Financial Management

Financial Management Advisory / Virtual CFO Services

Avoid making uniformed decisions that can have a significant impact on your bottom line.  Gain greater confidence that you are maximizing profits.

Strong organizations need solid financial management.  Our experienced financial management professionals include Certified Management Accountants, Certified General Accountants and Chartered Accountants who provide you with the full confidence you need to make sound business decisions.  Our services, which include the following, are tailored to your specific requirements:

• Developing cash flow forecasts
• Preparing budgets using our custom budgeting tools
• Negotiating with lenders to obtain optimal banking and financing terms
• Liaising with auditors to ensure a smooth and stress-free audit
• Optimizing A/R, billing and collections processes

In support of financial management advisory services, we can provide bookkeeping services to facilitate processing payments and receipts, generating sales invoices, entering all required journal entries, reconciling your books to the bank, processing HST and payroll remittances, and providing month-end statements.

Benefits:

• Access professional financial management advice without full-time commitment
• Gain more time to invest in building value into your business as opposed to managing your finances
• Avoid uniformed decisions that can cost you money
• Zero in on opportunities to maximize profits

 

 

 

 

 

Financial Management System Implementation

Implementing financial management systems can be a daunting task, and if not done properly can be very costly for the organization.  OTUS Group are experts in designing, developing and implementing the right financial management solution to fit your needs.   Examples of our services include.

• Selection of appropriate accounting software
• Designing a customized chart of accounts
• Developing appropriate internal controls
• Developing meaningful and useful financial reports
• Conversion of data from old to new accounting system
• Developing appropriate financial management policies and procedures

EFT (Electronic Funds Transfer) Implementation

If you still pay your suppliers using paper cheques, then you may wish to consider joining the growing number of organizations that have converted their payment method to electronic payment.   There are numerous advantages for switching to EFT payment, the most important being improved security and internal control, thereby reducing the chance of fraud and theft.

OTUS Group has the expertise and experience to help you convert from paper cheques to EFT payment.   We can prepare an implementation plan customized to your specific requirements, and work closely with your accounting staff to ensure the conversion project goes smoothly.

Benefits:

• Faster, easier and more reliable alternative to paper-based payables and receivables
• Reduce risk.   EFT payment approvals utilize strong online banking security instead of paper based signature approvals

Internal Control

All organizations face risks that could impact the reliability of financial reporting, the effectiveness and efficiency of operations and compliance with relevant laws and regulations.

OTUS Group can help you to identify your most significant risks and design effective controls and monitoring processes to be provide assurance that controls to mitigate significant risks are well managed.

Benefits:

• Peace of mind from knowing that you have appropriate controls in place to manage risks that could negatively impact your business
• Save money.   Effective internal controls contribute to reduced audit fees and support efficient operations

Contact us for more information on how you can improve the financial management in your organization.