Services

Daily Accounting

We provide a full range of outsourced accounting services to our clients — everything from routine data entry and information retrieval, to state of the art accounting software and sophisticated analytics, all provided for a fixed monthly fee. We ensure that all required government filings are completed accurately and on time. Outsourcing your daily accounting functions minimizes disruption during times of staff absences and turnover. Our flexible outsourcing arrangement is cost effective and allows you to focus on delivering your mission and serving clients.

Financial/Reporting

Financial One provides specialized nonprofit accounting expertise and software tools to tackle all financial reporting requirements. We prepare monthly statements, specialized reports for funding agencies and all government and managerial reports as needed. Financial One prepares all necessary workpapers to support both financial and management reporting. Our team of experienced professionals enhances your financial management infrastructure, providing relevant, accurate and timely information to internal and external stakeholders, all within a fixed monthly fee.

Budgeting/Forecasting

Functioning as an embedded CFO or Controller, we help prepare fiscal year budgets and track budgets for projects. Our team works with you to design and manage the budget process, prepare budget templates and provide detailed reports of results with variance analysis. We integrate budgets into your accounting system to streamline reporting. Financial One projects future cash flows, allowing you to make informed decisions, forecast earnings and strategically manage, with few surprises.

Consulting

Our nonprofit specialists provide consulting for every aspect of your organization. This includes but is not limited to department structure, individualized internal control plans, tools and documentation for compliance, guidance and strategy for board involvement, accounting policies and procedures and turnaround management when necessary. Our reports enable sophisticated analytics to take your organization to the next level. We provide CFO-level professionals and other specialized services when needed.

As a leading accounting, finance and consulting firm in the nonprofit community, Financial One offers a wide range of services. We provide specialized, professional, one-on-one services for our clients to ensure your nonprofit’s needs and goals are understood and met. Our experienced team of nonprofit specialists offer services from basic accounting to sophisticated reporting and analytics.

Budgets

  • Active participation in budget preparation and grant applications
  • Comparison of budget to actual expenditures
  • Preparation of annual operational plan and budget
  • Budget presentation to board

Reports

  • Maintenance of general ledger
  • Monthly revenues and expenditures reports
  • Monthly financial statements
  • Specialized reports to meet all funding agency requirements
  • Managerial reporting of financial highlights
  • Cash flow reports

Compliance

  • Segregation of duties
  • Document retention
  • Sarbanes-Oxley Act best practices and recommended policies
  • Grant management and compliance

Audit Preparations

  • Work papers detailing all asset and liability accounts
  • All work papers requested by auditors
  • Internal control questionnaire
  • Close cooperation with auditors during annual audit, including use of Financial One facility when necessary

Consulting

  • Department structure
  • Board involvement
  • Policy and procedure development and/or updating
  • Turnaround consulting when necessary
  • Provide continuity when employee turnover impacts organization

Payroll

  • Payroll processing
  • Reports detailing wages and hours per cost center
  • Payroll report detailing straight time, overtime, sick/vacation and training
  • Preparation of federal, state and local tax reports
  • Payroll that interfaces with general ledger
  • Comparison of budgeted hours to actual hours and budgeted payroll to actual dollars, each pay period

Accounts Payable

  • Payables Processing
  • Payables system that interfaces with general ledger
  • Assignment of payables disbursements to appropriate cost center
  • Processing of purchase orders, check requests and vendor invoices
  • Maintenance of payables
  • Establish credit with vendors or process applications
  • 1099 reporting

Billings/Accounts Receivable

  • Monthly billings
  • Monthly reconciliation of revenue to contract
  • Monthly accounts receivable detail per consumer/cost center
  • Review of grants and award letters
  • Grant and fee-for-service billing
  • Review and follow-up on open items
  • Accounts receivable aging, collections and sending; follow up of monthly statements

Banking

  • Monthly bank reconciliations
  • Monthly review of cash receipts
  • Process stop payment requests
  • Enhance banking relationships
  • Cash flow projections