If you don’t have a strong handle on your company’s financial situation, it can be difficult to make data-driven business decisions. How can you identify what’s making you money and what’s not? How do you know whether your business is moving in the right direction?
We know it can be tough to navigate all those dense financial reports on your own, especially when your plate is already overflowing – so we’ve come up with a solution. Through our Virtual Controller service, you’ll get a clear view of your organization’s performance with enhanced financial reporting, and we’ll provide you with a 12-month financial plan that includes Key Performance Indicators (KPIs) customized for you and your regular meetings with a financial executive. You will always know how your business is performing.
Our Virtual Controller closes the books and walks you through your financial reports each month to ensure you understand what’s going on with the business. We also update your monthly financial plan, so you always have a 12-month roadmap to follow. We’ll meet with you to discuss that plan. This is in addition to our annual planning process that generally occurs in the final quarter of the year.
This service can be bundled with our Virtual Accounting service to provide you with a complete solution for your company’s financial operation.
Know What’s Happening
The services below are included in our Virtual Controller bundle and are designed to help you better understand what’s going on with your business.
We perform a “hard” close at the end of each month during which we review all accounts, prepare supporting documentation, and book journal entries to prepare more complete financial statements.
In addition to preparing your financial statements, Fintelligent will also prepare up to five custom reports to add to your monthly financial package. These reports often involve details around product and customer sales or trend analysis.
We include up to two customized dashboards with key financial indicators that will be updated throughout the month as accounting transactions are processed. The cost of the software we use is included in our price to you. We use Klipfolio for QuickBooks Online and SageIntaccts native dashboard.
Annual Financial Plan with Key Performance Indicators
As a Virtual Controller customer, you’ll receive a company-wide financial plan, by month, with KPIs. This roadmap provides you with a set of measurable objectives in sales, cash flow and profitability to help you continuously improve your company’s performance. We use Jirav to customize and automate your financial plan. In addition to forward financial statements, you’ll get a dashboard showing actual vs. planned performance.
Our Virtual Controller will meet with your management team up to two times per month. One meeting will be used to review the monthly financial reports after the monthly close. The other meeting will be used to review and update the 12-month financial plan.
Supervision and Support
Our Virtual Controller and Virtual Accountant will partner with your internal staff to provide accounting support to ensure transactions are properly booked. We will also alert you to any problems with the data and recommend corrective action when appropriate.
You can extend the functionality of a Virtual Controller subscription with add-on services useful to your business. These services are available, at an additional cost, to all customers with an active Virtual Controller subscription.
Annual Audit/Review Assistance
We’ll assist your team in preparing for and managing through an annual audit or review from an independent auditor.
We can help your company manage and calculate deferred revenue. If you’ve got fairly simple transactions and not much volume, we’ll use Excel and update deferred revenue at the end of each month. For more complex transactions or high volume, we can use SageIntacct to automate deferred revenue. You’ll need to use SageIntacct as your general ledger.
Employee Expense Reporting
Fintelligent will manage your employee expense reporting. For simple expense management, we post expense reports to Bill.com and pay from that system. We use Expensify for more robust expense management that automates the process.
We offer robust inventory management in partnership with SageIntacct’s Advanced Inventory. This includes managing bills of materials, standard costing, purchasing, item management and warehousing. This service requires you have online access to the organization that manages your inventory. You also need to use SageIntacct as your general ledger.
Fixed Assets Management
Most companies we work with write off their fixed assets to take advantage tax rules that allow up to a $500,000 annual deduction. For situations where some fixed assets or other assets must be depreciated or amortize, we’ll maintain a schedule in Excel and provide it to your accountant at year-end for tax preparation. If you have a more robust need, we offer fixed asset management as a module within SageIntacct. You’ll need to use SageIntacct as your general ledger.
Companies that track employee or contractor time by customer benefit from allocating those costs between Cost of Goods Sold and Operating Expense. We’ll help you allocate your labor and other costs to customers to more accurately determine your customer profitability. This service requires access to your time and customer management system so we can easily pull the data we need to make allocations. We can offer Project Management within SageIntacct as well, so long as you are using SageIntacct as your general ledger.
Fintelligent will consolidate and report on multiple entities in a single instance. For QuickBooks Online companies, we prepare a consolidated financial statement in Excel at the end of the month. For a more automated experience, we use SageIntacct’s native consolidation feature. This requires you use SageIntacct as your general ledger.
If you use SageIntacct with us, we can enable sales order entry management.
If you use SageIntacct with us, we can enable purchase order management.
We have implemented third-party software solutions with QuickBooks Online and SageIntacct to provide greater alignment between operational metrics and financial performance. If needed, we’ll evaluate if we can integrate certain software you use into your general ledger.