For years, major corporations have used private networks and expensive IT hardware and software to centralize their accounting and finance functions resulting in lower costs and improved efficiencies. Now thanks to advances in the internet and cloud based software, Qbix Accounting Solutions, a finance and accounting outsourcing firm, can provide the benefits of centralization to nonprofits and small businesses. "We provide all the IT solutions and a team of accountants assigned to a small group of organizations for less than the cost of having your own qualified staff," said Rocky Davidson, CEO for Qbix Accounting Solutions. "Under our Fixed Price Agreement, we can handle accounts payable, accounts receivable, payroll, budgeting and financial statement production, and we analyze profitability performance to identify opportunities to improve profits. We also can handle most of the back office functions so that the Executive Director and their management team are free to focus on how to manage and grow the organization." Qbix Accounting Solutions was founded in 2008 by Rocky Davidson, who has 34 years of experience in public and private accounting as well as in-depth knowledge of IT strategy development. The firm works primarily with nonprofits and small organizations that have annual revenues between $300,000 to $10 million.  All of Qbix Accounting Solutions marketing efforts are now focused on nonprofits where we have significant experience in reporting and their issues.

How it works 

The same type of networked computing platform that makes it possible to store your photos and music in the cloud and access them whenever and wherever you want is behind the financial and accounting outsourcing at Qbix Accounting Solutions. Source documents such as invoices are scanned and transmitted electronically to Qbix Accounting Solutions where accounting professionals enter the data into the appropriate financial accounts and prepare bills for approval and payment.  “In most cases we are able to completely do away with check writing.  We refer to it as the Check Free CEO.  In essence, you can actually approve and pay bills with your smart phone.  Digitizing all source documents also creates a great audit trail," Davidson said.  "We make sure the organization has the information they need to make decisions on how to improve profitability. We capture the right details in accounts and analyze not just expenses but also business income patterns."  All of the products Qbix Accounting Solutions use offer bank level security to keep your data safe.

Gaining traction 

Qbix Accounting Solutions opened its doors in the middle of the Great Recession, but gained clients because of its ability to lower costs and deliver great management information. Although word of mouth helped the firm gain traction, most nonprofit organizations are still unaware of the ability to outsource their finance and accounting functions, according to Davidson. "When people do learn about what we offer, they are intrigued. Some organizations that have had the same bookkeeper for 25 years are loyal to that employee and we understand that completely," Davidson said. "In that case, I just say call us if your bookkeeper decides to retire or gets over-loaded." Other Executive Directors are simply wary of doing something new, according to Davidson. However, as cloud-based services become more widespread in the nonprofit and corporate environment, he believes they will filter into the small business community. "Nonprofits and small businesses traditionally have not been on this model but it offers so many advantages. There are more redundancies in the system and in data back-ups and there are all the benefits of having true IT, finance 

The AICPA recognizes this new paradigm of outsourcing accounting services as a high growth area for firms across the country.  They recently came out with a new certification for “Client Accounting Advisory Services”.  To obtain the certificate, you should certainly be providing those services, which Qbix has been on the forefront of.  In addition, there are a number of online courses to take and a 2 day class Davidson took at the AICPA’s headquarters in New York City.  Rocky Davidson is the first, non-insider, to receive this designation in the country.  Davidson is also on advisory committee for the new designation.

More information on Qbix Accounting Solutions is available at www.qbixas.com.