Scope of Work
Pilot Monthly Close Subscription
As part of the Pilot Monthly Close Subscription, we will:
- Prepare your books in QuickBooks Online (QBO), updated monthly
- Reconcile banks and credit cards against their statements
- Maintain a Pilot-defined chart of accounts that meets general reporting needs of companies in your industry
- Record transactions in accordance with mutually agreed upon bookkeeping policies
- Generate your monthly reporting package consisting of the Statement of Profit & Loss, Balance Sheet, and Statement of Cash Flow
In addition to closing your books, your team will provide a standard set of annual financial statements to you for purposes of your tax returns.
Pilot Controller Services - Additional Projects - As Needed
Your Pilot team will lead you through the Pilot onboarding process and define mutually agreed-upon accounting policies and bookkeeping methodologies appropriate for businesses of your size and industry.
If material process definition is needed, we will bill that work on an hourly basis in arrears at the Controller Services hourly rate specified on your order form. Examples of services that are not included in your fixed-fee plan and will be billed hourly are:
- Financial platform set-up (e.g., Stripe, Bill.com)
- Opening balance clean-up, including correcting AP or AR balances and unwinding commingling of personal or other entity expenses
- Consulting with management to develop industry appropriate revenue, COGS, and inventory processes or department/class tracking methodologies
- Preparation of consolidated financial statements
- Preparation of manual calculations (e.g., to translate FX activity into USD)
- Any reporting beyond the standard monthly reporting package
- Restating prior period numbers under a revised methodology, at the request of management
- Support for due diligence questions and requests related to mergers & acquisitions, audits, fundraising and other events
- Other requests as mutually agreed
The list above is not exhaustive, and requests not specifically included in the month-end close process will be billed at an hourly rate unless Pilot expressly agrees otherwise.
Note that reconciliation of Accounts Receivable is expressly not included in the month-end close process. Invoice collection and collection status is your responsibility unless Pilot Accounts Receivable is engaged.
- Requests for custom services (for example, custom reporting) require Pilot’s express prior written consent, which Pilot may withhold at its discretion.
- Please note that most projects (e.g., consolidations) need at least 2 business days to turn around, and actual turnaround time will vary depending on complexity and other factors. The start of certain projects also requires that the books have been closed.
- Please note that certain Services or deliverables may require a different subscription (for example, CFO Services).
- Pilot’s service offerings do not include any of the following (if you're looking for help with these, please ask and we can explore whether we have a partner we can refer you to):
- HR service
- Payroll processing (we do not initiate the payroll runs, for either employees or contractors)
- Computation of sales tax liability (per-state or otherwise)
- Making any compliance/regulatory filings
- Subscription fee for any software products (e.g., QBO, bill.com, Expensify, Gusto)
You agree and acknowledge that:
- Pilot prepares financials based upon information provided by you. As such, the quality of your books will only be as good as the information provided.
- Pilot requires electronic transaction access to all relevant financial accounts and systems. If you do not provide such access, any manual processing of financial information (e.g., bank statements including file uploads (e.g., csv, xlsx, etc.)) shall be charged as Supplemental Services, unless Pilot expressly agrees otherwise.
- To facilitate accuracy, you are responsible for promptly notifying Pilot of any significant business changes (e.g., collection of revenue, start to have inventory, etc.) as such changes occur.
- It is your responsibility to review your shipped books on a monthly basis for accuracy and completeness, and to provide any responses and changes within the time indicated in our shipping communication to you. This allows us to maintain accurate books for you. Changes requested after the deadline will be performed under Supplemental Services.
- You may not engage another third-party bookkeeper or permit a third party bookkeeper to make changes to your QBO account during the term of our engagement.
We act at the request of, and under the direction of, your management. Your management is responsible for all management functions and decisions, including (i) setting policies or accepting policy recommendations; (ii) evaluating the reasonableness of underlying assumptions and the adequacy and results of the Services; and (iii) implementation of any findings or recommendations. In particular and without limitation, you are responsible for reviewing, approving, and maintaining all bookkeeping policies and procedures (e.g., how revenue or payroll is recorded) that have been adopted by your company, even if we proposed or consulted on such policies and procedures.
All reports, analyses, and deliverables are intended solely for your management. Their external use is at your discretion and by your management. While Pilot may suggest one or more courses of action (for example, use of certain systems or institutions), it is your management's responsibility to determine the appropriate course of action for your company in their business judgment. Pilot does not have responsibility for the business decisions made by your management or any business outcome.
Pilot does not provide any audit, assurance, or public accounting services, including assessments of internal controls, certifications or affirmations of GAAP compliance, or responses to requests for GAAP representations. AICPA guidelines require that such matters are addressed by a firm that is independent from the bookkeeping and is licensed to perform public accounting services. Accordingly, you are advised to seek out an independent audit firm for any audit, assurance or public accounting services.
This Scope of Work can only be amended in writing and if agreed to by Pilot’s CEO or COO.
By signing a Pilot order form, you and Pilot confirm the scope of our engagement (and your responsibilities herein) as laid out above.