Jordan 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. Jordan 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. Jordan 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:
Accounts Payable Oversight:
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.
Account Receivable Oversight:
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.
Financial Review & Reporting:
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 Jordan Accounting at 407-429-4938 and sign up now for our Virtual Controller services.
