FinanceTRAC:
Restructuring Financial Operations to Minimize
Cash Flow Requirements and Maximize Profits

Finance TRAC Overview:

Finance TRAC is designed to assist all retail furniture operations in the development of accounting, financial reporting and planning systems to provide owner/managers with the financial information they need to properly manage their business. The number of days required for each TRAC may vary according to the size of the operation.

TRAC 1-Audit assessment of Accounting and Financial systems

This is a two to three day review of all finance and accounting personnel, accounting systems and procedures, the chart of accounts, internal auditing procedures, month and year end closing procedures, current budgets, financial planning, financial reporting systems. The purpose of this review is to identify the strengths and weaknesses of personnel and systems currently being used by the company. Based on this information management will be provided a detailed list of actions items for the accounting and finance area of their business. Some of these may include additional Finance TRAC’s.

TRAC 2-Financial Reporting

Based on information developed in TRAC 1, the Financial Reporting TRAC will require three to four days to develop detailed monthly and annual closing procedures and schedules for the company. These procedures will allow the company accountant to properly prepare monthly and annual financial reports. In addition, utilizing the company management information system, financial reports will be reviewed or developed. These will include balances sheets, income statement and departmental cost reports and cash flow statements. Training will be provided to your accounting staff so that they can prepare these reports.

TRAC 3-Building a budget and financial plan

Based on information developed in TRAC 1, management may want assistance in developing an annual budget and financial plan. Working with your existing management information system and Microsoft Excel, we will develop annual and monthly budgets for all levels of your business. This information will then be incorporated into your financial reporting system. In addition, if desired a cash flow projections system can be developed. Training will be provided to your accounting staff to allow them to update and manage this system in the future. This TRAC will require two to three days.

TRAC 4-Business Plan and Loan Package Development

Many businesses desire assistance developing a business plan and loan package to use in attracting bank or other financing for: new or expanded facilities, and growth of inventory or accounts receivables. Working with financial reports provided by your system and information provided by management, we will develop Pro Forma Projections and narrative. After review by management, a finished Business Plan or Loan Package will be provided. This TRAC will require three to four days.

TRAC 5- Accounts Receivable Management/Collections

In-house Accounts Receivable can be a powerful and profitable asset for Retail Furniture Stores. This TRAC is a comprehensive review of this component of your business including: a review of underwriting procedures; handling of customer service to your accounts; and finally a detailed collection review. Based on this comprehensive review management will be provided a detailed list of actions items to improve this important part of your business. This TRAC will require three to four days.

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