Questions and Concerns You May Have!
- What is Financial Controllership?
- How do online Controllership services work?
- How does Online Bookkeeping work?
- How do we make the switch to CPO Accounting?
- How does CPO's Controllership Packages benefit our company?
- How secure is it?
- What if we want to keep our records in-house, can we do that?
- We already have an in-house bookkeeper and year-end accountant. Why should we make the switch to CPO Accounting?
- Is there specific accounting software we have to use?
- I don't know of anyone else who is doing this. None of my competitors or suppliers have Outsourced their accounting, why should I take the risk?
What is Financial Controllership?
Bookkeepers are in the trees. Controllers are above the forest, providing an overview and looking down and seeing the Big Picture of your business.
Bookkeepers record transactions into your accounting system from source documents such as vendor bills, time records, and sales invoices. They should be detailed oriented, and be able to accurately record transactions into the correct accounts.
Controllers are professionally designated accountants (Chartered Accountants or Certified General Accountants) who are trained to:
- Design a Chart of Accounts that fits your business model;
- Train, review, and support the work of the bookkeeper;
- Be well versed in tax compliance issues such as Corporate Income tax, employee deductions and benefits, GST, and PST;
- Design reports that summarize and communicate the results of your operations in a concise and clear way;
- Interpret and communicate the business results to the owner-managers in simple business terms;
- Calculate and interpret the Key Ratios of the business;
- Understand the impact of Break-Even Analysis, Profit Margins, and Cost Accounting on the business;
- Manage your Cash-Flow;
- Create projections and budgets;
- Develop a Strategic Plan for the company based on comprehensive what-if analysis of the Key Drivers of that business
Through fulfilling the above functions, a qualified CPO Controller can help you make better business decisions through understanding the financial intricacies so that you grow your business even better!
How do online Controllership services work?
Step One
Your accounting software is either hosted on our secure servers, or we will
access your accounting data remotely through a secure online connection.
Step Two
We assign a Controller to your business.
Step Three
We establish systems, procedures, and internal controls, including a Systems Manual.
Step Four
We train your bookkeeper with the new systems.
Step Five
- We design reports unique to your business.
- We supervise, support, and monitor the bookkeeper;
- We create monthly ControllershipPLUS Reports for you, and then interpret them each month in a virtual meeting.
How does Online Bookkeeping work?
It's as easy as 1-2-3:
Step One
Your accounting software (QuickBooks, Simply Accounting, etc.) is hosted on our high-speed servers. Your source documents are then scanned and uploaded from your office to our secure server, (using our custom-designed secure CPO Upload software). (5-10 minutes a day of administrative time).
Step Two
We receive email notification of sent files and get to work processing your source documents!
Step Three
Reports are reviewed and prepared by our Controllers and sent to you each month!
How do we make the switch to CPO Accounting?
First, we recommend submitting for a quote for a preliminary idea of the monthly fee. You can also call us at (866) 231-3344 and we can prepare a preliminary quote over the phone. One of our professional accounting managers will then go over your company's specific needs for each accounting cycle. You will then receive a written contract and a calendar of your first month accounting cycle deadlines. Upon signing of the contracts and a delivery of your information the CPO Team goes to work!
How does CPO's Controllership Packages benefit our company?
In three major ways:
- By providing support for and reviewing the work of the bookkeeper you are assured that the financial reports are reliable and in alignment with generally accepted accounting principles, tax law, and good business practices. That way audits will become non-existent or at least less frequent and easier to deal with.
- Our reports are custom-designed for you and include leading-edge proprietary reports that will help you see where your business has come from, and the key issues to address for the future. You will be right on the pulse of your business!
- You will gain the support in growing your business by having us guide and interpret the numbers for you in clear business terms (no accounting jargon!)
How secure is it?
All of your accounting data is backed up daily to two separate off-site geographic locations. As well, we do hard-drive backups daily (stored offsite). Your source documents are transferred via state-of-the-art processing that uses 128-bit encryption software, so it would be impossible for anyone to decipher any data while being transferred on-line. We also use double firewalls to further protect unwanted intruders. In fact, because of all of the built-in safeguards, your data is likely safer than what it currently is!
What if we want to keep our records in-house, can we do that?
Yes, you can continue to back up your data to your in-house computers.
We already have an in-house bookkeeper and year-end accountant. Why should we make the switch to CPO Accounting?
Unless your bookkeeper is a qualified professionally trained (CA or CGA) accountant, you are not going to gain the assurance that your records are reliable or in compliance with tax law. A year-end accountant who only reviews your books annually is not enough. We are there throughout each accounting cycle supporting and reviewing the work and advising the owners.
Is there specific accounting software we have to use?
No, the CPO Accounting system is compatible with all accounting software systems. There is no need for a conversion to begin utilizing CPO Accounting services. For example, we support QuickBooks, Simply Accounting, ACCPAC, and others.