FREQUENTLY ASKED QUESTIONS [FAQ]
Diagnostic Review Services [Q&A]
1. WHAT DO YOU REVIEW DURING THE DIAGNOSTIC REVIEW?
We have a thorough Diagnostic checklist. The checklist is one we fill out during our review of systems (your QuickBooks accounting file), review of contracts, and other files. We also interview the company principals to understand your overall general policies and procedures around cash, revenue, prepaid expenses, cost of goods/services, operating expenses, payroll, and a few other relevant areas.
2. WHAT is the purpose of A DIAGNOStic review?
We identify problems and document the findings through a summary report and video. • Decide the significance of the findings in a specific client area. • Comment on the findings if appropriate. • Support comments to the client. • Recognize areas needing corrective action. • Document the degree of severity of the problems. • Establish priorities for corrective action. • Develop recommendations.
3. HOW LONG DOES IT TAKE TO PERFORM A DIAGNOSIS?
If we’re given access to all the data we need to perform the Diagnostic Review, we can perform the review and have the results within 10 business days.
4. WHAT DATA DO YOU NEED TO PERFORM A DIAGNOSTIC REVIEW?
We typically need access to your accounting system: a copy of the Quickbooks File or Accountants access to your file. Additionally, we like to have access to a sample of client contracts, vendor contracts, bank reconciliations/and statements, and if you have files in Dropbox, Box or Gdrive, we like you to share access or a copy of a list of documents. We also need to schedule a few meetings with the principal in order to interview them for an understanding of policies and procedures.
5. DO YOU FIX ANYTHING YOU FIND WRONG?
When we perform the Diagnostic Review, we prepare a Diagnostic report where we document the area we reviewed, our findings, what is working and what may need to be reviewed, revised, and/or adjusted. We make our recommendations of the next steps and discuss that with you during a Zoom Video call or in our Diagnostic Report. [click HERE to learn more about our Clean Up services]
clean up or catch up services [Q&A]
1. HOW DO I KNOW IF I NEED TO HAVE YOU CLEAN UP MY BOOKS?
You’re busy starting and growing your new startup and may have hired someone to help you keep your books and keep things going. However, after a while, you start to feel like something’s wrong but are not quite sure what. That's when you may want to schedule a discovery call to discuss running a diagnostic review performed by us.
2. what do you clean up?
Upon the completion of the Diagnostic Financial Review, we make recommendations which include what to correct, adjust and/or clean up in order to get your books back on track or get your financial records in shape for a specific event, such as filing a corporate tax return.
3. what can I expect from you during the clean-up?
We scope out the project based on our checklists, best practices when you need the books to be cleaned up by as well as how much data we need to review and correct.
We perform a thorough clean-up that includes a few check-in meetings with you. Once the scope of work is prepared, we quote you a one-time flat fee!
Cleaning up is one of our specialties! Schedule a FREE CONSULTATION with us to get a no-obligation quote.
4. what is the difference between clean up or catch up?
As in most startups, other tasks will take priority and before you know it, you’ve fallen way behind in keeping up with your financial record keeping. Then you realize, it’s time to file a corporate tax return, or make a financial presentation to your board members, or raise capital.
That’s where we come in. We can catch up on your financial records and get you back on track. We would need access to specific data such as bank statements, credit card statements, payroll records, etc.
5. how much can I expect to pay?
We would need to conduct an assessment, typically a Zoom meeting with you will be enough to prepare a scope of work with a flat-fee quote. We’ve been doing this a very long time and typically can tell how long things will take as well as some of the factors we would need to consider which would add complexity to the scope of work.
Typically, the clean-up projects and catch-up projects for a company that’s in its first few years of business can range from $3,000 - $7,500.
6. how do you perform the clean-up or catch-up work?
We do all our work online. We request access to the various places you may have data, or a copy of your financial file or provide you with a box.com, dropbox or GDrive secured folder where you can upload the various documents we need.
Bookkeeping and Accounting Services [Q&A]
1. could you handle only our bookkeeping?
Fortified Accounting becomes your accounting, finance, and often, your payroll & HR department. We handle a lot more than your bookkeeping. We implement best practices to ensure there is a separation of duties, checks, and balances, to develop and implement workflows.
We know what it takes to go through Due Diligence for an event such as selling your business, raising more capital, or prepare for an audit.
We ensure your records and financials are GAAP compliant, up to date with a high degree of accuracy.
2. Your service seems expensive compared to other bookkeepers?
We offer a boutique, white-glove service experience. We act as your Accounting department which often includes communicating with employees, vendors, customers/clients, and other partners. Yes, we do your bookkeeping, but we ensure things are set up correctly, performed correctly, and often provide input, advice, and guidance for things that come up such as employer tax nexus in other states.
We are accounting, finance, and business operations professionals who specialize in setting up strong foundations for startups to achieve their goals.
3. what accounting systems do you use?
Our preferred accounting software is Quickbooks Premiere or Quickbooks Enterprise. While we have used others such as Xero, QBO, SAP, Intacct, NetSuite, we have found that Quickbooks Premiere (the desktop edition hosted in the cloud) meets most of your needs for many years before needing to upgrade to the next level such as Intacct or NetSuite.
4. how do you work with your clients?
Everything is done remotely. Our team is based in several different states and with today’s technology, we keep in constant contact using slack, email, Zoom, and hosting different types of check-in meetings to ensure we stay on track.
Our clients receive regular updates as well as regularly scheduled Zoom meetings to check in with one of our key members. Lastly, our clients receive a financial package each month as soon as the financial books are closed.
5. Do you prepare tax returns?
No. We handle your day-to-day operations and typically partner with a CPA firm that specializes in all things taxes.
CFO and Business Advisory [Q&A]
1. do I need to be an accounting client to get your cfo services?
Yes. By being one of our accounting clients, we get to know all the ins and outs of your business which makes our role as your CFO more efficient.
2. what type of CFO services do you offer?
As a startup, you will have different needs depending on what stage your new business is in. Our services range depending on the stage and need. For example; you may need a full year of consolidated financials with some financial analysis, or a high-level forecast for a presentation, or assistance with a full-blown budget & forecast for the next 2 years. As a need comes up, we discuss it and provide you with an outline of the scope of work.
3. what is the difference between your accounting and cfo services?
Our accounting services are ongoing monthly. We act as your accounting department and take care of all the regular transactional tasks related to invoicing customers, paying bills to vendors, processing payroll, handling all the general corporate matters related to insurance, vendor contracts, employee records, and much more. The accounting side is more transactional whereas the CFO service is analytical and advisory.
4. can i get your cfo services as a one-time service or do i need to sign up for ongoing support?
We prefer to provide our CFO services to our accounting clients because we are able to get to know their business more intimately. We provide ongoing support or one-time CFO services for our existing accounting clients.
5. is there a minimum amount of hours you offer CFO support for?
No.