FREQUENTLY ASKED QUESTIONS ON OUTSOURCING.

Do you want to start outsourcing your business processes but are your doubts about outsourcing holding you back? Don’t let your doubts hold you back. Read these frequently asked questions on outsourcing and start outsourcing today.

What services do you offer

DE-Maven’s core service portfolio consists of accounting, bookkeeping, accounting systems automation and integration, Controller level services, CFO level services, and payroll. So whether you require an expert to take care of your books of accounts, want a customized accounting system, need to process payroll payments or require a part-time CFO, we can help.

Why is DE-Maven services a better option than my current method of bookkeeping?

Having an in-house accounting and bookkeeping department is a time consuming and expensive option. With DE-Maven in the picture, you can avoid the hassles related to hiring, training and retention while saving up to 40% on costs. Our solutions are completely scalable, letting you increase or decrease your workload at anytime.

Why DE-Maven if I already have an accounting staff?

Our accounting and bookkeeping solutions have the potential to save you the time, effort and expenses related to hiring in-house staff for your accounting functions. Even if you do not want to completely replace your in-house staff, we can take care of major accounting functions, so you can channel the resources you save to other aspects of your business. Additionally, we offer controller and part-time CFO level services which are completely scalable depending upon your needs. Our services can serve to bridge any gap in your existing staff’s area of expertise.

How professional is your staff?

DE-Maven provides a team of accounting professionals with a level of expertise not normally found in small businesses. We have experienced ACA-level staff as well as experienced accountants and bookkeepers. We also offer regular training and development programs to all of our employees.

What happens to my accounting staff or accountant if I engage DE-Maven?

We have the capability to manage all of your accounting and bookkeeping. You can decide whether to use our services for part or all of your accounting and bookkeeping needs. You can retain your existing staff and hire us to assist with areas in which you require additional expertise or bandwidth.

Will you replace my current CFO?

Regardless of any accounting and bookkeeping functions you outsource to us, we will not completely replace your current ACA. However, we can deal directly with him/her and make their work easier. All your documents will be updated and in a format that your ACA will understand easily, which reduces your billable ACA hours.

Will DE-Maven works directly with my CFO?

Yes, we can work directly with your current ACA.

Will DE-Maven train the staff on the new processes?

We provide online or in-person training to you and your staff for all the software required for your project, enabling you to easily send us your financial documents.

What should I do to retain your services?

If you are a new client, you can contact us via email at bdev@demaven.com or call us on 08059236437. If you are our existing or past client, you can contact your Account Manager.

How much is your professional fee?

The cost of hiring us depends on your service requirements. Once we receive notification of your interest, our Sales Rep will work out the details and respond to you with a detailed proposal. Our existing customers have realized an average of 20%-40% savings. Click here to receive a free quote.

After engaging DE-Maven, what support will you provide the company and who will be in charge of our engagement?

Upon engaging DE-Maven, you will be assigned a dedicated Account Manager who will be able to answer all of your questions. You will receive telephone, email and chat-based assistance. If required, your Account Manager will be glad to visit you personally.

Will you send someone to the office on a weekly or monthly basis or have a permanent staff in the company?

Our personal assistance depends on the type of services you have requested. You can contact our Sales Department for specific details.

What report do I receive and what is the timeline of the reports?

We provide you with standardized reports, which are delivered monthly, quarterly or annually depending on your needs. In addition, we can also provide you with any customized reports that your business requires.

Instead of outsourcing all of my company’s accounting and bookkeeping activities, is there an option to provide assistance in a specific area like financial statement preparation, cash flow analysis, etc.?

Our accounting and bookkeeping solutions are completely scalable, so you can select the services you require and increase or decrease your requirements at any time. If your business requires assistance in a particular area like cash flow analysis or financial statements, we can customize our services accordingly.

What type of software do you use? Can you work with my existing software?

We work with all the popular accounting software programs such as Zoho Books, QuickBooks, Sage, MYOB, Intacct and ERP Systems. We can also work on any customized software or develop one which will be an exact fit to your accounting needs.

Who can access the company’s financial information?

Your financials are stored in our client portal, which you can access 24/7 through a unique login ID and password we assign. You can share the login details with your employees as required. Only users who know the login ID and password can access your data.

Who has the ownership my information?

You remain the sole owner of all your data, even if you terminate our services.

Who is responsible for the company’s financial decisions?

Absolutely! You will be at the helm of all your financial decisions at all times.

How do I transfer data or information to DE-Maven?

You can send us your company’s documents by logging on to our secure client portal. You can also send us files via mail, fax, scan or email.

How do I know DE-Maven received my documents?

We send you an acknowledgement of receipt each and every time you send us documents, so you will know as soon as we receive them.

Do I need to save a document after I send it to DE-Maven?

Our electronic document management facility converts all your documents in an easily retrievable electronic format, so that you don’t need to maintain separate records after you send us your documents.

How about the security of the company's information?

DE-Maven has a unique proprietary system called ‘AuthentiConnect’ that restricts access to authorized users only. This system ensures data encryption of all communication between you and our data servers as well as restriction of our staff’s access through the use of a unique login ID and password. Clients can also restrict access of their accounting information by employee’s work profile to avoid complete disclosure of their financial information.

How do I add/remove a user?

Adding or removing user involves subscription services of QuickBooks. You will need to contact your Account Manager to perform this function.

How do I access the Document Library?

You can access the Document Library by visiting the DE-Maven client portal at , and entering your unique login ID and password.

Can I allow my staff limited access to the Document Library?

This feature is currently not available. We are working to make it available soon.

What happens if I am not satisfied with your services?

You can cancel our services by providing the cause for termination in writing (email, fax or in person). This shall be followed by a one-month cure period after which you can cancel our service. Your pending fees must be settled before cancellation of our services.

What happens to the company's information in the even of service terminate?

Your data will be absolutely safe with us. Upon termination of services, we will relinquish your QuickBooks files to you along with all the files you provided to us during the contract period. It is your responsibility to search for a new accounting application such as QuickBooks to replace the DE-Maven application.

Do you sign non-disclosure agreements?

Yes. We sign non-disclosure agreements and service level agreements for every customer.

Challenges You Face

I am not receiving timely and accurate financial reports on a regular basis.

Solution: Our bookkeeping and accounting solutions provide 24 hour turnaround times for data updates. This ensures that your financials are current so that you can confidently make accurate and informed financial decisions about your business. Research indicates that the average small to midsize company loses between $50k -$75K a year in profits simply because they are not monitoring their business and its financials closely enough. Our team of accounting professionals has extensive knowledge and expertise in accounting principles, so they understand the critical nature of accurate and timely data and the importance of adhering to established accounting procedures and reporting deadlines.

I spend too much time managing my company’s cash flow.

Solution: Lag times with bookkeeping can significantly impact cash flow management and projections. Our staff of accounting professionals recognizes the fundamental importance of timely and accurate record keeping and how that impacts cash flow management. We perform regular reconciliation of bank accounts (more than once a month). In addition, we also prepare cash flow forecasts daily, weekly, monthly or as frequently as appropriate. Our team also focuses on your business’s accounts receivable collections to improve cash flow, and we can negotiate with your vendors to extend better credit terms.

"I can’t access my accounting system from my laptop or home computer. "

Solution: Our secure web portal provides you with 24/7 access to your company’s financials and allows you to customize reports depending upon your needs. You have access to key reports whenever you need them, even while traveling. We regularly back-up all of our systems eliminating your need to manage this function, and we also manage all the system licensing.

I need certain key reports on a daily or weekly basis rather than waiting for month end financial reports.

Solution: Every industry has distinctive elements that drive the business. Although businesses recognize the importance of tracking these key financial performance measures, they often lack the infrastructure and resources to support this process. Tracking these metrics is key to evaluating the health of your company. The DE-Maven team can design customized reports based on the needs of your individual business. Our web portal allows you to view these reports and key metrics so that you can access them 24/7.

My business can’t afford the talent required to provide me with the information I need to run my business.

Solution: Small to midsize companies need a bookkeeper, controller and CFO, yet they can’t afford all three. A bookkeeper can’t perform Controller or CFO functions. Hiring a Controller level employee to perform general bookkeeping functions is too expensive and an unwise use of resources. At DE-Maven, we provide clients with a scalable solution. All of our clients are assigned a highly qualified, dedicated account representative who is knowledgeable in accounting principles and processes. Our account representatives hold a B.A. in accounting at a minimum, while many also have an MBA or are ACAs. The account representative is supported by a team of accounting professionals who are available to perform higher level functions on a part-time or short-term basis if needed. Our client’s can expect their DE-Maven team to consist of their account representative, a team of accountants and a ACA/MBA level reviewer. You can use these resources whenever required, and you only pay for services incurred.

I need someone with financial expertise, but I can’t afford that position.

Solution: We offer our clients the ability to draw upon additional DE-Maven resources when necessary so that they do not have to hire full-time controllers or CFO’S to fulfill functions that are performed only periodically. Clients only pay for resources used, and we offer very affordable rates.

My ACA spends a significant amount of time correcting our books which increases costs.

Solution: Our teams possess the accounting expertise and professional skill necessary to make difficult or urgent decisions when required and the capability to communicate complicated issues effectively. At year end, we can work directly with your ACA firm and provide them with all required documentation in an organized manner. This will assist in reducing your costs, as neither you nor your ACA will need to spend time collecting and organizing the information. ACA firms refer many of their clients to DE-Maven because we make their job easier. We provide them with well organized, timely and accurate information and allow them online access to their clients’ records.

Manual data entry is inefficient and costs my company a significant amount of money.

Solution: Our team has the expertise to automate certain functions and processes wherever possible. This helps in reducing manual data entry and the subsequent errors and costs associated with it. Automation results in increased profitability as it is more efficient than manual processes. Automating key practices also allows your staff to focus on assignments that add more value to your business. At DE-Maven, we offer 24 hour turnaround times on most data updates. A key benefit of outsourcing key functions is that it allows for data to be entered and reviewed overnight.

My accounting system is inefficient.

Solution: We have extensive experience integrating and automating applications that eliminate the need for duplicate data entry and can automate key processes for your business, saving you both time and money. We have clients across various industries, and we have over 75 employees. We are familiar with all the available, in-market tools to make systems run more efficiently. We have automated processes for many clients, helping them to reduce manual data entry by more than 50%.

I can’t keep up with new technologies.

Solution: It can be difficult and expensive for small accounting departments to keep up with technology. We have invested heavily in developing advanced technologies that make business processes more efficient, technologies that our clients can access and leverage when they partner with us. By making these technologies available to all of our customers, DE-Maven clients have experienced a significant reduction in manual data entry. More importantly, many have reported an increase in job satisfaction because leveraging the technologies frees up employee time so that they can focus on completing more critical functions.

I can’t afford to hire people with both accounting and technology expertise. It is too expensive.

Solution: Small businesses lack the means to hire qualified resources and employees, in addition to purchasing the technology required to generate timely and accurate information. If they can find someone with both accounting and technology expertise, it is very costly to retain their services. Additionally, specific financial expertise and skills often are required but that expertise is only required a fraction of the time. Partnering with DE-Maven Solutions eliminates the need for you to keep high cost employees on staff full time. On average, the cost of a full time employee’s salary, health insurance, training, recruitment costs, and payroll taxes is 50% higher than the associated cost to hire DE-Maven Solutions.

I can’t hire qualified employees on a part time basis.

Solution: In order to justify the cost of a full time employee and minimize their downtime, workers are often put in a position to fulfill accounting and bookkeeping functions for which they have no training or expertise. At DE-Maven, our highly qualified staff of accounting professionals is available to manage or assist with these functions when your business demands them, and we can scale back these services once that period has passed. We can assist with peak periods of activity when full time staff may be required. We can also provide you with scalable Controller and CFO level expertise so that you can leverage these services when needed and pay for them only when utilized.

Employee turnover at my company has become a nightmare.

Solution: When key employees leave your accounting department, historical information can be lost. Additionally, productivity in small companies that run lean can be significantly impacted by the departure of key employees. Outsourcing your bookkeeping and accounting functions to DE-Maven Solutions provides that business continuity in your finance department by remaining a constant in your financial management processes. We have over 75 employees who we cross train to work on multiple accounts. At DE-Maven, you will never have to worry about not having a knowledgeable person working on your account.

I’m concerned about the security of my data.

Solution: At DE-Maven, we maintain strict controls on data security. To ensure maximum security of client data, we have developed a unique proprietary system called AuthentiConnect, which employs sophisticated industry standard encryption technologies coupled with our own secure authentication system to enable safe access to your data over the Internet. Additionally, we manage recurring data backups on our systems to ensure your company’s financials will not be lost or corrupted. Our secured data center is SAS70 certified and operational uptime is 99.9%. In fact the data center utilized by DE-Maven Solutions is also used by large companies such as Intuit, eBay and Siemens.

I don’t know how my business is performing compared to other similar companies in the industry.

Solution: With multiple clients across various industries, DE-Maven is capable of providing key insights into proposed operating standards. We have worked with enough companies to be able to develop benchmarks for certain industries- knowledge that we can share with our clients.

I need someone to help move my business forward.

Solution: At DE-Maven, we take the time to learn the nuances of your business. Our part time Controller and CFO services provide you with an analysis of your financials and the information you need to guide you in making key business decisions. We act as a business advisor to many clients in helping them to raise their company to the next level.

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