Overview

You need to have a idea of how much financials are going to cost you. Making a budget estimate is the only way to reduce the risk of being hit with charges you did not plan for:

Most of the financials costs involves implementation assistance, like getting the first bank rec done. There are training elements. But it is best to think of financials as mainly being assistance with implementation of financials.
You need to develop a budget, but this is not a quote. The actual charge for financials depends on lots of things. The budget is required to give you a feel for the likely charge and to aid in planning. But it is not a firm quote.
The first bank account reconciliation normally takes around three hours, but this varies as discussed below.

The steps to producing your budget include:

Complete the financial engagement meeting
Readysell to review your financials data
We will then give you an estimate of the financials budget.

You budget will depend on a number of factors including:

How tidy and up to date your financial information is on your old system
How comfortable your bookkeeper is with learning new systems and taking on change
How comfortable your bookkeeper is with using computers, spreadsheets and software generally
How well prepared you are before you give opening financial figures such as general ledger balances and bank reconciliations to Readysell
The number and complexity of the bank accounts you need to reconcile

The Readysell team budget on hours. Please review our schedule of charges for the rates. You will have a list of charges, but contact Readysell if you need us to send it to you again or for further information on charges.

After reviewing the the notes below, you need to work with Readysell to do an estimate of the hours that will be required to implement your financials. While the budget estimate is just that, an estimate, it does give you an idea of potential charges.

No Financial data is exported from the old system to the new system.

The General Ledger will need to be brought over via a manual general ledger journal.

Bank Reconciliation, the starting position needs to be provided to Readysell. That is for each bank account to be reconciled a closing bank statement figures plus and/or minus any unpresented deposits and payments. This net result must equal the general ledger bank account as at that date. If not Readysell will write the variance to a General Ledger account for your accountant to action.

Indicative Financial Budgets

Bookkeeper

Old Financials

Opening Figures

Number Of Bank Accounts

Other Factors

Indicative Financials Budget

Very Comfortable with Readysell

Under Control

Well prepared, checked and accurate

One

E.g, Young team, well trained and computer savvy. Small business with three staff

3-6 hours for cash book

2-4 hours for general ledger

Is okay with Readysell, just not getting everything that is covered from the training. But overall, okay with Readysell.

Not very well understood

Don't know, will ask Readysell to extract them

Three

Have not had as much time to do training as I would like

12-18 hours

5-8 hours for general ledger

Finding change difficult

A mess, not sure where we are starting from. Have not balanced for years

Will take my best guess. Then give the lot to Readysell to really work out the answer

Eight

Bookkeeper hates change, really struggling with the training

25 hours plus

5-10 hours for general ledger

Providing the right information to Readysell will simplify financials implementation
Readysell is happy to help you run the required reports from your old system.

All Financial work does incur a charge depending upon how tidy and accessible your financial data/reports are.

Refer to document on the initial starting position for General ledger.

Initial brought forward general ledger journal from your old database

Starting Bank Position/Bank Reconciliations

Provide Readysell with the following for each Bank Account/Loan Accounts that need to be reconciled:

Closing Bank Statement figure and note whether is it funds in the bank or an overdraft
Last Bank Reconciliation from the old system as at last day of trade before conversion
Any unpresented Deposits/Payments as at last day of trade before conversion
Bank Statement for the month in question or previous month
General ledger closing figure for the bank account/s. This closing figure must line up to the closing bank statement balance plus and/or minus any unpresented. If it doesn't Readysell recommends that the variance be written off to a General Ledger Variance account and your accountant can action at a later date.

Readysell will review each bank statement and work out if the figures provided are correct.

Refer to link on initial starting position for Bank Reconciliations.

Setting up for Bank Reconciliations Go Live

Prepare to avoid some of the common problems that cause additional financial implementation charges
Consider the human factors. Such as how comfortable your bookkeeper is with changing to the new system. Your bookkeeper might need additional help adapting to the change.
Make sure you have the right figures available before starting work with Readysell. If you expect Readysell to dig the figures out of your old computer system the charges will be higher
The initial starting position is not right that has been provided to Readysell
In respect to the Bank statement, part of the transactions have been entered into Readysell and part into the old system
The transactions on the bank statement are incorrectly dated into Readysell
The transactions on the bank statement have not been entered into Readysell
Bank transfers are entered into Readysell as a payment and dissected against a general ledger bank account instead of using the feature of Bank Transfer.
Whilst working through the first live bank reconciliation, I pick up that that an unpresented transaction has been missed out and should have been part of the initial starting position and is already in the old system general ledger and bank reconcilation.
The wrong tenders are used and don't realize this until the bank reconciliation is extracted.
With Credit Cards and Visa Cards, the customer needs to determine whether they want to control the transactions via a supplier entry then a payment or a straight bank payment entry or even better a bank reconciliation rule.
Working with the first bank statement for the whole month, a set of bank reconciliation rules and/or recurring bank payments need to be set up if you are using Automated Importing of Bank Statement. Need to get these right
Working with the first bank reconciliation, the user needs to be trained and the first bank reconciliation extract and import of bank statement lines needs to be supervised. Usually the statement first time around has problems, due to wrong dates, no payment reference, bank reconciliation rules need tidying up and the tenders may need tweaking.

Browser not supported