CFOx was engaged by a Colorado-based client who specializes in excavation and earthwork services to execute a multi-phase accounting services engagement. This engagement involved the cleanup of historical financial statements, implementation of internal accounting procedures, development of a comprehensive financial reporting package, and delivery of ongoing monthly accounting services.

During Phase 1 of the engagement, the Accounting Services team focused on establishing a robust financial foundation for the client’s reporting needs. The process began with an in-depth analysis of the client’s business operations and existing accounting workflows. Subsequently, the Chart of Accounts was assessed and refined to better meet the company’s reporting requirements. A thorough cleanup of historical financial data followed, encompassing proper categorization of past transactions, accurate allocation of revenues and expenses to the correct periods, and complete reconciliation of all balance sheet accounts. To further enhance financial oversight, a monthly Financial Reporting Package was developed to facilitate regular financial analysis.

Additionally, CFOx integrated the client’s third-party invoicing and payroll systems with QuickBooks Online, ensuring seamless data synchronization across platforms.

Upon successful completion of the initial setup and data cleanup, CFOx transitioned to Phase 2 of the engagement, providing continuous monthly accounting support. This includes timely processing and recording of all bank and credit card transactions, as well as ongoing reconciliations of all balance sheet accounts to preserve record integrity.

Each month, CFOx performs a comprehensive month-end close process, including any necessary cash-to-accrual (modified accrual) adjustments to ensure that financial statements accurately reflect the company’s position. A detailed monthly Financial Reporting Package is also prepared to support management decision-making, and additional financial analysis and forecasting are provided as needed to assist the client in effective planning and response to evolving business requirements.

If you would like to learn more about our Accounting Services, please reach out via email (info@cfoxadvisory.com) or schedule a call directly on our Contact Us page.

Accounting Services Provided

• Accounting Processes and Procedures
• Historical Accounting Clean Up
• System Implementation
• Monthly financial reporting & accounting services