Accounting Analysis

We perform overviews and analyses of your current accounting and bookkeeping system. Quite often clients need assistance to ensure proper compliance of audit and security controls, as well as proper handling of all accounting and bookkeeping transactions. One of our services is to review an existing accounting system in order to upgrade or switch entirely to a new system. Based on our analysis, we will advise you on the strengths and weaknesses of your current system (accounting and accounting department processes) and assist you in determining the most cost effective course of action. Below is a list of common types of analysis we engage in on a daily basis:

Accounting / bookkeeping staff review, training, & oversight
Bookkeeping processes
Company growth analysis and software options
Internal controls (Accounting / financial controls)
Chart of Accounts setup & maintenance
Month End and Year End processes
Security
Paperwork / filing structure set up
Payroll set up and processing guidance
Fixed Asset system and asset identification processes
Client / customer Invoicing (Billing) process
Collections process
Job costing set up
Reimbursable expense set up and monitoring
Vendor terms set up and maintenance

Accounting / bookkeeping staff review, training, & oversight
DMC will train new staff as well as existing staff on software or accounting related tasks. We also provide monthly, quarterly, and yearly oversight of accounting and bookkeeping staff (controller services). Outsourcing this role to us gives clients the satisfaction of knowing their accounting data is accurate and up to date without having to incur additional employee-related expenses.
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Bookkeeping processes
Bookkeeping tasks vary among different industries. For example, customer invoicing (billing) for architects and engineers is not the same as customer invoicing (sales receipts) for retail. Understanding the tasks involved in setting up the bookkeeping process is critical for a company’s success.
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Company growth analysis and software options
Smart companies looking to expand their interests will consider their Accounting / Project Management software needs. Two key factors for determining the correct software are revenue targets and employee count. Some software, such as QuickBooks, may not handle revenues much higher than 2 million per year. In general, over time the amount of list space (such as items, jobs, customers, and vendors) and day-to-day transactions grows too large. Also, smaller software packages may not handle concurrent users above 20 or so.
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Internal controls (Accounting / financial controls)
Larger accounting departments often have a distinct separation of duties among its staff. One person may process vendor and payroll checks, while another does the bank reconciliation. Smaller accounting departments may not have the staff to separate those duties. At a minimum, a company’s bank reconciliation (and bank statements) should be reviewed by an owner of the company on a regular basis, and checks should be locked up. The object of internal controls is to catch inadvertent as well as accounting errors and malfeasance.
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Chart of Accounts set up & maintenance
DMC helps clients with their chart of accounts usually for three main reasons:
1. new company;
2. existing company riddled with errors;
3. company about to upgrade or convert their software.
We will help you spot inconsistencies or make changes by merging, deleting, or rearranging accounts in their proper order or grouping.
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Month End and Year End processes
Many companies don’t do monthly or yearly closing procedures. These companies could end up in some sort of scramble or emergency. Proper accounting requires yearly, if not monthly, accounting closing processes to ensure accurate financial statements.
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Security
Program and function access depends on the number of users, roles, and software being used. Deltek Vision, for example, is much more complex in the use of roles and access rights than QuickBooks. Larger accounting departments usually split duties (roles) and are more conscientious about limiting program access. On the other hand, smaller accounting departments may have overlapping roles but, as with larger departments, must also limit the rest of the employees to timesheet entry only.
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Paperwork / filing structure set up
In addition to being required by federal taxing agencies, proper filing, data retention and storage is part of proper accounting controls. This filing system is commonly referred to as an audit trail. Aside from a successful audit, companies benefit from proper organization by generating fewer mistakes and providing customers and vendors with detailed and accurate records of sales and purchases.
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Payroll set up and processing guidance
Running in-house payroll can be a challenge. DMC frequently assists clients in troubleshooting, monitoring, and setting up in-house payroll on a number of accounting packages. Often we are asked to locate and fix discrepancies in the set up and processing of the payroll system and/or tax filings. Also, we can review (reconcile, too) your current payroll entries made each pay period using outside payroll service reports.
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Fixed Asset system and asset identification processes
Most accounting packages do not deal directly with fixed asset tracking. We are often asked to install Sage FAS (fixed asset tracking software) and train clients to properly list and report on all fixed asset purchases and disposals.
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Client / customer Invoicing (Billing) process
Although we work with many industries, our primary focus is to train architects and engineers in the proper way to bill (and record revenue) for their industry. We configure your billing templates (invoice formats) in addition to reviewing current billing methods and make necessary changes on your behalf.
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Collections process
DMC assists clients with their collection processes. If your accounts receivables are high and you need to assess your situation, we can help.
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Job costing set up
We are often called upon to set up or troubleshoot job costing issues for our clients. Not all software performs job-costing accurately. We will determine your needs and match them to the proper software.
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Reimbursable expense set up and monitoring
As a part of job costing, reimbursable expense set up is crucial in order to recoup (invoice) costs associated with projects or jobs. Whether on QuickBooks or Deltek Vision, we can analyze your current setup and implement changes to your accounting processes if necessary.
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Vendor terms set up and maintenance
Proper vendor maintenance is vital for cash flow and 1099 processing, among other reasons. Monitoring vendor terms is important when planning monthly expense payments (and revenue in-flows for pay-when-paid consultants). Also, it is important to note which vendor is a consultant (1099) and how much that vendor has been paid throughout the year in order to properly file 1099 and 1096 forms for the government.
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Accounting Analysis

Accounting / bookkeeping staff review, training, & oversight

Bookkeeping processes

Company growth analysis and software options

Internal controls (Accounting / financial controls)

Chart of Accounts set up & maintenance

Month End and Year End processes

Security

Paperwork / filing structure set up

Payroll set up and processing guidance

Fixed Asset system and asset identification processes

Client / customer Invoicing (Billing) process

Collections process

Job costing set up

Reimbursable expense set up and monitoring

Vendor terms set up and maintenance