Frequently Asked Questions (FAQ)

General

We understand that when our clients turn their accounting and bookkeeping services over to us, trust is paramount. We have a team of certified professionals, use proven technologies, and hold ourselves accountable every day. Yes, you can trust us with your sensitive data and to deliver accurate, timely accounting services for your business.

Absolutely. Our team members are all certified in the leading accounting systems and can quickly get your files up to date.

Don’t worry, your financial data belongs to you. Our offboarding is pretty straightforward as we transfer account ownership to you. As a bonus, there’s no stopping you from replicating the workflows we’ve created for your in-house process – in fact, we encourage it.

Savings can vary considerably depending on your current solution, but our clients tell us that it is generally between 30% and 50%.

We do not provide year-end tax filing services as we are not a CPA firm. However, if you are looking for a year-end tax accountant, we would gladly refer you to one of our partners. Having a separate bookkeeper and year-end accountant ensures additional oversight on the accuracy of your books. Your year-end tax accountant can help you review your books during tax season.

No, we are not a CPA firm. Accracy is not a public accounting firm and does not provide services that would require a license to practice public accountancy.

No. We do not offer services which fall under the jurisdiction of these organizations. We have partner organizations who can provide those services if needed by clients. A good example of such services are tax advisory or statutory filings. We have a number of non-economic partnerships with CPA firms who can help our clients with these services if needed.

Every account is set up with a Client Success Lead who will be your day-to-day contact. They’ll liaise with the rest of the team members on your account which may include an accounting manager, bookkeeper, payroll specialist, and payables specialist.

Accracy can support a wide range of companies, from small businesses and startups to large public corporations. Our services are tailored to meet the unique accounting and bookkeeping needs of businesses across various industries.

At Accracy, we operate as a fully remote team, delivering our bookkeeping and accounting services online. We have the necessary tools and systems in place to work efficiently and securely from our remote locations. We will coordinate and collaborate with your onsite team to ensure smooth communication and workflow integration.

Pricing and Plan

Our bookkeeping and accounting plans are based on an annual subscription model. Our cost competitive plans are bespoke to fit your unique business needs and are highly flexible and scalable. During the initial meeting call with a certified accountant, our expert will assess your business needs to tailor the best plan for you.

At Accracy, we understand that as your business grows, your needs may change. We offer flexibility in both scope and pricing to accommodate your evolving requirements. You can easily change your subscription plan at any time to align with your business’s changing needs. Our team will work closely with you to assess your new requirements and tailor the services accordingly. Whether you need to upgrade your plan or make adjustments to the scope of services, we’ll be here to support your journey and ensure a seamless transition.

No, we do not charge onboarding fee and initial consultation with our qualified staff is absolutly free.

Generally, all services stated in the packages are included in the monthly fee. There may be cases where some items are billed separately or considered out of scope, but those will be clearly identified during the sales call.

We have a flexible cancellation policy in place. If you choose to cancel your subscription, simply notify us before the next payment date, and we will assist you accordingly. If you have prepaid for the year and decide to cancel, rest assured that any remaining unused period is fully refundable.

Our certified accountant will guide you through plan, service and pricing during the initial meeting call. Based on the assessment of your requirement and business needs, the staff will suggest the pricing plan which is most economical for you.

Our contracts are quite simple. It’s a services agreement with no fixed term. You can cancel service with 1 month notice.

Yes! Support is included in our services. You can reach out to your dedicated account manager with any questions or concerns you may have, and we’ll be happy to assist you.

Bookkeeping

Once we receive all of your documents, we’ll complete your bookkeeping for the month within 3 to 4 business days. This gives us enough time to make any necessary adjustments before the end of the month.

Yes! We provide both accrual and cash basis accounting services.

Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements. They also make adjustments to your books to ensure they’re tax-compliant. Occasionally your bookkeeper might need your input on things like categorizing a transaction properly, but we try our best to make bookkeeping as hands-off as possible for you. You can also book a call with your bookkeeper (or send them a message) whenever you’d like. There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements.

Bookkeeping is the process of recording daily transactions in a consistent way, and is a key component to building a financially successful business. Bookkeepers take care of the day-to-day financials, like posting credits and debits, maintaining the general ledger, and completing payroll. Accounting is a high-level process that uses financial information compiled by a bookkeeper or business owner, and produces financial models using that information.

Yes! We provide year-round 1099 reports that include the total amount you paid each contractor during the tax year, payee name, date, and method of payment—so you can file your 1099s confidently and on time.

Your company’s revenue, expenses, and volume of transactions impact pricing, so there’s no single answer. Typically bookkeeping services start at $150/month. Please reach out to get a custom quote.

We use our own tools for bookkeeping, but if you already have accounting software, we can work with that too such as QuickBooks, Xero, Wave accounting etc.

We securely receive your documents through email. Please send the requested files along with any corresponding information to ensure a smooth process.

Don’t worry, your financial data belongs to you. Our offboarding is pretty straightforward as we transfer account ownership to you. As a bonus, there’s no stopping you from replicating the workflows we’ve created for your in-house process – in fact, we encourage it.

Once the contract is signed, your kickoff typically takes place within a day and depending on any catch-up bookkeeping that’s required, you begin receiving reports within a week.

Bookkeeping gives you a crystal clear picture of where your money is coming (and going.) When your books are up-to-date, you get an accurate measure of your business’s health, and can make smarter financial decisions. Having accurate books pays off at tax time, too. When your bookkeeping is up-to-date, you avoid scrambling to get caught up before the tax deadline, or missing out on any deductions.

Accounts Payable

It depends. A few factors impact pricing, such as volume of transactions and frequency in which you need your statements updated. Please reach out to get a custom quote.

We can be. This can go either way depending on the business and we’ll work with you during the scoping phase to define responsibilities.

Though you are responsible for coding expenses, our smart technology will predict and auto-code for future invoices from the same vendor. So before you know it, you’ll only be responsible for coding one-off invoices.

You are. You let us know who can approve – and to what dollar amount – and invoices will automatically be routed to the appropriate person for sign off.

We can help you with the process and communicate to vendors if delayed payments are anticipated.

Accounts Receivable

It depends. A few factors impact pricing, such as volume of transactions and frequency in which you need your statements updated. Please reach out to get a custom quote.

Yes, you can purchase AR on its own or packaged with other services.

We’re not a collections agency. Our process for collecting payment is to reach out multiple times through different channels. In rare cases when this approach is unsuccessful, it’s up to you to decide if legal or further action is required.

We have a proven process for accounts receivable. The first thing we do is ensure we have the correct contacts and understand the approval process for issuing payment. This ensures the invoice reaches the right person, and that it gets approved and paid within a timely manner. When payments are late, we take a multi-channel approach to reaching out to the necessary individuals to understand the reason for the delay and prevent the invoice from falling through the cracks.

Ideally you’re getting paid within the time you have agreed upon with your customer as stated in the terms on your invoice. The longer it takes to collect payment, the less likely it is to receive that payment. This can have longer term effects including a lower AR turnover ratio which could affect your ability to borrow.

Financial Reporting

We produce Balance Sheets, P&L Statements, and Cash Flow Statements, ensuring timely and accurate information for tax season, budget planning, and other financial decisions.

Our expert analysts conduct Revenue & Expense Trend Analysis, Budget Variance Analysis, Working Capital Analysis, and Cash Flow Forecasting, providing you with valuable insights for informed decision-making.

Our services provide accurate and up-to-date financial data, empowering you to make informed, data-driven decisions that lead to optimal results for your business.

We optimize every aspect of your financial landscape, including Financial Planning & Forecasting, Treasury Management, Risk Management, and Internal Controls Audit.

Absolutely, our services are designed for remote financial reporting. We leverage secure online platforms to efficiently manage and report your financial data.

We offer customizable reporting frequencies based on your business needs. Whether you prefer monthly, quarterly, or annual reports, we can accommodate your preferred schedule.

Security is our top priority. We utilize industry-standard encryption and follow strict security protocols to ensure the confidentiality and integrity of your financial information.

We offer a holistic view of your financial landscape, ensuring compliance with global accounting standards, including US GAAP, IFRS compliance, FASB, and IASB compliance.

Getting started is easy. Simply contact our team, and we'll guide you through the rest.

Catch-Up Bookeeping

Yes! We regularly help clients that are 5+ (or even 10+!) years behind on their bookkeeping.

Let us know about any deadlines right away. We’re pros at completing books quickly, and we’ll do whatever we can to help you hit that deadline!

We take as much bookkeeping off your plate as possible. But we’ll need your help collecting statements and answering questions that come up along the way.

Never. Our pricing is fixed and crystal clear. We’ll always quote for historical bookkeeping upfront, with no hourly rates or hidden charges.

Once we have all the documents we need, we can complete a year of bookkeeping in just a few days!

Fractional Controllership

Like our other services, it depends on what you need, but Controllership packages start at $500 per month.

Yes, you can purchase Controller services on its own or packaged with other services including bookkeeping. We can work with you on a project basis if needed.

Our Controller services are a great complement to other services. Assuming we do your bookkeeping, your Controller will have the benefit of being able to get quick answers on specific transactions so that they can give you the insight that you need.

Yes, you are more than welcome to do so at any time. Please get in touch with your Client Success Lead to let them know about your interest in our Controller services.

Ready to grow your business?