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FAQs

Clear and straightforward responses to your specific requirements and problems.

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Frequently Asked Questions

At Array Accounting & Consulting, we address both common accounting inquiries and questions about our services.

Our FAQ page provides clear answers on topics such as financial reporting, budgeting, and compliance, as well as insights into our controller consulting services, fractional CFO, and other non-profit accounting services.

Array Accounting

Array Accounting provides CFO services, controller services, and comprehensive accounting services tailored to the unique needs of nonprofits.

We offer financial planning and analysis, organizational capacity assessments, and insights into best practices to enhance your financial strategy.

Our CFO services encompass financial projections, dashboards, KPIs, and guidance on automation and innovation to maximize your nonprofit’s impact.

We provide audit preparation assistance and support financial operations to ensure your nonprofit is compliant with accounting standards.

Yes, we assist with grant tracking, maintain accurate financial records, and help maintain compliance with nonprofit accounting standards.

Our team has over 15 years of experience in nonprofit accounting, specializing in GAAP compliance, fund accounting, and tailored financial services.

We begin with an initial consultation and needs assessment, followed by a tailored agreement and a comprehensive financial analysis to develop strategic plans.

We focus on continuous improvement by providing ongoing strategic insights and key performance indicators (KPIs) to enhance financial transparency.

Yes, our services are customized to meet the specific mission, size, and goals of your organization, allowing you to focus on your core mission.

You can make an inquiry through our website or contact us directly to schedule an initial consultation and discuss your nonprofit’s needs.

Array Accounting provides expert financial and accounting services, including month-end close oversight, financial reporting, budgeting assistance, and internal controls guidance.

Our outsourced controller oversees the month-end close, ensuring accurate data capturing, reconciliations, and timely financial reporting tailored to your organization’s needs.

Yes, our non-profit accounting assists in creating annual budgets that align with your nonprofit’s mission, facilitating effective planning and decision-making.

Our outsourced controller services provide financial expertise and process improvements, ensuring compliance with GAAP while allowing nonprofits to focus on their core missions.

The process begins with an initial consultation, followed by a thorough analysis of your financial data, implementation of tailored financial processes, and regular reporting for ongoing support. Contact us for more information on our outsourced controller services.

CFO

A Chief Financial Officer responsible for overseeing a company’s financial strategy.

Managing financial planning, analysis, and risk management.

A part-time CFO who provides financial expertise on a contractual basis.

They offer strategic financial guidance and improve financial processes.

To drive financial strategy, manage risks, and ensure financial health.

Virtual CFO services provide remote financial leadership support  and strategic guidance for businesses. A virtual CFO helps with budgeting, financial planning, forecasting, and reporting, offering the expertise of a CFO without the need for an in-house hire.

Develops financial strategies, forecasts, optimizes cash flow, and guides strategic financial initiatives.

The cost of a fractional CFO varies based on factors like the scope of services, the size of the business, and the CFO’s experience. Typically, rates are more affordable than hiring a full-time CFO and are often billed hourly, weekly, or monthly depending on your business needs.

Fractional CFO services provide part-time financial leadership to support businesses with strategic planning, cash flow management, cost optimization, and financial system improvements. At Array Accounting & Consulting, our fractional CFOs offer expert guidance tailored to your business needs, without the cost of a full-time CFO.

Yes, for many organizations seeking high-level expertise at a reduced cost.

High cost for smaller businesses and potential lack of full-time availability.

Strategic financial planning, risk management, fundraising support, and performance analysis.

Oversees financial strategy, budgeting, compliance, and financial reporting for the organization.

Through networks, search firms, online platforms, and industry events.

Define role, interview thoroughly, check background, evaluate fit, and negotiate terms.

Accounting

Recording, analyzing, and interpreting financial information for decision-making.

Recognizing revenue when earned and expenses when incurred, regardless of cash flow.

Internal financial analysis for decision-making and planning.

Complete accounting process from transaction recording to financial statement preparation.

Generally, yes, for business-related accounting expenses.

Amounts owed to suppliers for goods or services.

Recording, analyzing, and interpreting financial information for decision-making.

Series of steps for recording, classifying, summarizing, and reporting transactions.

Tracks financial performance, informs decisions, and ensures compliance.

Allocating costs based on activities involved in production.

Managerial accounting for internal users, financial accounting for external users.

Examining financial records for accuracy and compliance.

Auditing verifies the accuracy and reliability of financial information.

Provide various services, including financial accounting, tax preparation, auditing, and consulting.

Using cloud-based software for accounting tasks.

Standards for U.S. state and local governments. Its goal is to ensure transparency and consistency in financial statements, aiding stakeholders in making informed decisions.

Generally Accepted Accounting Principles (GAAP) are a set of standardized accounting rules and guidelines used to ensure consistency, accuracy, and transparency in financial reporting. These principles help businesses prepare their financial statements in a way that is understandable and comparable across industries.

Provides financial transparency, supports decisions, and ensures compliance.

Oversees accounting and financial reporting functions.

Bookkeeping records transactions, accounting analyzes and interprets information.

Allocating the cost of intangible assets over their useful life.

Financial statements, income statements, balance sheets, and cash flow statements.

International Financial Reporting Standards used globally for financial reporting.

Unlikely, as accountants are still needed for complex analysis and decision-making.

Examining financial records for accuracy and compliance.

Cost of Goods Sold.

In accounting, inventory refers to the goods and materials that a business holds for the purpose of resale. It is considered a current asset on a company’s balance sheet and includes raw materials, work-in-progress, and finished goods that are available for sale.

Cash accounting recognizes revenue and expenses when cash is received or paid, while accrual accounting recognizes them when earned or incurred.

A structured list of all accounts used by a business.

Use a standardized chart, be consistent, and regularly review and update it.

Accounting Software

Software used to manage accounting tasks and financial data.

Consider your business needs, size, and budget. Look for features like expense tracking, invoicing, and reporting.

Yes, accounting software can help you manage finances, track expenses, and generate reports.

Financial Controller

A financial professional who provides accounting and financial management services on a contract basis.

Financial analysis, reporting, budgeting, cash flow management, and compliance.

Oversees accounting and financial functions, ensures accuracy, and provides financial guidance.

Responsible for financial management, reporting, and compliance.

Improves financial efficiency, provides insights for decision-making, and ensures compliance with regulations.

Varies based on experience, qualifications, and location.

Non Profit Accounting

Nonprofits focus on fund accounting, donor restrictions, and different revenue recognition principles.

Managing finances to support the organization’s mission, comply with regulations, and demonstrate accountability.

Income statement, balance sheet, and statement of cash flows.

Various grants are available for nonprofits, depending on their mission and focus.

Software to track donations, donor information, and acknowledgements.

Manages finances, ensures compliance, and supports the organization’s mission.

Rates vary based on experience, expertise, and scope of services.

Costs vary depending on the size of the organization and the scope of the audit.

Donors can visit the IRS website and use the Tax Exempt Organization Search tool to find and download publicly available Form 990s for free. This is a direct way to view the financial disclosures and operational summaries of a nonprofit.

Financial Forecasting

Predicting future financial performance.

Use historical data, industry trends, and assumptions to create projections.

A prediction of future financial performance.

Strategic Planning

Typically done by senior management or a dedicated planning team.

Regularly, such as annually or every few years.

Define goals, analyze the environment, develop strategies, and implement action plans.

Provides direction, helps allocate resources, and prepares for future challenges.

Risk Management

Process of identifying, assessing, and controlling threats to an organization’s capital and earnings.

Protects assets, reputation, and helps achieve business objectives.

Document outlining how an organization will handle potential risks.

Process of analyzing and controlling risks associated with outsourcing to third-party vendors.

To identify, assess, and mitigate risks in day-to-day operations.

Financial Reporting

Communication of financial information to stakeholders.

Guidelines for preparing and presenting financial statements.

To provide accurate, relevant financial information for decision-making.

Ensures transparency, aids decision-making, and fulfills regulatory requirements.

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