A Professional Consulting Firm 
Providing CFO, Controller 
& Accounting Services on a 
Fractional Basis.

Virtual Services


For many organizations, resources are limited and the focus is on the products and services they offer and customer satisfaction.  Management teams are focused on growing the business through outstanding service, superior product offerings and a strong customer base with talented employees that service those customers.  While owners know it is important for their financial house to be in order, often the limited available resources mean that the back office components of the organization are not fully utilized and sometimes suffer.  Hiring a virtual accounting professional as your part-time CFO, Controller or Accountant may be the answer to your financial needs.

 

Many small organizations could benefit from senior level financial expertise in the form of a part-time CFO/Controller/Accountant or on a per project engagement.  At Double K Consulting we make the accounting and financial requirements of small organizations affordable and effective and provide management with strategic tools and financial insight.

 

It is not uncommon at many small businesses for financial statements to be produced timely, accurately or in accordance with Generally Accepted Accounting Principles (GAAP) but rather a cash/accrual hybrid methodology.  Many small organizations are so focused on making payroll and creating business growth, hence they do not have the time to dig into the financial health of their company.  For these organizations, critical data on the profitability of programs or products and the cost of services provided are not readily available or require excessive effort only to produce sub-standard reports.  


In order for decisions on the core competencies and direction of your company to be made, accurate financial information should be easily produced and readily available.  We assist small organizations in developing accurate financial information that is a readily available, useful tool to management.

 

At Double K Consulting we provide our services to small organizations across the globe on a virtual basis.  Each engagement is customized to fit the needs of your organization making your investment effective and affordable.  We specialize in providing the following financial tools and processes to your organization:

 

CFO/Controller Outsourcing

Business Process Improvement

Financial Reporting & Analysis

Internal Controls

Budgeting & Forecasting

Audit Preparation & Support

Cash Flow Analysis and Reporting

GAAP/FASB Compliance

 

CFO/Controller Outsourcing

For many small to medium-sized trade associations, professional associations and nonprofit organizations, outsourcing the CFO or Controller needs of the organization on a part-time basis is a common sense solution when the skillset provided by a CFO or Controller is not affordable or not necessary on a full-time basis.  At Double K Consulting, we provide the senior level financial expertise needed to help your organization grow and your financial operation mature, and we do so in an efficient and cost effective manner.  In addition to the preparation of your monthly financial statements, monthly account reconciliations and monthly schedules; we provide financial based guidance determined by the operational needs and financial goals of your organization.

 

Financial Reporting & Analysis

It is common in many organizations to have monthly and annual financial statements that are not accrual and GAAP based, not produced timely and provide little insight, analysis or correlation to the operational activities of the organization.  At Double K Consulting we work with your personnel to change this by implementing processes, procedures and oversight that result in accurate and timely GAAP based monthly financial statements available to management by a specific, fixed day of the month.  We also work with management to ensure that required analysis and segment reporting accompany the statements to ensure operational decisions may easily be made with financial insight.

 

Budgeting & Forecasting

At many organizations, the annual budget is a time consuming process that results in a mediocre product that satisfies board requirements, but provides management with little guidance or comparative analytics.  Individual program, product or service budgets are not created to support the overall budget nor are schedules such as employee related expenses, overheads, marketing, etc.  At Double K Consulting we work to make the annual budget a useful tool supported by anticipated business and historical facts against which actual results are measured throughout the year.  We also design and develop effective forecasting tools so that as your organization experiences change during the year, the variances to the budget are anticipated and measurable.


Cash Flow Analysis and Reporting

In recent years the economy has tightened and the measurement and performance of cash flows has never been more critical either through decreased contributions, dues or demands by the board of directors as a result of an uncertain economic outlook.  The cash flow needs of an organization are receiving increased attention in regards to the forecasted inflows via contributions, donations and/or dues and also the cash outflows or the cost of operating the organization.  We recognize the importance of cash flow management and forecasting and this is a critical component we offer and perspective we provide.  Improving collections, identifying areas of negative cash flow and working to forecast the long term and short term cash requirements of an organization are just a few of the cash flow services we provide.  Once the cash requirements of an organization are identified and the cash inflows optimized then an investment strategy can be devised, approved and implemented.  The forecasting, planning and management of cash flow is critical to the success or failure of your organization.

 

Business Process Improvement

Most organizations are aware there are areas of their business that can be improved to operate more effectively and intelligently.  It is important that the back office accounting processes not only function efficiently but that they do so in coordination with the operational processes of your organization, which results in a seamless, effective and efficient business model.  At Double K Consulting we not only sit down with the accounting staff to identify areas of improvement in their processes and accounting system utilization, but also do the same with your operational staff.  The end result is a cohesive business workflow model that utilizes the full functionality of your accounting system, databases and other business applications.

 

Internal Controls

The internal controls for many small and medium-sized trade associations, professional associations and nonprofit organizations are lacking due to staffing constraints or policies and procedures that have not been implemented.  Often times the lack of controls are identified by the organizations audit firm as “significant deficiencies” in the management letter and may include items such as segregation of duties or procedures that lack control around banking or initiating wire transfers.  Many of these controls can be remediated by implementing simple procedures.  At Double K Consulting we work with your existing staff to implement procedures that satisfy audit and board requirements and give you peace of mind to the potential of any fraudulent activities.  We ensure that the controls that are implemented are cost effective to your business.  We will also document the controls as part of a comprehensive accounting manual that we will draft specifically for your organization so in the event of any staff turnover or additions, the procedures for internal controls and the accounting cycle as a whole are well documented and board approved.


Audit Preparation & Support

Your annual audit does not have to be a time consuming, painful and drawn out event resulting in financial statements with little insight, delivered months after your year end with an audit letter full of deficiencies.  The best way to approach and complete your annual audit is to ensure your internal monthly statements are complete and accurate eliminating any surprises or significant adjustments making the audit a validation of the processes and controls that your organization has in place.  At Double K Consulting we work in the months prior to the audit to ensure that all known adjustments are made, internal controls exist and proper policies are followed in order to make your audit a simplified, organized and successful event.  During the audit we manage the process in conjunction with your audit firm to ensure that all of the following occur: the functional expense schedules are completed and accurate, supporting documentation is provided, confirmations are returned and statements are prepared.


GAAP/FASB Compliance

In order for an organization to truly know how it is performing and how each segment of the organization contributes to the financial strength and stability of the organization, financial statements must be GAAP based and completed in accordance with Financial Accounting Standard Board (FASB) rules.  For trade associations, professional associations and nonprofit organizations this is FAS 116 for recording contribution revenue, FAS 117 for financial statements and often times SOP 97-2, 98-9 or similar statute for GAAP based revenue recognition.  At Double K Consulting we do not believe it is prudent for organizations to wait until their year end audit for financial statements to be produced and compliant.  As part of the monthly close process, we ensure that all accounts are reconciled, adjusting journal entries are performed and accurate financial statements and analysis are prepared and reported.  We take a common sense approach and make sure that your financial statements and accounting procedures are in accordance with all applicable financial guidance on a monthly basis.