A well-established accounting infrastructure is a vital piece of a growing business, providing owners and management with reliable financial information and visibility into their business. As your business grows, it becomes increasingly important to invest in the development of this infrastructure to support the new needs of the business.
Through experience gained from assisting our clients, we have identified the following key aspects required for the successful development of a scalable accounting infrastructure for your growing business:
Develop and Implement a Standardized Chart of Accounts
A Chart of Accounts is a listing of all financial accounts that a company has identified for recording transactions in its general ledger. A standardized Chart of Accounts allows users to break down transactions into organized, meaningful subcategories, providing owners with insight into the various areas of the business. CFOx will develop and implement a standardized, uniform chart of accounts across all entities of your business.
Uplift Financials from Cash-Basis to Accrual-Basis Accounting
Accrual-basis accounting establishes a more meaningful relationship between the revenues and expenses of the business which provides better insight into profitability. Accrual-basis financials also provide a more accurate picture of the business’ assets and liabilities on the Balance Sheet. CFOx will assess the basis of accounting utilized in your business’s recordkeeping and perform procedures to uplift the financials from cash-basis accounting to accrual-basis accounting.
Establish Internal Accounting Processes and Procedures
Internal accounting processes and procedures are required to produce a set of reliable financials and to maximize efficiencies of the accounting department. CFOx will work to develop accounting processes and procedures for your business and implement them consistently and uniformly across your entire organization.
If the accounting function and infrastructure of your business is struggling to keep up with the growth that your business is experiencing, now is the time to explore how a firm such as CFOx can help. If you would like to learn more, please schedule a free consultation via email ([email protected]) or by scheduling a call directly on our Contact Us page.