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How Things Work at Dime

What is outsourced accounting?

Generally outsourced accounting includes the services below. (Dime provides some industry-specific services in addition to these general accounting services.)

  • Enter all bills into the accounting system and record them to the appropriate expense account.
    • Regular monthly bills (telephone, copier lease, rent, etc.).
    • Credit Card company bills (including itemized transactions).
    • Personal expense reimbursements.
    • Capital expenditures and maintenance of depreciation schedules.
    • Payroll transactions. (Record payroll journal entries if not completed by Dime.)
  • Issue and distribute all checks.
  • Record deposits.
  • Reconcile all monthly bank statements including all deposits, checks, wire transfers, etc.
  • Process payroll transactions.
  • Provide a monthly “Executive Package” including month-end financial statements.


What is the workflow?

  • Accounting Access
    Dime is located in the Atlanta area, and the accounting system will be hosted out of this office. Many of our clients are located outside of Atlanta. We will provide you a login to our server, via Microsoft Terminal Services, so you can view all your reports and what not. This gives you the ability to access your financial data at your convenience from any internet connection.
  • Submitting Bills
    You may either scan your bills and email them to Dime or upload them to our PM system. We ask that you submit bills once a week on the day of your choice. When we receive the bills, we will send you a confirmation email stating that your bills have been received and will be processed shortly. It is very important that you ensure you receive a confirmation email from us. If you do not receive that email within 48 hours, then we have not received your invoices. Please contact your account manager immediately.
  • Filing
    It is your responsibility to maintain all files for audit purposes. We give you some of the files you need and the processes associated with them. Here are some examples.
    • Bills to be paid
      We provide this file and the process associated with “What to do when a bill comes in.”
    • Vendor file system
      We recommend creating a file for each letter of the alphabet. Once the bills have been sent to us, please file each bill alphabetically by name.
    • Manual checks file
      This is for any manual checks that you write.
    • Deposits
      We provide this file for you. It will contain any deposits you make.
  • Cash Requirements Report
    If necessary this report will be emailed to you before each check run and is a heads up on 1) your current cash balance before the batch of bills are paid, 2) the amount of your pending bills, and 3) your cash balance after your pending bills batch is paid. This report is very useful in recognizing your cash position. It may be necessary to hold checks based upon cash balance, vendor management, etc. This is the time to confirm all vendors to be paid and perhaps delay payment of one or more bills. This is also the best time to confirm that all bills have been entered and are scheduled to be paid on time.
  • Manual Checks
    On occasion you will need to write a check yourself using hand-written check stock. This is typically done when a vendor needs “cash on delivery” or when you need something to be paid when purchased. Please make a copy of this check and fax or email this copy to us in a separate batch from your weekly bills. Make sure to file this copy in the “manual checks” file discussed above.
  • Deposits
    It is recommended that you make all deposits yourself. Please make a copy of the deposit slip and each check. Be sure to let us know what revenue account to book the deposit to. You can write the account number on the deposit ticket. Fax or email this report to us on a weekly basis separate from your bills.
  • Payroll Transactions
    If you don’t use Dime for payroll, please fax or email the payroll reports from your current payroll provider. It is highly recommended that you use Dime as your payroll processor. This alleviates any possible confusion in the month-end process.
  • Month End
    We will provide a copy of the general ledger showing each transaction (checks, deposits, and adjustments) for the month. You will need to review this report and alert us to any changes (using the “Journal Entry Form”) within 10 days of receiving the report. If we do not hear back within 10 days, we will assume all transactions are approved and will move forward with closing the books. Once the books are closed, we will provide you with your Balance Sheet and Income Statement. If there are other reports you would like included in the monthly “Executive Package,” we will do our best to meet your needs.

 

What happens with previously recorded transactions?

9 times out of 10, we have a way of converting all your history data over into our accounting system. In fact, we have someone dedicated to just this! The other 1 time out of 10, we convert over summary data. Regardless, we have to have good data to start from, so it’s in everyone’s best interest for us to have the best implementation plan we can.


Dime has a partnership with ADP for payroll processing. If you are currently using a different payroll provider, we will handle the conversion to ADP.


What forms will I use?


We provide many standard and customized forms for you to use when communicating with Dime. These are included in our PM system. If there is a form you need that we did not provide, please ask, and we’ll put one together for you. We want to do our best to over-communicate with you and give you all the tools that you need to operate.

  • Expense Reimbursement Form
    This is for expenses that the employee paid for out of pocket. Employees will submit their expense reimbursement form for approval to their supervisor on a monthly, weekly, or bi‐weekly basis. This form must be approved by a supervisor, then faxed or emailed to Dime. It is important that you collect receipts for all expenses and that you file these receipts and expense reports in the vendor file system. It is not important that Dime receives copies of the receipts. Just the expense reimbursement form is sufficient.
  • Check Request Form
    This is for payments that need to be made when no bill is available. This might be for 1099 contractors, volunteer reimbursements, payments for conferences or other events, etc. It is important that appropriate approval processes are implemented and that the check request form is included in the weekly email or fax of bills.
  • Cover Sheet
    Every time you send us something by fax or email, it’s best to use this form.
  • Other Forms
    Dime will provide other customized forms such as payroll change forms, direct deposit authorization forms, housing allowance calculator, weekly checklist of tasks, etc.
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