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Virtual CFO

Virtual CFO puts the checks and balances in place that your organization needs to thrive, all while delivering the industry insight and support to keep your business thriving.

We have the flexibility and expertise to support your back-office needs whatever they may be. All services are highly customizable providing guaranteed results and significant cost reductions.

For the additional support your business requires we’ve created a collection of premier services vital to the success of retailers.

  • Acquisition | Leasing Services
  • Cost Savings
  • Secondary Contract Collections
  • Trade-In | Handset Warranty

FRAUD ANALYSIS AND LOSS PREVENTION

Fraud Analysis and Loss Prevention

Analyze Data

Data is extracted from your POS and the carriers portal each night after your stores close.  14 points of data are reviewed and compared nightly and corrections based on discrepancies are made in your POS system.  Again all of this magic happens  while your stores are closed and you are sleeping.  We track:

  • Activation Date
  • Phone SKU & IMEI
  • Commission
  • Rate Plan
  • Contact Info
  • Sales Rep
  • Features
  • Selling Price and Cost

The list above is a small sample of all that we are monitoring.  But we are in the business of being your back office and in as much we can and will track any additional items you would like additional insight into.

Report

Discrepancy reports are sent to the cloud each morning and are viewable on any computer or mobile device for whomever you choose within your organization.

Manage

For discrepancies requiring action from your sales team we’ll assist in the managing the process by communicating required follow-up and informing your executive team when major issues arise.

Why Fraud Analysis & Loss Prevention

 

684% Return on Investment

Our service uncovers $45.20 in discrepancies per day, per location the average cost of service is only $6.60. That’s an ROI of 684%. Also on average our clients discrepancy rate decreases by 400% within the first 30 days from 16% to just 4%.

Fraud & Deactivation Minimized

By enforcing your business rules daily problem employees are weeded out quickly and fraudulent activity is nipped in the bud.

Accurate Commission Data

Essentially the service is performing a daily commission reconciliation which not only gives you more accurate in-month reporting to base your decisions off of but makes for fewer employee commission adjustments.

Improved Customer Communication

With proper mailing and email addresses future marketing efforts are dramatically improved. Additionally when it comes tosecondary contract collections having an alternate phone number makes it four times more likely to collect from a customer.

Sample Report

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COMMISSION RECONCILIATION

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Verify

Our comprehensive process compares expected compensation vs. paid all commissionable items including: New Acts Handset Subsides Upgrades Spiffs Features Customer Deposits Volume Incentives

Report

We review and report all items not paid as well as items for which you were paid a lesser amount.

Submit

As with our Daily POS reports, all files are saved in the cloud for your viewing pleasure and our team will handle the submission process as well.

Follow Up

Once you receive feedback from your carrier we’ll continue the process by researching chargebacks and activities with discrepancies in your POS and refile when needed.

Why Commission Reconciliation?

 

Capture Every Penny

Our 14 point system in tandem with our follow up and additional research procedures makes certain you receive every penny in commission you’ve earned. We can also get you caught up from previous months work if you’ve fallen behind.

Save Time

Commissions are the life-blood of any wireless dealer but let’s face it, there are better ways you and your team could spend your time. We’ll even manage the entirety of the commission submission process for you so all you need to worry about is growing your business.

Reduce Overhead

Whether you’re performing commission reconciliation personally or have in-house staff performing the work our internal efficiencies enable us to perform the work at a fraction of the cost which equals big savings for you.

Sample Report

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ACCOUNTING & OPERATIONS

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Determine Needs

We have the capacity and industry know how to handle all back office support needs, however, each and every dealer has unique requirements. We begin by determining your specific needs and associated timelines.

Standard accounting service:

  • Daily bank reconciliation (cash & credit card)
  • Credit card, checks, and cash in transit
  • Transfer activity from POS to accounting system
  • Accounts payable reconciliation
  • Reconcile A/P inventory transfers again A/R
  • Reconcile inventory on hand with POS Payroll journal entries
  • Monthly sales tax report
  • Detailed expense entry
  • Monthly P&L by location
  • Plus many more

Additional services:

  • Compensation design
  • Customized POS reporting
  • Inventory forecasting and control procedures
  • Deactivation analysis

Implement Processes

Once the scope of work has been determined we implement all daily and weekly processes including: bank rec, cash in transit,inventory recon, and payroll journal entries. As with our other services all reports are viewable from any mobile device via the cloud. During this stage we also review current POS and accounting structures to ensure efficiency. Recommendations are made and we assist in implementing changes.

Review & Analysis

Weekly and/or monthly review and analysis is performed evaluating against industry benchmarks. The numbers are analyzed and methodologies for improvement based on best practices are discussed and implemented.

Additional Support

Through our partnerships in the Wireless Marketplace, we are able to determine additional products/services that would be of benefit to your organization. We’ll evaluate potential cost savings in office supplies, workers comp insurance, human resources recruiting, and leasing. We will also look for ways to drive revenue with: handset warranty, handset trade-in and secondary contract collections.

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Why Accounting & Operations

 

Industry Insight

Our team has the experience and knowledge that can’t be found elsewhere. Ever wonder if you’re paying too much in employee commissions? Is your rate plan loading where it should be? How to reduce cost of goods sold?

Enhanced Reporting

With better information comes better decisions. Our monthly by location P & L reports along with the Gross Profit Analysis give you additional insight like never before allowing your team to fine- tune profitability down to the store and SKU level.

Operational Efficiencies

Whether it’s findings ways to cut costs and drive revenue through the Wireless Marketplace or implementing new opening and closing procedures to cut down on loss, we are here to help. With years of first hand experience by managing over 450 locations nationwide and working with top dealers across the US and Canada the “soft” benefits of our service can be difficult to measure but will change your business.

 

Sample Report

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Gross Profit Report Graphic

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