Fractional CFO & Accounting Services
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Fractional CFO & Accounting Services
Offered by Compass CFO Solutions
Savings
Savings up to 20%
Compass’ core services are fully complementary to your firm’s needs, making your resources more scalable.
Compass CFO Solution Services are designed for small to mid-sized businesses that are looking to outsource their bookkeeping and accounting functions. In addition, their CFO solutions are designed to assist with preparation for SEC Audits, transitions to independence from traditional wirehouse firms, M&A transactions, and strategic planning for the purpose of scaling operations.
Equity Advisor Solutions Advantage
Savings up to 20% on services available through Compass
Benefits
At Compass, we operate at the crossroads between precision and passion. Our mission is to empower independent wealth advisors to make better informed financial decisions that drive your businesses forward. We obsess over each clients, so you in turn can obsess over your own.
Services include
- Monthly Bank Reconciliations
- Monthly General Ledger Review
- Monthly Financial Statements
- Monthly Cash Flow Analysis
- Bill Payment Services
- Payroll Management, Internal or Third-Party
- Employee Reimbursement Tracking
- Management Tracking of Software Licenses
- Coordination of Tax Filings and Tax-related matters with Compass/External Tax Partners
- Dedicated Account Manager Access
CFO Focused
- Annual Budget Development/Review
- Participation in Staff/Management/Board Meetings
- Ad Hoc Analysis for Partner Requests
- RIA Transition Support Services
- Implementation of Financial Controls
- Regulatory and IRS Audit Support
Questions & Answers
Are there ways for my firm to use Compass, outside of traditional bookkeeping and accounting services?
Yes! For firms looking for help with budgeting, cash-flow forecasting and M&A assistance, Compass evaluates one-time engagements on a case-by-case basis.
I am interested in working with Compass, but want to wait for an audit or special event first. Should I wait?
Many clients view our relationship similar to an “Insurance Policy”. We will create and supervise financial records and Best Practices for the firm in preparation of special events. Compass firms have undergone 35+ audits, and because of the safeguards that we had already put into place, can turn around all requests within 48 hours. As a result, no Compass client has ever received a derogatory mark from an audit. This is largely because these clients had used Compass for several months by the time of their audit, allowing Compass to implement financial safeguards and Best Practices.
I already have an in-house person or team to handle accounting tasks. I don’t need your services.
We work with several firms that have large teams that formerly completed many of these day-to-day bookkeeping and accounting tasks. The question that the owners were faced with shifted from “Can my team members complete these tasks?” to “Should my team members complete these tasks?” By utilizing Compass, we have been able to free up resources, allowing these team members to focus on more strategic (and lucrative) projects to create value for the firm
Why should I use Compass’ Outsourced CFO Services over a traditional accounting firm?
There are many reasons to use Compass, but perhaps the most popular is Compass’ extremely specific focus on the wealth management industry. Traditionally, full-service accounting firms cater to many industries and focus exclusively on the technical aspect of accounting. With a client base consisting entirely of wealth management firms, Compass’ decision to work exclusively with financial advisors gives us the opportunity to advise not only on accounting issues, but regulatory, compliance and technological advancements as well. Another benefit of this focus is our utilization of advanced reporting techniques to compare your firm’s performance against other firms in Compass’ network— which only consists of other wealth management firms— so you know you’re getting an apples-to-apples comparison.