On-Site Administrator or Chief Financial Officer Top
Sometimes professional service firms need the skills of an experienced administrator or chief financial officer but not on a full-time basis. Firms are often faced with hiring experienced personnel, at a high compensation level, or hiring a less experienced person. An experienced administrator or CFO may become disenchanted performing lower level work and leave the firm prematurely. A less experienced person may not have the necessary skills demanded by the owners. We provide the skills of experienced administrator or CFO on a part-time basis. Our consultants perform administrative and financial functions including:

— preparing month-end and year-end financial statements — supervising information systems — handling all aspects of human resource management and employee benefits

— preparing other financial reports — supervising facilities management — monitoring billing & collection efforts — preparing special analysis

Profitability Analysis Top
Professional service firms must be aware of the sources of profits by business segment. Resources should be allocated to growth areas that are generating profits. Decisions must be made concerning those areas not performing as expected. Professional service firms must have a clear idea of the profitability of timekeepers and clients. Our consultants have experience analyzing profitability, including:

— determining profitability of timekeepers and business segments — assigning direct and overhead costs to practice areas — meeting with management and offer suggestions for improvement

— preparing cost rates for individual timekeepers — producing meaningful reports for management review — tailoring a profitability analysis based on available information

Billing Rate and Billing Arrangement Review Top
Professional service firms continue to come under close scrutiny as its clients continue to strive to control costs. Clients will no longer accept automatic and lock-step billing rate increases. Many clients are insisting on reductions or alternative billing arrangements as a means of reducing costs. Professional service firms must be effective developing billing rates and alternative billing arrangements. Our consultants assist owners by:

— reviewing billing rates and comparing to market and competitor rates — developing new alternative billing arrangements

— reviewing the profitability of existing alternative billing arrangements — projecting profits based on various billing rates alternatives

Budgeting and Income Projecting Top
Budgeting and projecting income are important functions in professional service firms. Firms need to prepare annual budgets and income projections throughout the year. Our consultants assist owners by:

— preparing annual and monthly revenue and expense budgets — projecting financial results for the year — preparing cash flows

— projecting partner/owner compensation — developing long-term financial goals and objectives — developing capital expenditure budgets

 

Administrative Organization Analysis and Cost Review Top
Often administrative staffs have grown beyond current needs. Technology has improved the access to information rendering some functions unnecessary. The administrative organization of professional service firms should be lean and effective. Overhead costs should be appropriate for the size and strategy of the firm. Our consultants are experienced evaluating administrative staffs and performing cost analysis. We assist by:

— performing detailed review of administrative organization and cost structure — developing position descriptions — reviewing cost of and effectiveness of on-site vendors

— evaluating administrative personnel — reviewing salary structure and recommending changes — recruiting administrative personnel

 

Merger and Acquisition Analysis Top
There are many ways to grow or improve profitability. One method is to merge with another firm or a group of partners. It is extremely critical that professional service firms understand the economic impact of merging. Our consultants assist by:

— evaluating merger and acquisition candidates, individual professionals or firm mergers — preparing compensation agreements

— preparing financial analysis, including identification of additional professional and administrative personnel required

 

Professional Service Firm Formation Top
Sometimes professionals decide their fate is best served by forming their own firm. This process can be daunting even for those with time and experience to carry out these steps. Our consultants facilitate this process by:

— assisting professionals who are investigating initial considerations or have decided to form their own firm — preparing initial business plan — post start-up monitoring

— assisting in developing partnership agreements, firm governance and compensation plans — implementing start-up of the firm including arranging banking relationships, office space, systems and other administrative services

 

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