FAQs

Q. What is cyberCFO exactly?
A. cyberCFO is a Web-based accounting service that seamlessly integrates the latest in accounting software and internet technology with individually-tailored financial coaching to enhance the efficiency and profitability of your dental practice. Basically, you write the checks while we watch your back!

Q. What is the true value of using cyberCFO?
A. You will see a significant, tangible direct savings each month in the cost of the various accounting tasks your practice requires, plus increased profitability from the recommendations your cyberCFO Support Team provides. The result will be true peace of mind knowing that an experienced team of financial professionals is constantly watching your practice’s performance. This frees you up to do what you do best: caring for your patients.

Q. How can I save money by subscribing to the cyberCFO service?
A. Very simply, we estimate that your direct and time-related savings by utilizing cyberCFO will be a minimum of approximately $1000/month, not including the value of ongoing profit-building consulting provided by your cyberCFO Support Team.

Q. How does cyberCFO help my "bottom line" profit?
A. 1) Decreased overhead for various accounting tasks. 2) Decrease in specialized experience required of AP Coordinator resulting in a less expensive employee. 3) Decreased accounting fees by providing accountant-accurate data throughout the year and at year end; no data entry required by accountant’s office. 4) Timely alerts to trends that are positively or negatively affecting cash flow and profitability so immediate adjustments can be made. 5) More efficient communication of your financial information with any other consultants you might be using. 6) Decreased expenses and increased revenues through proper allocation of your practice’s resources.

Q. Will my existing financial data transfer over for prior year?
A. Yes, with most software packages.

Q. How does cyberCFO help reduce likelihood of embezzlement?
A. We are an unbiased, third party, off-site accounting service watching every financial move your practice makes. Since our experienced team reviews payables and receivables and completes your bank reconciliations, we cross check actual deposits against your practice's month-end report. This makes it very difficult for anyone to attempt embezzlement without our catching it.

Q. How long do reports remain available to review online?
A. For the current and previous year.

Q. What do I have to do to get started?
A. We have a structured process all our clients go through to make sure they are comfortable and their financial data is accurate at the outset. This begins with a Practice Evaluation and Orientation, PEG’s proprietary process for analyzing a dental practice’s financial health.

Q. Will the cyberCFO system take up more of my time?
A. On the contrary, the time you spend on key accounting tasks will decrease substantially as our service streamlines your accounting procedures.

Q. How long does it take to learn the cyberCFO software?
A. It takes generally about one week to "get the hang" of using the system. Your Support Team, including your personal eVisor, will be there to guide you every step of the way.

Q. How does cyberCFO differ from Quickbooks®?
A. cyberCFO can do everything Quickbooks can and much more. Click here to see a comparison of cyberCFO and Quickbooks.

Q. Will my vendors from Quickbooks be maintained or will I need to reenter all of them?
A. When we import your data, all the vendor information, including the balances that have been paid to each one in the current year, will come into our system.

Q. Who voids the checks?
A. You do.

Q. Who does "stop payments"?
A. You do.

Q. Can I write Accounts Payables from home?
A. Yes, via the cyberCFO website.

Q. How are patient refunds handled?
A. You will write the check or make the refund to the patient’s credit card.

Q. How will I enter payroll into the new system?
A. If you use our payroll service, we will import the entries for you and update your checkbook balance. If you use an outside service, we will set up a template for them to make the entry using Memorized Transactions.

Q. Will I be able to use the same checks I use now?
A. Yes. We will customize the check printing format to match your checks.

Q. Will I still need to back up my data every day?
A. No. Your data will be automatically backed up on secure servers every day.

Q. If I don’t know how to code a check, can I leave the code blank?
A. Yes. You can attach a "Note" to an entry with a brief explanation and we will let you know the correct coding.

Q. If there are corrections to my bank balance from the bank reconciliation, how will I know?
A. We will update your bank balances as soon as the bank reconciliations are done.

Q. How will cyberCFO help me work with my CPA more effectively and efficiently?
A. Two primary ways. First, you can provide your CPA access to your financial statements, allowing him/her to monitor financial data anytime. Second, your CPA will no longer have to "re-key" all of your data to ensure accuracy and completeness come tax time. Our cyberCFO team does that along the way so your CPA does not have to.

Q. Who prepares the monthly financial statement?
A. Your personal cyberCFO eVisor. The Accounts Payables process starts the information "train" in our web-based financial preparation package. Data within builds as checks are written.

Q. Who does the bank reconciliations?
A. Your personal cyberCFO eVisor.