Frequently Asked Questions
How can Newtek help financial professionals such as bookkeepers and CPA's?
Newtek has developed a state-of-the-art we-based software system, Newtek Financial Suites
TM, which streamlines communication and clients' transactional processing of needs. The end results are greater efficiency and more productivity.
Why do I need to worry about having my paper documents in a traditional filing cabinet or drawer?
A fire, vandalism, flood or other mishap can spell disaster. The costs associated with recreating these paper files can be prohibitive, indeed, it may be impossible to do so. The answer is our eCabinet
TM.
Can I access the important document in my eCab at any time?
Yes. For less than $20 per month you can have your documents stored on our password-protected secure server -- ready for viewing and printing 24/7/365. All you need is an Internet connection.
How can Newtek help me manage my business better?
We help you manage your business through interaction with your staff and management. By providing you with timely, accurate and in-depth financial reports and analyses, we help you make informed decisions.
What kinds of reports can I expect from your group?
You can expect customary reports, such as balance sheet and income statements, as well as other traditional reports based on your needs.
Does Newtek use state-of-the-art technology?
Yes. Our Newtek Financial Suites web portal uses the latest technology available. Your data resides on a secure server in a remote location. Encryption software, similar to that used for ATM machines, is employed to ensure that your data is safe and secure -- more secure than open books in an office or on a computer screen.
How do I access my financial data?
As long as you have an Internet connection, you can access your financial data, 24 hours a day, seven days a week. Your data is located on a secure-server, with 128-bit encryption. This is the same procedure and technology your bank, medical records and federal agencies use to access and process information. It is secure and it is dependable -- with 100% backup running in real time.
Will I lose control of my business if I outsource?
You never lose control of your business. In fact, you increase control because you can now make sound business decisions based on accurate and timely financial data.
Is my data secured over the Internet?
The technology we use utilizes encryption technologies that provide the same level of security as those used by ATM machines, and your data resides on secure servers in remote locations. Our system also uses redundant capabilities, off-site storage and sophisticated firewalls designed to prevent unauthorized access. We have a robust system that, while no system, guarantees 100% security, we are confident that our system has sufficient built-in controls to fairly and reasonably guarantee the security of your data.
Who decides when bills are paid?
You do. You have full control of how and when to pay bills. Our team records the transactions, and provides you with a report of all open invoices, and payments are only made with your authorization.
Will I have to make personnel changes?
It depends -- some companies assign their entire back office operations and redeploy some or all of their personnel to other areas of operations; others assign certain specific functions to us and we complement their in-house.
Do you replace my software and my current books?
In some ways we will recommend that you upgrade your software with the latest current edition of your current software. Sometimes we recommend new software -- it depends on your needs. We exclusively use QuickBooks software from Intuit, but can arrange to convert your data from other popular software formats.
Where are my cost savings?
The cost savings derive from the ability to replace an overhead cost center at a lower cost while at the same time acquiring the expertise of cross-trained financial professionals. Further, by using our services, you eliminate the time and costs associated with hiring and training of personnel to perform the functions that would be assigned to Newtek.
Can you provide other types of services?
It will depend on the type of services. Newtek has alliances with other professional independent firms, which it uses periodically to supplement its resources.
Do you also use payroll?
Our experience has shown that third party providers specializing in this function handle this task more efficiently and economically. Our staff will coordinate the transmittal of payroll data (federal and state withholding information, time sheets, etc.) to the payroll service company. We also make sure that all paychecks are properly posted, payroll taxes are paid on time and federal, state, and local tax reports filed when due.
What types of companies use your service?
We provide services to companies from several industries. Current clients include companies involved in the following industries:
- CPA Firms
- Information Technology / Web Hosting
- Business Consulting
- Restaurants
- Marketing Firms/Media
- Not-For-Profits
- Religious Organizations
- Doctor's Offices
- Internet Based Businesses
- Flower Shops
- Online Information Directory Providers
- Chambers of Commerce
- Pet Stores
- Engineering Firms
- Manufacturing Companies
- Professional Associations
- and others...
Why outsource to Newtek?
Outsource to Newtek because:
- Outsource non-core bookkeeping function
- Enjoy a higher level of bookkeeping expertise at a fraction of your current cost
- Improve your ability to make timely business decisions
- Enhance your chances of getting approved for a loan
- Receive standardized financial reports across all of your franchisees
- Reduce your tax liabilities by ensuring that all financial transactions are appropriately booked
- Sell your business for a desirable price by demonstrating a neat and accurate historical financial record
- Alleviate the stress associated with regulatory compliance
- Eliminate the impact of employee turnover
How can Newtek help me get a loan?
Maintaining a complete and accurate record of your company's financial status is the foundation to being approved for a loan
Gain valuable insight from business owners who have utilized Newtek's services to help manage and grow their businesses.
