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January Newsletter 2017
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The Team at Pro Back Office
 Hopes Your Year is Off to a Great Start
 ✨


May you conquer all of your New Year's Resolutions with a positive and determined mindset. PBO appreciates your business and friendship. We encourage everyone to pursue their goals and standards while making a lasting impact on the community. Cheers to another wonderful year! 

Outsourced Accounting Services Save Businesses Time and Money 📈

By Jennifer Barnes, CEO & Co-Founder, Pro Back Office

Sound financial planning, budgeting and record keeping are essential to the success of any business, regardless of its type or size. Hiring an in-house accounting or finance professional can be cost prohibitive, forcing many smaller businesses to assign finance-related tasks to their existing staff with little or no regard for qualifications or experience. Accounting duties are often relegated to an office manager or other administrative person who can balance a checkbook and perhaps has some basic bookkeeping knowledge.

Outsourcing bookkeeping and accounting to monitor and manage a company’s finances can be a cost-effective alternative to bringing a new employee on board. In most cases, outsourcing will save time and money while at the same time streamlining operating efficiencies. Outsourcing offers businesses of any size access to highly skilled professional talent, usually at substantial savings of both time and money over interviewing, vetting, hiring and training a new in-house employee. Perhaps one of the most valuable benefits of outsourcing is that it frees managers from being mired down with details of the company’s finances, leaving them free to concentrate on their primary responsibilities of overseeing and growing the business.

Read more....

PBO's Standard Cost Template to Develop the Standard Cost for Job Costing 💵

By Scott Palka, CFA CPA CMA MBA, Pro Back Office Partner/Consulting CFO

Cost Template Ground Rules

We follow a Standard Cost Template to develop the standard cost for job
costing, and calculate of the re-class from COGS to OpEx for non-member professional staff. For 2017, the intention is to generally use one rate (on T&M projects) for each staff member, with the goal being to keep it simple and to represent a reasonable interpretation of profit and loss by job. In considering this approach, be aware of other opinions, however it’s smart to use a standard and stick with it unless there are extreme circumstances such as a significant difference in bill rates from the assumption. Such as, working on a project at $300/hour. The reason for this is: 

1) Determining the actual cost of a billable hour, depending on your tolerance level is impossible in advance for any staff that will hit the FICA CAP, the WCCAP, the 401(k) CAP and/or is on Medical.

a. For example, below the FICA CAP, the cost is 6.2% higher than after the
CAP. The general goal of a standard system is to determine a predictive cost factor for resource consumption over a reasonable period of time, generally an operating cycle.

Read more...

The 1099 Forms Deadline is Fast Approaching! ⏰

Check out this helpful article regarding the new 1099 Rules for January 2017. 👆

Below we have also provided some other relevant and important questions to ask yourself:
  • Is your company compliant?
  • Have you done your cashflow forecasting?
  • Have you finalized your yearly budget?
  • What else could you be missing?
If you could use a second set of hands and eyes, Pro Back Office can help.  We have the team and experience to get you up to speed and compliant so you don’t miss any deadlines. Contact us today at 858.622.1681 or info@probackoffice.com.

Good Reads


Make Your New Year's Resolutions Like A Boss In 2017: The Decision-Driven Secret 

What Is the Business Valuation Process for Tax Reporting and Compliance? A Step-by-Step Breakdown



5 Things Employers Need to Know for 2017

Community Events


2/2 - BEC: Creating a Real Business With Baby In Tow! 

2/7 - HBS Club of San Diego: CEO Forum Series

2/9 - Biocom: How Successful Companies Are Disrupting Innovation

2/15 - Enterprise Forum San Diego: MIT Tech Showcase 

2/22 - 6 Degrees: Networking Mixer

2/22 - San Diego Chamber of Congress: Cross-Border Business Forum 
Whatever you do or dream you can do – begin it. Boldness has genius and power and magic in it.
- Johann Wolfgang von Goethe
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About Pro Back Office

Pro Back Office (“PBO”) gives you access to highly skilled finance and accounting talent. We have more than 55 professionals in our San Diego office and serve clients throughout the Pacific Southwest region.  Our back office management and project consulting professionals offer expertise in all aspects of finance and accounting from the bookkeeping role to the CFO. 
 
The three partners of PBO – Scott Palka, Jennifer Barnes and Mike Ford – bring a combined 70+ years of finance, accounting and business consulting experience.  Many of our team members have Big 4 experience in audit and consulting.  PBO’s client base covers many industries including: manufacturing, construction & development, real estate, food & beverage, medical device & life science, non-profit, professional services, healthcare, technology and software.  Our model provides a comprehensive and personalized solution for your finance, accounting and consulting needs by giving you support at varying levels. PBO aims to push work down to the lowest level resource in a cost effective and efficient manner.  Please visit our website at www.probackoffice.com for more information.

 
Copyright © 2017 Pro Back Office, All rights reserved.


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