What We Do Finance and Accounting Services
Establishing a Reliable Financial Foundation
Do you struggle to get a good financial snapshot of your organization? Are your financial systems highly automated or are many processes still manual? Are subpar finance and accounting capabilities taking valuable time away from strategic activities and what you do best?
Expert Association Financial and Accounting Services
Virtual can provide you access to an entire, full-service finance and accounting team, from the part-time services of a CFO for budgeting and forecasting to accounts receivable/payable and reporting staff. We handle your association’s bank and merchant accounts as well as oversight of investment accounts. Additionally, we can provide a VAT recovery process following international events. Our focus is to always provide you with a clear view of your organization’s finances, so that you can focus on your organization’s strategic objectives.
Virtual's Financial and Accounting Services
- Set up organization on QuickBooks enterprise system, on Virtual secure network
- Set up remote read-only access to organization staff, as needed
- Establish basic operating bank account including electronic ACH payment system
- Develop Chart of Accounts in conjunction with the organization’s leadership
- Set up custom invoice template, for the organization’s new and renewal members
- Develop budget template and financial reporting package
- Establish organization’s processes into Virtual team workflows
- Provide conservative financial stewardship to ensure the organization’s longevity
- Drive budget development, management and tracking
- Handle all key operations – general ledger, billing, A/R, A/P, budgeting, monthly Board financial reports, filings, compliance, etc.
- Manage online merchant accounts and multi-currency transactions
- Process most transactions electronically via wire or ACH, increasing cost efficiency and security
- Handle and process vendor bills, expense reports, and other accounts payable as required
- Manage receipt and processing of member payments via check deposit, wire transfer, or credit card
- Reconcile bank and merchant accounts
- Publish monthly or quarterly financial reports
- Maintain cash forecasts on a monthly basis
- Guide the organization through its annual budgeting process
- Retain all financial records
- Provide support to/from CPA firm for year-end close and tax prep as required
- Provide oversight of compliance with federal taxing regimes
- Provide systematic strategic review by Finance leadership of Actual vs. Budget
- Manage the financial aspects of Client’s Grants
- Report and manage state and local annual reports, Business Licenses and Personal Property Tax filings
- Manage 501 (c) organizations and file state tax exemption applications
The Virtual Difference
Financial strength is the cornerstone of any organization, as it enables greater achievement of strategic and organizational goals. Virtual’s Finance and Accounting Solutions team delivers reliable, high quality, and transparent services and strategic financial guidance to set your association, professional society, consortia or other organization up for success. Our experience, depth of expertise, and proven practices ensure your finances are soundly managed.