Last updated: July 11, 2024
ProvenCFO will process, manage & review data entry of the bills, account classification, check writing, and payment of any/all payables to vendors/suppliers. Appropriate financial controls will be implemented so that the Client is responsible for approval of bills before payment. An appropriate workflow must first be designed before implementation. If one already exists, ProvenCFO will review to ensure proper accounting controls.
ProvenCFO will review data entry of the bills, account classification, check writing, and payment of any/all payables to vendors/suppliers. Appropriate financial controls will be implemented so that the Client is responsible for initiating & approving bills. An appropriate workflow must first be designed before implementation. If one already exists, ProvenCFO will review to ensure proper accounting controls.
ProvenCFO will manage & review data entry and creation of invoices, account classification, sending of any/all receivables to customers. Appropriate financial controls will be implemented so that the Client is responsible for the approval of invoices before sending them to the Client. An appropriate workflow must first be designed before implementation. If one already exists, ProvenCFO will review to ensure proper accounting controls.
ProvenCFO will review data entry, account classification, and creation of invoices or any/all receivables to customers. Appropriate financial controls will be implemented so that the Client is responsible for the approval & sending of invoices to the Client. An appropriate workflow must first be designed before implementation. If one already exists, ProvenCFO will review to ensure proper accounting controls.
Reconciliation of all bank accounts. Includes identifying matching transactions already created in the books (paid invoices, paid bills, credit card payments, transfers between accounts, paid expense claims). Performed weekly, bi-weekly, or monthly based on the need for timely financial statements. This includes reviewing and manipulating automated bank feeds and preparing reconciliation reports to ensure Bank Statement balance and Book balance of bank accounts are in sync.
Reconciliation of all credit card transactions. Includes identifying matching transactions already created in the books (spend or receive money transactions created by the client via mobile app or browser access as well as transfers between accounts), Performed daily, weekly, bi-weekly, or monthly based on the need for timely financial statements. This includes reviewing and manipulating automated Credit Card feeds and preparing reconciliation reports to ensure Credit Card Statement balance and Book balance of Credit Card accounts are in sync.
Management of software integrations between 3rd party ECommerce providers and the Accounting Platform. ProvenCFO ensures the integration is updated as needed and all journal entries are being posted into General Ledger as expected, as well as using the appropriate revenue/expense/liability/asset accounts. Examples of CRM's that we integrate with include: Shopify, Woocommerce, Bigcommerce, and other leading Ecommerce SaaS.
Management of software integrations between 3rd Party Invoicing, AR & Job Costing providers and the Accounting Platform. ProvenCFO ensures the integration is updated as needed and all journal entries are being posted into General Ledger as expected, as well as using the appropriate expense/liability/asset accounts. Examples of leading invoicing modules that we integrate with include: Ignition, SimPRO, Chargebee, Clio, Katana, Procore, and other leading invoicing & job costing SaaS.
Accounting Manager level monthly journal entries to ensure books are current and all items are recorded to provide an accurate accrual financial statement. Entries to be considered will include but are not limited to, depreciation, accrued & prepaid expenses, accrued & deferred revenue, etc.
ProvenCFO will prepare and process payroll for all 1099 contractors and all salaried & hourly employees paid via direct deposit. Preparation of 1099s and year-end reports including W9s, W2, & W3s. Full White Glove treatment provides conjointly with either Gusto, Deel, Remote or ADP Payroll services. ProvenCFO can also pay 1099 contractors and employees directly via either Bill.com, Melio, Veem, or other Bill Payment SaaS.
ProvenCFO will review payroll entries made via Payroll SaaS into the accounting GL for all salaried & hourly employees and 1099 contractors, and prepare for end of year 1099/W2 filings (including ensuring there are protocols for issuing & gathering W-9s).
Monthly Dashboards will be created and maintained to ensure executives have instant access to key metrics, reports, and graphs. ProvenCFO will use leading Reporting SaaS. Dashboards will focus on providing the following key measures of business performance: Gross Profit, COGS, OPEX & NOI. Monthly Basic Financial Statements will be provided within 2 weeks of the end of the previous month. Provided the client has Income: Profit & Loss Statement, Balance Sheet, Cash Flow Statement, Accounts Receivable (if necessary), Accounts Payable (if necessary), Bank & Credit Card Reconciliation Reports.
Create new Chart of Accounts in General Ledger to streamline or improve financial reporting specific to the organization. Each organization has specific reporting needs and no single template chart of accounts is sufficient without revision.
Review and Revise existing Chart of Accounts in General Ledger to streamline or improve financial reporting specific to the organization. Each organization has specific reporting needs and no single template chart of accounts is sufficient without revision.
For clients with operating history, almost always, commencement of services with ProvenCFO begins with client accounting records being materially inaccurate. ProvenCFO will provide the necessary time and expertise to identify material inaccuracies, repair incorrect or inaccurate data syncs and integrations, and assist the client with creating financial records that accurately reflect the clients financial history.
ProvenCFO will work with Client to develop a comprehensive tax planning strategy tailored to the Client’s unique needs and goals. Tax planning may include reviewing Client’s current tax situation and identifying applicable tax credits, deductions, and timing strategies; advising on the tax implications of business-related decisions; performing cost-benefit analysis regarding tax strategies; providing tax projections; and coordinating with other advisors as needed regarding the tax components of business and financial plans.
ProvenCFO will work with Client to prepare and file federal, state and local tax returns. Tax returns will be prepared, provided to Client for approval, and then filed upon Client approval.
Training will be customized to each user's role and to the unique needs of each client. ProvenCFO will provide training video(s) and resource documents with useful links on how to use the different SaaS.