Services

The Right Answer is about managing and making rational and informed operational and investment decisions. Emphasis is on information and the analysis required for managing, controlling and financing operations. It is about increasing profits, improving cash flow, maximizing return on investment and as a result increasing the value of the business consistent with the businesses’ ability to effectively manage change, with consideration for how owners and managers understand the business. It is about arriving at the right answer.

As a result, The Right Answer is principally about management accounting and managerial finance organized into a system. The Right Answer leaves other accounting functions to specialists more productive in their field, such as income tax preparation, forensic accounting, small business valuation and multi-jurisdictional payroll accounting. However, The Right Answer has access to pre-qualified specialists as a result of previous interactions. You may make use of them or continue to use those with whom you already have a professional relation and are comfortable with, such as income tax preparation. The Right Answer integrates with professionals you already use.

The Right Answer is expressly designed to make sophisticated, best practices available to small businesses but the principals on which The Right Answer is based are proven and applicable to businesses of all sizes. Therefore, services are broken into two categories:

CFO/Controller or Managed Financial Function

For small businesses up to $10 million in revenue an outsourced CFO or controller may be the right answer. Accounting and corporate managerial finance requires experienced, professional management. Listed below under services you will find many of the issues that the small business CFO or Controller must be aware of, manage, and do as part of the team responsible for the success of the business. The Right Answer will provide professional management of accounting and finance for your organization either on a fixed price or dollar per hour basis, on an as needed basis.

This allows small business owner to eliminate the need to manage or maintain a staff in a function for which he or she has no prior skill or experience and outsource your accounting and finance function. The Right Answer can provide a turnkey solution to the need for accounting and finance staff or manage your current staff. Eliminate the need to have multiple contacts for accounting and finance, by having one contact, and allow The Right Answer to deal with your various providers of accounting and financial services. This may be the right answer for your small business.

Consultative 

The Right Answer provides financial management for smaller businesses and as a function of performing the controller or CFO function routinely manages and performs tasks listed under basic accounting, managerial accounting, and finance. However, if you have a larger business with a financial manager or bookkeeper already in place, but need assistance in certain areas of managerial accounting and finance for a specific project, such as a business plan or are desirous of establishing a performance monitoring system, The Right Answer can assist you. The Right Answer will consult with you on a specific area requiring attention or perform the work on a limited engagement. You may pick and choose from our menu of services listed below.

BASIC ACCOUNTING 

Transaction Accounting (Bookkeeping) 

The accounting system is the principal formal means of gathering data that aids and coordinates the process of making rational, informed decisions. This, in turn, assists in accomplishing the overall goals and objectives of an organization.

We begin the process with a managed accounting system. More than bookkeeping, it’s an accurate, managed and organized accrual or cash accounting system, which not only records transactions and performs financial functions, but also provides timely financial data for internal and external users.

Our system ensures that your financial information is available in a format required by state creditors, lenders, and customers, and reduces your tax preparation costs.

Our monthly fee is based on the size and complexity of the business and on the number of transactions, or hourly fee. Included in the basic package are the following services:

1. Set-Up
   • System, including schedule
   • Chart of accounts, customized to your business
   • Software Standard Reports, customized to your business
     
     
2. Invoicing and Accounts Receivable
   • Invoice customers
   • Receive payments
   • Sales receipts
   • Maintaining customer account balances
     
     
3. Vendor Payment and Accounts Payable
   • Entering and paying bills
   • Maintaining vendor accounts balances
     
     
4. Payroll Processing
   • Preparation and payment
   • Tax filings:
     • Federal
     • State and local filings
       
       
5. Cash Accounting
   • Deposit cash (at the bank or remotely)
   • Post cash transactions
   • Control
   • Bank reconciliations
     
     
6. Taxes
   • Sales and revenue
   • Franchise
   • Property
     
     
7. Fixed Asset Accounting
• Record fixed assets
  
  
8. Financial Accounting & Period End Close
• Trial balance review, review of all accounts
• Monthly closing entries, such as depreciation and loans
• Financial statements – Balance Sheet, Income Statement, Statement of Cash Flows

ADD-ONS TO BASIC ACCOUNTING

1. Accounting Manual, including internal controls
   
   
2. Cost and Inventory Accounting
   
   Almost all businesses require some degree of cost accounting but for manufacturing and construction it is an integral part of the accounting system. By implementing a cost accounting system, it will allow you to collect unit and project costs on a regular basis.