Financial Models

Basic Model provided by BookwoRx, LLC is designed to offer general services, utilizing the customer’s current accounting software, (i.e., QuickBooks Online/Desktop, etc.). The general services include:

• The basis of workbook preparation is special purpose framework cash method.

• Review of customer's Revenue and Accounts Receivable from the practice management solution.

• Review QuickBooks (on-line preferred but not required) customer in-house bookkeeper input.

• Presentation of monthly financial workbook.

• Annual Balance Sheet account reconciliations

• When available after 12 months, a trailing 12 months of results from operations will also be provided within the financial workbook.

• Coordination of year-end financial information hand off for Quarterly and Year End financial information to professional CPA accounting service provider.

Basic Plus Model provided by BookwoRx, LLC is designed to offer more comprehensive services. This includes providing the Basic Subscription services along with the following additional services:

· The basis of workbook preparation is special purpose framework (SPF) accrual method for each quarter.

· Review of revenue and production information retrieved via a Virtual Private Network (VPN) from the practice management system at each practice.

· Coding & review of bank disbursements, credit card and debit card disbursements, and EFT, etc.

· Provide payroll entries from payroll information received from third party payroll service(s) providers.

· Preparation of quarterly Balance Sheet reconciliations.

· Budgetary development and utilization.

Diamond Model offered by BookwoRx, LLC and OEM CPA, Inc is designed to provide comprehensive accounting services, consultative, and tax services. This includes all the services listed in the Basic and PLUS Subscription models above, plus the following services:

· Contract Chief Financial Officer (CFO) consultation and access

· Ongoing depreciation and amortization recordkeeping quarterly

· Maintenance of all fixed asset registers for book, federal, state, and personal property

· Development and provision of viable key performance indicators (KPI’s) for use in managing the practice

· Consult in priceology studies and strategies annually

· Preparation of an annual calculated valuation report (CVR) & review results of CVR to existing practice documents annually.

· Annual projections and strategic planning. 

· If applicable, VMG/VSG reports are prepared for submission to the practice’s respective study group with a separate VMG summary in the workbook.