Frequently Asked Questions
The Fractional Advantage
How does Fractional Accounting work?
Fractional accounting provides part-time, outsourced financial services tailored to your business’s needs at every level. It’s flexible and scalable up or down, so as your needs change and your business grows you’re always covered—and in control of your costs.
How does Fractional Accounting offer value?
You only pay for the time and services you need, avoiding the overhead of salaries, benefits, and training. FAST also leverages automation and software integration to streamline many routine but time-consuming tasks. All such systems are designed and maintained by experienced professionals. This cost-efficient model is ideal for growing businesses that benefit most from affordable, expert-level support.
What services are included in Fractional Accounting?
Depending on your needs, we offer services like bookkeeping, AP/AR management, reconciliations, budgeting, cash flow forecasting, financial reporting, and online banking and purchase card management. In addition to ongoing services, we assist with a variety of short-term needs such as interim staffing and projects including general ledger setup, software implementation, data migration, document storage, and more.
Does FAST require a long-term commitment?
No. Our initial consultation is always free as is any follow-up assessment of your accounting resources and environment used prepare a proposal. We believe in making an up-front investment in our clients, so they can feel confident investing in us. We also appreciate the sensitivity of your information and level of trust sharing it involves. That’s why we usually recommend a narrow scope of services for new clients aimed to make the highest immediate impact and earn your business going forward.
Systems & Technology
What kind of software do you integrate with?
We work with a range of online general ledger platforms like QuickBooks Online, NetSuite, Sage Intacct, and more and connect them to your ERP, CRM, HR/payroll, and payment systems for a seamless financial workflow. We’re especially fond of QBO. It’s hands down the industry leader in the SMB space for its user experience and offers the most native integrations with online banking and most financial applications.
Does FAST require any system enhancements or software purchases we don’t have currently?
No, we recommend QuickBooks Online for your general ledger but do not require it, nor any additional software that’s not in use. In fact, FAST provides all clients with several top-tier applications to manage workflow and enhance communication at no charge—including a convenient mobile app! Our goal is to get the most from what’s working for you and already in place.
Is my information private and secure with FAST?
Protecting your data is our first consideration above all others. Our applications are provided by AICPA SOC 2 Type 2-certified vendors to ensure the highest level of privacy and data security available. All FAST team members are provided virtual machines hosted in physically secure data centers, protected by enterprise-grade firewalls, encrypted at rest and in transit, and monitored 24/7 by Microsoft’s threat detection systems. Access is tightly controlled through multi-factor authentication and role-based permissions.
Tax, Compliance, & Other
Does FAST offer support during tax season?
Yes. We work alongside your CPA or tax preparer to ensure accurate records and timely filing, and we can handle 1099 prep and sales tax filings as well.
Does FAST assist with financial audits?
Yes, we can provide audit-ready financials and support to your CPA firm and coordinate the audit, especially if FAST has maintained your books throughout the year. It’s common for CPA firms to hold their fees flat—or even reduce them—due to the time FAST’s preparation saves them on the engagement.
What other compliance-related services does FAST offer?
We handle or support a variety of financial and regulatory filing processes like insurance renewals, licensing forms, and loan applications. We’re familiar with the information they’re looking for and where to find it, plus we can navigate the systems they use to collect it.
How quickly can we get started?
Every business’s needs are unique in scope and desired level of service. We usually begin with a discovery call, followed by an assessment of your current systems and resources to create a tailored proposal. If your needs are urgent, we can expedite the onboarding or backstop select accounting functions on short notice. For more information just select the Contact link at the top of the page!