Vance & Associates CPA was founded in 1996 in Philadelphia, PA. With a closely connected process, we provide Virtual CFO services, including cash flow management, strategic tax planning, and financial forecasting. We facilitate the different facets of the business’ accounting, tax and marketing efforts.
While many CPA firms are stuck in the old way of doing business, at Vance & Associates CPA we utilize the latest technology to ensure that your experience is top notch.
A business that has cracked the code and started to grow successfully will need professional advice with the team to usher them to the next level but may not be able to afford a full-time CFO or controller.
The company’s budget for a full time CFO may not be available to hire someone at prices of $100,000 and more. The VA CPA virtual CFO offers an experienced CFO senior accountant as well as a tax consultant and at an affordable price.
Our virtual CFO service will team you with a dedicated CFO, senior accountant, and tax consultant to help you create a design for business growth.
Your CFO will guide you and your business to profit and efficiencies with financial and non- financial metrics.
This is a wholistic service ushering the company with a team which includes the CFO, Senior Accountant and Tax Specialist to guide the financial strategy of the business.
We join or you create a weekly leadership council meeting to discuss what is going on in the business. The primary purpose of our participation in this meeting is for us to listen and provide financial insight when needed. During that meeting, we would present the company’s current cash position as well as update you on any project or topics that we are working on. We will also review and discuss the policies that pertain to the financial arm of the business.
On a regular basis we would also do a deep dive into your company and analyze the company’s profit per client, employee, type of work, and type of billing to help the company get a better understanding of where there is room for improvements. We would identify the company’s Key Performance Indicators (KPIs) — cash in the bank, production metrics, financial metrics and pipeline metrics — and use those KPIs to report on performance and share the results with management on a monthly basis. With this service, anything goes - We are your CFO.
Leading banking relationships, helping with mergers and acquisitions, creating incentive programs for the team, building scaling analysis reports, and creating departmental micro budgets are just a few things that would be included. While we would want to have set meetings to cover financial matters, we are always available to discuss strategy and work through opportunities and issues as they arise.
Depending upon the additional services that you have selected the senior accountant will be managing your internal bookkeeping team or our own to ensure financial statement accuracy. In essence the senior accountant handles most of the day-to-day type questions, however he/she will be heavily assisting with analysis and planning. The senior accountant will be able to easily step in and cover for the CFO during vacations or other outages.
The tax specialist is in the background and will join in on meetings as advanced tax topics come up or toward the end of the year when we begin to the tax planner. The tax specialist will be consulting with the controller throughout the year on tax projections to advise on the amount of money to be set aside so there are no surprises at the end of the year.
As part of this service, you will be assigned an entire team. Your team will consist of a controller, a senior accountant, and a tax specialist. Your primary contact that will be leading analysis and planning will be the controller. The controller’s role is to listen, share, and be a part of the major decisions of the company (especially those that deal with finances). The controller provides the financial statements, any job costing analysis, and a limited-scope forecast.
Generally, there are at least two required meetings per month with leadership. The first meeting is dedicated to covering forecast updates/changes. The second meeting is dedicated to discussing the prior month’s financial performance and new alignment of the goals that we collectively set.
Depending upon the additional services that you have selected the senior accountant will be managing your internal bookkeeping team or our own to ensure financial statement accuracy. In essence the senior accountant handles most of the day-to-day type questions, however he/she will be heavily assisting with analysis and planning. The senior accountant will be able to easily step in and cover for the controller during vacations or other outages.
The tax specialist is primarily behind the scenes and will periodically pop in as advanced tax topics arise or toward the end of the year when we begin to ratchet down the tax planner. The tax specialist will be consulting with the controller throughout the year on tax projections to advise on the amount of money to be set aside so there are no surprises at the end of the year.
The Transactional Service is the closest to what you would get with other CPA Firms — meeting once per month, financial statement preparation, bookkeeping functions, and tax returns if you want to add this a-la-carte service.
The Transactional Service is closer to the traditional CPA service offering:
Financial Statements, meeting once a month. The focus is more reactive with no forecasts or KPI’s.
The CFO is all encompassing. From accounting to financial relationships with third parties the CFO is a leader in the company’s strategic growth; coordinating the team to meet the requirements of the overall strategic plan.
A Controller is not as wholistic and “works with” the current leadership team rather than leading it.
