Q&A Corner
- What is Financial Controllership?
- How do online Controllership services work?
- How do we make the switch to RAD PLUS
- How does RAD PLUS Controllership Packages benefit our company?
- How secure is it?
- What if we want to keep our records in-house, can we do that?
- We already have an in-house bookkeeper and year-end accountant. Why should we make the switch to RAD PLUS?
- Is there specific accounting software we have to use?
- I don’t know of anyone else who is doing this. None of my competitors or suppliers have Outsourced their accounting, why should I take the risk?
What is Financial Controllership?
Bookkeepers record transactions into your accounting system from source documents such as vendor bills, time records, and sales invoices. They should be detail-oriented, and be able to accurately record transactions into the correct accounts.
Controllers, on the other hand, are professionally designated accountants (Chartered Accountants or Certified General Accountants) who are trained to:
- Design a Chart of Accounts that fits your business model;
- Train, review, and support the work of the bookkeeper;
- Be well versed in tax compliance issues such as Corporate Income tax, employee deductions and benefits, GST, and PST;
- Design reports that summarize and communicate the results of your operations in a concise and clear way;
- Interpret and communicate the business results to the owner-managers in simple business terms;
- Calculate and interpret the Key Ratios of the business;
- Understand the impact of Break-Even Analysis, Profit Margins, and Cost Accounting on the business;
- Manage your Cash-Flow;
- Create projections and budgets;
- Develop a Strategic Plan for the company based on comprehensive what-if analysis of the Key Drivers of that business
Through fulfilling the above functions, a qualified RAD PLUS Controller can help you make better business decisions through understanding the financial intricacies so that you grow your business even better!
How do online Controllership services work?
Step One
Your accounting software is either hosted on our secure servers, or we will access your accounting data remotely through a secure online connection.
Step Two
We assign a Controller to your business.
Step Three
We establish systems, procedures, and internal controls, including a Systems Manual.
Step Four
We train your bookkeeper with the new systems.
Step Five
- We design reports unique to your business.
- We supervise, support, and monitor the bookkeeper;
- We create monthly RAD PLUS Reports for you based on Key Performance Indicators developed from your Plan of Action, the RAD PLUS Business In Action program, and then interpret them each month in a virtual meeting, conduct the RAD PLUS personalized business coaching to meet your desired goals towards a fulfilling life.
How do we make the switch to RAD PLUS?
First, we recommend submitting a quote for a preliminary idea of the monthly fee. (Click here for Online Quote). You can also call us at 1-800-465-4656 and we can discuss your specific needs to see how we can best serve you. We can then arrange to meet with you at your place of business. We will prepare a proposal for you with a fixed monthly fee. One of our professional accounting managers will then go over your company’s specific needs for each accounting cycle. You will then receive a written contract and a calendar of your first month accounting cycle deadlines. Upon signing of the contract and a delivery of your information, the RAD PLUS Team goes to work!
How does RAD PLUS Controllership Packages benefit our company?
In three major ways:
- By providing support for and reviewing the work of the bookkeeper, you are assured that the financial reports are reliable and in alignment with generally accepted accounting principles, tax law, and good business practices.
- Our reports are custom-designed for you and include leading-edge proprietary reports that will help you see where your business had come from, and the key issues to address for the future. You will be right on the pulse of your business!
- You will gain the support in growing your business by having us guide and interpret the numbers for you in clear business terms (no accounting jargon!). You will receive personalized coaching on the RAD PLUS Business In Action Program and we help you effectively implement your Business Plans on Profit Improvement and Key Performance Indicators exclusively designed to match your desired outcome of having an extraordinary business!
All of your accounting data is stored in a modern, secure data facility. Your data is backed up daily to four separate hard drives and checked daily. Your source documents are transferred via state-of-the-art processing that uses 128-bit encryption software, so it would be impossible for anyone to decipher any data while being transferred on-line. We also use firewalls to further protect unwanted intruders. In fact, because of all of the built-in safeguards, your data is likely safer than what it currently is!
What if we want to keep our records in-house, can we do that?
Yes, you can continue to back up your data to your in-house computers.
Unless your bookkeeper is a qualified professionally trained (CA or CGA) accountant, you are not going to gain the assurance that your records are reliable or in compliance with tax law.
A year-end accountant who only reviews your books annually is not enough.
Most importantly, we are highly trained business advisors and combined with our Business In Action program we will be working with you to create a business that is profitable, growing, and designed to support your lifestyle and inspire you!
Is there a specific accounting software we have to use?
No, the RAD PLUS System is compatible with all accounting software systems. There is no need for a conversion to begin utilizing RAD PLUS Services. For example, we support QuickBooks, Simply Accounting, and others.
It’s true that most businesses doing this right now are only forward thinking, leading edge businesses. In a few years, there will be many more Outsourcing choices available to you. Right now RAD PLUS is leading the way in Canada. We respect and honor your trust in us, and we work hard to prove ourselves worthy of that trust. We believe the risk is small in choosing to Outsource your Controllership to us based on cost, and a contract that is designed to make it easy for you to go back in house (no penalties).
We are pleased to have you with us for our 1 day breakthrough workshop Accounting Comes Alive™* in Vancouver on January 28, 2010! ...
#1603-1211 Melville Street, Vancouver, B.C. V6E 0A7
Phone: 1.800.465.4656, fax: 1.800.465.4656
e-mail: info@radplus.net