Overview J & F Advisors offers a wide array of accounting services to our clients, ranging from monthly bookkeeping functions to internal control implementation. We take pride in tailoring an accounting solution to fit your company’s needs and budget. Refer to the listing below for a description of services we provide at J & F Advisors.
Virtual Chief Financial Officer (VCFO)
J&F Advisors provides VCFO services to small businesses within Metro Detroit. Services offered are comprehensive of those offered by a traditional CFO, but work will be performed remotely, on a part-time basis, and at a fraction of the cost of hiring a full-time CFO. VCFO packages are customizable to your company’s needs, and can include all or a few of the services outlined below:
- Monitor the financial health and well-being of the business via cloud technology
- Offer financial insight and guidance on all company decisions and issues
- Provide training to staff involved in the accounting process
- Create and monitor Key Performance Indicators (KPIs)
- Profitability analysis by service and product line
- Assist with internal and external audits, reviews, etc.
- Business tax return and personal tax returns of owners
- Liaison with bankers, attorneys, vendors, insurance agents, etc.
- Development of company accounting procedures manual
- Budget preparation, including budget to actuals, as needed
- Monthly bookkeeping and reporting
- Monthly bank reconciliations
- Tax planning
- Complete payroll processing and payroll tax compliance
- Receive ongoing support for software issues affecting the accounting process
Small Business Accounting
Maintaining accurate financial records is critical to the success of any small business. However, upholding those records can also be frustrating, complex, and time consuming. J & F Advisors can help your business establish daily and/or monthly bookkeeping tasks, which will allow you to focus on the fundamental aspects of your business. These bookkeeping services can be performed by J & F Advisors, or we can train an employee to perform these duties for you.
Depending upon your needs, J & F Advisors can provide the following services to your company:
Accounting Software Selection and Implementation
This service will provide a starting point for a bookkeeper to regularly prepare your books. Whether the bookkeeper is J & F Advisors or an employee of your company, we will recommend the best accounting software suited for your company, purchase the software, and set up the software. If you choose to have an employee perform regular bookkeeping duties, J & F Advisors will train this employee to perform these duties for you.
If your company chooses J & F Advisors to perform bookkeeping services, we will record all financial transactions in your accounting software on a monthly basis. These transactions include but are not limited to purchases, sales, receipts, and payments by an individual or organization.
Preparation of Bank Reconciliations
If your company chooses J & F Advisors to perform bookkeeping services, we will prepare monthly bank reconciliations which will keep you abreast of your bank balance enabling you to make accurate decisions on cash flow. Bank reconciliations also allow you to detect any missing checks, deposits, or unauthorized transactions.
Preparation of Financial Statements
A financial statement is a formal record of the financial activities of a business. The objective of financial statements is to provide information about the financial position and performance of a business that is useful to a wide range of users (lenders, investors, employees, etc.) in making economic decisions about your company. J & F Advisors will prepare the following four statements for your company on a monthly, quarterly, or yearly basis:
- Income Statement – Reports a company’s income, expenses, and profits over a period of time.
- Balance Sheet – Reports a company’s assets, liabilities, and owners’ equity at a given point in time.
- Statement of Owners’ Equity – Reports the changes of the company’s equity throughout the reporting period.
- Statement of Cash Flows – Reports the company’s cash flow activities, particularly its operating, investing and financing activities.
Accounting Policies and Procedures
This manual gives instruction on how to handle accounting related functions of your business. It is a well-rounded document that is very beneficial to setting accounting standards within your business. J & F Advisors can work with you to create an accounting manual that is best suited for your company.
Accounting Software Training
As a bookkeeper, it is very important that you understand the fundamental features of your accounting software, and the benefits it can provide to your company. Whether your company has purchased new software, or is interested in learning more about the software currently in place, J & F Advisors can provide one-on-one training to you or your employees on how to operate your accounting software specifically for your business. We can come to your location, and focus on the individual issues facing your business. In addition, we will answer any specific questions or concerns you may have concerning your software.
If your company is in need of an expert opinion on a specific business plan or concept, J & F Advisors can assist you with making a decision that is most beneficial to your business needs. Whether you are looking for recommendations on an appropriate business formation, or the best staffing structure for your business, J & F Advisors will perform a thorough analysis on several options, and recommend the best solution based on your company’s goals and objectives. Business Consulting services we offer include, but are not limited to, the following:
Financial Management Structure Analysis
Accounting Software Selection and Implementation
Business Structure Analysis
Financial Statement Analysis
Internal Control Evaluation
Internal Control Implementation
Internal controls are methods put in place by a company to safeguard the integrity of financial and accounting information. J & F Advisors can evaluate your company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft. We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then, we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.
J & F Advisors will do the following for your company:
- Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
- Make sure transactions are authorized by appropriate personnel.
- Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
- Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
- Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected fraud.
- Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
Tax Return Preparation
J & F Advisors offers high quality and efficient U.S. income tax preparation services. Whether you own a small business or are an individual, we have the skills to prepare your taxes in compliance with Federal and State tax laws. We offer the preparation of several types of returns including corporate tax filings, multi-state taxes and individual income tax returns.