Virtual Controller Features

The Constructive Insight Virtual Controller partnership with Gardner & Atwood provide Affiliates with an independent, outside support team to oversee their accounting. These services would be comparable to that of a Company Controller or Chief Accountant making them responsible for supervising the quality of accounting and financial reporting of an Affiliate’s organization.

While not a CPA, they will review the accounting practices performed by the Affiliate and Constructive Insight to insure they are in accordance with Generally Accepted Accounting Practices (GAAP) as prescribed by the American Institute of Certified Public Accountants. As suggested by GAAP, it is advisable that a third party not associated with either the depositing of funds or the writing of checks be available to reconcile all bank accounts.
The Virtual Controller picks up where CI leaves off and before your CPA performs various duties that someone in your organization may not be qualified to do or services that you may not be willing to pay a CPA.

The Process

These services are contracted outside of Constructive Insight directly between the Affiliate and Virtual Controller Partner. The type and level of services as well as when the services are provided are fined turned to the Affiliates needs.  The service may be delivered on a monthly, quarterly, semi-annual or annual basis and may include:

Accounting Services

• Conversion assistance from your existing accounting system to  CI-Access.
• Fiscal Year End close out and document preparation for submission to your CPA for Financial Statements and tax preparation.
• Review, proof and adjust General Ledger Payroll, Union and payroll tax accrual accounts.
• Interim Financial Statements with a Management letter outlining the review performed and highlighting those items which should be reviewed by company management.
• Bank account reconciliation with processing of automatic debts and accounting of other bank charges and payments.
• Update  system Asset Depreciation schedules including the CI 33 Standard for equipment.. Expensing any item that has a useful life of three years and costs less than $3,000.
• Prepare reconciliation of all asset and liability accounts and review for appropriateness of contents to insure historical amounts are available as long as the account has a balance.
• Prepare company budgets
• Prepare Cash Flow projections

Other Services

• Board Minute / Shareholder updates
• Coordinate and analysis of insurance plans
• Coordinate and oversee Company benefit plans and filings
• Coordinate Workman's compensation plans
• Coordinate Banking and Bond financial submissions
• Review company policies and procedures
• Coordinate Accounts Receivable collection activities with the Companies collection agency.

Benefits

Utilizing the CI-Partner / Virtual Controller and filling the gaps between your internal operations, Constructive Insight and your CPA provides:

• Service far less than hiring a full time employee
• Greatly reduce the expense of using your CPA to perform accounting work other than Tax preparation and Year End Financial Statements.
• Someone with an understanding of the Constructive Insight process, accounting setup and process flow, that can effectively deal with your CPA an reduce your costs.
• An outside third party review and evaluation double checking internal, Constructive Insight and CPA processes—adding  a level of security to combat miss-entry and  fraud in your system.