Here is an overview of the workflow process to begin your business journey with us
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Onboarding
- Collecting client information securely
- Setting expectations for communication and collaboration
- Providing access to the client portal
- Outlining the scope of services and deliverables
Financial Review
1. Source Documents Review
- Collect client source documents like bank/CC statements, invoices, receipts, payroll records
- Ensure I have all documents needed for the monthly close
2. Transaction Coding & Entry
- Enter transactions into accounting software, coding expenses/revenues to proper accounts
- Record non-cash activities like depreciation, amortization
3. Reconciliations
- Reconcile cash accounts like bank accounts, credit cards
- Reconcile other balance sheet accounts like A/R and A/P
4. Revenue Review
- Verify all revenue transactions are properly recorded
- Review for proper cut-off by inspecting pre/post month receipts
5. Expense Review
- Scan expenses for irregularities or improper coding
- Tie amounts to invoices/receipts
- Look at ratios like rent and payroll as a percentage of revenue
Client Advisory
6. Financial Statements
- Prepare financial statements like income statement, balance sheet, cash flows
- Add supplementary schedules and graphs to explain trends
7. Analyze & Interpret
- Compare financial metrics period-over-period and actual-to-budget
- Research irregularities and/or inconsistencies
- Perform ratio analysis on liquidity, activity, debt leverage, profitability, etc.
8. Reporting
- Present findings analysis in monthly financial reporting package
- Include executive summary, commentary to explain trends
9. Recommendations
- Provide ideas and advice to management regarding ways to optimize financial performance
- Follow-up on status of prior recommendations
10. Conclusion & Consultation
- Final consultation with management to discuss reporting and address questions
- Plan follow-up items and next reporting cycle