Fractional Accounting Lexington | Lexington (KY) 40507

Fractional Accounting & Advisory Services – Lexington (KY)

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Lexington Fractional Accounting & Advisory Services

When a business experiences a period of sustained growth it is certainly a cause for celebration. Not only does it mean the business strategy has been successfully executed, but also reflects the hard work of team members across the enterprise. However, with growth also comes new demands and additional responsibilities as well as new business needs to sustain the growth trajectory.

Those increased demands may also require new expertise in critical business functions such as accounting, financial projections, management, and reporting. Sustained growth means these departments may require more experienced professionals with an executive level of expertise, including the Controller and Chief Financial Officer level.

The unfortunate reality is that finding such experienced professionals can be challenging. Once identified, the company needs to allocate the time and resources needed for onboarding and training. Then there is the matter of employee retention which can make matters more complicated. Rather than going through this expensive process, many companies and non-profits in Lexington and Kentucky turn to fractional accounting and advisory services as a solution.

Kentucky FAAS Experience

Barnes Dennig provides outsourced accounting and fractional accounting and advisory services to companies in Lexington and across Kentucky. We work with organizations in a variety of industries to “plugin” during periods of growth, the unexpected departure of a senior executive or key team member, or to provide situational support for special projects. Our team offers a unique blend of technical expertise and situational experience that translates into practical and scalable solutions.

Can Fractional Accounting Services Benefit You?

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Lexington Outsourced Accounting and Advisory Services

  • Virtual Controller Services
  • Accounts Receivable/Accounts Payable Management
  • Assistance with Financing Acquisition
  • Outsourced Chief Financial Officer
  • Alternative Financing Opportunities
  • Bank Negotiations
  • Budgeting & Forecasting
  • Cash Flow Management
  • Ongoing Financial Reporting
  • Price and Cost Structure Reviews
  • Accounting Services

Excellent professional service.

— Barnes Dennig Client, 2022

An extremely well-run firm that cares for its clients and does accurate and timely work at a reasonable price.

— Barnes Dennig Client, 2022

I have excellent relationships and get outstanding service from extremely competent people.

— Barnes Dennig Client, 2021

Frequently Asked Questions

Fractional Accounting Resources and Client Accounting and Advisory Services refer to financial and accounting professionals who offer their expertise and services on a part-time or as-needed basis to businesses. The terms are used interchangeably across different industries, but the important distinction is that, unlike full-time employees, fractional resources work on an hourly or monthly bases, and typically work with multiple clients concurrently. A fractional resource can be a CFO, a VP of Finance or Accounting, a Controller, or a combination of resources, providing flexible support tailored to each client’s requirements.

A fractional resource is a financial or accounting professional who provides part-time or project-based services to businesses and non-profits. This resource, or sometimes a team of resources, typically has extensive experience in areas such as strategic planning, financial strategy, forecasting, risk assessment, growth acceleration, and budgeting. Additionally, we have staff and senior accountants who collaborate with senior financial leadership to handle the day-to-day financial and accounting functions of your organization, if needed.

Fractional resources work with your leadership to assess needs and determine the necessary time to manage the company’s finance and accounting requirements and engage in strategic planning. Based on this assessment, they will develop a tailored resource plan to meet your specific needs, goals, and associated costs. They can help your organization build a strong financial foundation so you can focus on growth.

Fractional accounting services differ from traditional accounting in scope, delivery model, and focus. While traditional accounting revolves around historical financial reporting, compliance, and tax preparation, a fractional accounting provider expands beyond these functions to offer a broader range of services tailored to your specific needs.

Fractional accounting services emphasize proactive financial insights, strategic planning, and ongoing support, aiming to provide real-time data and guidance to drive business growth and profitability. Unlike the periodic and transactional nature of traditional accounting, fractional accounting fosters a more interactive and collaborative relationship between the resource and the client. It focuses on leveraging technology and delivering value-added services to effectively achieve the client’s financial objectives.

Hiring a full-time, in-house Chief Financial Officer can cost an organization at least $250,000 annually, including base pay, bonuses, equity, and benefits. In many businesses and non-profits, a full-time CFO is not necessary because the organization does not have the demand of 40 hours per week consistently. Instead, fractional CFOs can be deployed at an hourly rate or at a monthly fixed fee (in most cases).

For example, Company A is looking to engage with a fractional CFO to guide the creation of a strategic plan with leadership, implementation of accounting best practices, and ensure a scalable reporting function for future growth.

In this example, a fractional resource with the appropriate internal support can be hired for $7,500 a month to meet the predetermined and ongoing needs. This results in a total annual cost of $90,000, compared to $250,000 per year for a full-time resource.

Most staffing agencies typically mandate a minimum commitment of 40 hours per week for an interim staff member during a specified contract period. These agencies specialize in recruiting, screening, and placing qualified temporary workers to fill such roles. Once a suitable match is identified, the agency oversees all administrative aspects of the employment arrangement, including payroll, scheduling, and performance oversight. Throughout the assignment, the agency acts as the main liaison between the client and the temporary worker.

The fractional model differs in that our professionals work full-time for us and are available to you on an as-needed basis. This means that your fractional resource could work as few as 8 hours on a week-to-week basis and scale up based on agreed priorities and responsibilities. This offers organizations significant savings in staffing costs because the goals are mutually agreed upon, and then staffed accordingly. We continue to recruit, screen, and select top talent that meets our clients’ needs, drawing from individuals with industry experience who have also sat on the client side in the past. We prioritize matching talent based on both experience and personality to ensure a suitable fit for client engagements. Clients often have the opportunity to interview available talent to ensure the right match before proceeding with an engagement through CAAS.

At Barnes Dennig, we highlight that our flexible staffing solution directly translates to fewer weekly hours, a detail that might not be immediately obvious when discussing “part-time” or “as needed” options with traditional staffing providers.

Our systems provide encryption of sensitive data in transit and at rest, strict access controls with role-based permissions and multi-factor authentication, and regular audits and monitoring for suspicious activities. We secure your data storage on protected servers with robust physical and digital security measures and offer continuous employee training on data security best practices.

Barnes Dennig follows relevant data protection regulations to ensure legal adherence and alignment with industry standards, thereby safeguarding client data from unauthorized access or disclosure throughout all stages of handling and processing.

Our CAAS resources come from various professional backgrounds, either in public accounting, private industry, or a combination of both. This breadth of financial expertise gives our team the flexibility to work with one another to leverage expertise to fit your needs and approach any scenario from an experienced and nuanced perspective. At a high level, each role on our CAAS team possesses the following skills and expertise:

Chief Financial Officer – A CFO provides meaning to a company’s financial numbers, using their expertise to help leadership identify growth goals, create an actionable strategic plan, oversee ongoing finance and accounting operations, maintain and develop investor relations, negotiate debt and loan needs to drive growth and stability, and provide financial planning for mergers and acquisitions or the sale of a business.

Vice President of Accounting – The VP of Accounting (or Director of Accounting) provides high-quality, efficient, effective, and accurate financial services, establishes and communicates policies and procedures necessary to ensure proper and efficient use of company resources, effect change through continuous process and quality improvement with a progressive vision toward the future, safeguard an organization’s assets, and focus on providing reliable and meaningful information to decision makers.

Controller – The Controller takes responsibility for all aspects of accounting operations, including planning and directing of functions such as billing, accounts receivable (A/R), accounts payable (A/P), general ledger (G/L), cost accounting, revenue recognition, taxes, financial statement preparation, preparing and analyzing annual budgets, increasing reporting efficiencies, and establishing financial policies. Ultimately, they ensure the organization’s finances run smoothly.

Accounting Manager – The Accounting Manager prepares and reviews financial documents, reports, and statements. They take responsibility for overseeing the organization’s daily Finance and Accounting functions, including bookkeeping, accounts payable and receivable, payroll, end-of-month close, audit preparation, and other related duties as assigned. Additionally, the Accounting Manager is responsible for developing and maintaining accounting principles, practices, and procedures to ensure accurate and timely financial statements.

Contact Our Kentucky Outsourced CFOs

Barnes Dennig provides fractional accounting and outsourced accounting services to companies in Lexington and across Kentucky. If you are interested in learning how our organization can assist you, complete the form below and a team member will follow up shortly.

About Lexington (KY)

The business community in Lexington, Kentucky, is shaped by a blend of traditional industries and emerging sectors, with key contributions from healthcare, education, manufacturing, agriculture, and equine industries. As the second-largest city in Kentucky, Lexington has a strong presence in healthcare, with institutions like the University of Kentucky Healthcare system and Baptist Health providing significant medical services and research opportunities. Education is another major sector, with the University of Kentucky playing a central role in both workforce development and regional economic growth. Manufacturing is important as well, with a focus on industries such as automotive parts, food processing, and chemicals, which continue to play a role in the city’s economy. Agriculture, particularly in bourbon production and horse racing, remains a vital part of Lexington’s identity and economy, with the city being known as the “Horse Capital of the World” and home to numerous distilleries.

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