virtualbpo - Outsourcing frequently asked questions


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	frequently asked questions
	how can virtualbpo help improve my business? why outsource to virtualbpo? what type of companies use your service? what type of reports will i receive? does virtualbpo use latest technologies? how do i access the financial system? is there a danger that i may lose control of my business ? is my data secure over the Internet? who decides when payments are made? what happens to my original documentation? how does virtualbpo charge for its services? do you replace my existing financial system? how long will it take for me to become a virtualbpo client? how are cost savings generated? do you offer other services? do you process payroll? will i have to make staff redundant? what would happen if i decided to stop using virtualbpo?


	How can virtualbpo help improve my business? We help your business prosper by providing you with timely, clear and concise information regarding its performance. We concentrate on the issues surrounding managing your back office accounting function, allowing you to focus on running your business. Virtualbpo instils financial discipline in its clients which helps to guard against the cashflow dangers associated with all businesses eg. Bad debts, over-trading etc. top Why Outsource to virtualbpo ? Enjoy an improved level of accounting service at a fraction of your current cost Gain access to an award winning general ledger solution with minimal set-up costs Improve your ability to make timely business decisions Improve the cash management of the business Receive standardized financial reports across all of your business units Allow your accounting function to flex with the changes in your underlying business Reduce the hassle associated with regulatory compliance Eliminate the issues associated with recruiting and retaining accounting staff top What type of companies use your service? The service is aimed at small to medium sized companies who have a requirement to produce monthly management accounts, either to help management run the business or as a condition of financing. Typically companies with turnover between £5m - £50m, with a requirement of 1 to 10 people in their accounting function. top What type of reports will I receive? We will supply you with a standard monthly management reporting pack, including a profit & loss account, balance sheet, cashflow statement, aged debtors and creditors reports. We can supply other special reports based on your needs. top Does virtualbpo use latest technologies? Yes. The virtualbpo system solution is based on Microsoft Navision and is accessible using the internet. We use a specialist third party hosting company and all your data resides on a secure server in a remote location. Citrix is used to encrypt data, this reinforces security as it works by sending changes in screen images, rather than transmitting all data. top How do I access the financial system? Providing you have an internet connection, you can access virtualbpo's financial system, 24 hours a day, seven days a week. We use SSL 3 (Secure Socket Layer 3) 128-bit encryption. This is the highest level of encryption available for this type of communication. top Is there a danger that I may lose control of my business? No, you never lose control of your business. An outsourcing relationship with virtualbpo helps you to increase control because we provide you with accurate and timely financial information, allowing you to make sound business decisions. top Is my data secure over the Internet? We use encryption technologies based on US department of defense standards that incorporate a multi layer security model. Our solution also uses redundant capabilities, clustering, off-site storage, anti-virus software and sophisticated firewalls designed to prevent unauthorized access. We have a robust system that, while no system guarantees 100% security, we are confident that it has sufficient built-in controls to fairly and reasonably guarantee the security of your data. top Who decides when payments are made? You do. You have full control over all payments, including when and to whom they are made. Our accounting specialists' help this process by providing you with a report of all due invoices, and payments are only made with your authorisation. top What happens to my original documentation? As part of the set-up process you are assigned a PO Box number. This address is passed to your suppliers as your billing address and is the address to which all other source documentation is sent. All items sent to this address are scanned and stored in a secure area on virtualbpo’s network, where it can be accessed and used to generate transactions. The original documentation is then securely archived by a specialist third party. top How does virtualbpo charge for its services? Our fees are based on transaction volumes. We will make an initial estimate of the resources required to process these transactions and charge you a monthly fee. This fee represents a significant saving on the cost of running your own accounting function (normally +20%). top Do you replace my existing financial system? Yes. We take your existing data and load it into our ready made software solution based on Microsoft Navision. The advantage of this is that we can spread the cost of the set-up of this system across many companies and this real saving allows us to offer you a more cost effective proposal. top How long does it take for me to become a virtualbpo client? We start by performing a review of your accounting needs and provide you with a detailed transition plan together with costings. This is fairly routine and can be done in a matter of days. Upon acceptance, we will undertake to complete the transition as quickly as possible, normally in less than a month. top how are cost savings generated? Savings are generated in the following ways: use of better systems implementation of better processes task specialisation economies of scale more efficient organisational design use of low cost labour centralisation use of scanning, etc top Do you offer other services? Virtualbpo will endeavour to service the needs of its clients directly or through the use of business partners. Please ask if there is a specific area in which you need assistance. top Do you process payroll? This area of the market is already well served by a number of specialist suppliers, so we do not process payroll ourselves. Virtualbpo's accounting specialists will manage the relationship with the payroll bureau and coordinate the collection of payroll data (Salary details, hour rates, time sheets, etc.). We also make sure that all payroll amounts are properly posted, PAYE paid and tax reports filed when due. top Will I have to make staff redundant? In the situation where you already have your own accounting department, there are the following options: you can assign your entire back office accounting to us and redeploy some or all of your personnel in other areas of the business we can provide access to our general ledger solution, with a view to performing work as and when staff leave through natural attrition. top What would happen if i decided to stop using virtualbpo ? Obviously this is a situation we would wish to avoid but we recognise that there will be circumstances where a client wishes to stop using the virtualbpo service. The service is designed to be a better more flexible alternative to having your own accounting function so in line with this we would supply you with an electronic copy of all your data together with all your original source documentation. top

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