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Here are some Frequently
Asked Questions regarding:
PAFS
General Information
Q:
I already have people who can perform these
functions. How can PAFS be more cost effective?
A: Since
the PAFS offerings are menu-driven, you can choose your service
level, from full-service to our application-only solution.
This allows you to leverage both our skilled personnel and
technology infrastructure for some or all of your accounting
and/or investment administration needs. You save time and
money.
Q: How
much will outsourcing with PAFS cost?
A: Your
contract will be tailored to the individual needs of your
business. There will be a one-time implementation fee and
a monthly fee thereafter. The cost is less than purchasing
and performing these functions in-house.
Q: How
will I access my business information?
A: PAFS
offers multiple VPN (Virtual Private Network) and dial-up
solutions for full access to your data in any application.
We maintain strict controls regarding access to the applications,
network, servers, and databases. Only authorized PAFS staff
and your designated employees will have direct access to your
data.
Q:
Will I have a designated contact at PAFS?
A: As
part of the implementation process, an Account Manager will
be assigned as your point of contact. Your Account Manager
will oversee and coordinate any questions you may have.
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PAFS Investment
Administration Services
Q: Won’t
our investors or shareholders become concerned if a new service
provider is appointed?
A: Your
company will retain full management control at all times with
Phoenix American Financial Services, Inc. (PAFS) solely engaged
as your administrative provider. We can transparently act
as a single source provider of any range of investor or accounting
services. We offer you the flexibility to outsource any aspect
of your investment administration, leaving you with complete
control.
Q: How
can you save me money?
A: PAFS
will eliminate the overhead of specialized, full-time in-house
administration. Unique checks and balances will eliminate
problems and accelerate workflow. The PAFS investor administration
services program offers you a turnkey solution. The STAR System
is fully supported by PAFS's networking equipment, data center
and systems professionals to streamline your investor servicing,
administration and processing needs. With an investor service
program in place, PAFS bears all of the ongoing costs and
responsibilities of maintaining and upgrading the computer
systems. You are able to leverage our personnel and technology
infrastructure by sharing these costly yet critical resources.
Our trained and experienced staff along with our commitment
to deliver high quality services can provide you with a comprehensive
investor service program.
Q: Will
I need special hardware or software?
A: No.
The STAR System is compatible with most existing hardware/PC
platform, network or data processing system.
Q: What
about confidentiality of my investors or shareholders?
A: Confidentiality
is assured with system security that you control.
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PAFS
Accounting Services
General
Accounting and Financial Reporting
Q: How
and when will I receive my financial information?
A: PAFS
will work with you to establish period-end close timeframes
and the associated reporting requirements. Statutory statements
are completed by the respective due dates. Financial statements
can either be mailed or sent electronically.
Q: What
kinds of reports will PAFS provide?
A: As
part of our standard accounting solution, PAFS will generate
industry specific transactional and period-end reports, as
well as internal, managerial financial reports. With our Premium
Services offering, PAFS will create full financial statements
for all types of external reporting, including SEC filings
via EDGAR.
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Accounts
Payable
Q: How
will PAFS process invoice payments to my vendors?
A: PAFS
will receive and process pre-approved vendor invoices, then
issue checks as needed. All vendor payments will be required
to have a final approval by you before a payment is released.
Q: Can
PAFS send payments electronically?
A: Yes.
PAFS not only offers, but encourages the use of Electronic
Funds Transfers (EFT) through our bank service offering. All
EFT transactions, excluding direct wires, are sent through
the Automated Clearing House (ACH) governed by the Federal
Reserve System’s Regulations and the National Automated
Clearing House Association (NACHA).
Q: How
do I process an emergency payment?
A: Two
methods are available. Manual checks may be issued out of
your office or payments may be issued by PAFS; however, there
are costs associated with receiving, processing, approving
and disbursing a rush payment. The volume and frequency of
these types of disbursements usually determine which method
will work best for you.
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Accounts
Receivable
Q: How
will PAFS process cash receipts?
A: The preferred method is lockbox for checks
and electronic receipts; however, if an alternative method
is desired PAFS will work with you to meet your needs. All
daily receipts will be processed within the prescribed timeframes.
Q: Can
PAFS receive invoice payments electronically?
A: Depending
on the bank account set up, PAFS can receive and process electronic
transfer information into our accounting software.
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Banking
Q: What services
are included in banking services?
A: PAFS
will handle all banking issues relating to the transfer of
funds on your behalf for accounts payable and accounts receivable
processing. PAFS has experience working with all types of
financial institutions including local banks, national banks,
and money market investment funds.
Q: Will
PAFS have access to my bank account?
A: Depending
on the arrangement agreed upon, PAFS may have limited, pre-approved,
authorized access to your account for electronic transfers
and/or may have authorization to speak with the bank on your
behalf as needed for treasury services.
Q: How
does PAFS handle electronic fund transfers?
A: All
EFT transactions, excluding direct wires, are sent through
the Automated Clearing House (ACH) governed by the Federal
Reserve System’s Regulations and the National Automated
Clearing House Association (NACHA). Direct wires are sent
directly to or from your bank account for secure transmissions.
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SEC
Compliance & Audit Support
Q: Can
PAFS file reports with the SEC via EDGAR?
A: Yes.
PAFS is trained in all aspects of EDGAR conversion and filing.
Those individuals attend regular seminars to stay up to date
on the latest SEC requirements.
Q: How
are the footnotes and the management discussions and analysis
produced?
A: PAFS
starts with the core financial information and works with
your financial, legal, and management personnel to gather
the information that cannot be derived from accounting transactions.
Q: What
level of audit support does PAFS provide?
A: As
part of our Premium Services offering, the PAFS service team
is available to answer audit questions on transactions we
have processed. In addition, PAFS prepares workpaper files
to support the quarterly and year-end transactions. The audit
can take place in our office or at a location of your choice
through phone and electronic communication.
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Tax
Compliance Services
Q: Will
I review tax returns before they are filed?
A: Yes.
The tax department will send returns and backup to you for
review and approval. If a tax payment is required, the information
provided will allow you to create the payment request.
Q: Will
PAFS sign my tax returns as preparer?
A: PAFS
signs sales, use, property and miscellaneous annual tax returns,
as paid preparer. The benefit of this external review process
is to provide you with added assurance of a complete and accurate
return. PAFS requires income tax returns be reviewed and signed
by your CPA.
Q: My
company is doing business in all 50 states. Can PAFS handle
this activity?
A: PAFS
files sales, property, and income tax returns in all 50 states
and numerous local jurisdictions. Utilizing the Internet and
tax software, our tax professionals have access to all tax
laws and forms. Through experience, PAFS has developed contacts
in numerous jurisdictions, calling upon them as needed.
Q: What
if I am contacted for an audit?
A: Inform
your Tax Representative. He/she will discuss with you the
audit process and review the tax returns filed in the audit
period. PAFS will gather copies of tax returns filed and any
workpapers supporting those returns and provide them to you.
Audit support services, which allow us to handle the audit
from our office, will be offered to you. PAFS has extensive
experience representing clients in sales, use, property and
income tax audits at federal, state or local levels. Through
these experiences, PAFS has made numerous contacts in taxing
jurisdictions and benefits from those resources.
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PAFS
Technical Information
Q: Will
I receive software and hardware upgrades?
A: Yes.
You will receive upgrades as we add them to our infrastructure
so you are assured of keeping up with the most current technological
developments.
Q: What
about security firewalls, business resumption plans, and downtime?
A: Our
infrastructure is built with redundancy across all critical
network points with the security of a PIX firewall. Our Cisco
partnership and Sun servers allow us to deliver a Virtual
Private Network (VPN) solution with 24/7 access and monitoring.
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