Frequently Asked Questions
Why Should I Outsource My Accounting Functions?
An outsourced accounting function can help right-size your staffing requirements and overall team strength. An external team brings forth the required and advanced skills to support complex accounting functions. Our outsourced accounting function helps reduce your accounting personnel cost by 1/3rd. We just charge you a standard monthly fixed fee with no unexpected overheads.
What Are The Virtual Accounting Services That Tickmarks Offers?
Tickmarks supports a wide range of accounting functions. We perform the heavy lifting across your accounts payable, accounts receivable, payroll accounting, month-end reconciliations, closure of books, TB generation, etc.
How Does A Virtual Accounting Team Benefit A Small Or Medium-Sized Business?
Tickmarks’s virtual accounting team helps provide the necessary support to perform some of the accounting heavy liftings that your organization requires. From entering invoices to the accounting system to performing bank reconciliations, payroll accounting, closing the books on a monthly basis and generating TBs, we do it all! Tickmarks’s international team of qualified and experienced accountants will fill the skill gaps and help you be on top of your accounts, filing, and tax requirements.
How Is Tickmarks Virtual Accounting Different From The Other Firms?
Tickmarks has put together a band of professionals from the Big four and other regional accounting and audit firms. They are highly qualified and skilled and are dedicated to supporting our US and EMEA-based clients. Compared to other firms, the primary difference we have is that we are organized to support our clients in a virtual manner, thereby passing on travel and overhead cost savings back to the client. To support this approach, Tickmarks has invested heavily in technology infrastructure to ensure a seamless and fluid transfer of data and communication.
Can All My Accounting Tasks Be Automated?
Not all tasks can be automated. Some of them will be managed by our team through a manual process. However, the Tickmarks team will always look for opportunities to automate your process and update it accordingly.
Will my business-sensitive data remain secure?
Our technology infrastructure is built on extremely secure cloud infrastructure (AWS, Azure, etc.). So, you can always be assured of your data security.
Do You Sign Non-Disclosure Agreements And SLAs?
When clients request for NDA and SLAs, we oblige, review the terms, and execute as per their request.
How Do I Sign-Off A Contract Or Work Order?
For short-term engagements, we usually a Statement Of Work (SOW). For engagements that are for a year and beyond, we prefer to execute a Master Services Agreement (MSA) accompanied by SOWs and any amendments to it if required.
What Are The Main Benefits Of Outsourced And Offshore Accounting Support?
- Cost-effectiveness - Salaries of professionals are significantly lower than those in North America and Europe. This wage difference translates into cost savings.
- 24/7 operation - Offshore development facilities located in India are in the perfect time zone to help you operate 24/7.
- Large pool of talent - Retaining experienced employees becomes difficult when they are given boring and repetitive work. Tickmarks India offers you a cost-effective talent pool that you can tap into for reliable service delivery.
- Best Practices - Focused heavily on quality and continuous process improvement, offshore development centers operate at high levels of efficiency, predictability, and reliability. Our high process maturity greatly reduces risks and provides a significant advantage when managing service level agreements.
Does It Mean That I Lose Control Over My Business When I Involve Third Parties To Handle My Business Processes?
No. Outsourcing enables more control over current business functions and allows you to concentrate on critical functions. The control should be need-based. Ask yourself this question: is there a need to control something where the cost of control is higher than the cost of not controlling it at all?
How Do You Ensure Client Confidentiality?
We are committed to the security and confidentiality of the information you share with us. With the aim of giving you a safe outsourcing experience with maximum benefits, we have set up a reliable information security system.
To ensure confidentiality of information, we encourage our customers to sign in a confidential Non-Disclosure Agreement (NDA) at the very initial stage of project discussion. The NDA has a legal binding and is an important document that ensures the total security of the information in our hands. We also do not publish about our client projects unless we get prior permission.
How Do Virtual Booking Services Work?
We perform the bookkeeping in one of the following three ways:
1) QuickBooks Online
2) Cloud-hosted platform or third party login like Logmein to use QuickBooks Desktop or Enterprise
3) Locally on our computer and then send you back the file when complete.
Depending on the schedule that you choose for the books to be updated, we can perform the bookkeeping services daily, weekly, twice monthly, monthly, quarterly, and annually.
When Should I Consider Outsourcing My Accounting?
If your business is too small to hire an in-house accountant or you simply don’t have the desire to do it yourself, you should consider outsourcing the task. While many small-business owners use QuickBooks, the software can be more complicated than expected. By outsourcing your accounting, you can free yourself to focus on other aspects of your business.
Do You Charge Hourly Rates Or Fixed-Fee Pricing?
Virtual accounting is all about flexibility and convenience for clients, and our pricing model reflects that. Unlike many online accounting firms
, we offer flat-rate, fixed pricing on all of our virtual accounting services. You’ll know exactly what you’re getting and how much it costs, all up-front. No hidden fees, no surprises!
How Do We Share Documents (I.E., Receipts, Bills, Reports, Etc.)?
Dropbox is our preferred. We also use, Odrive, Google Drive, OneDrive, email, etc. We can conform to any process that makes our clients’ life easier.
Will You Work With My CPA For Filing Taxes?
Yes! We work with CPA firms all over the United States. We ready the books for your tax people.
What Accounting System Do You Use?
Our consultants are familiar with SAP, NetSuite, Quickbooks, Oracle, and other accounting and reporting engines. That being said, we will also work with other systems depending on your preferences and needs.
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What Kind Of Security Do You Have In Place?
We understand how important it is to have trust in the company that you hire to manage your private financial information. Our customers’ privacy is of the utmost importance to us, and we won’t share your information with third parties. Any data that we come in contact with will be held in the strictest confidence.
- All employees have been vetted, and background checks are performed.
- Your company data is accessed by your assigned bookkeeper and reviewer/manager only.
- All company records are kept under lock and key in a secure server encrypted using 256-bit Advanced Encryption Standard (AES).
- All passwords used are strong and unique. We also utilize two-step verification whenever possible.
- If our agreement ends, we will return all files to you and then destroy them.
- We use secure third-party hosting platforms such as QuickBooks Online or Right Networks for accounting files.