As CFOs and their teams prep for the annual audit, some reflection is warranted. How much of what you are frantically trying to analyze and tie out could have been updated at an earlier time or kept current throughout the year? What keeps you from accomplishing this? Invariably, whatever is thrown together at the eleventh hour will generate errors and adjustments.
The argument, of course, is that there are just so many hours in the day and everyone is working as hard as they can to meet immediate requirements. Added to this is the common issue of staffing shortages and the challenge of finding solid professionals to accomplish needed tasks, presuming a position was available to be filled. And, if funding for that needed position is set at a part-time level, access to the talent pool can be further limited.
CFO Colleague has worked with a number of colleges and universities to identify gaps in their workflow and propose ways to satisfy those needs – permanently and economically. Our complement of professionals is capable of implementing best practices in a variety of areas, managing and monitoring results and delivering quality reports on time and under budget. Working in tandem with our clients we have filled gaps in accounting for endowments and investments, fixed assets and depreciation, debt service and swap values, revenue and compensation accruals / deferrals, and various other specialized activities that mandate dedicated analyses. Our timely reports and analyses fill the gaps. We take it on. You cross it off.
And it doesn’t cost you a full-time person, or the extension of benefits. For years, we have been providing these services remotely for clients, with tremendous results. In fact, one college, working with one of our professionals, has an audited draft forty days after year-end. You benefit from the best in the business and only pay for what is needed.
This is not outsourcing, by the way. You never want to lose control of core institutional processes and outcomes. GapSourcing is truly different; focusing on particular functions, with results that are grafted into your reporting workflow.
You can talk to us or to a local CPA firm that offers this kind of service. Either way, it’s a conversation worth having.