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Outsource Accounting FAQ

As MoneyPenny continues to provide industry-focused back-office accounting services, app review, and consulting services, here are some of the frequently asked questions we’ve received through the years.
ACCOUNTINGACCOUNTING 1. Why Outsource your Accounting and Bookkeeping Services?

By availing of our outsourcing services, you are choosing a cost-efficient option that lowers expenses but achieves substantial results. MoneyPenny gives you access to a productive workforce catered solely to keeping your accounting and bookkeeping needs in check.

Here are some of the main reasons why a firm/company chooses to outsource their accounting and bookkeeping needs:

  • To Save on Costs: By outsourcing, you are saving on company costs by not having to hire an additional set of staff focused on accounting services. This means not having to pay for additional salaries, not exerting time and effort to ensure these staff are capable, and not having to set up an accounting space in your office.
  • To Rely on Industry-Specific Accounting Experts and Software Specialists: Regardless of what industry you work for, entrusting your accounting needs to an outsourced team that understands and is capable of effectively and efficiently managing your accounting softwares is a great way to solely focus on running your business.
  • To Utilize a Scalable and Customizable Approach to Accounting: When working with MoneyPenny, you pay for the services according to the level of help you need. The outsourced services given can be adjusted to what suits your business best.
  • To Focus on the Business: As a business owner, your main goal is always to generate more profit. By outsourcing, you can leave the backend accounting work to experts who can help you get it down quickly and accurately.

ACCOUNTINGACCOUNTING 2. Why Choose MoneyPenny for your Outsourced Accounting?

MoneyPenny is a top outsourcing company that provides back-office services in accounting, bookkeeping, tax preparation, accounting app reviews, and consulting. Being in the back office accounting industry since 2005, our team prides itself on providing excellent services regardless of what your company needs be it overflow work, special projects, or various accounting tasks.

ACCOUNTINGACCOUNTING3. Does MoneyPenny Specialize in Specific Industries?

No, the software only needs a browser and a stable internet connection to get going. There is no software required to be downloaded on your computer, and you only need to open the software website on your browser, and you are good to go.

ACCOUNTINGACCOUNTING 4. What Accounting Softwares do MoneyPenny Use?

MoneyPenny works on a variety of accounting programs. Our staff works on multiple platforms, including Bookkeeping apps QBO, Xero, FreshBooks, Sage Intacct, and QuickBooks Desktop. We also work with Tax and Audit applications from Thomson Reuters and Walters Kluwer

ACCOUNTINGACCOUNTING 5. How Much Do Outsourcing Services Cost?

At MoneyPenny, our services are scalable and customizable depending on your needs and the level of services you require. There are several hourly rates depending on what type of task is performed. Examples of these include the creation of an accounting team consisting of a Staff Accountant, Bookkeeper, Accounting Manager, and a Controller or CFO to work on specific objectives. Oftentimes, a business either underutilizes or overpays their in-house staff. Sometimes, controllers or CFOs perform basic accounting functions, or accounting clerks perform higher-level functions that they are not qualified to do. At MoneyPenny, we meet your accounting requirements and provide you with team members that know exactly what your business needs.

ACCOUNTINGACCOUNTING 6. Does MoneyPenny Work Remotely or From an Office? Does My Company Need to Be Located Where Your Office is at?

MoneyPenny has offices in the US and India. We gladly provide accounting services anywhere in the US using the latest technology.

ACCOUNTINGACCOUNTING7. Who Provides the Accounting Services?

Our dedicated team consists of trained CAs, CA interns, and accountants who are focused on providing you with the accounting services your business needs. We hope for you to be able to enjoy both business and personal milestones while we work on the backend work for you. Your dedicated team member is an extension of your team and works as your employee. You will receive a CV for each team member working with you, and you may coordinate with them through Slack and Zoom.

ACCOUNTINGACCOUNTING8. How am I Assured That My Information is Secure with MoneyPenny?

MoneyPenny ensures the privacy of each client by having security measures in place for confidential data. The information given is stored in a highly-secured data center based in the US and accessed by only MoneyPenny staff and its client. Confidential information is also encrypted and uploaded to the client’s private portal, which needs a two-factor authentication login to safe keep the account and information. Cloud application access is managed from US servers. The company is fully-insured for cyber and crime security. All employees working for MoneyPenny are screened and checked before being hired.

Accounting Software FAQ

Learning about different accounting software and how to navigate them could be a daunting task. MoneyPenny provides numerous accounting software services, including the audit of existing software, accounting software integration, and implementation.

COMPUTERCOMPUTER1. What Are Accounting Software Programs?

They are cloud-based software handling accounting processes such as billing, invoicing, estimating, expense and time tracking, projecting, and more. It provides you with a one-stop hub for everything you need to run your business effectively.

Given that they are cloud-based, these do not take up space on your computer hard drives. Accounting software programs store your data in a secure environment and is easily accessible to you and your team at any given time.

COMPUTERCOMPUTER2. Why Should We Invest in Accounting Software?

Fast changes in technology have shifted how accounting is done worldwide. While traditional spreadsheets and paper-based accounting continues to be used, many have moved to cloud-based software.

By doing so, data is secured and backed up to a safe server, which can be accessed anytime. On top of this, the chosen software can be used with other tools and services, which would make it a lot easier to deal with your company’s accounting needs.

COMPUTERCOMPUTER3. Do I Need to Install Software to Do My Accounting Online?

No, the software only needs a browser and a stable internet connection to get going. There is no software required to be downloaded on your computer, and you only need to open the software website on your browser, and you are good to go.

COMPUTERCOMPUTER4. Can I Access My Account Using a Mobile Device?

Yes, you may. Most, if not all, accounting software have readily-available mobile applications for iOS and Android. The apps allow you to access most of the desktop versions’ features, including the creation of invoices, recording of expenses, managing of clients, and more.

COMPUTERCOMPUTER5. What Are the Main Features of Accounting Software?

While they have many features, the most important for companies include invoicing, billing, estimating, tracking and recording expenses, creating projects, inventory, check printing, time tracking, auto-syncing of bank feed, auto-generated finance and business reports, preparing and printing 1099s, and payroll.

With so many features available, MoneyPenny helps you determine which of these features your company will be needing. By doing so, you can find the most suitable subscription option.

COMPUTERCOMPUTER6. Will the Accounting Software Assist Me With My Books?

Most accounting software companies only provide advice on how to use the software and not how to manage your books. MoneyPenny can bridge this gap for you.

On top of choosing the right software and integrating it, our team of experts is more than capable of helping you sort out your accounting and bookkeeping needs as well.

COMPUTERCOMPUTER 7. How Much Time Does It Take to Set up an Accounting Software?

Registering to an accounting software only takes minutes. However, time spent on integration would depend on the current situation.

If you are moving from another software, the data can be imported in CSV format, and everything is set. However, if your company is using accounting software for the first time, you can choose between manually entering the data or using the auto-import feature available for contacts, bank feed, chart of accounts, etc. This could take a whole day, depending on the size of your business.

COMPUTERCOMPUTER8. Do I Need to Do the Same Process to Use the Mobile App?

No. Once everything is all set in the desktop version, they will appear the same way in the mobile app and vice versa due to cloud-based auto-syncing functions.

If you’re looking for ways to reduce costs and focus on your customers, outsourcing your accounting and bookkeeping needs is the answer you are looking for. Contact MoneyPenny at (307) 215-5982 for more information.

Bookkeeping Services FAQ

At MoneyPenny, we specialize in providing quality back office bookkeeping services for your business. We make sure that your financial records are accurate and organized so that it is easier to analyze your business performance and generate results.

BOOKBOOK 1. What Are Back Office Bookkeeping Services?

It is the process of having an outsourced team maintain your financial records while you focus on growing your business and providing excellent service to your customers. Depending on the service you need, MoneyPenny can evaluate your financial plan, handle ongoing tracking and reconciliation, and ensure that all documents are ready for tax filing and payments, and a lot more.

Our Back Office Bookkeeping Services include but are not limited to the following:

  • Payroll Processing
  • Creation of Financial Transaction Databases
  • Management and Payment of Accounts
  • Producing Balance Sheets
  • Creation of Income Statements
  • Reporting Irregularities in Data Management
  • Checking Reporting for Accuracy

BOOKBOOK2. Are Your Bookkeeping Services for Small Businesses Only?

No, MoneyPenny does not only cater to small businesses. We cater to businesses and enterprises of all sizes, and our expert team can assure you that we provide the same level of care and attention to all of our clients regardless of their business size.

BOOKBOOK3. What Is the Best Online Bookkeeping Software Program?

The MoneyPenny team prides itself of being experts in numerous Accounting Software Programs. These include QuickBooks, Xero, FreshBooks, and Wave. Before recommending a specific software, our team first understands and evaluates your company’s needs to see what suits them best.

BOOKBOOK4. How Long Does It Take to Set up Back Office Bookkeeping?

t could take two weeks or more to set up your back office bookkeeping services, depending on the condition of your books. If your company’s books are not current, our MoneyPenny team will first need to organize them before proceeding to avoid any potential problems.

BOOKBOOK5. How Does Back Office Bookkeeping Work?

By availing of back office bookkeeping services, you have a dedicated team of bookkeeping experts that do the necessary work you need. Throughout the process, our team will be available for any of your queries, and will also be updating your company by providing regular reports.

BOOKBOOK 6. What Are the Benefits of Back Office Bookkeeping Compared to Having an In-House Accountant?

There are many advantages to tapping MoneyPenny’s bookkeeping services. Our goal is to accomplish all essential bookkeeping tasks you need to help you stay up-to-date with the financial situation of your business. With a dedicated team of experts, you are assured of quality service that avoids any financial problems at the end of the year, and many more.

  • Our dedicated team has years of experience in Bookkeeping which leaves you with no worries when it comes to your back office work
  • You can cut on costs – Through outsourcing, you save at least 40% of what it costs for a full-time accountant.
  • We are up-to-date with the latest accounting software and tools
  • We offer unique and customizable programs to tailor-fit your needs

If you’re looking for ways to reduce costs and focus on your customers, outsourcing your accounting and bookkeeping needs is the answer you are looking for. Contact MoneyPenny at (307) 215-5982 for more information.

Payroll Tax FAQ

At MoneyPenny, our tax preparation services are done by a team of dedicated experts with 35 years of combined experience in US and Canadian tax. We work with all tax software programs both server and cloud applications.

AUDITAUDIT1. What is Payroll Tax?

Payroll Taxes are imposed on employees and employers paid through the salaries of a company’s staff. Companies are required to withhold money from the wages of their workers to pay federal and state income taxes as well as their Social Security and Medicare taxes. As employers, companies must also contribute to paying for payroll taxes of their employees.

AUDITAUDIT2. How Much Should an Employer Pay in the Payroll Taxes of an Employee?

The current payroll tax rates for Social Security are 12.4%, while the tax rate for Medicare is 2.9%. This is split equally between the employee and employer. Therefore, an employer must pay for 6.2% Social Security Tax and 1.45% Medicare Tax for each employee, which matches the percentages that must be withheld from their staff’s salaries. They must also contribute to pay for federal and state unemployment taxes. The federal tax rate is usually at 0.6% of all taxable wages after federal tax credits are applied, while state business payroll taxes vary.

AUDITAUDIT3. How Do I Calculate Employee Payroll Taxes?

To accurately compute for an employee’s payroll taxes, there are three important things to consider:

  • Amount of Taxable Wages for the Pay Period
  • The Employee’s W-4 – Shows the number of withholding allowances
  • IRS Worksheets and Withholding Tables in Publication 15 – Used to find the amount to withhold for federal income taxes. To find state taxes, a similar process must be used.

On top of these, you must always factor in the amount needed for Social Security and Medicare, which are 6.2% and 1,45% of the employee’s income, respectively.

AUDITAUDIT4. When Should Payroll Taxes Be Paid?

Business taxes are not something you do once a year. Instead, most businesses need to deposit tax payments to the IRS on a monthly or even a semi-weekly basis. Tax returns and other documentation required by the IRS should also be filed quarterly.

For State tax payments, the deadlines often follow the IRS’ schedule, but it is best to always check in with state taxation authorities. MoneyPenny helps you arrange your tax documents before the scheduled deadlines to avoid mishaps.

AUDITAUDIT5. How Do We Pay for Payroll Taxes to the IRS?

For federal taxes, payments are now made electronically through the Electronic Federal Tax Payment System (EFTPS). It is free of charge and was created by the US Department of Treasury.

For state taxes, the method of paying and accounting for payroll taxes depends on your state. However, just like federal taxes, some states now require electronic filing as well.

AUDITAUDIT 6. What Is the Best Way to Handle Payroll Taxes?

It is up to your company management to decide on how to do payroll taxes. A convenient and cost-efficient option you have is to avail Back Office Accounting Services, which allows MoneyPenny’s team of dedicated experts to take care of your tax dealings for you.

By partnering with us, there is no need for you to worry about how to pay for your payroll taxes, as we will do the work for you. While we take care of your accounting needs, you and the rest of your employees can focus on your clients and growing your business.

If you’re looking for ways to reduce costs and focus on your customers, outsourcing your accounting and bookkeeping needs is the answer you are looking for. Contact MoneyPenny at (307) 215-5982 for more information.

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