RFS is focused on helping our clients succeed in their own missions by improving their financial performance through Financial Clarity. We ensure our clients have a cost-effective and scalable financial infrastructure that provides meaningful financial information and guidance that is timely and accurate while minimizing compliance related risks.
Whether you are seeking full-service finance and accounting solutions or want to choose the services that fit your company’s needs, turn to Rose Financial Services (RFS), the recognized Premier U.S. Based Finance and Accounting Outsourcing Firm™. Serving clients through our shared service center in Rockville, Maryland, our solutions include:
- Financial Management
- Accounting Services
- Transaction Support
- Tax and Compliance Services
- GovCon/DCAA Compliance
- Related Technology Support
Not sure which services you need? Learn more about our finance and accounting solutions and how RFS can add the most value to your organization:
What is Financial Management?
- Financial management is the support associated with the Chief Financial Officer (CFO) and finance department of a company. These services primarily involve looking into the future by converting a business plan into a budget or financial model and helping a company manage its plan. CFOs provide management and the board with financial clarity and visibility into the financial results—why they occurred and what can be done to improve financial performance in the future. These services include financial oversight, financial trend analysis, cash management, debt management, board and management reporting, dashboards, benchmarking, budgeting and forecasting.
What is Accounting?
- Accounting is the process of converting financial transaction data into accrual based financial reports that are utilized to report financial performance to management and other stakeholders. This process includes reviewing and overseeing accounting transactions, ensuring that an organization has an adequate internal control structure, a month-end closing process which converts transaction data to an accrual basis and a financial and management reporting process that gives meaning to all of the financial information.
What are Financial Transactions?
- Financial transactions include accounts payables and cash disbursements to vendors, billing and cash receipts from customers, payroll to employees and equity from shareholders. A properly configured accounting system will ensure that there is an adequate internal control structure in place, that transactions are posted contemporaneously with their execution and that only properly approved transactions are executed.
What’s the Difference Between Bookkeeping and Accounting Outsourcing?
- The posting of financial transactions is often associated with the tasks that a bookkeeper performs. Keep in mind that Bookkeeping is the processing and recording of financial transactions after they have already occurred. In the vast majority of cases, bookkeepers do not build and maintain adequate internal control environments, putting organizations at risk for material errors and irregularities or fraud. While bookkeeping occurs reactively, accounting outsourcing occurs proactively. When this is accompanied by meaningful accrual based financial statements that are timely and accurate, the risk of material errors and irregularities decreases significantly. While bookkeeping creates some financial visibility, a properly designed and managed accounting outsourcing solution improves financial performance through financial clarity.
What are Internal Controls?
- Internal controls are the financial controls an organization puts in place to ensure financial transactions are properly coded and approved. A properly functioning internal control structure is critical to ensure the accuracy of a company’s financial statement.
Are all Accounting Outsourcing Solutions Equal?
There are three methods in which accounting outsourcing solutions can be delivered:
1. Shared Service Center Model – This method is a full-service accounting outsourcing solution that provides all accounting functions an organization will need from a centralized offsite location. This model allows for the strongest internal control structure, proper supervision and oversight of accounting staff and the best opportunities for long-term cost-effectiveness.
2. Disbursed Workforce Model – This method allows for home based workers to support clients remotely. This provides for lower labor and overhead costs but can create unexpected internal control weaknesses, challenges related to supervision and oversight of staff. This model tends to be geared towards a bookkeeping model.
3. Client Site Support Model – This method puts staff onsite at the client office. This method is generally not cost-effective and results in a weakened internal control structure as it tends to put too many task in the hands of one key onsite accountant. Many of the risks of maintaining an internal accounting department remain with the client as turnover of this key staff usually results in significant loss of the client knowledgebase.
Rose Report: Issue 31 - Keep Your Business Safe and Secure in 2017read more
Citybizlist ROCKVILLE, Md., February 8, 2017–Rose Financial Services (RFS), the Premier U.S. Based Finance and Accounting Outsourcing Firm™, announces the release of RFSClarity, an innovative new app designed to be a helpful tool in processing financial transactions,...read more
This article was written by Ted Rose, president and CEO of Rose Financial Services, and featured in FEI Daily. Countless headlines show instances of what can happen when businesses rely too heavily on their “trusted” bookkeeper. Instances of embezzlement and theft can...read more