A large and important part of a CFO’s job is financial reporting.
Analyzing monthly, quarterly, and annual reports is critical to having a financially strong operation.
It’s the CFO’s responsibility to produce accurate and timely financial reporting for business owners, CEOs, and managers to evaluate financial performance.
The CFOs at Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. regularly create and analyze Profit & Loss Statements, Cash Flow Statements, Balance Sheets, and other types of financial reporting.
Before preparing financial reporting, our Lead Bookkeepers review the general ledger for accuracy and closing entries, and prepare necessary journal entries.
Then before the final close, our CFOs review the preliminary financials for unanticipated variances and carefully examine them to ensure the numbers are indeed accurate.
One Source Service’s CFOs make sure that financial reporting includes data that is useful to management.
For example, they include information such as variances against budgets, percentages and dollar changes against historical averages, changes against prior periods, and more.
Some businesses even ask us to organize financial reporting by department, class, or business function so the data is more valuable to them.
Furthermore, our CFOs actively monitor key performance indicators via a financial dashboard available for free to every Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. client.
One Source Services, Inc. CFOs also work closely with business owners’ CPAs on tax reporting, which is different from financial reporting.
Our CFOs understand that a strong balance sheet is critical to developing strategies for minimizing tax liability.
The key is to pay a minimum amount of taxes and still demonstrate solid financial performance for prospective creditors, bankers, investors, clients, etc.
More often than not, business owners and managers don’t fully understand the financial reporting presented by our CFOs.
To remedy that, Sherman Oaks Accounting & Bookkeeping provides financial reporting training and support for business owners and managers.
We see to it that all of our clients are equipped to understand and analyze their business finances.
Our CFO Services clients will be the first to tell you that we are sticklers for monthly financial reporting review meetings!
At least monthly, clients who receive our CFO Services have one-on-one meetings with our CEO, Anna, to review financial reporting, identify trends, and collaborate on improvement plan implementations.
By arming our clients with meaningful financial data, we help them to understand their financial performance and identify changes that may be needed to maintain profitable & efficient operations.