Fractional CFO Process

Our finance experts will dive into your Syncore and QuickBooks and provide a comprehensive report that details our findings. This review typically includes:

• Seeing if your G/L cash account balances to your bank account
• Seeing if your G/L accounts are balanced to your ERP system
• Reviewing numerous ERP reports including topics such as GPM%, Average Order Size, A/R, A/P, Discounts Taken, Jobs To Complete, Commission Accruals, COGS Accruals, To Be Invoiced, Open Credit Memo’s, Freight In/Out, Month End Closing, etc.
• Reviewing G/L accounts to look for unusual amounts based on our industry experience

This report will highlight areas where your finance team is doing well and areas that could use improvement. Suggested solutions to challenges will be provided of course.

Getting your books to a good place often requires some cleanup work. Our Exploratory Review report provides suggestions on items that your team should be able to do, often with our coaching on best practices, and sometimes some items that are more complicated and best left for our expert to complete. If our help is recommended, the report will include a quote and timeline for completion.

This optional service is perfect for distributors who have in-house finance staff performing basic tasks such as daily invoicing, A/R, A/P, payroll, etc., but who would benefit from an experienced senior accounting person to perform the month-end tasks, provide oversight to your financial processes and report to the owner on a monthly basis.

This service is designed to supplement your existing finance team and provide distributor owners with peace of mind that the financial health of their business is in great shape.

Depending upon your ERP and accounting system, monthly services typically include:

• Bank reconciliation report to make sure your G/L cash balance matches your bank statement – this is
  important to prevent fraud!
• Month-end journal entries into your accounting software
• Closing the month so staff can’t go back and change things and mess up your books.
• Summary report to confirm the month end G/L entries were made correctly.
• Financial Statements including P&L and Balance Sheet.
• Budget vs actual report if you have a budget. If you don’t, you should talk to us about getting one!
• Finance KPI report that includes approximately 30 different metrics to provide you with easy checks and balances regarding the financial health of your business and the performance of your finance team. This often includes some common finance ratios such as quick ratio, current ratio, inventory turnover rates and AR to AP ratio. This report also tracks month-to-month trends so you can see improvements or challenges as they arise. We’ll be reviewing this data monthly and highlighting items that you should take note of to make it easy for you.
• Coaching of finance department best practices to improve the performance and reliability of your finance team.
• Year-end closing includes moving accrued commissions to the next fiscal year if needed.
• As needed calls/zooms with the distributorship owner to discuss/review finance topics.

Not Included:

• Daily bookkeeping tasks such as invoicing, A/R, A/P, payroll, etc.
• Supervision of your in-house accounting team.
• Professional legal and tax advice – this should be provided by your CPA.
• Year-end tax return preparations and
• Liaising with your CPA regarding year-end reporting requirements although this can be available for an extra fee.