Common Challenges that businesses face and solutions provided by ICF Accounting Services Limited

Not receiving timely and accurate financial reports on a regular basis.

solution:

Our bookkeeping and accounting solutions provide a very fast turnaround time for data updates. This ensures that your financials are current so that you can confidently make precise and informed financial decisions about your business. Our team of accounting professionals has extensive knowledge and expertise in accounting principles, so they understand the critical nature of accurate and timely data and the importance of adhering to established accounting procedures and reporting deadlines.

Spend too much time managing cash flow.

solution:

Lag times with bookkeeping can widely impact cash flow management and projections. Our accounting professionals recognizes the fundamental importance of timely and accurate record keeping and how that impacts cash flow management. We perform regular reconciliation of bank accounts. In addition, we also prepare cash flow forecasts daily, weekly, monthly or as frequently as appropriate. Our team also focuses on your business's accounts receivable collections to improve cash flow, and we can negotiate with your vendors to extend better credit terms.

Need for certain key reports on a daily or weekly basis.

solution:

Every industry has distinctive elements that drive the business. Although businesses recognize the importance of tracking the key financial performance measures, they often lack the infrastructure and resources to support this process. Tracking these KPI is key to evaluating the health of your company. Our team can design customized reports based on the needs of your individual business.

Cannot afford the talent required.

solution:

Small to medium size businesses need a bookkeeper, controller and CFO, yet they can't afford all three. A bookkeeper can't perform Controller or CFO functions. Hiring a Controller level employee to perform general bookkeeping functions is too expensive and an unwise use of resources. At ICF, we provide clients with a scalable solution. All of our clients are assisted by a highly qualified, dedicated account representative who is knowledgeable in accounting principles and processes. The account representative is supported by a team of accounting professionals who are available to perform higher level functions on a part-time or short-term basis if needed.

Need for financial expertise.

solution:

We offer our clients the ability to draw upon ICF's resources when necessary so that they do not have to hire full-time controllers or CFO'S to fulfill functions that are performed only periodically. Clients only pay for resources used, and we offer very affordable rates.

Manual data entry is inefficient and costly

solution:

Our team has the expertise to automate certain functions and processes wherever possible. This helps in reducing manual data entry and the subsequent errors and costs associated with it. Automation results in increased profitability as it is more efficient than manual processes. Automating key practices also allows your staff to focus on assignments that add more value to your business.

High Employee turnover.

solution:

When key employees leave your accounting department, historical information can be lost. Additionally, productivity in small companies that run lean can be significantly impacted by the departure of key employees. Outsourcing your bookkeeping and accounting functions to ICF provides that business continuity in your finance department by remaining a constant in your financial management processes.

Data security.

solution:

At ICF, we maintain strict controls on data security. We manage recurring data backups on our systems to ensure your company's financials will not be lost or corrupted.

Helping you move your business forward.

solution:

At ICF, we take the time to learn the nuances of your business. Our part time Controller and CFO services provide you with an analysis of your financials and the information you need to guide you in making key business decisions. We act as a business advisor to many clients in helping them to raise their company to the next level.