It is a legal requirement for all broker-dealers or precisely any firm to have a FinOP officer for their financial and operational tasks. A FinOp officer maintains the financial books, record systems, perform net capital calculations and file quarterly and annually FOCUS reports.

FinOp officers are usually highly experienced and highly paid individuals. Bigger firms with enough capital can hire a permanent FinOp officer for their operations but small and medium firms can’t hire a permanent FinOp officer. For them, the best option is to hire or outsource a FinOp officer. Some companies provide FinOp consulting services through highly experienced personnel.

Benefits:

For small and medium enterprises, outsourcing a FinOp is a good idea because:

• Reduces Risk: with financial matters of your firm you can’t take any risk. You need someone well versed in all the legal requirements and that comes with years of experience. When you outsource a FinOp officer you get a highly experienced person. Chances of that person making any mistake a close to none.
• Focus On operational needs: you don’t have to worry about filing your focus reports or managing financial books as FinOp will do it for you. You can focus on your operational tasks and this way your firm will run more smoothly and efficiently.

Duties performed by a FinOp:

A FinOp performs quite a lot of duties for a firm, these include:

• Audit of current accounting practices
• Accuracy review and approval of financial reports
• Net Capital Compliance reports
• Monthly Net Cap & quarterly FOCUS reports
• Annual FOCUS Schedule I reports
• Quarterly SSOI reports
• SIPC 6 and SIPC 7 filing
• Supervision of your financial team
• Contacting regulatory agencies for financial reporting
• Net Capital Computations
• Financial Statement Preparation
• Bank Reconciliations
• Annual Audit Support
• FINRA Examination Support
• Accounting Due Diligence
• Bookkeeping

How to choose a FinOp Consulting service?

• Before outsourcing any FinOP consulting service make sure they’re licensed and registered.
• Do some background checks and ask if they can provide any references for past or current companies they’re working for?
• A FinOP officer assigned to your company must be a qualified series of 27 licensed individuals.
• Some companies offer a periodic package for finOp consulting. These packages are cost-effective and save you money in the long run.

If you’re a small or medium enterprise and looking for a professional, experienced FinOp officer to perform financial duties and file FOCUS reports on your behalf BD Consulting Associates are providing FinOp consulting services in GA. They have years of experience in this field and will cater to all your financial consulting needs.