Help with Running Your Business and Improving your Accounting Systems
Our Controllers provide part time, interim, and project-based financial expertise to small and medium-sized businesses. In general, the work they do is focused on establishing and managing a smoothly running accounting department, and the preparation of accurate, useful, and timely financial reports to management and compliance entities. We also provide experienced consultants to set up accounting departments, or support existing accounting functions by assessing and improving their operations and systems. Our controllers have the skills to quickly identify best practices for your organization. The value to you is having someone who has truly “been there before” and can navigate through the implementation or improvement process as efficiently as possible.
Listed below are just some of the customizable services we can offer you. To discuss your specific needs with a CFO Selections partner, please call or email us .
The Work-in-Progress report (WIP) is a tool used in conjunction with your balance sheet to show the progress on current projects and those under contract. Banks and potential clients often use it to gauge how busy you are, and to review your billing practices. Many contractors try to front-load their billings so they can get positive cash flow early in a project. This may be good in the beginning of a project. But it can lead to trouble when the end of the project arrives and there isn’t much additional income around to pay for costs.
If your income is being recognized on a percentage-of-completion basis, then you need to set up a WIP report so you can reconcile your billings and costs every month. The report helps you recognize if you have overbilled (front-loaded income) or underbilled on each project and by how much. Add or subtract the cumulative total of these over and under billing amounts from your reported income for the period. This adjustment takes away the advantage of overbilling or underbilling and helps to more accurately reflect your income based on the status of your projects.
- Mentoring and coaching for your current accounting department
- Training on best practices where needed