Retta & Co - Business Consulting

Benefits of Retta & Co. Accounting Base:

·Current operation resources can focus on core responsibilities.

·Improved accounting controls and reporting.

·Improved process for organizing tax reporting information for in turn reducing internal costs and potentially professional fees paid.

·Introduction of infrastructure necessary to support early stage growth without the capital and internal resources typically required.

·Eliminates redundancy & implements quantitative time management.

Retta & Co Accounting Base Process:

We will meet to review overall project goals and establish metrics to monitor achievement of objectives.  In addition, we will map out the current Accounts Payable and Accounts Receivable process, document approval authority, review annual tax preparation requirements, review the format of your financial statements and dashboards, and define administrative and users rights. Finally, we will document the specific accounting responsibilities of your company and Retta & Co. to confirm they are aligned with the scope of the outlined processes.

System Configuration

Retta & Co will either configure suitable industry software and/or migrate existing software data to support the requirements documented in the previous phase.

Data Migration

During this phase, we will upload files for:

·Chart of Accounts
·Customers
·Vendors
·Beginning Balances
·General Ledger month-end balances for prior 12 months
·Open invoices and bills as of the planned production date

Training

While one goal of this project is to off load transactional accounting tasks from non-accounting personnel, it is important that your company’s management knows how to run reports and check status of critical accounting metrics. During this phase, we will train designated resources to perform these critical tasks.

Monthly Services

Accounts Payable

1. Review invoices as designated each month and reconcile against PO’s, if applicable
2. Add new vendors to vendor master
3. Code and enter invoices, expense reports, and commission statements
4. Route for approval
5. Configure system to allow named company resources to print checks on a local your company printer  and/or initiate another payment transaction type
6. Archive invoices, set up vendor files, and hold for one year
7. Monitor payables aging

Accounts Receivable

1. Review deposit slips, remittance advices, and non-subscription client invoices produced outside of system on the second and fourth Friday of each month.
2. Set-up of client billing for subscription services based on contract terms and conditions
3. Code and enter all professional services billing
4. Configure system to allow two, named your company resources to produce client invoices
5. Enter payment receipt information
6. Monitor cash receipts and aging
7. Monitor customer payment history

Monthly Close
1. Upload payroll information.
2. Meet with Retta & Co. personnel or your designated company resource to collect all accrual information.
3. Reconcile GL with AR and AP sub ledgers.
4. Prepare monthly, quarterly, and annual financial statements -balance sheet, income statement, and statement of cash flow. Close will occur within seven business days of the end of the period.  This assumes we will have all required accruals by the last day of the period.
5. Reconcile bank and credit card accounts

Available Upon Request:

The following items have been excluded from the above but are available if requested:

·Budgeting and forecasting
·Check runs. This can be initiated by your company or a Retta & Co. employee on site, printed locally using check stock
·Expense reporting module
·Audit of expense reports
·Distribution of client invoices and collection
·Special report preparation for board meetings, due diligence, funding, etc.
·Participation in board meetings
·Sales and Use/Property Tax Reporting
·Contract Monitoring
·Professional Services Automation (Integrated Time, Expense, and Billing Module)
·Invoice Scanning
·Purchase Order Creation
·Support of supplier inquiries/dispute resolution
·Allocation of expenses from aggregated bills and expense reports for client billing & coding
·Fixed asset & Capital expenditure tracking