What is cloud accounting?

Cloud Accounting provides the same functionality as on-premises accounting software — with a crucial difference: cloud accounting software connects through the Internet to run on remote, vendor-managed servers. The user works from a web-based interface and data is sent into the cloud (i.e. the Internet), where it is processed and stored on a remote infrastructure. The results are then sent back to the user. All accounting functions take place off-site, not on the user’s computer. Cloud accounting eliminates the need for the customer to install, manage, and maintain software and hardware devoted to accounting or perform data backups. All of those functions are managed by MAT. That frees IT personnel to devote their resources to other initiatives. What’s more, cloud accounting facilitates easier, secure information sharing by employees in other departments, branch offices, subsidiaries, auditors, and regulators as needed. Users can access the software from any location and from most any connected device, including smartphones and tablets.

What is outsourced accounting?

Outsourced Accounting is simply shifting the functions and tasks of basic and critical business processes, traditionally managed inside your company, to an external provider, like MAT. Outsourced accounting takes advantage of the power of secure cloud-based technologies, bringing a comprehensive range of business services, from A/P and A/R to controllership and virtual CFO services. Many people believe outsourcing implies sending business functions overseas to reduce labor costs. Outsourced accounting does not imply sending business functions overseas. All resources whether human or systems can always be in the USA. And at MAT we are committed to keeping all of our operations in America.

The American Institute of CPAs is the world’s largest association representing the accounting profession, with more than 400,000 members in 145 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state, and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning, forensic accounting, business valuation, and information management and technology assurance.

Why outsource my accounting department?

By outsourcing your accounting position(s), your company doesn’t have to endure the hiring process and lose valuable time and money training bookkeepers, accountants or financial controllers. If you have been doing the bookkeeping yourself, you finally free up your time to focus on other aspects of growing your business. You’ll be able to make informed decisions based on more than just your cash balance at the bank.

I already have an external bookkeeper, why would I want to outsource?

A bookkeeper posts transactions to the accounting records. MAT works to improve cashflow and takes a proactive role in operating an entire process like accounts payable or accounts receivable. As one part of that process we provide bookkeeping.

How does outsourcing help grow my business?

Growth is necessary for business success, but along with growth comes complexity. Oftentimes companies cannot scale fast enough and end up coping with growth rather than driving it. MAT provides your company accurate financial data so you can determine what customers and/or products are the most profitable. You can concentrate more time on the most successful aspects of your company. This capability allows a business owner to become truly savvy in investing energy and resources in the right places. The door is left open for you to do the tasks that are most important to your company’s financial success As a growing business, efficiency and performance are keys to success and it takes a well organized system to achieve them. Partner with MAT and make your business run better every day, every week and every month.

Will I “lose control”?

Absolutely Not. Our customers vastly improve their control. Examples include: Setting up different levels of approval — say you want to approve transactions over a certain amount and allow an employee to approve lower amounts or setting up payments to vendors so they only happen when you release them. It is your business and you make the decisions. MAT provides the information you need in order to make informed decisions and keep “you” in control.

What about the risk of fraud or embezzlement?

We can’t ensure your employees won’t try and steal, but we make it much, much more difficult. Ask any expert and they’ll tell you that the single most important security measure for any company, from a small store to a major bank, is segregation of duties. If one person can access the accounting software and has access to incoming checks, or approves outgoing funds, there’s a hole in security big enough to drive a Mack truck through. MAT reconciles the bank accounts but we have no approval rights — segregation of duties. We can even ramp your game up a notch by establishing a lockbox so incoming checks go directly to the bank. Having check stock is another major risk — most of embezzlement is still old school — and fraudulent checks are still a big exposure. Checks you issued via MAT are not on your check stock although the funds come from your company. In short, if someone forges a check it’s not against your bank account.

What about all the bills and checks in the mail?

Different customers require different solutions. Some like to scan/fax bills to us. Other customers prefer the convenience of having all bills sent to a dedicated PO box that we manage. The PO box is unique for each customer. Our solution allows our customers to drill down when approving a bill and see the image of the scanned document. So, you have no loss of transparency or visibility. Just the reverse. You always have access to the bill exactly where you want it to be — right next to the entry that shows the bill being paid. Some customers want to continue depositing their own checks. We typically have read only access to reconcile the bank accounts. Other customers prefer the additional security of a lockbox, which just means that checks are sent directly to the bank, and the bank deposits them for you.

MAT’s services are very affordable. In general, our costs have proven to be less than our clients were paying for their accounting staff. Typical cost savings range from 25-50% and you’ll find the value you’re receiving to be much greater than you would get with an in-house bookkeeper. You save hiring and training costs, and will no longer have to pay for office space, phone lines, PTO or other employee benefits associated with in-house bookkeeping staff. Our fees are based on the volume and complexity of each client. We determine the scope of services and establish a fixed monthly amount so you can manage you budget.

Let’s chat. Right now if you are like most of us, your accounting records are in an unlocked file cabinet or worse, sitting on someone’s desk. Your data is most likely accessible via an unsecure computer that may or may not be backed-up and only has one person who has access and controls everything. This is what we at MAT call “bad” security. When you partner with MAT, you entrust us with your company’s highly confidential business information. We take that seriously. We have security covered from all angles: physical, network, application and data. Our systems guarantee 99.8 % uptime, airtight data security, and comprehensive disaster recovery. SSAE 16 SOC1 Type II audits and certifications by Trustwave, Digicert, and more, ensure that your financial information will be protected. MAT understands that you’re entrusting us with the most private, most critical data in your business. Quite simply, we value your trust in us — and will do everything to protect it

Does MAT replace my CPA?

MAT does not provide Tax or Audit services. We value your relationship with your CPA and look to enhance the day-to-day record keeping so your CPA can make informed decisions. MAT helps eliminate the frustration and costs that can arise between the CPA and the clients due to inadequate bookkeeping. Your current accountant will be grateful for accurate data that he or she can use to help you build more wealth and grow your business. This in turn will save your company money. As tax law is constantly changing, we recommend utilizing experts in the industry for income tax advisory services. We are happy to serve as a liaison between you and your income tax preparer. We gather the documents needed to file your tax returns and send them to your tax accountant so that you won’t have to deal with the stress of getting critical paperwork in on time.

Why not just use our existing CPA?

You probably already outsource processes like financial statement preparation and preparation of tax returns to your CPA. However, if a CPA firm provides bookkeeping services to a client, it can’t review or audit the financial statements of that client. Many CPA firms decline to provide services that might later put them in a conflict-of-interest situation. At MAT we work closely with CPA firms. If we provide the bookkeeping services that are the starting point for the CPA’s work, the CPA’s charges will likely be lower than if they have to do “write-up” work to get the records in order.

Why not just use our existing CPA?

You probably already outsource processes like financial statement preparation and preparation of tax returns to your CPA. However, if a CPA firm provides bookkeeping services to a client, it can’t review or audit the financial statements of that client. Many CPA firms decline to provide services that might later put them in a conflict-of-interest situation. At MAT we work closely with CPA firms. If we provide the bookkeeping services that are the starting point for the CPA’s work, the CPA’s charges will likely be lower than if they have to do “write-up” work to get the records in order.

Downturn Proof Your Restaurant This Winter

Restaurants often face challenges during winter downturns due to factors such as colder weather, holiday season, and reduced outdoor dining options.

This can be stressful and worrisome, but with a plan it does not have to be. We compiled a list of several strategies you can employ to overcome these challenges and maintain steady business during the winter months. Let us know what you think of these ideas!

Seasonal Menu Offerings:
Create a winter-specific menu featuring comforting, warm dishes that resonate with the colder weather. Offer soups, stews, hearty pasta dishes, and warm beverages like hot cocoa or spiced tea. Highlight seasonal ingredients and flavors to attract customers looking for cozy comfort food.
Promotions and Specials:
Introduce winter-themed promotions and specials to entice diners. This could include discounts, bundled meal deals, or limited-time offers. Promote these deals through social media, email marketing, and your restaurant’s website.
Holiday Events:
Capitalize on the holiday season by hosting special events, such as festive dinners, themed parties, or holiday brunches. Collaborate with local businesses for cross-promotions or partnerships to increase foot traffic.
Decor and Ambiance:
Transform your restaurant’s interior into a warm and inviting winter wonderland. Use cozy lighting, seasonal decorations, and comfortable seating arrangements to create a welcoming atmosphere that encourages customers to stay longer. Everyone likes a cozy meal, make your restaurant the coziest place in town. Some restaurants even include complimentary lap blankets!
Online Ordering and Delivery:
Offer online ordering and delivery services to cater to customers who prefer dining at home during colder months. Provide a seamless ordering experience through your website or mobile app. DoorDash, GrubHub and UberEats are just a few of the possibilities to consider if you choose to outsource delivery options.
Takeout and Meal Kits:
Create takeout options that are convenient and well-suited for winter dining at home. Consider offering meal kits with pre-prepped ingredients for customers to cook restaurant-quality dishes themselves.
Themed Nights and Entertainment:
Organize themed nights or entertainment events to draw in customers. This could include trivia nights, live music, or themed parties that align with the winter season.
Loyalty Programs:
Implement a loyalty program that rewards repeat customers during the winter months. Offer discounts, free items, or exclusive perks to incentivize them to choose your restaurant over competitors. FiveStars is a popular loyalty program to consider offering and comes with an offer platform and ways to track the success of the program.
Collaborations and Pop-Ups:
Collaborate with other local businesses, such as coffee shops, bakeries, or local artisans, to offer unique dining experiences or promotions. Hosting pop-up events can attract new audiences and create buzz.
Social Media Engagement:
Stay active on social media platforms by sharing behind-the-scenes content, showcasing new dishes, and engaging with your audience. Encourage user-generated content through contests or photo challenges related to winter dining.
Gift Cards and Vouchers:
Promote gift card sales during the holiday season. Customers can purchase them as gifts for family and friends, generating revenue upfront and potentially bringing in new customers.
Private Events and Catering:
Promote your restaurant as a venue for private events and catering during winter celebrations like holiday parties, corporate gatherings, and family gatherings.
Community Involvement:
Participate in community events, fundraisers, or local winter festivals to increase visibility and connect with the local community.
Temperature-Controlled Outdoor Seating:
If feasible, invest in temperature-controlled outdoor seating options like heated igloos, tents, or covered patios to accommodate customers who prefer outdoor dining even in colder weather.

By combining these strategies and tailoring them to your restaurant’s unique offerings and customer base, you can mitigate the impact of winter downturns and maintain a successful business throughout the colder months. It takes creativity and some planning but can be worth every dime in increased revenue. Good Luck!

Did you know?
My Accounting Team offers an array of benefits to the Restaurant and Lodging industry who have never before had reasonable access to systems and resources that provide insights, security, controls and peace of mind. Learn More.

Restaurants often face challenges during winter downturns due to factors such as colder weather, holiday season, and reduced outdoor dining options.

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