Terms and Conditions of Outsourcing Agreement
This terms and conditions applies to all our outsourcing service contracts:
(1) It is Customer responsibility to open, review, and upload all source documents for all transactions to be entered into accounting data for each month. Customer is to review all check disbursements and verify that Customer has signed for all the disbursements. Customer’s company is responsible for verifying all cash receipts and all deposits including any credit card deposits on the bank statement, before providing the bank statement to our firm. Customer must make sure that all income is being deposited in the business bank accounts provided to our firm and that any un-deposited fund must be deposited into the bank account next business day.
(2) Accountiviti Advisors monthly fee is paid on the 1st day of each month for the monthly fee plan selected or for any other outsourcing services provided on their due dates. If payment is decline it will automatically be re-process every 24 hours and after the third try the account will be put on hold until another means of payment is provided and all data entry for source documents provided will be suspended. Data entry will not resume until payment for the month in which work is to be done is presented. Customer agrees to hold Accountiviti harmless of any potential penalties, interest, or other damage incurred due to the suspension of services.
(3) Customer understands that all the accounting and bookkeeping work, including data entry may be performed by any staff accountants, senior accountants, controllers and CPA’s or a combination thereof. All our outsourcing services are supervised by professional Accountants and CFO and our tax services are done by or supervise by professional accountants. Accountiviti is not a CPA or Audit firm, therefore this engagement cannot be relied upon to disclose fraud or illegal acts. It is the responsibility of customer to engage the service of an Internal or External Auditors to deter fraud or illegal acts.
Back-up of Data File: Accounting Desktop platform reside in a secured Data-Center within the USA and all our Customer’s data files are back-up daily to prevent data-loss. Customers are also responsible for log-in password details and must proctect it. They should back-up their data-file into their local drive at the end of each week and at the end of each month. This will serve, as an additional back-up provision that guarantees that your company data file is always available to you in case of unforeseen situations like terrorist attack, earthquake, and natural disaster etc.
Arbitration Clause: Any dispute arising out of this outsourcing agreement will be decided by independent arbitrators. Both Firm and Customer expressly agree not to have any disagreement heard in a court of law and to have any disputes resolved by an arbitrator acceptable to both parties. If no agreement is reachable on an Arbitrator, the services of the American Institute of Arbitrators will be used, the fee of which will be paid by the losing party.
Warranty: Accountiviti warranties cover only the scope of the specific services per this agreement. In case of data-loss or errors, we shall provide the available last-day back-up file to replace the original files. Our warranty cover only the re-creation of data file due to error or loss caused by us and do not cover any data creation errors or mistakes caused by Customers employees. Our liability is limited to data file re-creation only. Accountiviti Advisors maintains a One Million Dollars Accountants Professional Liability Insurance with Philadelphia Insurance Company to protect our customers and our accounting outsourcing methods.
Firm and Customer acknowledge that this is a one year agreement and both parties agreed that this agreement might be cancelled anytime with a written one-month notice. There is no refund of subscription fees paid for cancellation of agreement in the middle of the month or before the end of contract, and all cancellation will be effective on the 1st day of the next month. Accountiviti reserves the right to refuse service to anyone with or without cause. Customer signature below or the receipt of your initial setup fee and the monthly subscription payment verifies that Customer agrees to all the terms of this service agreement.