Question 1

What is cloud accounting?

Accepted Answer

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.

Question 2

What is outsourced accounting?

Accepted Answer

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.

Question 3

What is the AICPA?

Accepted Answer

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.

Question 4

Why outsource my accounting department?

Accepted Answer

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.

Question 5

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

Accepted Answer

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.

Question 6

How does outsourcing help grow my business?

Accepted Answer

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.

Question 7

Will I “lose control”?

Accepted Answer

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.

Question 8

What about the risk of fraud or embezzlement?

Accepted Answer

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.

Question 9

What about all the bills and checks in the mail?

Accepted Answer

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.

Question 10

What will it cost?

Accepted Answer

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.

Question 11

What about security?

Accepted Answer

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

Question 12

Does MAT replace my CPA?

Accepted Answer

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.

Question 13

Why not just use our existing CPA?

Accepted Answer

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.

Question 14

Why not just use our existing CPA?

Accepted Answer

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.

Complex Problems, Simpler Solutions for Non-Profit Accounting

Accounting Software Solves Problems for Non-Profits

How tech solutions simplify the problem and processes in nonprofit accounting.

Introduction

What is Cloud Technology?

Let’s take a look at the benefits of this in a bit more detail:

Grant Management

501C3 Status for Non-profit accounting

The Technology Itself

Conclusion