Transitioning to Outsourced Accounting Solutions
AAFCPAs works collaboratively with management and/or your existing finance team to identify key financial and operational priorities. We look objectively at your people, processes, and systems to recommend solutions to work smarter, not harder.
Managed Accounting & CFO services include:
Assessment
- Walkthrough current processes & controls
- Assess appropriateness of current software tools & needs
- Provide creative solutions and identify opportunities for more efficient processing
Accounting Infrastructure Set-up
- Work with existing accounting services provider & your team to transfer appropriate financial records
- Set-up & migrate to cloud-based accounting/financial management system
- Develop chart of accounts & monthly financial reporting package
- Set-up of cloud-based payroll and bill pay solutions
- Assist with establishment of accounting and reporting policies & procedures
Accounting Services
- Electronic processing of accounts payable and cash disbursements
- Tracking accounts receivable, and pledges (as applicable to nonprofits)
- Electronic processing of receipts
- Optimizing collections of receivables
- Recording of electronic payroll
- Journal entry recording
- General ledger account reconciliations & maintenance of subsidiary records
- Monthly closing procedures
- Provide monthly financial statements
- Training and communication with your internal team on procedures for receipt submission & expense account reimbursements
- Restricted funds tracking & reporting (as applicable to nonprofits)
- Federal grant tracking (as applicable to nonprofits)
High-level CFO & Advisory Services
- Application of new accounting principles & regulations
- Cash management, financial forecasts & projections
- Development of budgets and projections in collaboration with your team
- Custom reporting for funding sources (Donors, Grants, Private Equity & Venture Capital Investors, Owners/Shareholders)
- Board and finance committee meeting preparation and presentations
- Planning and preparation of certain tax filings
- Preparation and drafting of annual financial statements and notes
- Assistance with audit preparation
- Form 990 guidance to optimize your presentation to donors and the public (as applicable to nonprofits)
AAFCPAs’ unique approach to Outsourced Accounting & Finance delivers much more than the required deliverables. Our experience with financial and business operations provides us with unique skills to effectively act in this role, and provides you with value beyond day-to-day accounting. Through the use of online, cloud-based solutions, electronic payment processes and other advanced technology, processing time is significantly minimized.
