Regarding IAC Professionals:
- I am located in Australia (or Canada, or the U.K., or Japan). Can you help me??
- What are your rates? Do you charge by the hour?
- What is a Virtual Bookkeeper and do I need one?
- What is the difference between a Bookkeeper and an Accountant? Which do I need?
- How do I know that my business and customer details will be safe?
- What is the time-frame involved for start-up?
- What are the benefits of a Virtual Bookkeeper?
- When is it time to hire a Virtual Bookkeeper?
- Where do you work with a Virtual Bookkeeper?
- How practical is a Virtual Bookkeeper?
- How do you track the time spent on my project?
- How would I be billed?
- Do I need to use a local Virtual Bookkeeper?
- Does Virtual Bookkeeping work better for any particular type of person or professional?
- Is hiring a Virtual Bookkeeper really "cost effective"?
- I need things to be a little more flexible, will hiring a Virtual Bookkeeper help?
- What if I need someone with flexible hours, instead of the normal 9 to 5?
- How do I know that my business and customer details will be safe?
Regarding Accounting, Finance or Business Management:
I am located in Australia (or Canada, or the U.K., or Japan). Can you help me?
Yes, we can! We provide services worldwide. The wonderful thing about a virtual world is that we can communicate with you whether you are next door or 3,000 miles away.
We communicate with our clients via telephone, fax, email, web conferencing, postal mail, expedited shipping - and even sometimes in person.
What are your rates? Do you charge by the hour?
We have hourly rates, project rates and retainer rates – whatever suits your needs best. Our prices are among the most reasonable in the industry.
Our rates depend on a variety of factors. We base our rates on the number of staff we need for your project, the required staff skill level, the length of time, the complexity of the task and any advanced materials we need to complete your project.
Please feel free to contact us for a customized estimate for your project.
What is a Virtual Bookkeeper and do I need one?
A Virtual Bookkeeper is an independent contractor who helps take care of the bookkeeping side of your business or personal life. A Virtual Bookkeeper assists you or your business on a contractual basis from a remote location.
Almost anyone can benefit from a Virtual Bookkeeper! Please contact us and we'll help you determine if a Virtual Bookkeeper is the right choice for your needs.
What is the difference between a Bookkeeper and an Accountant? Which do I need?
A bookkeeper is a person who performs one or many duties in the bookkeeping cycle.
In large companies, these duties are broken down into departments such as Accounts Receivable, Accounts Payable or Payroll. In small companies, a bookkeeper may perform the entire bookkeeping process or might just enter the data.
The people who perform these steps are often referred to as clerks, but they are, indeed, bookkeepers. They're "keeping the books" for a company.
A full-charge bookkeeper is someone who can do it all – from compiling the data into the General Ledger to preparing financial statements.
Someone has to set up the bookkeeping system, monitor it, and interpret the results. This process is accounting and is much less mechanical and more subjective.
Accounting begins with a system that benefits the business by capturing the financial information in a useful manner without being overly complex for the bookkeeper.
Once the system is in place, the accountant monitors the system to ensure it's doing what it's supposed to do. On a monthly basis, the accountant presents financial statements to management so that management can make informed decisions.
Accountants typically supervise bookkeepers. In a large corporation, there may be several accountants. One accountant designated as the Controller oversees the entire accounting and bookkeeping system.
Your business or company might need a bookkeeper, an accountant or both. Your needs depend on the tasks to be performed, the amount of monthly transactions that occur and the size of your company.
Please feel free to contact us and we'll analyze your needs to let you know the best choice for your business.
How do I know that my business and customer details will be safe?
Confidentiality is an important part of our business. At IAC we offer all clients a legally binding NDA (non-disclosure agreement). We take all security and privacy issues very seriously and stringently insist on the utmost professionalism from our staff at all times. IAC provides confidential information to staff on a need-to-know basis. In addition to this, all VA’s are required to individually sign NDA’s.
What is the time-frame involved for start-up?
Once IAC has your details we immediately begin to organize your support. This will ensure the smoothest possible transition from your company to our support services.
What are the benefits of a Virtual Bookkeeper?
IAC can eliminate time spent hiring and managing another employee, boost customer satisfaction, increase your productivity, and elevate your professional image.
When is it time to hire a Virtual Bookkeeper?
You need a Virtual Bookkeeper when the time you spend on bookkeeping begins affecting your bottom line.
Where do you work with a Virtual Bookkeeper?
Technology makes working with a Virtual Bookkeeper a reality through the Internet, email, phone, fax, and instant messenger.
How practical is a Virtual Bookkeeper?
Virtual Bookkeepers are already computer trained, and can assist maintaining your accounts, inputting transactions, compiling financial statements for your review, and many other aspects. Clients can take advantage of professional assistance and a variety of skills at the click of a mouse.
How do you track the time spent on my project?
IAC uses a computer-based, time tracking software, so that every task is tracked to the minute. You only pay for the time used.
How would I be billed?
IAC offers several plans for client use, each plan defines the service offered and billing terms. IAC will work with you to determine which plan is best for you, in terms of budget and need.
Do I need to use a local Virtual Bookkeeper?
No, the best part of having a Virtual Bookkeeper is that location doesn't impact the ability to complete tasks. If your company relocates your Virtual Bookkeeper relocates with you! There will be no need to recruit, hire or train a new employee.
Does Virtual Bookkeeping work better for any particular type of person or professional?
In general, the benefits are enormous to anyone who's busy and needs support.
Is hiring a Virtual Bookkeeper really "cost effective"?
Because Virtual Bookkeepers work on an "as needed" basis, a Virtual Bookkeeper can save you money. Clients only pay for the work completed, while not incurring expenses such as benefits and equipment.
I need things to be a little more flexible, will hiring a Virtual Bookkeeper help?
IAC Virtual Bookkeepers can take care of all your bookkeeping and accounting needs, allowing you to concentrate on your bottom line, expanding your business, and taking care of details.
What if I need someone with flexible hours, instead of the normal 9 to 5?
IAC realizes that a flexible approach to working hours often linked to the success of certain clients. Our services are geared to accommodate your time schedule, whatever the need.
What is the difference between depreciation and an expense?
The Tax Code lets you deduct a yearly portion of a cost (or other basis of capital assets) used throughout the year, that is depreciation. Depreciation applies to Assets. An asset is an item purchased for use by the company that has a life of more than a year. Example: Computer, Printers, Cars.
Expenses are costs associated with your business such as Rent, Utilities and Insurance.
In some cases an asset is considered an expense rather than the asset and that is normally based on its price.
For example, a stapler has a life of more than one year and therefore is an asset to your company. Because it costs so little it’s better to record it as an expense, such as office supplies.
Most companies place a threshold on their purchases. For example, one client's threshold is $250.00. Any asset that cost under $250.00 is expensed and any asset costing over $250.00 is depreciated.
How long should I depreciate an asset?
Depreciation of an asset begins when an asset is put into service. The depreciation period ends when:
- The asset is removed from service
- Its cost has been redeemed
- The asset has been subsequently sold or disposed of
- The government-imposed limits have been reached (Example: You can only depreciate software over a three year period)
What is the Modified Accelerated Cost Recovery System (MACRS)?
The Modified Accelerated Cost Recovery System (or MACRS) is required for some property but is elective for others.
Calculated by the General Depreciation System (GDS) or by the Alternative Depreciation System (ADS), the MACRS is a form of accelerated depreciation. More depreciation expense is claimed early in the depreciable life, and less is claimed later.
Here are some common assets and their approved depreciation schedule:
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Computer Equipment: Computers fall under the 5-year MACRS class. A 60-month depreciable life is spread across 6 fiscal years (usually at the midpoint of the first year).
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Computer Software: Software is considered an intangible asset and, as a general rule, is exempt from the 15-year amortization. Software usually depreciates using the straight-line method with a useful life of 36 months, beginning on the first day of the month that it's placed into service.
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Office Furniture: Furniture falls into the 7-year MACRS class. This is considered property with a class life of 10 years or more but less than 16 years and includes office furniture, fixtures and equipment.
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Vehicles: Automobiles and general-purpose trucks fall under the 5-year MACRS class. MACRS depreciation deductions and the expense election are limited for "luxury" business autos and other "listed property." Property may be depreciated under the accelerated MACRS rates and is eligible for special first-year depreciation allowance only if it is used for business more than 50%.
Depreciation of passenger autos ("luxury autos") is subject to maximum ceiling limitations. If a "luxury" auto is leased for a business, it must be added into income as an "inclusion amount".
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Electronics: Equipment such as telephones, fax machines, televisions, etc. fall under the 5-year MACRS class.
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Production Equipment: This property doesn't have a specifically assigned class, so it is assigned to the 7-year MACRS class.
This guide is just a reference. Please consult your tax advisor for the most complete tax information.
I would like to begin a Section 125 Plan. Does IAC Professionals help with that?
We most certainly can. Based on this frequent request we have partnered with the leading Section 125 Plan Administrator. You can enroll and begin your Section 125 Plan by clicking here!
Why should I use QuickBooks for my accounting needs?
While there are other software programs available, QuickBooks remains the accounting industry standard for small and medium sized businesses.
How do I know that my business and customer details will be safe?
Confidentiality is an important part of our business. At IAC we offer all clients a legally binding NDA (non-disclosure agreement). We take all security and privacy issues very seriously and stringently insist on the utmost professionalism from our staff at all times. IAC provides confidential information to staff on a need-to-know basis. In addition to this, all bookkeepers are required to individually sign NDA's.