Services Provided by FinAccurate:
- Accounts payables (invoice processing, online payments)
- Accounts receivables
- Bank account recording and reconciliation
- Credit card accounting
- Accounting for donations and book sales revenue and reconciliation
- Endowment accounting and reconciliation
- 1099 Filing
Financial Analysis, Reporting and Forecasting
- Month end close including journal entries
- Quarterly financial package
- Quarterly budget vs. actual reporting and analysis
- Annual budgeting
- Year end review analysis
- Year end financial package prepared for CPA; address Audit Review questions
- Quarterly review of financials with Executive Director and Treasurer
- Attend board meeting to present financials and address any questions from board members
- Payroll accounting
- Employee benefits payments
Client had an individual accountant doing the bookkeeping services. The quality of the work completed was an issue as it was neither accurate or timely. Costs were high as the rate was comparable to that of a CPA. It was time to change.
Details of the situation included:
- 6 months backlog
- Paper-based process with work done on-site.
- Accounting corrections dated back one year
- Financials for board meeting were inadequate and required a meeting to review in advance of board meeting
FinAccurate was hired as Client knew they wanted and needed the support of a team of professionals as opposed to an individual. Within 3-4 months, the processes were automated to increase efficiency and the entries and books were cleaned up for accurate reporting and analysis. FinAccurate has now been their outsourced accounting department for over two years, providing the expertise the Executive Director needed.
- Converted from paper to electronic processes for increased efficiencies. Time and cost savings achieved due to automation and shifting from office-based accounting to remote, outsourced accounting services.
- High quality services achieved with cost savings going from flat hourly rate of $150 to blended rate.
- Established accurate and complete financial reports with comparison to current year forecast, prior year actuals and actual vs. budget comparison. Pre-meeting for board meeting no longer necessary.
- Earned trust from the Executive Director and Treasurer to have confidence in financials.
- Shift from annual to monthly reconciliation process of donations and book sales improved identifying and solving issues quickly.