CFO for Hire:
Oftentimes small companies can't afford a $100,000 a year CFO. Nevertheless, they need high-level financial and accounting management. We provide some smaller companies and nonprofit organizations CFO level services for 2 to 4 days per month. This entails, among other things:
- Review of financial statements for accuracy
- Providing financing analysis and options (lease vs. buy, etc.)
- Follow up collection assistance on delinquent accounts receivable
- Presentations to boards
- Financial analysis (cash flows, budgeting, forecasting)
This limited, but effective service, makes it affordable for our clients and gives them piece of mind that their company's finances and accounting are overseen by an experienced accountant.
Accounting Records Clean-Up
Many smaller companies typically have a hard time keeping up with their accounting records. It is not unusual for small companies to not have performed bank reconciliations for several months. We will come into your company and perform what we call a "mini-audit" and tie out/reconcile all balance sheet account balances to supporting documentation. We will propose and record any necessary adjustments based on our findings. This process will ensure that your company has gotten back on track with its accounting records. This is a hugely worthwhile endeavor as your financial statements serve as your primary tool for making business decisions. Relying on inaccurate financial statements can be disastrous. Back Office Remote Bookkeeping:
Many companies and non-profit organizations are looking for ways to reduce their overhead without compromising the quality of their infrastructure. One way to achieve this is through outsourcing your accounting function. This is quite common among non-profits in Baltimore City and Washington DC. We have a sophisticated server/network system that allows our team to handle the accounting function remotely from our offices. This results in an immediate reduction in salaries and benefits (and bonuses - if given), employer contribution expense to employee benefit plans, etc. Although we will manage your accounting data remotely, your organization's financial information will remain at your fingertips.
Cash Flow Analysis, Budgets, Forecasts, Projections: We have experience preparing these prospective statements/schedules in concert with strategic plans, business plans, etc. Nonprofit entities typically need to have budgets performed so that they can appropriately manage expenses and react to drops in contributions, funding, etc. should they experience such shortfalls. We have extensive experience in working with nonprofits establishing their budgets. We also have experience in providing income statement projections and forecasts. We analyze historical trends, consider future plans/expectations and then generate your prospective financial statements. Let us help you understand what your future results of operations might be. Having this information about the future may cause you to manage differently now.
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