GuthrieCPA                                           (352)684-4240

Virtual Controller

 At Your Service!  
GuthrieCPA'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. We work with the your 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 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. Working 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:

Accounts Payable Oversight:

Review the company’s accounts payable detail to ensure that invoices are recorded in the proper general ledger account and period. Perform analytics to determine if recurring expenses are reflected, and to determine if any accrual entries for invoices not yet received are required.

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.

Perform a periodic vendor analysis to ensure the company is paying competitive prices for goods and services.

Account Receivable Oversight:

Review the company’s invoicing procedures and recommend ways to accelerate collections.

Analyze aged accounts receivable, and make recommendations for recognizing allowances for bad debts.

Ensure that invoices reflect pertinent and accurate billing information. Further, We will reconcile the accounts receivable sub-ledger to the general ledger.

Perform analytics to determine payment trends to recognize potential collections issues before they become problems.

Financial Review & Reporting:
Review balance sheet accounts:
Review and reconcile balance sheet accounts on a periodic basis, to ensure that they are accurate and complete. Further, review the balance sheet for reasonableness to confirm there are no unjustified unusual balances (e.g. negative liabilities). Make sure the equity section of the balance sheet properly reflects the ownership structure of the company.

Review income statement accounts:

Review treatment of revenueand expense recognition, cost of goods sold, and non-cash items such as bad debt and depreciation.

Review general ledger:

Review the general ledger on a periodic basis to ensure that posted transactions are valid and accurate. Further, 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:

Provide periodic reports to management based on the frequency needed to make informed 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, communication will continually occur with the company's key personnel to address issues that affect the books and records and internal controls of the company.

Business plans, budgeting, and planning:

GuthrieCPA is expert in preparing business plans and budgets. Further, the practice 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.

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