"Virtual Comptroller"

A virtual comptroller provides a variety of services such as accounting, bookkeeping, and tax services from Tucson, Arizona, to wherever you might be.

By using the Web-based accounting solution Intacct, MK Tax & Accounting, LLC can provide the services of a virtual comptroller:

Operations:

Accounts receivable
Accounts payable
Bank reconciliations

Accounting:

Period ending adjusting journal entries
Preparation of sales tax returns
Review of payroll reports
Review of note payable amortization schedules

Financial Statements:

Balance sheet
Profit and loss statements
Cash flow reports
Customized reports with statistical information and calculations

Tax Preparation:

Business income tax returns
Individual income tax returns

Case Studies

The following case studies provide examples of how a virtual comptroller can assist in the accounting challenges that all businesses face.

Title: Full outsourcing

Problem:
Commercial management company (CMC) has an in- house bookkeeper to maintain the payables and receivables for the properties they manage. The bookkeeper also took care of the bookkeeping functions for the commercial management company. With a large turnover of bookkeepers, the owner, located in a small town, was concerned about privacy issues.

Solution:
The accounting records were moved from Quick Books to Intacct and the bookkeeping services were outsourced to MK Tax and Accounting.

For the accounts receivable: Invoices are now generated by MK based on faxed reports from CMC. CMC staff receives the deposits and takes them to the bank. MK staff prints the deposits from their limited online bank access and posts the deposits to Intacct.
For the accounts payable: Bills are received by CMC, marked for approval and mailed once a week to the offices of MK. The bills are entered into Intacct, requests for payment and approvals are done thru email and bills are paid online. For those bills that cannot be paid online then the owner’s signature is uploaded directly to the checks via email approval.

Result:
The owner receives timely financial statements from MK since all data is entered in real time. The check register is also real time and available to the owner no matter where she is. Because MK adheres to standard accounting privacy policies, the owner’s concerns are addressed.

Title: Partial outsourcing

Problem:
A medical specialty practice (MSP) is experiencing rapid growth and will need more detailed reports to monitor staff doctor’s performances.

Solution:
Intacct data file was created for use by MK Tax and Accounting, for the in-house bookkeepers, and for the two doctors/owners.

Limited permission levels were setup for the various staff bookkeepers. The office manager has full permission levels, while the accounts payable bookkeeper only has access to the bill paying functions. The accounts receivable clerk can only enter the daily deposit amounts.

The owners are able to access the reports whenever they want.

MK Tax and Accounting was engaged to prepare the month end bank reconciliations, make the necessary month end journal entries, and prepare the final financial statements that are used to calculate the staff doctors’ compensations. Support is provided by MK during the month to the in-house bookkeeping staff for coding issues or any other questions that will impact the financial statements.

Result:
Since the in-house staff is monitored during the month by the professionals at MK, fewer entries are needed to correct the coding of checks when it is time to prepare financials at the end of the month. The Intacct report wizard is sophisticated, allowing computations and statistical information needed for the calculation of the staff doctors’ compensations.

Title: Annual Tax return preparation and bookkeeping support during the year

Problem:
A real estate developer and his wife, who is a real estate agent, began a new business. They needed to keep their accounting costs down in the initial stages of starting their business but they needed to be positioned for growth. They knew they would rarely be at home in front of a computer but instead would be in the field using laptops.

Solution:
They purchased laptop computers with portable printers and mobile internet access and set up their accounting data on Intacct.

Initially, the real estate agent worked on bill paying and other bookkeeping functions during down times of an “open house showing”. Both owners entered their debit charges at the end of the day in order to maintain a real time bank balance register. When business growth allowed them to add a staff person to help with bookkeeping services, they were able to provide limited permission levels to maintain their business privacy without worrying about constant supervision. However, finding the right staff person was difficult and time consuming. MK Tax was involved during the whole process of training and setting up procedures so if there were problems with the owner’s bookkeeper, the staff of MK could step in and help out whenever needed.

Result:
At the end of the year, MK was able to prepare tax returns timely since they were involved during the year with the bookkeeping functions and were able to access all detailed information online thru Intacct. As they grow, MK will be able to provide more frequent financial reports as needed.

MK Tax and Accounting, LLC
5005 E. 5th Street
Tucson, AZ 85711

info@MKTax.com

520-290-9000
Fax: 520-323-9102