Accounting Services of Maine, LLC
PO Box 935
Brewer, ME 04412
Financial AnalysisBusinesses seeking improved financial outcomes obtain overall financial analysis to identify areas for improvement. Business segments, departments, product lines or service areas are all assessed. A plan is developed to measure financial impact and achieved efficiencies as improvements are implemented. The client’s management team receives assistance on an as-needed basis for guidance on implementing, measuring and identifying improvement plans.
Financial StatementsFinancial statements are provided from the client’s accounting system. To that end, it is important that the accounting system’s capacity is assessed and developed to provide timely financial statements. The income statement compared to budget and balance sheet are provided monthly. Budget variances are examined for supporting causes and identified corrective measures implemented real-time. The statement of cash flow is presented to understand sources and uses of cash. At all times throughout the year, management has a keen understanding of the financial status of the organization and options to maximize financial results.
Program and Departmental MonitoringDepartments, product lines, or programs are tracked as separate business segments that can be monitored with monthly financial reporting. Budget are maintained on each business segment, the financial results of each tracked, and improvements implemented for greater efficiencies. ASM’s work allows managers/owners to concentrate on these key business segments by maintaining prudent financial tracking and reporting. This provides insight in lower levels of the organization to isolate deviations that may be disproportionately contributing to the overall financial results of the organization.
Staff TrainingThe client’s staff is trained in various accounting tasks to develop capacity from within the organization. At the start of the client engagement, the staff is assessed and training is identified for staff development. Staff is trained in specific accounting tasks and accounting software thereby providing the business with access to in-house financial data. Careful consideration is given to provide higher level technical services that the client cannot maintain on staff.
BudgetingBudgets are paramount to business success. The budget process provides a road map for the business. Although current operating and financial outcomes may be clear, it may not be clear what lies ahead. The process of establishing short and long term budgets yield different results and provide future indicators such as tight cash flow, margins, or staffing capacity gaps. Similarly, budgets provide the key to process improvements and are a pivotal tool for increased efficiencies and profitability. Budgeting should be on-going; that is, modifications should be made if the initial budget proves drastically different than actual results, and budgets should be developed from year to year or for multiple years.
Product-Line Financial AnalysisManufacturing businesses need to identify margins for each product line. This involves costing the raw components (labor, materials & overhead) for each product. The process involves identifying components in very minuscule detail, but the end result is very powerful information. Using reliable costing models allows business managers to make informed decisions about product pricing and/or discounting for bulk or large volume orders while managing positive gross margins.
On-site AccountingServices are provided at the client’s office, working with staff to attain efficiencies while building staffing capacity. This is unique since most accountants do their work away from the client site. The work is done in close collaboration with the client to create clear goals and desired financial results. Observation of real-time operations and staff interaction is integral to achieving goals. This is accomplished seamlessly as higher level tasks are provided in coordination with the organization’s staff. Accounting and financial reporting systems are designed to be maintained at the client’s office. In many respects, ASM is an extension of the client’s staff without the burden of salary and benefit commitment. The business owners, managers and staff quickly become comfortable with the presence of a professional and trusted mentor with an approachable style.
CFO By-the-HourClients benefit from over 30 years of experience in accounting and business management within various industries. ASM’s practice is equally dependent on building trusting relationships as it is on solid professional skills. Businesses request services when they have accounting or bookkeeping staff but are unable to support higher level expertise on staff. Management works closely with ASM to identify areas of concern or areas needing development. This level of service includes cash flow projections, budget implementation, forecasting business expansions, maximizing gross profit and net profit, planning for increased revenue, reducing expenses, automating financial systems, and regular financial reporting and monitoring.
Trusted Advisor and Sounding BoardMost often clients view ASM as part of the management team. Small businesses do not have multiple executive-level employees but it is no less important for them to have access to an objective and professional point of view. The clients bring business struggles, major decisions, and plans for consideration. At all times, clients know their situation will be considered seriously and with the utmost regard for the impact on the business. Individualized attention is given to each client while drawing on professional experience and well-rounded business acumen. For non-profit clients, ASM is a natural extension of the finance committee, and regularly report financial results to the Board of Directors on behalf of the client. Third-party professionals such as bankers, attorneys, and auditors frequently consider ASM an integral part of the client’s management team.
Areas of Practice
- Non-profit Organizations
- Service Providers
Types of Clients
- Community Development Financial Institutions (CDFI)
- Construction – heavy earthwork; disaster building restoration
- Economic Development Corporations – regional area focus; Native American focus
- Healthcare Association
- Law Firm
- Rental Properties
- Retailers – army surplus; home goods; pet supplies
- Software Development
- Wholesale Distributor – outdoor living products; mechanical supplies
- Wholesale Manufacturer – counter tops; journals/planners.address books; book publisher
Types of Entities
- Limited Liability Company
- Sole Proprietor
- Tax-Exempt Organization
Accounting Services of Maine, LLC