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Here are answers to some frequently asked questions regarding the FINOP
service. For more information, please call 512-535-7297 or send an email to
cpa@finopsolution.com.
Q:How many years have you provided FINOP services?
A: I have been a Registered Series 27 FINOP since 1998. I have been a
licensed CPA in good standing in the State of Texas since 1996.
Q: Where is the work performed?
A: Generally, all work is performed at the FinopSolution offices in Texas.
However, FINOP is available for onsite conferences to perform tasks as
requested by the Broker-Dealer, such as facilitating the annual audit.
Q: How is the data gathered?
A: FinopSolution clients use QuickBooks Online Version, which allows
simultaneous access to accounting data for both Broker-Dealer personnel
and remote FinopSolution. Paper files such as bank and clearing statements
are faxed or emailed to FinopSolution for processing.
Q: What tasks are performed by Broker-Dealer personnel?
Broker-Dealer will enter day-to-day transactions into QuickBooks. Generally,
these transactions include checks, deposits, bills, and invoices. If we are
engaged to assist your firm's FINOP, we will enter these transactions for you.
Q: Isn't the net capital computation prepared quarterly?
A: Although the net capital computation is electronically filed quarterly for
most Broker-Dealers, the calculation must be performed monthly. In
addition, regulations stipulate the Broker-Dealer must be in net capital
compliance at all times. As your registered FINOP, we will frequently
monitor your net capital, providing a high level of compliance assurance.
Q: What happens if there is a violation of net capital requirements?
A: The goal of FinopSolution is to ensure this doesn't happen. However,
it is responsibility of the Broker-Dealer to deposit capital contributions as
advised. If this doesn't happen your firm can fall into net capital deficiency.
As your registered FINOP we are required to give immediate notification
of net capital deficiency to the required regulatory bodies. In all cases,
FinopSolution will strictly adhere to the requirements set forth by FINRA.
Q: Do you use an engagement agreement?
A: Yes, FinopSolution has a standard agreement that can be modified to cover
the needs of individual Broker-Dealers. Included in this agreement is the
understanding that either party is free to terminate the engagement at any
time. You are under no ongoing obligation to continue to use FinopSolution
if not fully satisfied for any reason.
Q: What about fees?
A: The monthly fee is a flat rate (typically $500-$750) depending on the
nature of service, complexity and risk undertaken.
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