Proposal for Accounting Services
(Sample)
Benefits of LTP Accounting






I.
Current operation resources can focus on core responsibilities.
Improved accounting controls and reporting
Use of the leading on-demand account software from Intacct that resides in a Fortune
100 data center environment to assure robust security, availability, and support
24X7X365.
Improved process for organizing tax reporting information for your company’s
accountant, in turn reducing internal costs and potentially professional fees paid.
Introduction of infrastructure necessary to support early stage growth without the
capital and internal resources typically required
Flexibility to convert from an outsourced arrangement to an in-house function if your
requirements change.
LTP Accounting powered by Intacct
Project Kick-off/Requirements Documentation
During this phase, we will meet to review overall project goals and establish metrics
to monitor achievement of objectives. In addition, we will map out the current
Accounts Payable and Accounts Receivable process, document approval authority,
review annual tax preparation requirements, review the format of your financial
statements and dashboards, and define administrative and users rights. Finally, we
will document the specific accounting responsibilities of your company and Leap the
Pond to confirm they are aligned with the scope of this proposal.
System Configuration
During this phase, Leap the Pond will configure LTP Accounting powered by Intacct to
support the requirements documented in the previous phase.
Data Migration
During this phase, we will upload files for:
 Chart of Accounts
 Customers
 Vendors
 Beginning Balances
 General Ledger month-end balances for prior 12 months
 Open invoices and bills as of the planned production date
Testing/Conference Room Pilot
Once the system has been configured and the data uploaded, we will meet with
you to ensure that the system supports the requirements documented in the previous
phase, reconcile reports and trial balances against your current accounting
2|Page
software application, and gain sign-off that the system is ready to be used in a
production setting.
Training
While one goal of this project is to off load transactional accounting tasks from
non-accounting personnel, it is important that your company’s management knows
how to run reports and check status of critical accounting metrics. During this
phase, we will train designated resources to perform these critical tasks.
Monthly Services



Accounts Payable:
1. Review invoices on the second and fourth Friday of each month and
reconcile against PO’s, if applicable
2. Add new vendors to vendor master
3. Code and enter invoices, expense reports, and commission statements.
4. Route for approval
5. Configure system to allow two, named company resources to print checks
on a local your company printer and/or initiate another payment
transaction type
6. Archive invoices, set up vendor files, and hold for one year
7. Monitor payables aging
Accounts Receivable:
1. Review deposit slips, remittance advices, and non-subscription client
invoices produced outside of system on the second and fourth Friday of
each month
2. Set-up of client billing for subscription services based on contract terms
and conditions
3. Code and enter all professional services billing
4. Configure system to allow two, named your company resources to
produce client invoices
5. Enter payment receipt information
6. Monitor cash receipts and aging
7. Monitor customer payment history
Monthly Close:
1. Upload payroll information
2. Meet with designated your company resource to collect all accrual
information
3. Reconcile GL with AR and AP sub-ledgers
4. Prepare monthly, quarterly, and annual financial statements – balance
sheet, income statement, and statement of cash flow. Close will occur
within seven business days of the end of the period. This assumes we will
have all required accruals by the last day of the period
5. Reconcile bank statement from two accounts
3|Page
II.
Exclusions
The following items have been excluded from the budget, but are available if requested:
















III.
Budgeting and forecasting
Check runs. This will be initiated by your company using LTP Accounting powered by Intacct
printed locally using check stock
Expense reporting module
Audit of expense reports
Distribution of client invoices and collection
Special report preparation for board meetings, due diligence, funding, etc.
Participation in board meetings
Sales and Use/Property Tax Reporting
Contract Monitoring
Professional Services Automation (Integrated Time, Expense, and Billing Module)
Invoice Scanning
Purchase Order Creation
Support of supplier inquiries/dispute resolution
Breaking down the allocation of expenses from aggregated bills and expense reports
for client billing and coding
Fixed asset tracking
No provision for creating a price book (Order Entry Module)
Project Timeline
It is anticipated that it will take approximately four to six weeks to go-live with LTP
Accounting powered by Intacct. The kick-off date will be approximately eight to ten weeks
from proposal acceptance.
4|Page
IV.
LTP Accounting Fees
Assumptions:
1. Up to 60 AP transactions/month
2. Up to two add-on annual subscription bills/month and five professional services
bills/month
3. Two hours will be spent each month with your company management to review
financial statements.
4. Coding for internal expenses will be by Account by Department
5. Coding for project expenses will be by Account by Client
6. Coding for revenue by Account by Client
7. your company will provide Leap the Pond a completed template of payroll data
Description
Implementation
Monthly Service
Timeframe
Six Weeks
One Year
Cost
TBD
TBD
Notes:
1. Implementation is based on an estimate of 60 hours which assumes limited
modifications to standard financial statements and dashboards.
2. Monthly service is based on estimate of 15 hours for data entry clerk, five hours for
senior finance resource oversight and monthly review with your company management,
and two named users of accounting application.
V.
About Leap the Pond
When you speak to someone at Leap the Pond, you will sense our passion for solving the
accounting challenges of small- to medium-sized businesses. It’s in our DNA.
Our accounting practice is led by Andrea Low. Andrea started her career at Ernst &
Young in the Entrepreneurial Services Group and has spent more than twenty years
navigating in the waters of accounting and finance. She has spent the majority of her
career helping early stage, start-ups and high-growth companies set up the proper
infrastructure and controls to effectively manage their businesses, perform due diligence
for acquisitions, and manage critical aspects of human resources.
Andrea and her team offer strategic guidance, interim resources, and full accounting
outsourcing. Andrea has become a trusted resource for CEOs and board members for a
variety of start-ups.
5|Page