Engagement Letter
Dear Client,
Thank you for choosing Krieger Analytics for your financial consulting needs. This letter outlines the terms of our engagement and confirms our mutual understanding of the services to be provided.
Services
- Hourly CFO Consultation:
- Strategic Financial Consultation: A focused one-hour session to discuss any financial matters on your mind. Relevant financial statements or supporting documents should be submitted at least 48 hours in advance.
- Pocket CFO Service:
- Custom Reporting Package: Tailored reports featuring key financial and operational metrics.
- Annual Budget Preparation: A comprehensive yearly budget to guide your financial planning.
- Tax Planning & Review Tips: Regular tax analysis and planning strategies.
- Monthly Financial Statement Review: Personalized video walkthrough of your financial statements each month.
- Monthly Close Notes for Bookkeeper: Detailed notes for your bookkeeper.
- Ticket Support System Access: Answers to your questions within a 48-hour turnaround via our dedicated support system.
Pocket CFO services will be performed and billed monthly.
The engagement is limited to the services indicated above. Krieger Analytics will not audit nor review your financial statements or verify all data you submit for accuracy or completeness. Instead, Krieger Analytics will rely on the accuracy and completeness of the documents and information you provide.
Any work provided outside these services’ scope will be billed at the standard hourly rate. Such work will be discussed with you before any additional fees are incurred.
Your Responsibilities
You are responsible for designing and implementing controls to prevent and detect fraud and for informing me about all known or suspected fraud impacting the Company. In addition, you are responsible for identifying and ensuring that the entity complies with applicable laws and regulations.
The engagement cannot be relied on to disclose errors, irregularities, or illegal acts, including fraud or embezzlements, that may exist. However, Krieger Analytics will inform you of any material errors and any irregularities or illegal acts that come to my attention unless they are inconsequential.
To complete this engagement in a timely and efficient manner, Krieger Analytics requires unrestricted access to all documents concerning your financial transactions, including but not limited to bank statements, canceled checks, summaries of deposits and sales, a listing of accounts payable and accounts receivable, leases, loans and any other financial information necessary that impact your accounting and finances. You agree to give access to the accounts Krieger Analytics require to complete our agreed-upon services on a timely basis. All records maintained in your system will be owned by you.
You agree to code all transactions in QuickBooks Online. This engagement is not designed to audit the accuracy of the coding of those transactions.
Fees
- Hourly CFO Consultation: $325 per session, billed upon booking.
- Pocket CFO Service: $850 per month, billed at the beginning of each month.
- Non-Refundable Payments: All payments made under this agreement are non-refundable once processed.
If Krieger Analytics performs additional services, a separate engagement letter will be provided, and these services will be billed separately. Any ad hoc services requested outside the scope of this agreement will be billed at the hourly rate of $235 per hour. Krieger Analytics will let you know ahead of any additional fees that will be incurred. My fee will increase 4% annually unless otherwise discussed.
Invoices unpaid 30 days past the billing date may be deemed delinquent and are subject to an interest charge of 1.5% per month. Krieger Analytics reserve the right to suspend services or to withdraw from this engagement if any invoices are deemed delinquent. If any collection action is required to collect unpaid balances due us, you agree to reimburse our collection costs, including attorneys’ fees.
If Krieger Analytics elects to terminate services for nonpayment or any other reason provided for in this letter, the engagement will be deemed to have been completed upon written notification of termination. You will be obligated to compensate us through the date of termination.
Our maximum liability to you arising for any reason relating to services rendered under this letter shall be limited to the amount of fees you paid for these services over the previous 12 months. In the event of a claim by a third party relating to services under this letter, you will indemnify Krieger Analytics, LLC from all such claims, liabilities, costs and expenses, except to the extent determined to have resulted from our intentional or deliberate misconduct.
If any dispute arises between the parties hereto, the parties agree first to try in good faith to settle the dispute through non-binding mediation. The costs of mediation shall be shared equally by the parties.
The parties agree that if any dispute cannot be settled through mediation, the dispute may then be brought before a court of competent jurisdiction, but the matter will ultimately be decided by the court, sitting without a jury. The parties recognize they have knowingly and voluntarily agreed to waive all rights to have any such dispute determined by a jury, but otherwise, retain all rights afforded under the applicable civil justice system. This Agreement and the rights and obligations of the Parties hereunder, shall be governed by and construed under the laws of Colorado.
In the event Krieger Analytics is required to respond to a subpoena, court order or other legal process for the production of documents and/or testimony relative to the information Krieger Analytics obtained and/or prepared during this engagement, you agree to compensate at a hourly rate of $275/hour for the time we expend in connection with such response, and to reimburse us for all out-of-pocket costs incurred in that regard.
Either party may terminate this agreement without penalty or obligation at any time by giving the other written notice. Electronic mail will constitute written notice.
Agreement
This engagement letter is contractual in nature and includes all relevant terms that will govern the engagement for which it has been prepared. The terms of this letter supersede any prior oral or written representations or commitments by or between the parties. Any material changes or additions to the terms outlined in this letter will only become effective if evidenced by a written amendment to this letter, signed by all parties.
The Parties fully and voluntarily enter into this Agreement. Each party states that he, she, or it has read the Agreement, has obtained the advice of counsel if so desired, understands all of this Agreement, and executes this Agreement voluntarily and of his, her, or its own free will and accord with full knowledge of the legal significance and consequences of this Agreement.