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04 Fractional Accounting Department
For established and growing businesses that need the support of an accounting department without the time, cost and responsibility of building one, in-house.
Get access to an experienced and highly specialized accounting team for a fraction of the time and a fraction of the cost of hiring similar professionals, as full-time employees.
Instead of screening, hiring, training and managing multiple accounting positions, your Fractional Accounting Department gives you an established team with the experience and systems already in place to "plug" into your business and support your operations.
CORE Scope of work:
Includes the core accounting and financial management services from our Fractional Controller Package, plus expanded departmental support tailored to the needs of your business:
Record & categorize all business income & expenses, ensuring proper allocation to appropriate GL accounts - on a weekly basis
Reconcile bank & credit card accounts - on a monthly basis
Month-end close preparation of basic Financial Statements, ie balance sheet & income statement
Regular review and maintenance of the Chart of Accounts for accuracy and relevance
AR monitoring + Bad Debt expense mitigation - on a weekly basis
AP/Bill Pay + Spending controls and expense management - on a weekly basis
Record the sale or purchase of any large purchases/fixed assets
Record any depreciation or amortization
Record and maintain any payments to notes, payables, and other liabilities
Job costing & project tracking (for service-based and construction clients)
Assistance with the year-end close process to record adjusting entries as needed for accruals, deferrals and corrections
Organize and provide necessary financial data and reports to your tax preparer.
Full Accrual Basis accounting
Priority Support/responses within 1 business day
Weekly 15 min accounting meetings with your Controller to discuss AR and AP.
One, monthly 60 min accounting meeting with your Controller to review financials, growth strategies and upcoming planning
Additional support to help you Mind Your Millions:
Class or location tracking
Annual Budget & Forecast
13 week cash flow management
Proactive tax planning support (in partnership with your tax strategist)
Funding readiness support (loans, line of credits, investors, acquisitions, etc)
Customer facing white-glove accounting experience through a central email box
Dedicated oversight of your accounting experience
Financial process and internal control development
Quarterly strategy sessions
Support integrating your operating system and accounting system
Unlimited email and scheduled Zoom support
Deliverable:
Customized financial reports with key insights published to your client portal on a set day, every month.
Weekly AR and AP reports
Shared Project Planning Board for accountability
Other KPI (Key Performance Indicator) tracking based on your goals
Monitored Central Email Box (in your domain)
