Frequently Asked Questions
Pricing and Plans
If you are signing up for Core membership, where you are in the entrepreneurial journey and your business’ specific needs will determine the level of membership that is right for you. If you are unsure, setup a free consultation with an expert who can help guide you through the selection process.
For Elite level membership, your pricing plan is determined through an in-depth needs assessment which is performed prior to signing a contract. Our sales team will take an in-depth look at your books and discuss the scope of work to determine your monthly cost.
For Core memberships, yes. Your monthly membership can be cancelled at any time with 30 days’ notice.
For Elite level members, it depends on the terms of your contract. Typically, the cancellation period is 30-60 days, but each business can negotiate different terms. Please discuss with your sales representative at the time of your consultation.
For Core memberships, you can upgrade your level at any time. You may also request a conversion to Elite level if your bookkeeping and accounting needs evolve or change as the company grows.
For Elite level members, you can increase the scope of work under your agreement at any time. Additional costs associated with the change will be attached to your contract as an additional fee schedule.
A clean set of books can give you valuable insight into the financial condition of your business. This information can be used to make smarter business decisions and can allow for a stress-free tax time at the end of the year.
Your bookkeeper compiles your financial data by importing, categorizing, and reconciling your bank and credit card accounts. We also adjust your books to ensure you are tax compliant.
Your books are updated on a weekly basis unless you establish a less frequent schedule with your Account Manager. We reconcile your books every month and close them by the 10th for the previous month. This gives us enough time to gather all the necessary information to ensure your books are as accurate as possible.
Your bookkeeping team consists of 2 professionals including your dedicated Account Manager and a backup support representative who steps in when your primary Account Manager is not available. We do our best to keep your bookkeeping team the same. If there is any change, we will notify you right away.
We help businesses catch up with their bookkeeping all the time. It is part of the normal onboarding process to have some catchup/cleanup work involved. To assess your needs, you should have an honest conversation about the state of your books with your sales representative.
It depends on how many months/years of bookkeeping work you need to catchup on. Your bookkeeping team can give you a more accurate time estimate before you sign up. Be sure to have an honest conversation with them about the state of your books at the time of your Free Consultation.
All our bookkeeper’s work within the state of Florida, with the majority working out of our headquarters on Miami Beach. We train our bookkeepers in-house, and always look for candidates to join who are trustworthy, detailed and dedicated to helping small businesses.
For Core memberships, we use QuickBooks Online to complete your books. The cost of QBO is included in the subscription price, and you will not need any other software to work with us.
For Elite level memberships, our preferred software is QuickBooks Online, but we work with other types of accounting software including Xero. The needs of your business will determine what software will work best for you, and we can determine this at the time of your Free Consultation so make sure to have an honest discussion with your sales representative.
Your bank and credit card accounts will be linked to QBs Online through a secure connection. We ask that both Core and Elite level members provide us with view only access to applicable accounts so we can pull the necessary information to keep you up to date. Additionally, we use Drop Box to share important documents we need to keep your books accurate. The Drop Box file is created during the onboarding process.
You do not need to provide us with your receipts for non-cash transactions, simply save for your records.
Absolutely! VaroTeam works with members in both methods of accounting. The only level of membership which strictly accommodates cash basis is Varo Solo. All other levels of membership will be maintained in accrual, but it is your responsibility to provide the documentation necessary to maintain the books in this accounting basis.
For Core memberships, we do not provide any of these support services as part of the subscription. The only exception is Payroll which is available as an add-on to any Core membership. All other support services are available at the Elite member level and are defined in the scope of work.
Yes, VaroTeam offers personal and business tax preparation for members only. This means to use Varo Tax; you must be a Core or Elite bookkeeping member or an ongoing CFO client. We do not offer tax preparation as a stand-alone service.
A CFO is responsible for the review of financial results and interpretation and presentation of results to the team of managers and owners. Other critical CFO responsibilities include cost control measures, capital acquisition decisions, cash-flow management, inventory control, key performance indicators, budgeting, and cash flow forecasting. A CFO can also provide support during an audit, and can do other one-off project work such as debt pay down plans, and planning for cash flow increases.
You may need a CFO if your company enters a stage of growth which requires you to review and interpret the financial results of your company in a more robust way. You will also need a CFO if you are being asked to provide financial information to external stakeholders such as banks, investors, and tax authorities.
Yes! Our CFOs will work with you whether or not you are a bookkeeping member. We will generally want to look at the books to make sure they meet our standards but will work with you as long as we have a clean set of books.
Setup a one to one call with a member of our team to determine what is needed for your specific needs before you sign up for a membership.