Pilot Select Scope of Work

Monthly deliverables

  • Accrual-basis or cash-basis bookkeeping in Quickbooks Online (QBO), updated monthly
  • Reconcile banks, credit cards, payment processors, and other financial institutions against their statements
  • Categorize transactions & maintain chart of accounts
  • Record payroll journal entries in QBO, reconciled against your payroll processor’s data
  • Monitor & reconcile expense reporting integration from expense reporting software
  • Reconcile invoices/bills from e.g. QBO, bill.com, etc
  • Capitalize and depreciate fixed assets
  • Generate a monthly report which includes the profit and loss statement, balance sheet, and statement of cash flows
  • Calculate standardized financial ratios based on your books, including EBITDA, FCF, net income margin
  • Recurring monthly phone call on request
  • Your account manager will perform an enhanced quality check of your monthly books
  • Your account manager will email you draft books with any questions/notes from the bookkeeping work

Service notes

  • You’ll have a dedicated account manager that is a full-time employee, based in Pilot’s office
  • You’ll receive prioritized support
  • Expedited draft books delivery by the 10th business day of the following month
  • All the deliverables are billed as a flat rate (not billed hourly)
  • In addition to your monthly deliverables, your base subscription includes up to 1 hour per month of support from your account manager after delivering your reporting package for review
  • Your Pilot account manager can work closely with your tax preparer to get them the information they need to prepare your tax returns
  • We can provide information and recommendations about software systems (e.g. payroll, expense reporting, etc) useful in running your business

Base subscription includes

  • Up to 20 special transactions per month: bills, invoices, paper checks, and reimbursements
  • Up to 4 financial insitutiton connections, including banks, credit cards, and payment processors
  • As described on the order form, additional upgrade packs are available as needed

The following bookkeeping capabilities are available for additional cost as part of Pilot Plus

  • Marking bills/invoices as paid more than 1x/month
  • Significant customization to the chart of accounts (Pilot’s standard chart of accounts and modest modifications to it are included at no charge)
  • Support for advanced revenue recognition
  • Support for multiple entities
  • Support for multiple currencies
  • Support for classes, departments, or locations
  • Support for reconciliations of warrantees, gift cards, retainer services, or any other product or service that is pre-paid
  • Categorization of billable expenses
  • Inventory tracking

The following services that go beyond bookkeeping are available for additional cost (on an hourly basis) as Pilot AP/AR Services

  • Accounts Payable processing via bill.com that goes beyond bookkeeping, such as helping you set up bill payments via bill.com
  • Accounts Receivable processing that goes beyond bookkeeping, such as creation of invoices for sending to your customers or sending invoices to your customers

The following services that go beyond bookkeeping are available for additional cost (on an hourly basis) as Pilot Supplemental Services

  • Custom reporting requested by you, such as filling bookkeeping numbers into custom investor reports at your request.

The following tax services are available for additional cost as part of Pilot Tax

  • Business income tax return preparation
  • Preparation of 1099s

Pilot Core does not include the following services (if you’re looking for help with these, please ask and we can likely connect you with a partner who can help)

  • HR services
  • 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)
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