Is my company large enough so that Rankin-McKenzie services can help?

We serve companies of all sizes, including pre-revenue start-up companies that are no more than a concept in the mind of a beginning entrepreneur. We serve family-held companies of all sizes, as well as larger companies. The size where we can help is anywhere between no revenues and $100,000,000 in revenues, although many of our companies are under $10 million but growing rapidly. And, we can work out an affordable solution.How will you help my company?

We can help where you want us to help. A full solution would mean that your accounting procedures would change so that your monthly statements would be accurate and on-time, you would have a comprehensive forecast of your income statement, balance sheet, and cash flow statement which would include at least two years of historical figures and three years of forecasts, updated with important business drivers monthly, so that potential cash shortfalls can be estimated in advance, and solutions for these cash shortfalls can be anticipated, and solved with steps to avoid it, or with a capital raise to fund it.

We build the forecast so that it becomes a tool to test scenarios, because as we free up the time of the CEO and other key players, they spend more time on growing the business and coming up with new ideas. Our CFO and/or Controller’s many years of experience makes us a partner in that expansion, and the deep experience of our practice gives us the ability to come up with unique answers.

What are some of the issues your CFO’s and Controllers have discovered in the past?

One of our CFO's found a $250,000 mistake that was not on the company's balance sheet, overstating income, shortly after an independent CPA firm had issued the financial statements.

One of our CFO’s engaged to help a company with due diligence on the purchase of another company found errors in the way that the selling company prepared the list of expenses that would go away with the retirement of two out of the three owners, resulting in a purchase price difference of several million dollars.

Within four weeks of being hired, one of our CFO’s discovered that the company's controller/bookkeeper was not trained to properly reconcile the 16 bank accounts, resulting in incorrect reconciliations for five years and a restatement of income of $35,000, even though a national auditor had done a “comfort” study before the owner had purchased the company.

One of our CFO’s found an error in the deferred lease liability on the treatment of free rent amounting to $50,000 over the life of the lease.

These are just some examples. Most often we find something of significance that needs to be corrected.

What will it cost to hire Rankin McKenzie?

We charge reasonable per hour, per week, or per month rates. The fee depends upon the number of hours a business owner needs, and whether the solution is best performed by a CFO or a Controller. Our no charge assessment will give you a clearer picture of the total cost.

What happens first when Rankin McKenzie comes in?

Our first step is a no charge assessment where we go through a process to understand your business and the issues, with input from all important players. Then we design a step-by-step solution. This document becomes the template for our engagement with each step discussed and updated with the CEO as progress is made, and steps taken off or added as needed.

How do you interact with my CPA?

One of our two main referral sources is CPA firms. Their priority is to verify and test your figures for tax, audit and review purposes. Our priority is to make sure those figures are accurate and get to the CPA in time. The accounting profession is built around this principle of double checking, and most CPAs will not review, audit, or do tax returns for the books they keep. Most CPA firms prefer not to keep a Company’s books.

Audit firms are very efficient and knowledgeable in public accounting. Our CFO’s and Comptrollers have many year of experience and are very efficient at management accounting. The system works best when each side does the jobs that they do best.

We get referred in quite often because CPA’s are not as efficient as we are at cleaning up books, and they would prefer that we do it. By designing a balanced solution of part-time levels of expertise, we are also most often less expensive.

How do you interact with my bank?

We are very experienced with banking relationships. We speak their language. The items we provide are what they want to see. Many times the most important value we bring is better communications, higher credit lines and unique ways to finance your business

Can you help with training or turnover in my accounting department?

This is always part of our solution, sometimes to a large degree and sometimes to a small degree. It depends on what you need.

Do I sign a contract?

We have an easy-to-understand contract that in simple language shows how we will help with your issues.

What responsibilities do your CFO’s and Controllers have for Rankin McKenzie? Are they in conflict with the help my company needs?

The reason Rankin McKenzie exists is to help your company. When the Rankin McKenzie partner has extra time between engagements, he is networking to find more companies that need help, but your Company is priority number 1. We are like any of your employees; we are there when you need us. And you are the boss. We suggest only, not demand or require. After you make the decision, we are there to help you carry it out.