Outsourced accounting, fractional controller and advisory services Four lines of work.
Millrace Finance Partners offers small and mid-sized US companies and nonprofits four services: an accounting service from $2,000 a month, a fractional controller from $7,000 a month, and business operations advising and business planning support as fixed-fee projects. Scope and fee are agreed before any work begins.
These services do not require a state licence, and we are not a CPA firm.
What each one is
Accounting service
from $2,000/moMillrace Finance Partners’ accounting service runs your accounts payable, accounts receivable, multi-entity consolidation and month-end close as one monthly service for small and mid-sized companies, and for nonprofits it also covers fund accounting, restricted-fund and grant tracking, and functional expense allocation. The reports connect income, costs and cash. We use automation to reduce repetitive preparation, and a named person reviews the work. The fee starts from $2,000 a month for a smaller set of books and scales with the work involved.
- Accounts payable, with a payment run you release
- Accounts receivable and a collections cadence with dates on it
- The month-end close, on a published calendar
- Reconciliations kept as standing working papers
- Multi-entity consolidation and intercompany eliminations
- Capital management and a thirteen-week cash forecast
- The credit card portal, receipts and coding
- A reporting package on a day you pick
Not included: Signing authority, custody of your funds, payroll processing, and tax returns.
Fractional controller
from $7,000/moMillrace Finance Partners’ fractional controller, from $7,000 a month, owns audit readiness, the close and the controls for a small or mid-sized company or nonprofit, prepares the audit schedules and is your auditor’s first point of contact. They are a named senior finance lead who works about a day a week, sits in your management meeting, owns the number in front of the board, and is the person your lender calls. Available on its own or alongside the accounting service.
- Ownership of the close and the controls
- Board and lender reporting
- Covenant and borrowing-base schedules
- Technical judgement calls, written down
- Audit readiness and the audit schedules
- Your auditor’s first point of contact
- Hiring and training your in-house team
- The call you make before you make a decision
Not included: A full-time employee, and any opinion on the statements. We will tell you when you have outgrown a fraction of a person.
Business operations advising
scoped per projectMillrace Finance Partners helps small and mid-sized companies and nonprofits with ERP migration and systems set-up, AI automation of finance workflows and accounting process redesign, run as fixed-fee advising projects quoted before they start. This is where most of the durable improvement happens.
- AI automation of finance workflows
- Systems set-up and ERP migration
- Accounting process and close redesign
- SOPs and written documentation
- Chart of accounts and entity structure
- Delegation of authority and approval routing
- First-audit preparation
- General business advisory
Not included: Software licences, which you buy direct. We take no commission, referral fee or rebate from any vendor, ever.
Business planning support
scoped per projectBusiness planning support is the forward-looking work, done as fixed-fee projects: an annual budget built from drivers, rolling forecasts, variance analysis, board packs and scenario modelling. It sets out what the numbers say you should do next.
- Annual budget, built from drivers
- Rolling forecast and reforecast
- Variance analysis with named causes
- Board packs a director can read
- Scenario and sensitivity modelling
- Pricing and unit economics
- Cash runway and hiring plans
- The analysis behind one decision
Not included: Valuations, 409A work, quality-of-earnings analyses and transaction diligence. Separate disciplines. We will point you at people who do them.
Not sure which line you need?
Most companies need the accounting service and nothing else for the first year. Some need less than they were about to buy, and we will say so. Comparing firms for a nonprofit? Start with our checklist for choosing an outsourced accounting firm for a nonprofit.
No lock-in: thirty days’ notice ends an engagement, and nothing is billed by the hour.