Frequently Asked Questions about BBBS Inc.

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BBBS Inc.
1816 Crow Child Trail NW Suite 700
Calgary, AB T2M 3Y7
(403) 370-6737
 
Hours:
Mon - Fri
8:00 am to 5:00 pm

Frequently Asked Questions

 

Q. What do you mean by "outsourcing"?

Q. How is outsourcing different than hiring a "temp" (temporary service)?

Q. What are the benefits of outsourcing?

Q. How much more will it cost me to outsource my accounting department?

Q. How can outsourcing provide better results and cost less?

Q. What are the advantages of outsourcing accounting and bookkeeping?

Q. What type of companies benefit most from outsourcing?

Q. Won’t I lose control if my books are done by an outside service?

Q. How will my outsourced accounting department interact with my employees, customers

     and vendors?

Q. How do I access my financial data?

Q. Can other people access my data?

Q. What software can I use?

Q. Do I have to make duplicate entries?

Q. Do I have to leave my current accountant?


 

Q.  What do you mean by "outsourcing"?

A. Outsourcing is when you take internal company functions and pay an outside firm to handle them. The most common functions to outsource are services such as accounting departments, payroll, information systems, sales, marketing and human resources. More recently, outsourcing has been used to describe sending work overseas. At BBBS Inc., we handle all of the work here in the United States.

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Q.  How is outsourcing different than hiring a "temp" (temporary service)?

A. Although outsource companies are sometimes confused with temporary employment services, true outsourcing services maintain regular full-time professionals that develop working relationships with their clients. They operate as an extension of their client companies. The rapport and commitment developed between clients and outsourced professionals are difficult to find with traditional part-time or temporary agencies.

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Q. What are the benefits of outsourcing?

A. Successful outsourcing relationships enable business owners/CEOs to focus on their own core competencies, eliminating the daily tactical to-do lists (working in the business) that keep them from spending time on the big picture and strategic initiatives (working on the business). Businesses find that they save money, improve quality of work, and free up resources when they outsource the right functions.

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Q. How much more will it cost me to outsource my accounting department?

A. Not more … LESS! BBBS Inc. provides a professional, single-source accounting department that is convenient and responsive at a lower cost than an in-house staff or third party provider. We create a "pod" of professionals to service your account based on your specific needs. Our approach ensures that you pay only for the level of expertise and skill that you need, when you need it – therefore saving you money. On top of that, you'll never have to hire, train or manage another bookkeeper, accountant, etc., again!

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Q. How can outsourcing provide better results and cost less?

A. At BBBS Inc., we have streamlined the accounting function. We know what you need, and we deliver it consistently on-time and on-budget. We maximize the sharing of our staff's talent and knowledge with all our clients. The end result is the delivery of timely financial statements and comprehensive analysis reports.  These enable you to use your financial information as a tool to run your business more profitably, not just to capture history. Under our management, costly mistakes are avoided, appropriate skill levels are applied when needed, and your accounting is ALWAYS our number one priority.

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Q. What are the advantages of outsourcing accounting and bookkeeping?

A. All companies need relevant, timely and accurate financial reports and analyses. Whether a company is a Fortune 500 or a smaller emerging business, each business's needs are very similar. Unlike large corporate counterparts, small and mid-size businesses cannot afford to hire an accounting department with specialists in each area. Many companies over-utilize or under-utilize the accounting employees who were hired.  Perhaps they expect a controller to perform bookkeeping functions or an accounting clerk to provide financial analyses. An outsourced accounting services provider, like BBBS Inc., can provide the right services and skill at the right time. A company’s requirements may require a CFO/controller for a few hours each month for planning.  Or it may need a bookkeeper for a couple of hours daily to maintain data entry. Or it may benefit from the use of an accounting clerk a few hours weekly to review the data, prepare reports and make collection calls. An important point to keep in mind, is the company only pays for the professional level it needs, for the time it is needed. In this scenario, the company can secure access to high-level strategic financial expertise that will propel growth. At the same time, it maintains its day-to-day accounting needs with the best cost-effective mix of talent.

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Q. What type of companies benefit most from outsourcing?

A. If you’re a growing company, your needs are constantly changing. Having a flexible support team that can quickly adjust its talent mix to support your needs will give you the edge you need to keep your momentum going. If you’re a small to mid-size business, chances are you cannot afford to hire the breadth of expertise you may require in any given functional area. With few exceptions, outsourcing is a viable option for you.  It can reduce your operating costs and greatly improve your strategic insight. If you’re a company that is seeking change, an outsourcing team offers an outsider’s perspective, and can see beyond the way things are currently done -  to the possibilities of how they should be done.

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Q.  Won’t I lose control if my books are done by an outside service?

A. Like most business owners, you may have already lost control if you rely on inaccurate accounting data, or experience continuous staff turnovers. How carefully are you evaluating your staff's work and what safeguards do you have in place to ensure your books are accurate? Outsourcing provides a natural check and balance system. BBBS Inc. does not sign the checks generated for you. You do that. BBBS does not deposit the actual money. That remains in your control. On the other hand, BBBS does do all the entry and processing to ensure compliance with the appropriate check and balance systems as outlined by GAAP (Generally Accepted Accounting Principles).

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Q. How will my outsourced accounting department interact with my employees,

customers and vendors?

A. Current technology allows us to operate as if we are in your office, keeping us transparent to your clients, customers and vendors. We can truly be YOUR accounting department. This makes the integration and acceptance of outsourcing more practical for any size business.

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Q. How do I access my financial data?

A. BBBS Inc. offers a wide variety of computer and Internet connectivity options in order to provide your company quick and secure access to your BBBS, accounting department "pod," and your financial data. Using a variety of connections, you can review your accounting data and print reports instantly from any location. Multiple departments, such as shipping and receiving, manufacturing floors, and management can also have real-time access to the data they need.

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Q. Can other people access my data?

A. No one can have access to your data without your company’s express permission. BBBS Inc. takes great lengths when it comes to security measures. We have greater security than many businesses have when their software and hardware are in-house.

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Q. What software can I use?

A. BBBS Inc. can work with the software you currently have in place whether it’s industry specific software, a high-end accounting package or QuickBooks. In addition, BBBS’ network and computer accounting specialists can help you with any accounting software decisions, installations, and conversions you may need.

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Q. Do I have to make duplicate entries?

A. No. BBBS logs into the same accounting system you are using. This means real-time updates take place.  The data you view is current, and there is no need for duplicate entries.

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Q. Do I have to leave my current accountant?

A. Absolutely not, if you don’t want to. Although BBBS has experienced business accountants on staff, we also work hand in hand with many of our clients’ CPAs, and, in many cases, we were actually referred to them by their CPA. CPAs love the accurate and timely financial data we provide. But BBBS is a not a CPA firm. Our company accountants and controllers have accounting degrees and years of experience in business. If your company requires yearly public audits, BBBS will work with a CPA of your choice, or we can refer you to an independent, qualified CPA.

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