Financial Management

1

At the beginning of any settlement or program, Plexos works with our clients to establish administrative and fund accounts as well as accounting systems, audit requirements, and reporting. Settlements and federally funded programs require the demonstration of adequate checks and balances from an internal control standpoint. At a minimum, a system of internal controls should include:

• Separating the functions of authorizing and disbursing program funds
• Completing a periodic reconciliation of escrow accounts to determine whether accounts are in balance
• Reconciling settlement or federal funds
• Verifying funds requested versus actual disbursements versus system of record

Plexos establishes these systems and provides executive CFO management of larger programs to oversee and manage the Financial Management function. All accounting is subject to internal and external audit and reconciliations are conducted regularly with adjusting entries made for:

• Bank service charges
• Non-sufficient funds (NSF) check
• Debit and/or credit memoranda
• Error corrections
• Delays in deposit
• Checks outstanding for long periods of time
• Irregularities in transfers and adjustments
• Deviations with cancelled checks (payee, signature, or endorsement)

Plexos also provides services for tracking inventory on large programs and works with our clients to determine:

• Types and levels of inventory to be tracked
• Barcode number sequence
• Barcode labeling procedures
• Frequency and procedures for inventory audits
• Weekly/monthly inventory reports