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Accounting & Finance

Why is FinOps gaining momentum?

Posted by Kanika Sinha

November 1, 2021

FinOps gaining momentum
FinOps Done™ refers to a comprehensive finance and accounting system for businesses offered by Escalon. Our trained financial experts will deftly handle all of a company’s finance requirements. The reason behind FinOps’ rapid growth in popularity is its ability to deliver airtight financial documents to successfully grow a company, without the related expense of a comparable in-house team.

 FinOps Done™ comprises the following six elements: 

1. Your CFO™



Escalon can provide clients with the assistance of a highly experienced CFO to ensure that your business’s financials are accurately done. The CFO will also provide the insights you need to make proper decisions to advance your business. You can expect the following services:

 

Business forecasts and plans

: Our insights inform how your business decisions will affect growth in the short term and in the long term.

 

Management reporting

: Your CFO’s comprehensive reports will include KPIs, unit economics, break-evens and profitability so you can make informed decisions for the business.

 

Strategic management analysis

: Our KPIs will illuminate whether your business is on solid footing or merely surviving.

 

Board presentations</h3: Present our in-depth financial projections to your board to illustrate your business’s financial state with confidence.

 

Budgeting

: Use our tools to gauge cash flow, capital expenditure and more to assess your business’s progress forward.

 

Financial analyses

: Using big data and predictive financial analytics, we identify trends that will benefit or hurt your business.

2. Expenses Done™



Escalon's Expenses Done™ ensures your bills, expenses and credit cards are organized and attended to so that your business stays on track. You can expect the following services:

 

Bills

: All bills are collated and a schedule established for payables.

 

Expense reports

: Our team creates expense reports and ensures vendors/suppliers are paid on time and that your balance sheet is up to date.

 

Credit cards

:  Your credit card bills are verified, approved and reconciled with receipts and purchase orders. 

3. Revenue Done™



Our experts endeavor to ensure all invoicing, payments and debts are paid in full in a timely manner. With Revenue Done™, you can expect the following services:

 

Invoices

: Our team manages accounts receivables and invoices to ensure on-time payment.

 

Collection

: We work with debtors on your behalf, including making demand letters and identifying reasons behind late bills to come up with a payment strategy.

 

Cash application and planning

: We monitor inflow and keep accurate financial records and reports.

Talk to us about how our back-office services help businesses run lean.
 

4. Accounting Done™



Escalon's accounting experts will ensure that your company’s books are balanced and contain no errors with our comprehensive oversight, so that your only duty is to review and sign. With Accounting Done™ you can expect the following:

 

General ledger management

: We ensure an accurate account of your general ledger, which underpins your ability to create accurate financial records. This may entail opening and closing accounting periods, recording accruals, adjustments and closeout, checking for inappropriate balances or discrepancies coupled with corrective actions, and the analysis of trial balance relationships and controls.

 

Reconciliation

: Your bank statement will be analyzed to ensure transactions correspond with your balance sheet.

 

Reporting

: Our detailed financial reports will keep you abreast of transactions, reconciliation and cash flow.

 

Budget versus actual

:  Our financial team will assess how well your business’s spending and revenue generation meet its financial forecasts to home in on areas that are under or over budget.

5. C-3 company command center™



Escalon provides an integrated dashboard, dubbed C-3 company command center™, so you can see information from all of your business’s software and providers to keep an eye on everything at a glance. 

6. Confident Compliance™



Escalon's bookkeeping and accounting pros will ensure compliance with all federal regulations and statutory requirements and maintain up-to-date, risk-free records. With Confident Compliance™, you can expect the following:

Compliance alerts

: We provide alerts for upcoming mandatory compliance filings, which you can submit with the click of a button.

 

Compliance filings

: We ensure timely, accurate filings that conform to legal requirements.

 

Federal, state tax filings

: Our tax experts oversee and submit all required tax filings and ensure compliance with all laws.

7. Sure Setup™



Escalon's Sure Setup™ is a proprietary platform that gathers information into a single place to ensure your employees, Escalon employees and all of your systems stay in sync. Sure Setup™ accomplishes this through:

Tech setup

: Once platforms and procedures are established, we make sure they operate together seamlessly.

 

Procedure manuals

: Once workflows are established, we provide instructional manuals that documents who is doing what.

 

Process flows

: We optimize information flow among invoicing, accounts receivable, banks and other relevant sources. We then connect these flows to our proprietary tech platform that automates everything.

Want more?

Since 2006, Escalon has helped over 5,000 companies with back-office solutions for accounting, HR, payroll, insurance, and recruiting and taxes — and we can help yours too. Talk to an expert today.

Authors

Kanika Sinha
Kanika Sinha

Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.

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