These are the main services you will receive with Boosted and we will go over each in more detail below:
Regardless of what plan you choose (Launch or Premium) you will receive a dedicated bookkeeper that oversees your financials.
You will grant your bookkeeper “Accountant” permissions on your Quickbooks Online (QBO) account as part of the onboarding process.
This will allow your bookkeeper to see all transactions flowing in from your bank accounts and credit card accounts.
The bookkeeper will set up a Chart of Accounts for you as part of the onboarding process. The Chart of Accounts basically tells you what buckets transactions should be sorted into for revenue and expenses.
Those buckets are the line items that you will see on your income statement, like advertising, travel, utilities, etc.
Throughout the month, your bookkeeper will place the transactions from your bank and credit card accounts into the correct Chart of Accounts bucket.
When they come to a transaction they don’t recognize, they might send you a quick email to verify what bucket it should be placed in!
At the end of each month, the bookkeeper will perform a month-end close process to ensure accuracy on all accounts and prepare the contents ofyour Boosted Monthly Report (covered in point 3).
Along with a dedicated bookkeeper, you get an expert advisor with CFO-type experience analyzing your financials and identifying opportunities for growth.
You will work together with your advisor to identify your most important financial goals and questions and implement the right KPIs and systems to achieve your goals and answer your questions.
The involvement of your advisor depends on the plan that you choose:
Regardless of which plan you choose, your advisor will be an invaluable source of knowledge and experience to rely on so you don’t have to face the financials challenges in your business alone.
Your monthly reporting packet is your cheat sheet for decision making in your business.
Each section includes a plain-English breakdown of the key metrics, identified by your advisor, that are most important to track in your business.
Your Boosted monthly reporting packet takes those financial statements and brings them to life with charts, graphs, and plain-English text showing you what those numbers mean.
Pair your monthly packet with an advisor that has CFO-type experience and you will finally feel like you have answers to your toughest financial questions without solely relying on your gut.
Do you have a system set up to make sure you follow up on invoices that haven’t been paid?
What about a system to make sure you aren’t double-paying invoices or paying for erroneous invoices?
If you aren’t confident in your current system, we can help. We centralize all billing and payments through Bill.com.
Invoices are sent by your team to customers centrally throughBill.com. This allows you quickly see outstanding invoices, set automated reminders to nudge your customers to pay, and automatically sync your payments directly to Quickbooks Online.
Similarly, third-parties will submit invoices through Bill.com. We will set up an established approval hierarchy within your company to review invoices before the payments are made.
Centralizing your billing will reduce invoicing errors, eliminate double paying invoices, and improve collections on outstanding accounts.
Our bookkeepers will not call to collect payment of outstanding invoices. If you need a more robust collections process, that should be a position hired within your company.
We can help cover your payroll as an optional add-on, but it isn’t required to use Boosted.
If you decide to use Boosted for payroll, you will need to switch over to Quickbooks Payroll for your software.
During the onboarding process, a Boosted Payroll Specialist will help migrate your data over from the current provider to Quickbooks Payroll.
The Payroll Specialist will ensure that your account is accurately set up to run payroll for your current employees.
As you make changes in your employee count, you will communicate those changes to your bookkeeper and they will update the employee information in Quickbooks Payroll.
Your payroll runs will be managed by your bookkeeper on the pay period you choose through the Quickbooks Payroll account.
Do you feel like you are winging it when it comes to managing your cash? A lot of owners we work with say they look at their bank account and have a gut feeling of how much is needed to cover expenses.
But what happens when you want to invest more cash into your business for equipment, new employees, etc.? It’s really tough to gut check how that will play out.
That is where a rolling 13-week cash flow forecast comes into play.
This type of forecast looks at projected cash inflows and outflows for the business on a week-by-week basis for the next 13 weeks.
Projections include historical sales and expense data, budgeted cash for new initiatives, and projected cash from sales generated with the new initiatives.
If your projections were off, you find which assumptions were incorrect and why, creating a feedback loop for your decisions, which will improve performance.
Plus, you will be able to see any negative cash levels weeks in advance, allowing you time to get needed funding (e.g. line of credit) to cover the shortfalls.
Your advisor will work on the rolling 13-week cash flow forecast with you and make modifications on a weekly basis as financial data comes in.
Don't you hate all the stress that tax season adds every year? Not to mention the potential surprise of how much you owe.
With the Boosted Tax Filing plan, you won't have to stress—and no surprises!
Since our bookkeeping service ensures you have accurate, up-to-date financials throughout the year, we will have all of the needed information to anticipate what you owe far in advance and then file your returns without you even sending an email.
Not only do we handle your business returns, we also file your annual 1099s.
Additionally, we can perform your personal and estate filings, and even support with estate succession planning.
To really explore tax savings, you can add-on tax planning to make sure you are taking advantage of tax strategies specific to you and your business.
Hopefully this gives you a better idea of how Boosted works and integrates with your current business.
Investing in the financial stability of your business will be one of the best decisions you can make as an owner.
You will have peace of mind knowing exactly where your finances are going and a plan for growing your business!