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Bookkeeping & Payroll

BOOKKEEPING

Why outsource your bookkeeping?

First, some lingo clarification, outsource means you hire someone to do your bookkeeping that's not your employee. Some outsource bookkeeping companies send your work to India so they can pay a lower rate we don't do that because never want our sensitive financial data going anywhere. Your books are prepared here by our team.

 

We have a fully virtual process meaning we can serve anyone, anywhere, just as well as in person down the street. For those who desire an in-person relationship, we have two locations in Massachusetts.

Perks

We've witnessed some profound perks while working with hundreds of business owners providing their bookkeeping solution:

  • We're not your employee = no employee costs for payroll taxes, benefits etc.
  • We're in & we're out. Pay for what you need and no more
  • Our time to complete the work always averages less (processes are a beautiful thing)
  • We're pros who are self sufficient
  • Privacy - employees don't see the books. Our perspective is different than someone employed by the company
  • Zero judgement. We help, not judge
  • We know processes and procedures and will help you with yours
  • We LOVE organization = you'll have organization!
  • Flat fees to fit any budget
  • We can grow with you
  • OnaBooks is part of OnaWay which has access to a host of services you need to take control of your money so you can live better

BOOKKEEPING SERVICE OPTIONS

 

After-the-fact Bookkeeping (ATF)

After-the-fact (ATF) bookkeeping is our most affordable option but by no means a lesser value. Bookkeeping is prepared by us directly from your bank and credit card statements using Quickbooks. We enter all deposit and expense transactions and reconcile your bank and credit card statements monthly. You receive properly posted cash basis financial statements monthly.

The benefits are many. Our favorites include knowing your numbers monthly to make powerful decisions and the simplicity of tax time when everything is ready! Zero stress.

The fee is a flat monthly amount so you know exactly what to budget for and aren't hit with surprise billings customary with hourly bookkeeping services. We calculate the fee based on the size of your bank/credit card statements. Payment is made via an automatic ACH initiated by us. Average fees range $100-$375 per month.

 

Tag-Team Bookkeeping

TagTeam is all about collaboration. You do some, we do some. We’ll handle as much or as little as you like. This service is for those that have someone on the ground handling the day to day but need a partner to handle aspects of the accounting. This is an excellent option for an added layer of security and skill.

Here's what we typically do:

  • Reconcile bank & credit card statements monthly
  • Review deposits entered and match to deposits per the bank
  • Review account postings ensuring accuracy & consistency
  • Provide accrual or cash basis financial statements monthly
  • Record payroll from payroll provider reports
  • File sales tax returns from data provided by you (if applicable)

Here's what you typically do:

  • Invoice & receive customer payments. Manage collections (accounts receivable)
  • Approve, enter & pay bills (accounts payable)
  • Manage HR & employee functions
  • Manage employee hours and submit to payroll provider

The fee is a flat monthly amount so you know exactly what to budget for and aren't hit with the surprise billings customary with hourly bookkeeping services. We calculate the fee based on the size of your bank/credit card statements. Payment is made via an automatic ACH initiated by us. Average fees are around $200 per month.

 

Full OnaBooks Bookkeeping

What do you do when you need someone to manage the bills? We get asked that a lot. This is when you need our Full OnaBooks service. Done virtually at our office or in conjunction with meeting at yours we have a tight process for managing your books that shaves time off the job and produces an impeccable product. We commit a block of hours on a set day of the week to do your books. The schedule is strict to honor your time and ours, this way you know we're doing your books at this set time and can be free to connect.

The key for streamlining your books to perfection with this process is when we both do our parts. Without you doing your piece, we can't do ours & vice versa.

Here's what we typically do:

  • Reconcile bank activity weekly & statements monthly. Credit cards monthly
  • Provide unpaid bills detail weekly including available cash balance
  • Pay bills via best method (check, online, etc) Manage online account logins
  • Review deposits entered match deposits per bank or - 
  • Record deposits/receive customer payments against invoices from detail provided
  • Ensure account postings are accurate & consistent
  • Provide accrual or cash basis financial statements monthly
  • Record payroll from payroll provider reports
  • File sales tax returns from data provided by you
  • Maintain organized files

Here's what you typically do:

  • Approve unpaid bills for payment 
  • Make bank deposits, send us deposits details (if applicable)
  • Invoice customers and manage collections (we can help invoice in certain cases)
  • Manage HR & employee functions
  • Manage employee hours and submit to payroll provider 

The fee is a flat monthly amount based on the number of hours contracted. Hours requested by you beyond the contracted amount are billed hourly at the end of the month. 

 

Catch-up Work

It’s customary to need a little work done to get your books up to speed. This can include catching up past months (even years) or cleaning up old errors. We charge a one-time fee for the catch-up services. An initial deposit is due upon acceptance of a proposal with final payment invoiced/due upon completion of the work. Services fall under the same responsibilities as outlined and selected above.

For those needing catch-up work whom sign up for a continued relationship we work with you by reducing the catch-up fee.

Software

We use Quickbooks. We recommend Quickbooks Online for the ease of multiple access and avoidance of transferring files (never do that). Some clients must use the Quickbooks desktop version due to point of sale modules, in that case we can remote connect into your computer. This isn't ideal as it means you cannot work on that computer while we are. For those who don't want access to their file and are ok with our monthly financial reports, we can use our own desktop version free of charge.

We have a wholesale account with Quickbooks and get reduced rates for our clients. When a fee doubles for you, it typically increases a few dollars for us. There are multiple options and fees range $30-$40 per month. Quickbooks bills us, we bill you. If you leave for whatever reason, the file is switched over to you completely with one click of the button.

Unfortunately, we do not learn private industry specific software. We wouldn't be a pro at it and we're nuts about making sure we maximize value to you. In this case we wouldn't and feel you'd be better suited having someone in-house who learns more of the software.

 

Feel overwhelmed? Fear Not! Ask yourself one simple question:

Do I want to pay my own bills or not?

Yes. After-the-fact or Tag-Team is the way to go.

No. You want full OnaBooks.

You can schedule a free conversation with our team to discuss your business and which option would be the best fit on our Contact page. We provide a proposal outlining all fees.

 

 

PAYROLL

 

Our payroll service is designed for folks partaking in our bookkeeping or tax services. It’s a necessary aspect of your business and the perk of OnaPayroll is that you’ll work with the same OnaTeam. Partnered with Gusto, we are a full service payroll provider offering several options to fit your tech needs and budget.

 

PAYROLL OPTIONS

We offer 2 tiers, Core and Complete. Core is the basic plan, Complete offers more accessibility and HR functions.

 

Core

 

  • Full direct deposit
  • Impounding and remittance of all payroll taxes per pay period
  • Employee accruable benefits (1 PTO plus sick time)
  • Filing all tax returns, including year-end W2's
  • Employee online accounts to access paystubs and W2's


Complete

 

    • All items included in Core tier
    • Employer access to run reports
    • Paperless new employee forms process - Simply enter your new employees email and they are emailed W4, I9 and direct deposit authorization forms to complete on their own. Forms are saved inside your employer online account, fully accessible.
    • Enhanced employee account options including ability to update direct deposit and withholding exemptions data on their own.
    • Employee time tracking capabilities

    Pricing

    Pricing is simple and transparent. There are no additional costs for filings or processing. 

    Core - Monthly fee: $85 base + $8/per employee

    Complete - Monthly fee: $85 base + $16/per employee

     

    *Limitations apply for certain payroll processing specialties and sizes. If we feel we cannot adequately handle your payroll we will determine that in the initial interview process or upon new developments to your business. We have relationships with other payroll providers and can help get you where you need to go if the need arises.