Apex

Information about Apex

Published on March 12, 2008

Author: Jancis

Source: authorstream.com

Content

About Us:  About Us As the only organization of its kind in the Philadelphia area, Apex Integrated Solutions provides finance and accounting services for small to mid market companies, start ups and nonprofit organizations on an outsourced basis.  In effect, we function as an internal finance and accounting department. What makes us unique is that our services are provided through a “Shared Service Center” in a “remotely hosted” environment.  This means that each client’s financial functions (budget management, general ledger, accounts payable and receivable etc.) are processed and securely maintained centrally in our corporate office.  All clients share a common technology (Microsoft Great Plains), which we provide and a designated team of our accounting professionals who range from CPA/managers to accounts payable/receivable clerks. As a result, clients pay a “blended rate” depending on the level/type of work required. Fees are quoted on an annual basis rather than hourly. Since technology and professional staff costs are spread across all clients, our approach is usually less costly than an internal solution.   Apex Shared Service Center - Overview:  Apex Shared Service Center - Overview Apex’s Shared Service Center is a centralized accounting department shared by multiple Clients: All clients share a common technology platform – Microsoft Great Plains All work is performed by a team of Apex accounting professionals serving multiple organizations and goes through multiple levels of review. Each client team includes clerical to partner level professionals The “Team” approach allows clients to pay a “Blended rate” for their finance and accounting needs (See accompanying graphics) The Technology infrastructure is managed and supported by the Shared Service Center technology professionals Client information is easily accessible through our secure internet connection Apex performs full daily backups of all client data on tapes. Tapes are rotated off-site. The information flow (i.e. source documents, checks, etc.) is designed to meet each client’s individual needs and preferences Communication with the client is achieved through telephone, email and face-to-face meetings The Apex “Blended Rate” Structure:  The Apex “Blended Rate” Structure Apex Team Composition by Level of Service STAFF -Process accounts payable -Process accounts receivable -Process Payroll -Maintain policies and procedures -File 1099s SENIOR -Produce financial statements -Prepare and maintain Balance Sheet Account Analysis -Reconcile Cash -Review A/P, A/R and Payroll -Supervise Staff -Prepare for Audit and Tax fieldwork -Review 1099s MANAGER -Review financial statements -Review / Prepare adhoc reports -Identify areas for process improvements -Co-ordinate Audit and Tax fieldwork APEX PARTNER -Budget forecast -Cash Flow Projection -Review Financial statements -Identify saving opportunities Apex Service Offerings:  Apex Service Offerings Finance Project Consulting Diagnostic Reviews Great Plains Migration Comprehensive Outsourcing Client-directed activities and supervision of Apex personnel Provide continuity through temporary replacement of key financial personnel Remote location assistance Experienced, “hands-on” operational professionals to match finance and accounting needs Scaleable resources - available as needed, on demand Project Management expertise Access to specialized industry expertise and experience High level process review of key finance and accounting functions Identify issues related to people, processes and technologies Assess key accounting processes and compare them with industry best practices Develop process maps and procedures documentation Identify potential technology related solutions Assess internal controls and key performance measures Develop business and financial models Conversion of financial data from legacy accounting systems to Great Plains Design chart of accounts to be used with Microsoft Great Plains financial package Implement required modules based on client’s business needs Determine finance and accounting resources needed to maximize Microsoft Great Plains functionality Train client personnel on modules implemented by the Apex team Create standard monthly and specialized reports needed by client’s management team Apex takes responsibility for client’s finance and accounting activities: General ledger Management accounting Financial reporting Monthly close Accounts payable Billing/accounts receivable Payroll Fixed assets Cash management Tax requirements Monthly financial statement compilation Leverage Apex’s Microsoft Great Plans Shared Service Center Emphasis on continuous process improvement Avoid investment in software and hardware and technical support infrastructure Apex Shared Service Center - Structure:  Apex Shared Service Center - Structure Kempf Company Blue Tulip LRI Your Organization Web Access to live data Web Access to live data Web Access to live data Web Access to live data A/P G/L Fixed Assets Month-end Close Financial Reporting Financial Analysis Technology Infrastructure Shared Service Center Financial Reports Financial Reports Financial Reports Financial Reports Cash Management Account & Bank Reconciliations Benefits of Outsourced Accounting Solution:  Benefits of Outsourced Accounting Solution Reduces operating costs and technology risk Frees senior finance executive to focus on strategic financial goals Provides timely and accurate financial information driven by users, but prepared by experts in financial reporting Multiple levels of review improve accuracy and internal controls Enables immediate implementation of best practice processes and procedures Incorporates a scalable accounting system and technology platform to accommodate future growth Sample of Outsourcing Services:  Sample of Outsourcing Services Custom processes and procedures will be developed as part of set-up phase. Accounts Payable Code Invoices Verify payment authorization Verify invoice calculations and terms Input invoices in accounts payable Produce and distribute payable reports Respond to vendor inquiries Update approved vendors to master file Produce and distribute 1099’s Close accounts payable system monthly Monthly accounts payable aging Assist in prioritizing payment of accounts payable in accordance with client policies Input manual checks/vouchers into system Fixed Assets Maintain/update fixed assets records and reporting in FAS 2000 Calculate/record depreciation expense Process fixed assets additions/sales/retirements Reconcile sub-ledger to general ledger Account for lease transactions/capital projects Issue fixed asset listing with monthly financial package Cash Management/Treasury Enter deposits to general ledger Transfer cash between accounts Verify and process debt service Monitor compliance with debt covenants Maintain endowment records Make recommendations for investment of cash Review investment positions General Accounting Prepare Use tax filings Prepare manual journal entries Input journal entries/vouchers Complete monthly bank acct reconciliation(s) Maintain the chart of accounts Recommend general ledger system security Schedule/coordinate month/year end closes Close/reconcile subsidiary systems to G/L Perform other SOFP/balance sheet account reconciliations Produce & distribute trial balance & ledger reports Track expenses against projected budget costs and account for any variances Account for spending related to specific grants Fund Accounting Reconcile temporarily and permanently restricted net assets Allocate overhead and indirect costs to related programs Attend monthly board/committee meetings General Accounting (cont.) Monitor accounting standards Coordinate year end audit support and assist tax preparer Support audit fieldwork (prepare year-end supporting schedules and work papers) Financial Reporting Prepare/generate/submit agreed upon monthly financial package Assist in reviewing/analyzing financial results Accounting records filing and retention Recommend/implement accounting process improvements Assist with Client operations changes that impact the accounting department Manage policies and procedures documentation process with accounting Assist client in building annual budget model Input prepared budget into G/L package for financial reporting purposes Assist in preparation of external financial statements and schedules Assist in preparation of external financial disclosures and analysis Assist in preparing Lease Summary Report Summary of Available Services (continued):  Summary of Available Services (continued) Payroll Process payroll with an outsourced payroll provider (i.e. – ADP/Paychex) Summarize timesheets for entry Process new hire/terminations as well as maintain employee deductions Apex will prepare journal entry for payroll and book them into Great Plains A/R & Cash Receipts Upload invoice summaries by customer into Great Plains Apply cash receipts to appropriate funding source Post cash receipts to GL and Bank Reconciliation modules to streamline monthly reconciliation process Custom processes and procedures will be developed as part of set-up phase. Management Team Biographies :  Mark S. Henry Bachelor of Science Degree in Accounting and Finance from LaSalle University He has over seventeen years in the accounting industry including: three years in public accounting; seven years in retail and wholesale distribution as a controller and CFO; four years of experience at Andersen, built and managed the Shared Service Center from inception; three years as a senior partner of Apex Integrated Solutions specializing in not-for-profit and for-profit accounting, financial reporting, and business forecasting. Basil S. Ismail, CPA Bachelor of Arts Degree in Accounting from Cairo University He has over twelve years in the accounting industry including: over five years of experience in public accounting at Andersen as an external auditor; four years of experience at Andersen as a technology manager with the Shared Service Center; three years as a partner of Apex Integrated Solutions specializing in not-for-profit and for-profit implementation of accounting system, process improvement and financial reporting. He has significant knowledge in Microsoft Great Plains, FRx, and SQL server Muony Bostwick Bachelor of Science Degree in Accounting & Finance from Drexel University She has over ten years in the accounting industry including: over three years in the internal accounting department as a financial analyst for Andersen; four years as a experience senior with the Shared Service Center at Andersen; three years as a partner of Apex Integrated Solutions specializing in not-for-profit and for-profit accounting, financial reporting, and business forecasting. Amir Malek Bachelor of Arts Degree in Economics from Dickinson College He has over ten years in the accounting industry including: three years in an engineering firm; over two years as a senior accountant in financial institutions; two years of experience at Andersen as a senior with the Shared Service Center; three years as a partner of Apex Integrated Solutions specializing in not-for-profit and for-profit accounting, financial reporting, and business forecasting. Anthony Lam Bachelor of Science Degree in Business Management from University of Maryland He has ten years in the accounting including: five years in not-for-profit accounting; two years of experience at Andersen as a senior with the Shared Service Center; three years as a partner of Apex Integrated Solutions specializing in not-for-profit and for-profit implementation of accounting system, process improvement and financial reporting. He has significant experience in implementing Microsoft Great Plains, and FRx. Management Team Biographies Affiliates:  Accounting software provider Microsoft Great Plains Best software Payroll Processing/HR The Solutions Network, Rick Anthony ADP Paychex Ciridian Audit and Tax Services KPMG Ross, Langan & McKendree, LLP Ruotolo & Spedwack & Co. Torrillo & Associates Morris J. Cohen and Company Financial Services – Banking & 401K National Penn Bank Wellington Group Morgan Stanley PNC Bank Penn Chesapeake Advisors, Inc. Insurance Provider Integrated Benefit Services, Inc. Biddle Insurance Company Exude Lyons Company Merchant Credit Card Processing Global Payment Systems Affiliates References:  References

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