Focus on Your IT Business and Leave the Bookkeeping to MSP Beans

Find These Bookkeeping Services at MSP Beans

For as little as $1,000 a month, we will get your books in order. But what other services do you need so you can operate with maximum efficiency and profitability?

Let us discuss how our services can help your IT company do its best work. Contact us today.

Here are some of the most common scenarios we find when talking to MSPs about their accounting:

• A team member is doing the bookkeeping, but it is inaccurate, not completed on time, or books simply aren’t managed well.
• You are trying to keep up with the books yourself, but being the owner of an IT company comes with too many responsibilities.
• Bills are going out late because too many other things come up that need your team’s immediate attention.
• Bookkeepers you have hired in the past do not offer custom services that flex with your growing and changing accounting needs.
• You have recently started your IT business, you have no formal accounting training—and financial statements…what are they?
• You have an exit strategy in place but have no way to show potential buyers the value of your company so you can get the best price.
• Your unmanaged books are staining your reputation. You worry that people will judge your IT abilities based on your accounting abilities.
• The painstaking details of bookkeeping are boring. You daydream about being able to hand it over and forget about it.

QuickBooks Online

If you are not already using QuickBooks, we will migrate you to QuickBooks Online. This process includes creating a journal entry for each month of the year so far, plus entries for the entire previous year if appropriate.

With QuickBooks Online, we will all be connected with valuable features that are easy to use at an affordable price. You will own the relationship with Intuit (and be responsible for all charges from Intuit, including Assisted Payroll Processing fees), while we institute the SLI Chart of Accounts going forward.

Payroll

For everything from payroll processing and tax filing to compliance, reporting, HR integration, and advisory services, we can ensure the accuracy and timely delivery of all aspects of your payroll. This includes working with you to deliver written SOPs for payroll and employee expense reimbursement cycles. After this is complete, we’ll take over all payroll activities.

We will complete the current year with your existing payroll provider, and at the end of the calendar year, we will migrate to QuickBooks Assisted Payroll or an alternative MSP Beans solution. Subscription charges will be covered by your IT firm.

You can expect us to review time entries from the PSA on a daily basis and contact individuals who may not have completed their entries from the previous day and those whose entries do not comply with company policy regarding time entries. Our goal is always to have, at a minimum, all required payroll data by the first working day after the pay period ends.

We will provide all payroll onboarding forms to new employees and set them up in the payroll system (as well as in the PSA if you wish). We will also maintain all documents required to support the I-9 form.

Client Project Quoting, Accounts Receivable, & Invoicing

You can count on MSP Beans to develop written SOPs for project quotes, invoice creation, invoice onboarding, MRR invoices, and project and other chargeable invoices. We will reconcile all tools that are in use and paid for by you to underlying MRR invoices, track and report on Quotes / WIP, and make monthly reversing journal entries to smooth out gross profit swings.

Accounts Payable / Vendors

You will not have to worry about managing vendor contracts, tracking upcoming renewals, or maintaining and providing competitive, anonymous pricing information. Vendor invoices will be entered into QuickBooks daily, invoice copies will also be uploaded to QuickBooks, and material purchases will be tied back to quotes—all of which will create a custom approval workflow for you.

Vendors will be paid via a third-party payment app, while we provide a daily encrypted email through the dashboard that includes information like current cash balance and current close cash (ACHs that haven’t fully cleared).

Accounts Receivable Aging

MSP Beans will produce detailed reports of delinquent accounts with last actions and next expected actions, plus we will take responsibility for contacting clients regarding delinquent payments.