1. What are included in bookkeeping services?
It involves account entry and updating the books for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts, payments and bank reconciliation by an individual person or an organization or corporation.
2. What is the importance of outsourcing my bookkeeping to Altomate?
Outsourcing your bookkeeping to a professional helps to ensure that you are keeping up to date and proper set of accounts, and most importantly, that you have more time to focus on the day-to-day operations of your business. Altomate would also have the contractual obligation to ensure continuity and quality of services regardless of any changes in our manpower.
3. Will I still be able to keep control over my business if I outsource my bookkeeping to Altomate?
Yes, you will. Our bookkeeping service is there to provide you with assistance, and to keep up with the financial details of your operation, leaving you to spend time working on and growing your business. All decisions about the business and judgement remain with you.
4. What type of businesses does Altomate serve?
Altomate serve all kind of small and medium sized businesses, across various industries.
5. How much does the bookkeeping cost? Any package I can subscribe in?
The bookkeeping cost depends on the frequency of account closing, transaction volume and account complexity. We offer 3 types of bookkeeping package with various extent of work for your selection. Please refer to our pricing tab above for cost estimate or contact our team for further discussion.
6. What if my company has multiple division or product line?
We can help you to set up tracking category using Xero/Quickbook to maintain transaction tracking and generate customized report with tracking analytics (such as divisional profit or loss, product profit or loss report) easily.
7. I want to calculate and estimate my corporate tax – Can Altomate assist?
Altomate bookkeeping team will help to provide up to date management accounts and you may use our corporate tax calculator to estimate your tax payable amount. The exact tax payable will be determined by the tax computation prepared by our specialized tax team at the closing of financial year.
8. How do I send data and information to your office?
There is no need to send us the hardcopy documents. We use cloud accounting software- Xero or Quickbook and collaborate with the clients digitally. We will provide guidance in advance on how you can organize your data and information on a secured cloud folder - bank statements, invoices and bills, and many other items. Our team will help to organize and categorize them for bookkeeping and proper record keeping.
9. What will I receive at the end of accounting period?
As part of our bookkeeping services, we will provide a full set of management accounts with transaction ledger and supporting schedule. We can also provide customized report to meet any of your specific requirements. For Value plan package, our team will provide account review to read and analyse the financial position and performance with you and answer your queries.
10. How can I transition from in-house to outsourced accounting?
Transitions are tricky but preparing your business to switch to an outsourced accountant doesn’t have to be hard. You can make your new financial partner is a good fit, plan and be sure to budget enough time, set goals and be mindful of potential obstacles.
11. 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. Furthermore, by outsourcing your accounting, you free yourself to focus on other aspects of your business.
12. What does the monthly accounting process look like?
We emphasize the importance of planning and preparation to achieve greatest efficiency of the bookkeeping process.
Planning and preparation
o Understanding of business transactions
o Review accounting policies and chart of accounts mapping
o Transaction and document flow design and setting
o Management report requirements
Monthly bookkeeping process
o Gathering of source documents- bank statements, invoices and bills
o Account transaction processing and transaction queries
o Management accounts preparation -a profit and loss statement, balance sheet, trial balance, general ledger and supporting schedule
o Management review and discussion
13. How does better accounting affect my bottom line?
Many small- and mid-sized businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. If you don’t have good financial practices in place, your business could suffer lost revenue, insufficient tax planning and even missed financial opportunities. A great monthly accounting service will handle your profit and loss statements, monthly balance sheets, and regular account reconciliation to help you take back control of your finances without much effort on your part.