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Baldwin Accounting’s Virtual Controller service is designed for
companies interested in obtaining financial oversight and structure,
or enhancing their existing financial team but cannot afford these
skills on a full time basis. Baldwin Accounting works with the client’s
staff to ensure that all required systems and procedures are properly
established and implemented, as well as to ensure that financial
records are accurately maintained.
The exclusive Virtual Controller service provides our clients with
the assurance and comfort of knowing that a second set of eyes is
overseeing their financial records maintenance and reporting, all
at an affordable, flat monthly fee. This service does not necessarily
replace your existing bookkeeping staff. It merely supplements what
they do and frees their time to focus more on the day-to-day financial
and administrative processing functions. Baldwin Accounting works
with each client to provide the requisite guidance, teaching, support
and expertise unique to each client's needs.
The specific services provided vary from client to client, but
typically include:
- We will review the company’s accounts payable detail to ensure
that invoices are recorded in the proper general ledger account and
period. Further, we will perform analytics to determine if recurring
expenses are reflected, and to determine if any accrual entries for
invoices not yet received are required.
- We will assist the company in making the most of vendor payment terms
to ensure the company is maximizing the management of their available cash.
If the company has long outstanding payables, we will advise on how to
negotiate favorable settlements.
- We will perform a periodic vendor analysis to ensure the company is
paying competitive prices for goods and services.
- We will review the company’s invoicing procedures and recommend
ways to accelerate collections.
- We will analyze aged accounts receivable, and make recommendations for
recognizing allowances for bad debts.
- We will ensure that invoices reflect pertinent and accurate billing
information. Further, we will reconcile the accounts receivable sub-ledger
to the general ledger.
- We will perform analytics to determine payment trends to recognize potential
collections issues before they become problems.
- Review balance sheet accounts
We will review and reconcile balance sheet accounts on a periodic basis,
to ensure that they are accurate and complete. Further, we will review the
balance sheet for reasonableness to confirm there are no unjustified unusual
balances (i.e. negative liabilities). We will make sure the equity section
of the balance sheet properly reflects the ownership structure of the company.
- Review income statement accounts
We will review treatment of revenue and expense recognition, cost of goods sold, and
non-cash items such as bad debt and depreciation.
- Review general ledger
We will review the general ledger on a periodic basis to ensure that posted
transactions are valid and accurate. Further, we will recommend period ending entries
that your staff may not be qualified to make, such as capitalizing fixed assets, and
properly reflecting prepaid expenses.
- Provide periodic reports
We will provide periodic reports to management based on the frequency needed to make
pertinent decisions on a timely basis. These reports can include everything from basic
financial statements to customized management reports.
- Interaction with key company personnel
Whether it is answering questions for the administrative assistant who doubles as the
accounts payable clerk, or reviewing month-end reports with the CEO, we will communicate
with the company regularly to address issues that affect the books and records of
the company.
- Business plans, budgeting, and planning
We are adept at providing assistance in preparing business plans and budgets. Further,
we can assist you in preparing for investor or bank presentations, as well as year-end
closings and submission of your records for the company’s tax preparation.
Call Baldwin Accounting at 407-363-0890 and sign up now for our Virtual Controller services.
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