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Financial Review & Reporting

1. Review balance sheet accounts

FLA Consultants 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 assets, or positive liabilities). We will make sure the equity section of the balance sheet properly reflects the ownership structure of the company.
 

2. Review income statement accounts

We will review treatment of revenue and expense recognition, cost of goods sold or cost of sales, and non-cash items such as bad debt and depreciation.
 

3. 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 (accruals and reversing entries) that your staff may not be qualified to make, such as capitalizing fixed assets, and properly reflecting prepaid expenses.
 

4. Provide periodic reports

We will 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.
 

5. Interaction with key company personnel

We will communicate with the company regularly to address issues that affect the books and records of the company. This communication will be at all levels, from the CEO to the bookkeeper. It is important to us that the accounting staff be properly trained and has a source to turn to for their questions. It is equally important that the CEO and owners of the company feel that they have a business partner that they can turn to for their accounting and financial direction.
 

6. 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.
 

7. Fraud Deterrence

By knowing that your business has a qualified accountant reviewing the financial results and records, this acts as deterrence to fraud for your staff. We will bring to your attention any items or accounts or unusual adjustments which may warrant further investigation.
 

8. Metrics

We will identify metrics important to your business and industry, and generate these periodically based on realized financial results. These metrics will be compared to industry standards to give you a sense as to how your business compares with similar companies. This can help guide the company by identifying expenses or cost of sales which are in excess of industry standards.