BOOK KEEPING FAQ’s

Book Keeping (FAQ’s)

What size business can benefit from Lloyds Solutions Outsourced Bookkeeping services?

Small-to medium-sized businesses, because like you, we understand the difficulties of running a small business, and that’s why we specialize in those businesses and entrepreneurships.

How can outsourcing do better book-keeping and still cost less?

We assign duties to the most appropriate and highly skilled staff to accomplish the task quickly and appropriately. We leverage economies of scale. Finally, we have developed systems and procedures for our staff, rather than individual approaches for each client. This makes us far less vulnerable to employee turnover than your business is, if you use an in-house bookkeeper or local vendor.

What kind of Help Desk support is available to me?

Our staff is available to you via E-mail, Chat or Phone for any type of question or clarification.

I have an accounting package already running on my computer, and I would like to maintain my accounts there. Can you handle that?

If you wish, we can login to your computer and do all bookkeeping entries from scanned documents that are stored there. So, the next day morning you have the latest state of accounts available in your computer when you open the updated accounts file.

What software can I use?

We work with a variety of software packages such as QuickBooks®, Simply Accounting®, MYOB®, and Peachtree®. We also use several internet-based accounting packages, like ePeachtree®, NetLedger® and QuickBooks® for the Web.

Do I have to leave my current accountant?

You can continue using your existing Certified Public Accountant to do your tax work if you wish, and just farm out your book-keeping headaches to us. We work in partnership with your CFO, Controller and CPA, who will receive accurate data that they can use to help with decisions concerning your bottom line.

Will my accountant have access to my books?

Only with your express permission! If you allow your accountant to access your data, he can review or change your data files. No more running backup diskettes for your accountant, saving both valuable time and money!

I don’t want to provide any access to my computer to you. Can I still use your services?

Sure, we have workarounds in place just for that purpose; or, if you prefer, you can use the QuickBooks Online Edition, where we can remotely work on your data on QB-hosted servers, and you can login through the internet at any point to see your accounts.

Will I to have some costly “high-end” computer for my office so you can work remotely?

No. The computer you use now for your regular work will do just fine. You don’t need to invest in any additional equipment.

What about security? How does Lloyds Solutions ensure confidentiality ?

Lloyds Solutions’ staff members are professional Accountants, and we fully understand the importance of safeguarding clients’ personal information. Clients’ accounting and tax information is electronically shared on 128 bit encrypted secure Lloyds Solutions’ servers, utilizing the latest data encryption technology. Lloyds Solutions’ servers are located and hosted in the United States and all information is maintained online. A log entry is automatically generated every time information is accessed. Moreover, Lloyds Solutions’ accountants are bound by elaborate non-disclosure agreements that require complete confidentiality. While working with Lloyds Solutions, you can certain that your data and personal information, and that of your patients, are in safe hands.

After I submit my data for processing, what will I get back from Lloyds Solutions?

Lloyds Solutions will create separate electronic files for each type of source document, which will be kept in electronic folders properly organized to track the flow of the particular project. Our Accountants and Tax Preparers will perform the required task, i.e. either bookkeeping on your required software, or prepare your Income Tax Return, based on the information in your source documents. After completion of the task and a review by the Manager, Lloyds Solutions will send you an email stating that source documents and electronic data are ready for you to download and review.

What types of tax return preparation are offered by Lloyds Solutions?

We prepare all types of Individual, Partnership and Corporate tax returns and forms.

How does this tax preparation and tax processing process work?

You or your staff sends us the requested relevant and required scanned documents. Once the tax information images are received, trained tax professionals at our tax processing facility will enter the information into our tax software or into the tax software of your choice. After data entry, the tax return is audited to verify that all the information received has been correctly entered and taken into account. Next, the returns are transmitted, using FTP, to your firm for review. You’ll receive complete returns, including any questions or comments the preparer thought necessary. Once you have the return, you can review, add or delete any information as needed. We can then update the tax file and send you a final copy for filing.

How are Lloyds Solutions’s services priced?

Lloyds Solutions’ accounting and tax preparation services are based on the volume of transactions for your account, and the complexity of accounts and tax returns. However, due to our volume of work, we are certain our prices are so competitive that you will be happy to outsource your account and tax services to us. Check us out. You might possibly reduce your costs by over 50%!

Do we enter into a formal contract before we start work?

Yes. Our contract not only spells out the specific functions to be performed by us but also the timelines needed in order to meet your requirements. It serves as a Service Level Agreement, against which both parties measure the performance. As every assignment is unique, some alterations in the standard contract can be made to cater to each project in a manner acceptable to both you and Lloyds Solutions, Inc. The US CPA Association recommends such a contract between any organization in the USA and the Offshore Service provider.

How are payments made to Lloyds Solutions for the work done?

Lloyds Solutions offers easy payment methods. You can wire transfer the funds to our bank account or send a check to our office address.

What if I am not satisfied with your services?

If we cannot resolve your issues and you wish to discontinue our services, just pay us for the work performed to date, and then walk away. No questions asked! However, we rarely have this happen with a client, because we communicate with our clients often and try to prevent problems before they arise.