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General Accounting Support

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Expertise that produces results

General Finance And Accounting Support

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Our accounting and finance services solutions eliminate paperwork, streamline AP, AR and cash flow management and will free you to focus on growing your business.  From fractional CFO to basic bookkeeping support, we will exceed your expectations and produce results you can count on.

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Ask yourself the following questions:

  • Are your invoices taking too long to send out?

  • Are you experiencing surprises when you call your customers who express problem you did not even know existed?

  • Is it taking way too long to get paid from your customers?

  • Is management of your payables a paperwork nighmare?

  • Do you have a good handle on what needs to be paid and when?

  • Do you have good accounting practices in place and are you receiving timely and accurate financial information?

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With Safima you will get answers to these questions and much much more.

  • Inventories, including reconciliation and physicals

  • AR Management, including reconciliation and collection

  • Account Reconciliations

  • Monthly, quarterly and year-end support

  • Policies and Procedures

  • Sales and use tax compliance

  • Chart of accounts design

  • Preparation of financial statements in accordance with GAAP (internally prepared)

  • Analysis of accounting policies and procedures, including GAAP memos

  • Internal control evaluation and recommendations

CFO Supporting Services

Our Commitment:

  • To always put your interests first

  • We will exceed your expectations

  • We will deliver more value than you pay for

  • And we will conduct ourselves with he highest degree of integrity.

It is tough to grow your business when you have to devote so much time focusing on your back-office functions. That is where our CFO support services can really make a difference. We can take as little or as much of that burden off your hands as you would like. If you already have a CFO, we can take care of the details so he or she can focus more on the strategic initiatives and planning that you require from that position.  Our services can include all or some of these areas:

  • Business planning, forecasting and budgeting

  • Treasury management

  • Assurance to stakeholders (owners, other shareholders, banks, etc.) that an experienced professional is overseeing, protecting and constantly improving the financial side of your business.

  • Provide oversight and guidance to all back-office functions

  • Being a liaison with bankers, attorneys, vendors, insurance agents, etc.

  • Development of GRC (Governance, Risk and Compliance) programs

  • Due Diligence, business valuation and other mergers and acquisition assistance

  • Management of working capital, including receivables collection policies and procedures, and management of payables

  • Development of accounting and other company policies and procedures manuals

  • Assistance in obtaining financing from banks or other financial intermediaries, including assistance with negotiations

  • Financial analyses and other support required to help you better understand the financial side of your business

Cash and Cash Forecasting

  1. Bank account reconciliations

  2. Preparation of bank confirmations and coordinate mailing

Accounts Receivable

  1. AR Walk (Beg Bal+Billings-Payments=End Bal)

  2. Reconciliation of aged trial balance to the general ledger

  3. Analysis of aging and evaluation of Allowance for Doubtful Accounts

  4. Collection Services

Inventory

  1. Inventory Walk (Beg Bal+Purchases-COS=End Bal)

  2. Physical Inventory Procedures (design, assist with implementation and participate with physical observation)

  3. Reconciliation of physical results to the general ledger

​​Fixed Assets

  1. FA Walk (Beg Bal=Purchases-Depreciation/Write-offs=End Bal)

  2. Reconstruction of Fixed Asset details and reconciliation to the General Ledger

  3. Review depreciation policies and update depreciation records

  4. Walk of Allowance for Doubtful Accounts and reconciliation to the General Ledger

Accounts Payable

  1. AP Walk of payables activity (Beg Bal+New Payables-Payments=End Bal)

  2. Vendor reconciliations

  3. Reconciliation of aged trial balance to the general ledger

Other Miscellaneous Asset/Liability Accounts

  1. Determine year-end accruals

  2. Update valuation schedules for intangible assets

Long-term Debt (Including Capitalized Leases under ASC 842)

  1. Update amortization schedules

  2. Coordinate confirmations

  3. Reconcile current and long-term liability balances and related interest expense to the general ledger

Payroll

Reconciliation of payroll expense per your payroll reporting system to the general ledger

Reconciliation of payroll tax liability accounts

Determine year-end accruals for wages, and PTO or vacation time

Revenue Recognition (including ASC 606)

  1. Review policies and, in consultation with outside auditors prepare supporting analyses

  2. Prepare GAAP accounting memo

  3. Evaluate year-end cutoff procedures, if applicable

  4. Assist with evaluation of your current polices compared to new emerging guidelines with convergence of U.S. GAAP and IFRS.

Inventory

  1. Inventory Walk (Beg Bal+Purchases-COS=End Bal)

  2. Physical Inventory Procedures (design, assist with implementation and participate with physical observation)

  3. Reconciliation of physical results to the general ledger

Payroll

Reconciliation of payroll expense per your payroll reporting system to the general ledger

Reconciliation of payroll tax liability accounts

Determine year-end accruals for wages, and PTO or vacation time

Fixed Assets

  1. FA Walk (Beg Bal=Purchases-Depreciation/Write-offs=End Bal)

  2. Reconstruction of Fixed Asset details and reconciliation to the General Ledger

  3. Review depreciation policies and update depreciation records

  4. Walk of Allowance for Doubtful Accounts and reconciliation to the General Ledger

Insurance

  1. Obtain Schedule of Insurances and reconcile expense and prepaid balances to the general ledger

  2. Analyze loss information and determine proper accruals for workers comp, and other auditable policies.

  3. Working with your existing brokers or introducing to others, we can help you develop compresensive risk management procedures and help you reduce your insurance cost

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Sales & Use Tax

  1. Sales and use tax return reconciliation

  2. Review of sales and use tax policies and procedures

  3. Determine year-end accruals

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Financial Statement Preparation

  1. Prepare draft financial statements (balance sheet, income statement and statement of cash flows)

  2. Prepare supporting footnote schedules

  3. Preparation of lease schedules for operating and capital leases, including reconciliation of expense and liabilities to the general ledger

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