Accounting

Freedom Services utilizes a sophisticated general ledger system that is both flexible and capable of accepting data from a number of different mediums. Establishing the structure for the general ledger is crucial to both the efficient recording of transactions and the ease with which reports can be produced. Freedom Services' team of accounting professionals work with our partners to define the reporting relationships that currently exist within an organization as well as how these relationships could change in the future. This information is utilized to establish the framework for the chart of accounts and will typically include the following attributes:

• Multi-tiered structure which incorporates a large number of reporting relationships. 

• Line item accounts that roll up into one or more summary categories. 

• Multi-currency capabilities with automated conversion functionality. Ledgers can be produced both in the native and reporting currencies. 

• Flexible calendar structure allowing for separate closing periods. 

• Maintenance of budgets and prior period actual information on a line item basis allowing for the production of a wide range of comparative reports. 

The integration of information from a variety of sources into an organization's financial reporting system is essential to providing accurate and timely results.  Freedom Services utilizes a sophisticated general ledger system that is both flexible and capable of accepting data from a number of different mediums. Typical services provided to our partners include:

• Transactions are posted on a daily/weekly basis with automated feeds of activity from subsidiary systems or outside sources. 

• The general ledger system provides multi-currency functionality in addition to a tiered reporting structure that captures budgeted and actual results at the corporate and/or department level. 

• All accounts are reconciled on a monthly basis with variances documented, resolved and communicated to the designated individual(s) within each of our partners' organizations. 

• A wide range of standardized and ad-hoc reports can be produced to meet the specific needs of any program. In addition to hard copy or electronic versions of these reports, the underlying data can be downloaded into Excel or a number of other reporting software products. 

• Historical information from outside sources can be converted and loaded into the general ledger system so that year to year comparisons can be completed.