Ripples in Time
April 28, 2022
5:59 pm
Menu
- Need Help for your Accounting Office?
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:
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.
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.
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
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.
MoneyPenny has offices in the US and India. We gladly provide accounting services anywhere in the US using the latest technology.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
To accurately compute for an employee’s payroll taxes, there are three important things to consider:
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.
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.
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.
We use our expertise as a driver for continual improvement. Our certified processes underpin the work the business undertakes to ensure our services meet or exceed the needs and expectations of our customers.
