Many business owners do not look far beyond cash flow and the bottom
line. They lack either the time or expertise to extract the critical
information that resides in the financial data.
But accurate numbers don’t lie. They often reveal both
opportunities for growth and harsh realities that must be faced
sooner rather than later. Turning Point brings a team of
professionals who convert the financials into tools that help you
effectively run the business.
Problems reporting to third parties
Banks, the SEC or third-party investors – these partners demand
accurate and timely reporting. Failure to provide this causes stress
for everyone, including ongoing problems for the management team
that distracts them from operating the core business.
Overwhelmed or improperly staffed finance department
The Controller spends part of his day doing the work of a CFO, for
which he’s not qualified; the other part of the day doing the work
of a bookkeeper, for which he’s overqualified and overpaid.
Businesses suffer on both fronts. The business needs some skills of
a financial analyst and some of a staff accountant. Without these
roles, critical work goes un-accomplished.
Most small business cannot afford the overhead of a full
financial team. The results are compromises that don’t suit anyone
well. The business over-spends on staffing, yet still does not get
the results that are needed.
Financial data not contributing to the company’s success
When financial data is not accurate and actionable, it’s like
navigating without a map and compass. A wide array of problems
ensue: ongoing cash flow issues, inefficient use of capital, and
limited ability to forecast are among a few of the common symptoms.
Solving this is particularly urgent when results are not meeting
expectations.
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Our solution compliments the strengths of your financial team by
adding any and all elements that are needed to create an
industry-leading financial team.
Accurate GAAP financial statements
An initial clean up ensures your financial data is accurate and
in compliance with GAAP standards. We work with your team (often
directly with your bookkeepers) to close the books on a monthly
basis, ensuring your financials don’t “fall behind” again.
Audit Support
Audits are smooth, stress-free and fast when Turning Point is
involved. We prepare and organize all financial statements and
supporting documents. When questions arise, we act as the primary
point of contact to the auditor. We speak the language and either provide data or
assist the business managers in producing the data.
As a result, we reduce the cost of audit. Many clients have seen
a 50% reduction in the cost of their audits as a result of Turning
Point’s preparation. We also reduce the stress of audit on company,
staff and business owner. In one client’s case, prior to engaging
Turning Point, auditors were camped out at the company for 3 weeks
gathering data. With Turning Point’s assistance, they have reduced this to
a day and a half of productive work.
Lender negotiations
Securing credit is more challenging today than it has ever been.
We’ve seen what works and what doesn’t. Our strategic approach
ensures the lender’s needs are aligned with the company’s needs and
plans. We begin by ensuring your lenders get the data they need,
including current results, forecasts, and the key assumptions that
drive forecasts. We work along side management to negotiate or
revise loans, lines of credit and/or investments. Then we follow
this up with ongoing reporting to keep investors up-to-date on
performance.
Access to cash is the lifeblood that allows businesses to move
forward. We help keep this flowing.
SEC Filings
For publicly traded companies or those about to go public, we
provide comprehensive SEC reporting, including 10-K's, 8-K's, 8-Q's,
SEC Comment letters and more. We provide this work as a
comprehensive service or in support of other major accounting firms.
Please see the Complex Accounting section for details.
Budget & forecasting tools
Budgets, forecasts, variance reporting, scorecards and more. From
the big picture down to the operational details (daily cash flow,
employee utilization, customer satisfaction, and more), we provide
the tools to drive improvement.
The key is that we connect this data with your strategy and your
financial models. We identify the key assumptions, metrics and
action items that are required to convert plans into reality and
opportunities into growth.
Ad Hoc and Trend Reporting
As businesses changes, so can the key data. We work with your
management team to identify the data that will drive improved
results. Sometimes this requires ad hoc reports such as a new look
into sales, customers, expenses or employees. As a third party, we
also bring an outside viewpoint, reporting on external trends and
insights that are relevant to your business.
Monthly Management Discussion and Analysis notes (MD&As)
As a member of the team, we don’t just report the numbers, we
explain the results and link the results to strategy. We do this
through participation in monthly management meetings, weekly
stand-up meetings or whatever model works best for your business.
Staff Training
A unified financial team is critical to success. We help you
build on the strengths of your team and minimize the weaknesses. We
work with your internal team to bring them up to speed on financial
standards and the most efficient process for delivering that. We
implement financial calendars and processes for a wide range of
deliverables including monthly closes, A/R & A/P reporting,
inventory reporting, payroll management, etc.
Trusted Advisor
Turning Point is a trusted partner that helps you get through
crises. IRS audits are never fun, even when you’ve been carefully
following every regulation. Bank-required audits are strenuous,
especially in challenging economic times. Navigating changes in the
economy and market sometimes requires input from a trusted third
party. As a member of your management team, we provide that. We are
focused on your success.
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