Many business owners reach a point where they need more than just monthly bookkeeping—they need real-time financial insights to make informed decisions. At Patrick Accounting, our Advanced package is designed to provide you with just that.
The Advanced package builds on the foundational services of our Core Package by offering more frequent interaction and deeper involvement in your financial processes.
Average Monthly Cost for the Advanced Package
For those ready to take their financial management to the next level, our Advanced package is an excellent choice.
Our typical Advanced package clients pay around $1,500 per month per location.
Our starting fees are $1,250 per month, and for more complex needs, clients may see costs ranging from $1,500 to $2,500 per month for one entity.
Factors Influencing the Cost of Advanced Services
The cost of our Advanced package is influenced by several factors:
1. Volume of Transactions
The number of debit transactions, loans, credit cards, and bank accounts can impact the price. In particular how many bills do you receive, how many different vendors, and what level of details on the bills need to be tracked.
2. Complexity of Books
Factors such as the allocation of expenses between locations or entities, the detail required for those bills, and the need for inventory tracking can affect costs
Initial Setup and Onboarding Fees for Advanced Package at Patrick Accounting
When you start working with Patrick Accounting, there is a collaborative onboarding process designed to align our services with your business needs.
We call these Initial Strategy Sessions.
Purpose of Initial Strategy Sessions
- Documentation: We document your goals, current financial processes, and any specific requirements you have. This includes understanding your current practices and identifying areas for improvement.
- System Setup: We ensure that all necessary systems and software (like Dext, bill.com, xtra chef, POS Integration, QuickBooks Online, or Restaurant 365) are properly set up and integrated.
- Initial Review: We review your last three tax returns to identify any risks or opportunities and ensure your financial records are accurate.
One-Time Investment
At Patrick Accounting, our price varies for everyone since it’s based on our monthly accounting fee. One-time fees cover initial setup and any back work needed to bring your books up to date.
For our Advanced services, the one-time investment is typically twice your monthly accounting fee.
Onboarding fee = (Monthly fee x 2)
This one-time fee ranges from $2,500 to $5,000 for the Advanced package, depending on your specific requirements.
What Does the One-Time Investment Cover?
When you become our client, we assess the current state of your books and determine what it will take to get everything current. This includes establishing and realigning your chart of accounts reviewing past tax returns and ensuring all transactions are accurately reflected.
- Initial Strategy Sessions: A series of meetings to establish and document your financial processes.
- System Setup and Integration: We make sure all connections and integrations with software like QuickBooks are correct.
- Chart of Accounts Realignment: Adjusting your chart of accounts to align with your business needs.
- Review of Past Tax Returns: Assessing your past tax returns for any potential issues or opportunities.
We include a fee for any unfiled previous years’ tax returns. If you haven’t filed last year’s tax return, for example, this will be part of our back work assessment and priced accordingly.
Breakdown of Monthly Advanced Services
The Advanced package includes all the services in our Core package, plus additional features designed to provide real-time financial insights and hands-on support. Here’s what you get:
Weekly Cash Flow Management
Collaborating on weekly cash flow to help you understand upcoming expenses and commitments.
Accounts Payable Management
Processing and payment management of your bills, tracking due dates, and managing vendor communications weekly.
Tech Integration
Providing Dext expense management and bill.com service for streamlined financial operations.
Transaction Posting and Adjustments
Regularly posting, modifying, and adjusting transactions in your books.
Reconciliations
Weekly reconciliation of bank accounts, loans, and credit cards.
Depreciation Updates
Monthly updates to your depreciation information.
Financial Statements
Providing detailed financial statements, including health reports, executive summaries, key performance indicators, balance sheets, income statements, and trend analyses.
Advisory Services and Insights for Financial Progress
Our Advanced package is not just about managing transactions; it’s about providing actionable insights. We offer:
Regular Consultations
Scheduled meetings to review your financial progress, discuss tax planning opportunities, and address any concerns.
Patrick Academy Access
Exclusive access to Patrick Academy for monthly office hours on topics like running your business better, understanding your financials, and improving profitability.
Technology Integration and Management
Effective use of technology is a cornerstone of our Advanced package. We integrate and manage tools like bill.com and Dext to streamline your accounting processes. These tools help with:
- Bill Management: Automating bill payments and tracking expenses.
- Expense Management: Capturing and categorizing expenses for better financial oversight.
- Data Integration: Seamlessly integrating with your existing systems to provide a unified view of your finances.
Who is a Good Fit for Our Advanced Package?
If you're a proactive business owner who’s looking to grow and needs advanced financial insights to make smart decisions, you'll thrive with this package.
If you're running a doctor's office, dental practice, or any other professional service where managing accounts payable and cash flow is crucial, this package could be a game-changer.
Restaurants and food service businesses that need detailed inventory and cost management will also find this incredibly valuable. It's ideal for companies with multiple locations that need to keep track of expenses across the board.
For example, since inventory and accounts payable management allow for a truly accurate food and bar costs number on a by-period basis, a restaurant owner can truly see financial statements that provide meaningful numbers so they can make decisions to improve their profitability.
We love working with tech-savvy owners who are ready to adopt modern accounting tools. Plus, if you're someone who likes to stay engaged and collaborate regularly with your accounting team, you'll get the most out of what we offer.
Who Might Not Be the Best Fit for Our Advanced Package?
While our Advanced package has a lot to offer, it’s not the best fit for everyone. If your business only needs basic bookkeeping, our Core package might be a better fit for you.
Owners who prefer sticking to traditional accounting methods and aren’t open to using modern tools might find our Advanced package challenging. If your financial practices are inconsistent and you're not ready to get them structured, you might not see the full benefit of what we offer.
Businesses with very few transactions and simple finances might find this package more than they need. Also, if your business is currently struggling to stay afloat financially, it might be better to stabilize first before diving into our Advanced package.
And finally, our process involves active collaboration and being open to changing/trying new systems. If that sounds like too much, it might be worth looking at other options. We want to make sure our services fit your needs and goals.
Are You Ready to Build a Better Business?
Investing in our Advanced package means gaining access to real-time financial insights and expert advice. This can help you make better decisions, improve your cash flow, and ultimately, grow your business. At Patrick Accounting, we’re dedicated to providing the support you need to thrive.
If you’re ready to take the next step and talk to our team to see if our Advanced package is the right fit for you,
Not quite ready to meet? Check out Who’s a Good Fit for Patrick Accounting to learn more.
