Outsourced Services

Bookkeeper in a Digital Box^TM
Recordkeeper in a Digital Box^TM
Fractional Controller

Why Outsource?

Outsourced financial services have become a strategic component of assisting business owners achieve their goals. Outsourcing is flexible enough to grow and change with your business. Newtek offers a "partnering" opportunity that allows you to refocus your staff and resources in more profitable and strategic directions, supporting and complementing your company's core competencies. From startups to mid-market industries, Newtek's outsourced services can keep your company focus on what's important -- growing your business. Newtek's services allow companies to reduce and limit their bookkeeping and other financial administration costs while establishing more efficient administrative and reporting capabilities.

All our staff is in the U.S.A.

Benefits of outsourcing to Newtek include:

Concentrate your efforts on revenue generation
Reduce the cost associated with financial management personnel
Increase the level of expertise and experience associated with your financial reporting function
Alleviate the stress associated with regulatory compliance
Eliminate the impact of employee turnover

Many companies turn to Newtek to outsource the following financial and administrative back office solutions:

Accounts payable invoices and check disbursements
Customer invoice processing
Cash receipt processing and accounts receivable
Bank reconciliation and cash management
Payroll assistance
Financial record maintenance
Financial reporting

Newtek offers a variety of solutions and the personal attention necessary to understand your company. Our professionals work with you and your staff to develop a customized arrangement that meets your needs.

Bookkeeping and Related Outsourced Services

Newtek provides individualized services customized to meet the unique needs of each of our clients. Our products are geared towards small to medium sized businesses generating between $100,000 and $25 million annually in gross revenues.

Bookkeeper in a Digital Box^TM

Provides basic financial record keeping and financial statements to the small business owner starting at less than $225 per month. Includes our Newtek Financial Suites^TM and eCabinet^TM solutions.

Our Bookkeeper in a Digital Box^TM service is designed for companies wanting to outsource most or all of their company's bookkeeping function. This service is particularly useful for companies that need a bookkeeper or have a traditional bookkeeper but want to enhance or replace that position at a lower cost. Via our proprietary Newtek Financial Suites^TM digital web portal, our customers gain 24/7/365 secure access to their financial books and records. Our clients either fax, scan or mail invoices, statements, and other information to Newtek for processing and financial statement preparation

Our Bookkeeper in a Digital Box^TM solution offers the following features to the small and medium sized business owner:

Transactional processing, bill paying and financial record-keeping
Quarterly or monthly financial reporting (balance sheet, income statement, cash flow, accounts payable and receivable aging reports)
Online 24/7/365 secure web access via our proprietary Newtek Financial Suites^TM digital web portal
Payroll integration
Bank account reconciliation
Fax, scan or mail invoices, statements, and other information to Newtek for entry into Newtek Financial Suites^TM

Accounts payable administration:

Newtek office will receive all bills -- The client can fax, scan or mail all of their bills directly to our office for processing. This reduces the amount of paperwork that the client must go through while enabling us to process all bills as they are received. The client can also gather all bills received either on a weekly basis or twice a month and forward them to us to process.
Enter all bills into accounting system -- Some companies do not use their accounting software's account payable module that lets them track their accounts payable. Our office, upon receipt of all bills, will enter each bill received into the accounting system which allows the company to monitor their accounts payable balances on a daily basis.
Pay bills with management's authorization -- As bills are entered into the accounting system, our financial specialists will coordinate a payment schedule with management. Newtek currently writes checks for bill payments on a weekly basis or twice per month. Once a payment schedule is in place, the financial specialist will pay only the bills that management authorizes. Once all the checks have been printed, they will be forwarded to the company for management to review and sign. Company checks are securely kept at our office. The client is given some checks to keep in case of any emergency. If the company writes any checks, that information is to be forwarded immediately to the financial specialist for processing.
Company credit card statement access -- This access allows Newtek's professionals to input transactions as they occur instead of waiting until the end of the month to receive the statement. Without this access we will record transactions upon receipt of the statement. Either way detailed entries will be made so you always have comprehensive information on the company's expenses.
Transfer of funds to cover check disbursements -- If the client maintains numerous bank accounts, we will inform management when there are cash shortages that may require a funds transfer to cover that particular account.
Maintain copies of all bills -- Our office will keep a copy of all bills received. If you fax or scan bills to us, copies will be maintained in a digital format. You will have access to these digital files at all times.
Review accounts payable -- Our financial specialist will review the company's account payable aging balances to ensure that the invoices received from the company are reflected.

Accounts receivable administration:

Enter customer invoices -- Our financial specialist will enter customer invoices into the accounting system in order to properly maintain accurate accounts receivable balances.
Mail/email customer invoices -- Our financial specialist can mail or email invoices to customers if needed.
Contact customers on overdue accounts (soft collection) -- Our financial specialist can contact customers with a written notice or phone call to inform them of their outstanding balance. Management of the company will coordinate when it is appropriate to contact their customers.
Copies of receipts of customer payments will be sent to Newtek -- Client can have all check payments from customers be sent directly to our office. This allows us to process the payment immediately upon receipt.
Record customer payments received -- Upon receipt of all customer payments, each one will be entered into the accounting system and posted towards their outstanding invoice to properly reflect the new outstanding customer balances.
Maintain copies of all processed invoices -- Our financial specialist will keep a copy of every invoice that is processed with a copy of the customer payment if available.
Review accounts receivable -- Our financial specialist will review the company's account receivable aging balances to identify long outstanding receivables, and to recommend methodologies for reserving against doubtful accounts.

Bank account administration:

Have online read-only banking access -- This enables our financial specialist to record transactions as they occur such as automatic debits and withdrawals and properly record any customer payments that are wired into the account. This allows us to maintain an accurate bank balance in the general ledger on a timely basis instead of waiting to receive the bank statement after the end of the month to record all of the activity.
Have signing power on check disbursements -- Management can authorize a Newtek member of management signing authority on its checking account thus eliminating the need to forward all processed checks for the company to sign. Of course, this is an optional feature.
Bank statements will be sent to Newtek -- This allows the financial specialist to prepare the bank reconciliation immediately upon receipt of the bank statement.
Reconcile bank account -- The financial specialist will reconcile every bank account maintained by the company, and report unusual activity to management.

Payroll administration:

Transmit payroll information to 3rd party payroll administrator -- we work with the company's payroll services provider. We may also assist you in enrolling with a provider if you do not currently have one. The financial specialist gathers the payroll information every payroll period and transfers that information for the payroll company to process. Although we don't administer payroll internally, we provide a seamless solution for your payroll needs.
Enter payroll information into accounting file -- Once the payroll is processed and the payroll company provides the client with the payroll checks and report, the financial specialist with take the detailed payroll information for that period and enter it into the accounting system.
Compute applicable commissions due -- If the company has variable compensated employees, the financial specialist will, based on the information and structure set up by management compute the applicable pay for each employee.
Review payroll entries -- Every payroll period, the financial specialist will review the payroll checks and reports to ensure that the processed payroll reconciles with the information provided to the payroll company.

Recordkeeper in a Digital Box^TM

Newtek's Recordkeeper in a Digital Box^TM is the service offering which is included with our "eCab^TM", a state-of-the-art web-based software platform designed to provide a highly secure, efficient manner to store all of your important documents.

Unlike other records storage solutions, our offering is an integral part of our Newtek Financial Suites^TM Internet software platform. Your electronic file cabinet comes complete with a messaging center to permit you to communicate with our staff. Have a "how to" question? Just ask. No need to drop everything to write an e-mail- our messaging center is right there!

Have a whole room full of paper files? Several rooms? No problem. Our Recordkeeper in a Digital Box^TM team will assist you by preparing a quote for scanning and uploading of all your files.

We are big on technology, but not at the expense of old fashioned customer service. The small business owner now has a full records department without the associated cost.

From now on, you will have "at your fingertips 24/7/365" access to all those documents from anywhere that you have Internet access. Traveling on business? Your documents are always with you!

As an integral part of our Newtek Financial Suites^TM platform, our proprietary software is helping small and medium sized business raise their data storage and security to the level previously seen only with very large companies. In fact, many employees are saving their personal files as well since our eCab is available for less than $20 per month- with full customer support by our Recordkeeper in a Digital Box^TM staff.

Fractional Controller^TM

Our Fractional Controller^TM service is designed for companies interested in obtaining financial oversight and structure, or enhancing their existing financial team but cannot afford these skills on a full time basis. Newtek works with the client's staff to ensure that all required systems and procedures are properly established and implemented, as well as to ensure that financial records are accurately maintained.

Our Fractional Controller^TM service provides our clients with the assurance and comfort of knowing that a second set of eyes is overseeing their financial records maintenance and reporting, all at an affordable, flat monthly fee. This service does not necessarily replace your existing bookkeeping staff. It merely supplements what they do and frees their time to focus more on the day-to-day financial and administrative processing functions. Newtek works with each client to provide the requisite guidance, teaching, support and expertise unique to each client's needs.

On average, a Controller earns between $50,000 and $85,000+ per year. By utilizing our Fractional Controller^TM service, our clients save a substantial amount of money, yet still acquire the skills and expertise needed to grow and operate their businesses.

The specific services provided vary from client to client, but typically include:

Accounts payable oversight:

We will review the company's accounts payable detail to ensure that invoices are recorded in the proper general ledger account and period. Further, we will perform analytics to determine if recurring expenses are reflected, and to determine if any accrual entries for invoices not yet received are required.
We will assist the company in making the most of vendor payment terms to ensure the company is maximizing the management of their available cash. If the company has long outstanding payables, we will advise on how to negotiate favorable settlements.
We will perform a periodic vendor analysis to ensure the company is paying competitive prices for goods and services.

Account receivable oversight:

We will review the company's invoicing procedures and recommend ways to accelerate collections.
We will analyze aged accounts receivable, and make recommendations for recognizing allowances for bad debts.
We will ensure that invoices reflect pertinent and accurate billing information. Further, we will reconcile the accounts receivable sub-ledger to the general ledger.
We will perform analytics to determine payment trends to recognize potential collections issues before they become problems.

Financial review & reporting:

Review balance sheet accounts: We will review and reconcile balance sheet accounts on a periodic basis, to ensure that they are accurate and complete. Further, we will review the balance sheet for reasonableness to confirm there are no unjustified unusual balances (i.e. negative liabilities). We will make sure the equity section of the balance sheet properly reflects the ownership structure of the company.
Review income statement accounts: We will review treatment of revenue and expense recognition, cost of goods sold, and non-cash items such as bad debt and depreciation.
Review general ledger: We will review the general ledger on a periodic basis to ensure that posted transactions are valid and accurate. Further, we will recommend period ending entries that your staff may not be qualified to make, such as capitalizing fixed assets, and properly reflecting prepaid expenses.
Provide periodic reports: We will provide periodic reports to management based on the frequency needed to make pertinent decisions on a timely basis. These reports can include everything from basic financial statements to customized management reports.
Interaction with key company personnel: Whether it is answering questions for the administrative assistant who doubles as the accounts payable clerk, or reviewing month-end reports with the CEO, we will communicate with the company regularly to address issues that affect the books and records of the company.
Business plans, budgeting, and planning: We are adept at providing assistance in preparing business plans and budgets. Further, we can assist you in preparing for investor or bank presentations, as well as year-end closings and submission of your records for the company's tax preparation.