- Accounting System Set-up: We will design a system to capture critical financial, operational, sales and marketing information. Customized reports show their effect on your bottom line.
- Service/Product Line/Location Accounting: Revenue and expenses are assigned to specific service/product lines or locations making it possible to determine the profitability of each and to compare their contribution to the company’s total profitability.
- Contract/Job Accounting: Revenue and direct expenses are charged to specific clients or jobs making it possible to determine which are the most profitable.
- Accounting Methods: Review methods of accounting for industry specific transactions, unusual transactions and transactions necessary to the accrual method of accounting. Establish system to maintain proper and accurate accounting. Example: Bulk labor contracts should be recorded as a liability until the service is actually provided. Vacation time earned and vested should be reported as a liability.
- Inventory Management: Determine the optimal amount of inventory to keep on hand by analyzing sales, profitability, purchase turn-around time and your goals. Establish a system for ordering new product.
- Billing System Creation & Management: Automate and streamline customer billing process. Bill your customers in less time, on time and with greater accuracy. Reduce the likelihood of billable transactions going unbilled. Decrease the amount of time required to collect an invoice.
- System Integration: Configure, coordinate and manage separate software programs so that financial data can be easily and properly posted to the accounting system. Proper transfer of data between disparate systems is essential for creating meaningful management reports. Examples of functions often performed by separate, software packages include payroll, CRM, accounts receivable and inventory management.
- Internal Controls: Establish the systems needed to protect your assets and the integrity of your data.
Cash Flow Management
- Weekly Cash Flow Projection: Project cash inflows and outflows for the coming week to determine in advance whether there will be enough cash available to meet expected commitments. When a deficit is possible, MBS will help you take proper action to avoid a shortage.
- Funding Strategy: Determine the type of funding that best fits your situation. Assist in securing lines of credit, loans and equity funding by preparing the necessary financial reports and narratives and then assembling them into a package easily understood by the funding source. Help in making sales pitch to potential funding source.
- Cash Growth: Develop a strategy for building an excess of funds and then for using and investing the excess.
- Banking Relationships: Build and maintain a strong relationship with your bank. Use that relationship to obtain better banking services, loans and lines of credit.
Financial & Operational Reporting
- Global Business Review™: Key business issues are identified and their effect on the business is explained. Specific recommendations for improvement are provided. A variety of financial, operational and proprietary reports make it possible to view the business from many perspectives. Now you can focus on taking the right action rather than working to figure out what’s going on.
- Financial Overview™: Get a thorough understanding of your financial position from a variety of reports that view your business from multiple perspectives. Get key information regarding trends, profitability by location or profit center, sales by referral source, sales by Sales Rep, product profitability, product line profitability, optimum inventory level, customer collections and cash flow.
- Business Pulse™: Distill your business down to its most important metrics. At a glance monitor the drivers of your business and the indicators of its health. Compare your current results to prior years’, to your budget and to your industry.
- Accounting Department Oversight: Clients large enough to perform bookkeeping in-house usually need an experienced CPA to supervise the department. Such oversight serves to increase the accuracy of data input and make certain that generally accepted accounting principles are followed. The result is that financial reports reflect your business’s true financial condition.
- Month-End Closing: Record journal entries necessary to the accrual method of accounting and generally accepted accounting principles. Maintain supporting schedules for general ledger accounts such as fixed assets, prepaid expenses and deposits. Prepare financial and operational reports required by management.
- Negotiate With Vendors: Negotiate for better pricing, payment terms or forgiveness of debt.
- Purchase Negotiations: Negotiate lease terms and terms for purchase of capital items and services.
- Sales Commission System: Design sales commission system that promotes the sale of products and services in the desired mix at the desired gross margin.
- Gross Margin Analysis: Determine which of your products and services are the most profitable and decide whether the pricing structure is adequate to meet the company’s goals. Create strategy for improving margins.
- Sales Console™: Compare detailed sales metrics of each Sales Rep and for the company as a whole. The data makes it possible to determine each salesman’s effectiveness, calculate the amount of profit earned from each Sales Rep and find out whether individual Sales Reps have met their goals.
- CFO On Call™: For a low monthly fee receive unlimited telephone and email consultation. The service is perfect for a growing business with increasingly sophisticated financial management needs. An experienced CFO will help you work through your important business issues when you need it.
- Annual Budget: A budget is the numerical representation of your business plan. Creating a detailed model of your business helps you determine if your strategy is feasible and profitable. A budget also serves as a benchmark against which your progress can be measured. Included in this service are the following budgets: Financial, Sales, Staffing, Advertising/Marketing, Key Indicators, Capital Expenditure, Balance Sheet and Cash Flow.
- Detailed Financial Projection: A Detailed Financial Projection normally is used to raise Investor equity capital. By translating your business strategy into numbers, we help you validate the business model and refine the strategy. Armed with defensible, realistic assumptions you are more likely to attract interested investors.
- Limited Financial Projection: A Limited Financial Projection is often used in the early stages of Investor capital raising. We create a “best guess” estimate of the company’s future profitability using broad assumptions and strategies. The projection simultaneously shows potential investors that you’re on top of your game and provides them important figures they need to make their investment decision.
- Consulting: Assist in analyzing business data and ideas. Use a systematic, methodical process to determine proper courses of action. Assist in the implementation of recommendations made by MBS and by others.
General Business Matters
- Cost Savings: Analyze operating expenses to determine methods for reducing costs without sacrificing customer service.
- Income Tax Integration: Provide your tax accountant with the reports and data he needs in a format that facilitates the preparation of income tax returns. Assist in the implementation of tax accountant’s recommendations into the business.
- Sales Tax Return Preparation: Prepare sales tax returns for all taxing entities.
Bookkeeping & QuickBooks
- Bookkeeping: Outsource your accounting and bookkeeping to Mindful Business Solutions to insure your financial statements are prepared timely, accurately and according to generally accepted accounting principals. Insure that your accounting system is effective and capable of producing the information you need to profitably manage.
- QuickBooks Configuration: Design/modify QuickBooks configuration to produce meaningful financial, sales, cash flow management and operational reports that can be used as management tools. Turn your accounting