Business Financial Reporting

Business Financial Reporting Services of CFO Solutions-NW, LLC

Financial Reporting

  • Provide a monthly overview of month-end close; review reports and reconciliations, making adjustments as necessary; and answer questions throughout the month.
  • Maintain accounting records with the integrity to be able to smoothly transition into an audit engagement if necessary.
  • Provide guidance on proper adherence to Generally Accepted Accounting Principles (GAAP) for accuracy of the financial statements.
Monthly review of financial statements:
  • Review bank reconciliations.
  • Review and sign monthly journal entries.
  • Review payment registers.
  • Institute proper balancing and reconciliation of applicable balance sheet and income statement accounts; sign off on balance sheet accounts quarterly.
  • Review of accounts payable coding to optimize meaningful financial statements.
  • Maintain controls for accurate books. This assumes the Accounting staff can continue to post accurate entries and meet agreed-upon timelines.
  • Answer questions from Accounting staff and Director throughout the month.
Quarterly financial statement review:
  • Review and print consolidated income statements and individual unit’s income statements; provide balance sheet and statement of cash flows by no later than 30 days after month-end.
  • Provide suggestions and ideas on cost-cutting, efficiencies, and pain points.
  • Offer suggestions on financial statement structure that could optimize financial decisions. Additional assistance with implementing changes could take extra time and would be subject to the consultant’s stated hourly rate.
  • Make recommendations on system optimization and process efficiencies.

Audit Preparation

Work with the Accounting staff to implement controls and reconciling to be in compliance with the auditors. Serve as the point person for client-prepared reports requested by the auditors. Your company’s Accounting staff will be involved with the process. We will assist with preparing reports and serve as the on-site contact for the auditors, answering any questions and providing documentation as needed.

Budget Preparation

Work with CEO and Accounting staff to compile numbers while preparing the budget for the upcoming year. The CEO serves as the point person and holds managers accountable for their budget. Your company’s Accounting staff will provide reports and answer questions from managers on transactional activity in their budget. We spearhead the process to populate your financial package with the budget numbers to produce financial reports with budget-to-actual comparisons.