Consultancy and Bureau Services

Accounting System Bureau Services

Newtech Consultancy and Bureau Services Department helps small and medium size Companies to handle their monthly Bookkeeping, Accounting and Payroll Systems using the QuickBooks Online System. The Consultancy Services Department is made up of CPAs, Accountants, Software Engineers and Bookkeepers. The Bookkeepers handles the postings of all the accounting transactions for various Clients we maintain their accounting systems for them on monthly basis.

These Clients have full access to their own QuickBooks Online Accounting System using their authorized User Name and Passwords for Company they operate. These Clients can look at their own financial transactions, generate reports by themselves and can customize their own reports. These Clients can run their own accounting system from anywhere using the QuickBooks Online System or any other accounting system recommended for their daily business operations.

Accounting System Bureau Services

Methods:

  1. Our Bureau Services Clients, are expected to submit all their monthly accounting documents / transactions to our Bureau Services Department every first week of the month. These transactions are coded by our Accountants and thereby making it easier for our Bookkeepers to post the transactions to the appropriate accounts. The Client accesses their own accounting transactions through QuickBooks Online, using their authorized user name and password. The Clients’ accounting information are well secured in the Cloud.

In this situation, the Client has the opportunity to see their income and expenditures movements, comparing it with their respective monthly budgets and they would be able to notice danger alert signals earlier when income and expenditures are shutting above their monthly budgets but when these transactions are not readily processed as at when due, it becomes very difficult for small and medium size companies to notice some danger alert signals in their business operations. This is why some companies go bankrupt easily without knowing because of lack of adequate financial information for proactive decision making to avert danger.

Therefore, it is highly recommended that you engage our services in processing your monthly Bookkeeping and Payroll transactions in order to keep top management posted with up-to-date financial information almost on real time basis for early dictation of frauds, danger alerts, un-collected receivables, low stock alerts, unpaid expenses, bank overdrafts, etc.

NOTE: This bureau services operation is recommended to Clients, where the top Management or owners of the business does not want their own employees to handle their transaction postings in-house because they don’t want their employees to know business performances and payroll activities of the Company, then this kind of Bureau Service is recommended to these kind of clients. The Service fee we charge for this kind of bureau services depends on the volume of data being processed for the client on monthly basis. In this method, our Company’s CPAs or Accountants generates monthly reports, performs Annual Returns, and files monthly Payroll Taxes, monthly sales returns for the Clients. Newtech Consultants / Accountants will at intervals, conducts in-house or classroom training for the clients’ employees to familiarize them with the accounting & payroll Systems daily operations.

  1. In some cases, we help companies to setup their own QuickBooks Online Accounting & Payroll Systems in-house and they handle the daily postings of their accounting transactions and they run the financial reports by themselves. We configure the QuickBooks Online Accounting system to suit their business operations, we train and implement the accounting system for proper use.

In this scenario, the client runs their own Accounting & Payroll Systems by themselves, while our CPAs and Accountants monitors their daily accounting activities through QuickBooks online and they make all the necessary posting corrections and amendments via remote Online access to the client’s QuickBooks online. The Client usually pays for our consultancy services on monthly basis.  Our CPAs also files annual returns, files other necessary federal and State taxes, etc. Our monthly service charge / fees are submitted to the client for payments on monthly basis. The monthly fee is normally being agreed upon with the Client / Owner of the business and we invoice the client on monthly basis.

  1. We conduct trainings for these clients on regular basis and familiarize them with our Accounting Software updates, show them new features in new releases and conduct software demo sessions for easier understanding of the packages installed and implemented. We also conducts in-house training program as may be arranged with the clients on regular intervals for good product knowledge.

You are free to call us on: 713 552 3148 or send us an email to: QBOProAdvisor@newtechsystemsltd.com for us to discuss any of the above Bureau Services option you selected. 

NOTE:

An Accounting System is an important part of a business. Without a definitive system in place, a business cannot keep track of their income and expenditures, keep track of what it owns, to whom it owes money and any outstanding accounts from their customers.

Also, a company’s cash flow must be tracked to ensure it is not spending needlessly and as a gauge for its pricing. Creating an accounting system need not be an overly complicated task; as long as a business knows what it owns and to whom it owes money, an accounting system can be set up with relative ease.

We help our clients to choose a computerized accounting system that suits their business operations after conducting a study of their business activities. We recommend Accounting System is also based on the client’s financial capability and requirements.

A business can choose from various accounting systems, including QuickBooks Online, Sage BusinessWorks, Sage 50 Complete Accounting System, Sage Peachtree, Quicken and QuickBooks Desktop, etc. We choose the accounting system that works best for our client’s business. Keep in mind that each computerized accounting system requires a certain level of experience. Sage Peachtree is for users with at least a familiarity with accounting, and QuickBooks can be used by someone with limited or no accounting experience.

We also deploy Retail, Restaurant & Bar POS Systems to Clients in the hospitality industry and they pay monthly subscriptions as agreed with the clients / customers. The installation includes the following:- POS Hardware System, Restaurant & Bar POS Software, Cash Drawer, Thermal Receipt Printer, and a scanner in case of in a Retail business. The client will sign monthly payment plan agreement with a Finance Company attached to us that will give out the loan for the project.  This Finance Company ensures that the monthly payment is collected monthly using auto-payment system. 

Newtech Primary Responsibility to Individuals, Small &Medium Size Companies

Newtech Responsible involves preparing and analyzing financial reports for individuals and companies. Audit financial reports for compliance and Review Company’s financial status to ensure there are no discrepancies.

NEWTECH PRIMARY RESPONSIBILITIES INVOLVES TO:

Maintain and audit Company financial records.

Oversee budget and financial management.

Perform duties related to bookkeeping, preparation of government audits, taxes, and financial planning.

Recommend fiscally advantageous methods to save money.

Work with tax returns and analyze financial information to ensure taxes are paid on time.

Audit accounts for errors, misinformation, fraud, and overspending.

Report financial information to management.

Create and analyze budgets for Clients.

Advise management on tax ramifications of business decisions

Act as a consultant in areas such as compensation, benefits, and asset protection.

Oversee accounts payable and receivable.

Forecast revenue and analyze ledgers.

Identify and investigate variances.

Participate in strategic planning, fraud prevention, and budget development.

Filing your annual return

A limited liability company is required by the Companies Act 1993 to file an annual return with the Companies Office regardless of whether or not it is trading.

If an annual return is not filed by the due date, the company risks being removed from the register as the Registrar may be satisfied that the company has ceased to carry on business.

Note: An annual return is not a tax return, it’s simply an annual requirement for a company to provide certain details to the Companies Office.

There are many ways to approach the implementation of your new accounting system, and not surprisingly, some approaches work far better than others.

Accounting System Implementation Steps

Here are the five critical steps in a successful implementation of your new Accounting System:

Analyze, Plan and understand – Start at the beginning.  The first step in the implementation process should begin with a thorough review of your business requirements and processes, to identify what is working well and which aspects of your business that may need improvement and refinement.  These business requirements will then be mapped into your project plan, which will drive the remainder of the implementation.

Design, Develop and Build – Using the project plan produced in Step 1, your implementation team will next proceed to build your pilot system.  This is used to validate those business processes and system functionality detailed in the project plan.

Train, Test and Accept – Building on the lessons learned in the pilot system and using test data migrated from your previous system, Step 3 includes teaching your staff the best practices and procedures to deliver the required functionality.  Results from this testing and training period need to be reviewed and a sign-off should be secured, stating that the progress made to date is acceptable and in line with the overall goals of the implementation.

Implement and Go-Live – Working from the knowledge obtained in Steps 2 and 3, your new accounting system should now be complete.  Your legacy data is migrated a final time to the new system and all of the experience and resources of the project team are on-site and ready to make the final transition to the new system.

Ongoing Support – With the successful launch of your new system, your technology partner should now continue to provide on-going support.  This can be delivered through a help-desk, along with the application of any new updates.  Many consulting companies can also provide free webinars and user group sessions.

As these 5 implementation steps are carried out, beginning with a broad based and all-encompassing perspective of both your internal and external operating environments, the focus of the implementation project is then continuously narrowed to produce exactly the system that is required to meet and exceed the business objectives that have been defined.

These five steps represent distinct phases of the implementation project, and they move in succession.  Equally important, however, are those ongoing activities and functions that a successful implementation must include.

 

These are:

Project Management – All aspects of the implementation must be tracked by the Project Manager, whose responsibilities include task assignments, resource availability, project documentation, budget and timeline oversight, and communication among all of the project team members.

Systems Support – Before your project can get under way, a thorough review of the existing infrastructure must be completed.  This review of the current systems infrastructure will ensure that the optimum delivery of data and analysis is met.  Systems support also provides specific recommendations for the required hardware and software infrastructure.

Consulting Services – Be sure to focus on all of the aspects of your business, including Business Process Review, recommendations for Best Practices, detailed delivery of training and procedures, testing of the pilot and production systems, development of custom reports.

A complete examination of your business environment and identify additional opportunities for improvements.

Development Services – Creation, testing and support for custom enhancements and applications, coordination of integration to existing legacy systems and planned interfaces to other Line of Business systems, custom reporting, dashboards and internal web-sites.

The successful implementation of your new ERP systems will not be the result of luck or chance.  Managed properly, it should be the culmination of the design of the implementation approach, and the dedication and effort of the project team members.  Be sure to select an implementation partner that follows an implementation approach that is based on best practices and their proven results, utilizing a methodology that is rooted in deep experience and knowledge of how to be successful.

Newtech will help you build your Company on a very Strong Computerized financial base.

Engagements:

We look forward to inviting our Company to study your business operations with a view to implementing a reliable accounting system for your business operations. We shall perform the above tasks / activities and ensure that your Accounting System is properly implemented to meet the desired goal for your Company.

You can call us on: 713 552 3148 or send us an email to: QBOProAdvisor@newtechsystemsltd.com

We also file Annual Returns for individuals and Companies. We file monthly and quarterly sales taxes for small and medium size Companies. Try us!!

We help you assemble your financial transactions into one structured data base management system.