Success Stories

The following comments represent experiences that are common client experiences when using LedgersOnline services regardless of what type of business or industry they are in. 18

" Savings in penalties is paying for my bookkeeping"

" Now I am caught up and in control"

" I always feel that I have access to bookkeeping help"

" For the first time I feel on top of my business"

" I am getting the information I need to make good decisions"

Before LedgersOnline – What they were missing

• Owner/ CEO spending unwanted time on bookkeeping and accounting
• No financial reporting before the company year end
• Months/Years behind in data entry
• Penalties from tax authorities consuming valuable resources
• No visibility on the financial performance of the business
• Cash flow problems without any insight into why
• Rapidly growing sales but constant needs for cash injections

After Ledgers Online – What they received

• Owner/ CEO was completely removed from the accounting process and is now focusing on growing the business
• Financial reporting on a monthly scheduled basis
• Company filing tax reports on time
• Cash flow reporting

Summary of Net Benefits

• Insight in to the financial performance
• The feeling of being alone is diminished
• More cash was available for reinvestment into the business
• Stress levels are reduced
• Learn more about How Online Accounting Services Work here!

Before LedgersOnline – What they were missing

ABC Construction, a builder of fine homes had the following accounting system:

• A part-time accountant/bookkeeper who was a partner in a multi-site location was doing the bookkeeping for the company on an ad-hoc basis
• Generally projects were undertaken on cost plus contracts
• The general ledger accounting system was months behind in data entry
• Access to the general ledger was locked away on the partners computer in a location that was far from the office and job site
• All real time accounting information was being performed by the owner on excel spreadsheets including, payroll, job costing, expense control, and billing to clients for construction draws
• Reliable reporting for job costs, monthly profit and losses did not exist

After LedgersOnline – What they received

The company was quickly set up on Quickbooks using the LedgersOnline App's on Demand system. This immediately gave everyone in the company collaborative access to the accounting system regardless of their location. The client provided LedgersOnline with the unrecorded transactions and a trial balance from the existing accounting system. The following was accomplished very quickly:

• The accounting system was available in real-time to all authorized client personnel
• LedgersOnline brought the accounting records up to date.
• Current projects were converted to job costing
• All key reconciliations were done
• Reporting from the accounting system was introduced on a timely basis
• All new source documents ( accounts payable invoices, bank statements) are now being scanned to the Ledgers Online virtual filing cabinet.
• Job costing was converted to the Corecon online construction management and costing solution, and integrated into Quickbooks producing a complete construction accounting solution.
• LedgersOnline continues to deliver outsourced bookkeeping and accounting services to ABC Construction on a timely basis each month.

Summary of Net Benefits

• The company was issuing more complete requests for progress draws to their clients, resulting in fewer surprises at the end of the project, and less disputes on the final billing for their projects
• Greater confidence in procedures
• Valuable job costing information is now available that enhances the accuracy of future estimates

Learn more about How Online Accounting Services Work here!

Software, Hardware or Biotechnology

XYZ Solutions Inc. is a relatively new company that has a product that is gaining acceptance in the marketplace. The company now wants to graduate from it's ad-hoc bookkeeping and accounting system to a more formal system with regular reporting and, less involvement from the founders. The founders of the company are experiencing tremendous time pressure as a result of their recent success. They have also acquired a number of stakeholders in the business that are insisting on better and more timely financial reporting.

Before LedgersOnline – What they were missing

• Accounting personnel with experience
• Timely and accurate financial reporting to stakeholders
• The accurate estimates of cash flows or burn rate estimates
• Inaccurate reporting on budgeted project costs vs actual project costs
• The ability to know what their financial obligations or accounts payable are at any given time
• The ability to bill for products and services and collect on a timely basis
• Time for C level personnel to focus on more important issues

After LedgersOnline – What they received

• Accurate and timely financial supporting
• Part-time bookkeeping and accounting services that felt like full-time services through LedgersOnline Help Desk Service
• A sense of where they are financially
• More time to focus on running and growing their business
• The ability to collaborate on the accounting system from anywhere, allowing existing accounting personnel to ease out of the day to day bookkeeping and focus on more important issues

Summary of Net Benefits

• More time to focus on what is important
• Less stress from outside stakeholders
• More confidence in project estimating
• A sense of being in control

Learn more about How Online Accounting Services Work here!

PDF Company was started a number of months before they contacted LedgersOnline for help. At that time the accounting was being done in an uncoordinated manner using spreadsheets and a word processor from different home office locations.

Before LedgersOnline – What they were missing

• An understanding of what needs to be done for bookkeeping
• The ability to comply with basic tax filings
• The understanding necessary to process payroll correctly
• The ability to send professional invoices to customers

After LedgersOnline – What they received

• The company was setup up on Quickbooks with remote access to their data file on the LedgersOnline server, giving everyone simultaneous access to the accounting system
• Help to register the business with all relevant tax authorities in order to minimize and eliminate penalties and interest
• Support for questions the client has regarding expense reimbursement, customer deposits, digital cheques, tax related questions, and other basic accounting issues
• The ability to scan all of their accounts payable, bank statements, and time sheets/payroll hours for input into their accounting system
• An online filing system
• Professional invoice billing templates enabling them to easily create invoices customers
• Take care of all bookkeeping needs so the clients can concentrate on growing their business
• Reviews of company financials with the client on a monthly and quarterly basis so the partners know exactly how the company is performing

Summary of Net Benefits

• More time for the partners to focus on growing their young business
• Reduction in risk to tax authorities
• A sense of control

Learn more about How Online Accounting Services Work here!

Franchise or multiple branches – Central reporting for the dispersed business

Franchiser Incorporated, was looking for a way to connect their corporately owned locations. All of these locations were operating as independent businesses in widely dispersed geographic locations.

Before LedgersOnline – What they were missing

• Timely reporting from these geographically distributed businesses
• An inexpensive information technology solution to connect with these locations
• General Managers for the locations did not possess any accounting or bookkeeping skills
• Engaging with local bookkeepers had proved to be ineffective and hard to control
• The ability to expand rapidly was being hampered

After LedgersOnline – What they received

•  A real-time connection between the Head Office and the General Managers.
• Timely reporting to Head office
• The ability for Head Office staff to review expenses incurred in local marketplaces via the LedgersOnline virtual filing cabinet

Summary of Net Benefits

• General Managers sense of Isolation was diminished
• Head Office was able to make faster decisions based on more timely information
• Unprofitable locations were identified and closed
• Frustrations over the inability to do consolidated reporting were eliminated

Learn more about How Online Accounting Services Work here!

For Those who don’t need Online Accounting services.

Before LedgersOnline – What they were missing

• Lack of formal backups in case of hard drive failure, theft, or fire
• Inability to access accounting records from multiple locations in real-time
• Multi-user access
• No control on who has access to accounting files and where they reside
• Ability to easily collaborate on files without the use of email & flash drives

After LedgersOnline – What they received

• Real-time access to their accounting records
• Ability to run reports that are up to date
• Industry standard backups and security
• Set-up and manage individual user privileges
• Document repository

Summary of Net Benefits

Learn more about How "App's on Demand" Works here!

What we do to make payroll data secure and efficiently recorded.

• Before LedgersOnline – What they were missing
• Payroll personnel were turning over on a regular basis
• CEO was often doing payroll as a way to protect the security of payroll information
• No formal payroll accounting software was being used creating a large project for year end reporting
• Numerous payroll calculation mistakes were being made.

After LedgersOnline – What they received

• The 'scan & forget' system allows the storage of payroll information in a central place
• LedgersOnline payroll personnel are easily handling the conversion of simple hourly sheets to net pay cheques with all the appropriate deductions
• Conversion to a proper payroll system

Summary of Net Benefits

• Since the LedgersOnline service is true outsourcing, the problem with personnel turnover is eliminated
• Security of payroll information is enhanced behind our security system
• Payroll calculation problems are eliminated * Year end reporting is converted from a project to the push of a button
• CEO time is now freed up to spend on growing the business

Learn more about How Online Accounting Services Work here!

If you can do everything else – but hate this part.

ABC Company was at an awkward stage. Enough work for more than one full-time accounting person but, not enough space or budget for two people.

Before LedgersOnline – What they were missing

• The ability to handle high volumes of accounts payable invoices
• The budget to hire another full-time bookkeeper
• The Information Technology expertise to introduce remote accounting staff to their system
• The ability to allow their qualified accountant to concentrate on other aspects of the business such as financial reporting, managing cash flow and cost control
• payments to vendors were late, resulting in high finance and interest charges because accounts payable were not processed in a timely manner

After LedgersOnline – What they received

• We hosted their existing accounting file which gave everyone in the company access
• The client scans their accounts payable to our server for us to process
• A schedule is setup so that the client knows when the accounts payable are all entered and are ready for payment processing
• Current accountant can concentrate on reporting needs for the owners of the business to operate efficiently and effectively
• The scanned documents are then filed on our virtual filing cabinet for easy reference

Summary of Net Benefits

• Better focus from their in house accountant on important financial issue
• A better sense of control over their financial direction
• Better job satisfaction for their existing accountant

Learn more about How Online Accounting Services Work here!

Helping the Board discharge their responsibilities.

Before LedgersOnline – What they were missing

• Volunteer Treasurer has limited human resources
• Lack of central document repository to aid in transition of board members from year to year
• Proper controls for approving budgets, reimbursing expenses, and signing cheques
• In some cases records were being kept by hand and without any backups

After LedgersOnline – What they received

• The company was setup up on Quickbooks with remote access to their data file on the LedgersOnline server, giving everyone simultaneous access to the accounting system
• Help to register the business with all relevant tax authorities in order to minimize and eliminate penalties and interest
• Support for questions regarding expense reimbursement, tax related questions, and other basic accounting issues
• The ability to scan all of their accounts payable, bank statements, and time sheets/payroll hours for input into their accounting system
• An online filing system
• Take care of all bookkeeping needs so the clients can concentrate on growing their business
• Reviews of company financials with the client on a monthly and quarterly basis so the partners know exactly how the company is performing

Summary of Net Benefits

• Eliminate any conflicts by having a professional 3rd party handle the bookkeeping
• More time to focus on growing their young business
• A sense of Control
• Payroll calculation problems are eliminated
• Year end reporting is converted from a project to the push of a button
• More time to focus on what is important
• More confidence in project estimating

Learn more about How Online Accounting Services Work here!