The BTQ outsourcing relationship functions much like your in-house model. However, it is helpful to understand our approach.
Stage 1: BTQ Conducts Assessment
BTQ’s assessment will do the following:
- Identify any critical issues.
- Solicit input from executive management and the Board of Directors, to identify strategies for the improvement of the agency’s financial operations and condition.
- Propose recommendations to ensure that all gaps and weaknesses are addressed appropriately and expeditiously.
- Construct a fiscal plan that clearly outlines specific objectives and milestones over the term of engagement.
Stage 2: BTQ Assigns Team to Client
The core BTQ client team is comprised of a team of finance professionals.
- BTQ Principal, who is responsible for overall management of the engagement;
- Client Manager, who fills the role of CFO and is responsible for the implementation of the core BTQ Financial management systems;
- Director of Finance (CPA), responsible for the supervision of all accounting activities and ensuring that appropriate controls are maintained;
- Controller and Senior Accountants, responsible for maintaining all aspects of the accounting operations for the agency assisted by a Junior Accountant;
- Contracts/Grants Manager, who is responsible for completing the requirements of all outstanding and future contract/grants vouchers, budget modifications, close-outs and fiscal reports;
- Medical Billing Associates as needed by health care agencies;
- Accounts Payable Associates and Supervisor responsible for processing all vendor payments.
Client teams vary in size and may manage more than one client. The smallest team has four primary staff and the largest team has over twenty direct staff. The client stays with the same team throughout the engagement but can opt to work with a different team if desired.
Stage 3: BTQ Takes Over Operations
The client BTQ team operates very much as if they are staff of the client organization.
We become knowledgeable about all aspects and nuances of each client’s fiscal operations. We assume day-to-day oversight of finance activities like payroll, cash management, check cutting, spending down on government contracts, or audit preparation.
Principals and Client Managers participate in staff meetings, planning and budget sessions and board meetings. They provide objective analysis and detailed reporting to help executive staff make decisions.
Stage 4: BTQ Provides Weekly, Quarterly and Annual Reporting
In addition to ongoing monitoring and analysis, our most common reports include:
- P & L Statement
- Balance Sheet
- Budget Versus Actual
BTQ also customizes reports to meet specific reporting requirements requested by public and private funders.
Stage 5: BTQ Assists with Audit Preparation and Strategic Planning
B TQ is a full-service operation. We oversee the day-to-day processes and perform long-range financial planning.