- Ensure that all accounting transactions are recorded timely and accurately
- Establish regular payment cycles to the extent possible so that checks are cut and payments made on a consistent payment cycle.
- Prepare a weekly cash report showing cash balances per books and amounts to be received or due to be paid.
- Ensure payroll and related taxes are recorded timely and accurately.
- Provide reporting as needed for management.
- Oversee the clerical staff and review reconciliations and other key functions to ensure accuracy of financial records and reporting.
- Review bank reconciliations and record bank charges and other adjustments as needed.
- Ensure that the aged accounts receivable and payables reconcile to the general ledger and any differences are identified and corrected.
- Review balance sheet and profit and loss detail reports to ensure all accounts are accurate
- Adjust recorded payroll tax liabilities to the payroll tax returns as needed (quarterly).
- Prepare financial statements with explanations of significant variances versus the business plan
- Prepare an analysis of general and administrative expenses.
- Prepare earnings forecasts to the end of the current and following fiscal years.
- Update the quarterly cash flow forecast.
- Update the fixed assets schedule and record depreciation.
- Evaluate insurance payments vs. the earned premium and adjust the books accordingly
- Analyze change orders, job costing, and job profitability as compared to budgets.
- Lead and control audits of outside parties, such as for the annual insurance policy, Federal and state tax examinations, Department of Labor, and outside accountants.
- Serve as one of your trusted financial advisors.
- Participate, if needed, with and for management in investor and lending transactions.
- Assist management in developing strategies for growing cash, investing excess cash, and reducing debt where appropriate.
- Participate in the development of an annual financial business plan.
- Assist in project reviews, one-off projects, or transaction analysis.
- Evaluate continuous process and control reviews and improvements as appropriate.
- Participate in the analysis of corporate transactions, including capital expenditures, development of exit strategies, and other strategic initiatives.
- Work closely with outside accountants on tax planning.
- Respond to information requests of lenders, tax authorities and other outside parties.
The Development Phase
Some of the key actions in the development phase include: