Licensed in Nevada as a Certified Public Accounting Firm (775) 359-7600
Consulting · Audit · Tax · Technology
Our ClientsEvery client relationship is different and our services are fully scalable to meet specific needs.
The CFO Group is unique because we marry the objectives of an efficient and accurate finance department with a stable and secure technology infrastructure.
The CFO Group Meets Specific Client Needs
The following scenarios illustrate sample engagements of The CFO Group. Every client relationship is different and our services are fully scalable to meet your specific needs. (The names of the clients have been withheld to protect client confidentiality. Details of the engagement that could inadvertently reveal the identity of the client have also been slightly altered.)
Manufacturing Dilema
The CFO Group was engaged to work with a manufacturing firm where management felt that they needed better financial information from the accounting department. Management was having difficulties obtaining accurate information and also having difficulties getting explanations from the accountant on why the information could not be produced.
Upon beginning work with the client, it became evident that the accountant was not happy in her position. We began working through the financial statements and completing the reconciliations was not difficult. However, we also found that the accounting manager had embezzled amounts in excess of $120,000 in only seven months. We found that she paid herself duplicate paychecks, paid herself for fictitious expense reports and credited large amounts of sales to her personal credit card from the company’s credit card terminal. We assisted the company in immediately terminating the accounting manager, finding her replacement and prosecuting the accounting manager for embezzlement.
Professional Services
The CFO Group was engaged to work with a local general practitioner that had just opened his own practice. He had experienced difficulties in the past with his existing CPA because he would not hear from the CPA all year and then would get a bill from the CPA with an amount due to the IRS.
We began by reviewing the type of entity that the general practitioner was organized as. We found that the previous CPA had recommended to the general practitioner to pay himself distributions from his corporation in order to minimize his tax liability but had failed to file the necessary paperwork in order for the entity to be treated as an S corporation. Therefore, while the strategy of being an S corporation and paying distributions is part of a good tax strategy in many situations, in this case, it was not properly executed and the general practitioner was paying double tax on the distributions from the corporation.
The CFO Group worked with the IRS on behalf of the general practitioner and filed all of the proper paperwork as well as having substantial penalties abated on behalf of the client.
Construction Contractor
The CFO Group was engaged to work with a mid-sized construction subcontractor in order to assist with implementing a stronger job cost system.
We were able to work with the client to implement a stronger accounting system that included a job cost module. We also worked on the in-office procedures to ensure that the system was processing accurate and timely information. The contractor now gets internal financial statements including detailed job cost reports by the 10th of each month.
