Virtual CFO

Retail Support Services

Virtual CFO removes the backend headaches of daily auditing, monthly commission reconciliation, and accounting allowing you and your team to focus on front-end sales and growth.  Our team of experts has the wireless experience that can’t be found in the general population of accounting professionals.  Along with our standard suite of services Virtual CFO has the flexibility and know how to support all of your needs including; payroll processing, compensation design, forecasting, and inventory control.

Daily POS Audit

This is the future of wireless retailing. Our proactive approach minimizes the possibility of fraud and deactivation through overnight auditing of sales transactions without impeding on the workday. The process starts each evening after the stores are closed and continues throughout the night. Our team analyzes the data between your POS and the carriers system, correcting any discrepancies. You arrive the next morning with a report detailing any discrepancies and all items corrected in your POS system. We verify compliance between POS and carrier for:

• Rate plan
• Features
• Phone numbers
• Customer name
• Phone model
• Any other information you require

Commission Reconciliation

Wireless provider commissions are the life-blood of the dealer and inaccurate commission payout can cost your organization of thousands of dollars in profit every month.  Whether you are currently conducting commission reconciliation yourself or paying a dedicated in-house staff, your time and money is better spent driving revenue. Let our team fight for every penny.

• 14 point system comparing expected compensation vs. what was paid
• Verify rate plans and features in POS against carriers system
• Discrepancy report with paid, missing, less paid or over paid
• Carrier spiffs, volume incentives and service deposit tracking & reconciliation
• Research chargeback and activities with discrepancies in POS and report errors

Accounting

Reduce your overhead and headaches by outsourcing your accounting to our team of experienced wireless CPA’s.  We can handle every step of the process up to filing your taxes as well as generate customized reporting of any nature.

• Transfer of financial activity from POS to accounting system
• Credit card, checks and cash in transit recon (daily / weekly / monthly)
• Cash over/short – cash shrinkage recon and follow up with internal staff
• Payables check preparation
• Customer refund checks processing for cash sales
• Bank account recons (daily / weekly / monthly)
• A/P (Carrier) and all other A/P account recons
• Payroll journal entries
• Reconcile A/P sales tax whenever the sales tax payment is made
• Reconcile A/P inventory transfer against A/R inventory transfer
• Self audit of daily G/L entries
• Reconcile inventory in hand with POS
• Prepaid and accrued expenses entries
• Detailed expense entry for different scenarios
• Mid month commission discrepancy response entries
• Mid month manual employee check entry
• Monthly sales tax report
• P/L by location for current month
• P/L overall for the year by month
• End of year 1099 report