FAQ

Table of contents


Why should I use F5 Accounting instead of hiring my own in-house accountant or bookkeeper?

There are many costs involved with hiring, training, and retaining a permanent in-house staff person. You must consider the overall cost of employing a bookkeeper including overhead costs, vacation time, insurance, equipment, training, and the risk of supervising a function you are not an expert in. Accounting and bookkeeping services are our business and our staff are supervised by knowledgeable accountants and CPA’s. We assign duties to the staff best skilled to accomplish each task. We have developed systems and procedures that work which we customize and document for each client. Our team approach of training multiple staff on each client will make you less vulnerable to turnover than with an in-house employer.


Why would outsource my monthly work? Isn’t that going to be more expensive for me?

Being CPA’s and staff accountants we have the knowledge and tools to work more efficiently than your own bookkeeper or bookkeeping firm. We work remotely to save both of us time and money. We use the best technology and software available in our industry. Also, don’t look at us as a bookkeeping firm but as your outsourced accounting department that will deliver to you actionable business insights and advice.


What type of clients do you work with?

We have over 30 years experience working with various types of businesses. However, our focus remains in the following industries:

  • Non-profit Organizations
  • Construction
  • Retail
  • Professional Services
  • Light manufacturing


We are a small business. Will outsourcing work for us?

Technology has evolved over the years and at F5 Accounting we use it to make outsourcing a reality for small businesses. We add a professional aspect of an accounting department without the cost of an in-house team.


Who will be my contact at F5 Accounting?

We will assign an account manager to your account as well as a backup contact. We want to ensure that you have timely responses to emails and requests so we make sure each client has at least 2 internal points of contact.


Do you work onsite?

We prefer offsite, outsourced solutions but can work onsite at our client’s offices. You’ll be amazed at how efficient we are without coming to your office.  We are happy to accommodate special requests from time to time to attend a board meeting or satisfy other one-off needs but we do not come on a regular basis.


Will my business data remain confidential?

Data protection is the most important aspect of our business. We have implemented very high levels of security to protect the confidentiality of your data. All financial documents are stored on a secure server with secure and redundant backup. We keep very little paper in our office. We do not keep check stock and all access codes and sensitive financial information is kept under lock and key and completely confidential. We do not email attachments containing confidential information but use a secure service to transfer documents to you. We also encourage our clients not to send us sensitive files. We provide the necessary tools to interact with our office in a secure environment and our clients and staff use a secure portal to access your company information.


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

If your books aren’t being done accurately, you are not in control of them. You will always have access to your accounting records 24/7.


What kind of software do you use?

We use mainly Xero, Peachtree, QuickBooks and Bill.com. However, if you have an accounting software product that already has your data, we may be able to continue to use it. This is especially important for our clients that will continue to use their in-house bookkeeper but would like to hire us to perform higher end accounting functions


We already have our own software installed on our server, can you work directly on our server using a remote connection?

No. We require direct access to your accounting software therefore it needs to be hosted remotely using a service we have selected. We actually feel that cloud based technologies are safer for you as they are backed up at least daily using redundant backups and the security at hosting companies are better than any security you have in your office.


Paperless? Isn’t accounting all paper? How will I get my bills/receipts to your office?

A: Easy! There are actually several options.

1. Scanning.

2. Mail – you will mail originals (or copies) to us. We will scan, store on our secure server and shred.

3. Direct – have everything accounting-related sent to our office directly. We also have relationships with many vendors so that your bills will be sent directly to your Bill.com account.


If we hire you, can we keep our existing CPA?

Absolutely! We have worked with many CPA’s. They receive year end data that is accurate that makes tax planning and preparation run more smoothly for them. This can also save you money in that your CPA does not have to recreate your books. However, some of our clients do use our services