a staff-level person, a manager, a controller/CFO, and a partner (just for review). That way there is continuity and back up. We find this approach to be very successful as a differentiator.
We set up periodic status meetings whether weekly or bi-weekly, but at least monthly. That way we are not bothering you and your team on a daily basis. In the beginning, we will set up some workshops/process walkthroughs so the meetings will be more frequent during that time. We can also be reached anytime via email or by phone. As always, if there is something pressing, we will be sure to reach out to you.
We create a recurring bills list (in the closing process) to make sure everything is booked each month. In tracking down payments and/or invoices we are missing (or late payments), we are your trusted partner (your accounting department so to speak) and can follow up with outside parties such as vendors with client permission.
We try to use software as much as possible, whether it be the workflows in NetSuite or through another AP tool like Bill.com (which integrates nicely with NetSuite). A typical workflow is as follows: we enter the bill, someone from the organization approves the bill, and another team member from the ProNexus team pays the bill. But this can vary per client.
We use NetSuite, QuickBooks, NetSuite’s CRM, Salesforce, Fluxx, bill.com, Certify, Jirav, and many others. If there is something we do not have experience in, we can learn it quickly – all team members will be proficient in using all client applications.
We help almost all our clients put together budgets and forecasts. We try to use the ERP system to set up the budget and load it so that variance reports are easy to produce. We also use other applications such as Jirav. Lastly, we are proficient in Excel so if there is manipulation needed, we can do that. We have clients for whom we do the whole budget for their review, and we have clients where we just assist. It just depends on the skills and time of the client’s internal people. If dashboards need to be set up in NetSuite or another system, we can do that as well.
Our staff members are CPAs, Controllers, and CFOs, with experience in all industries. We have materials created and a very thorough understanding of best practices when it comes to SOPs.