Frequently Asked Questions

About Excelsior

What is Excelsior Accounting Services?

Excelsior Accounting Services is a Cincinnati-based fractional accounting firm providing bookkeeping, controllership, CFO advisory, and transaction advisory services to small and mid-size companies in a wide array of industries. Founded in 2018 by Nathan Musgrove, Excelsior serves clients with a dedicated team of approximately 30 accounting professionals — offering the depth of a full accounting department at a fraction of the cost of in-house staff.

What does “fractional accounting” mean?

Fractional accounting means you get an experienced accounting team — bookkeeper, controller, and/or CFO-level expertise — for a fraction of the cost of hiring those roles in-house. Instead of one full-time hire who may be over- or under-qualified for parts of the job, you get the right level of expertise applied to each task, scaled precisely to your organization’s needs.

What makes Excelsior different from other outsourced accounting firms?

Our managers serve just 3–6 clients each — far fewer than industry norms — which means your dedicated team of Excelsior professionals gets to know your company deeply and always keeps you front of mmind. This is possible because of our employee-centered model: realistic workloads mean no burnout and no corners cut. The results speak for themselves: only one voluntary employee resignation since our founding in 2018, a 9.4/10 average client satisfaction score, a 9.7/10 likelihood-to-recommend score, and fewer than 1% of clients having ever left Excelsior for another provider.

Who does Excelsior work with?

We serve small and mid-sized businesses across industries including nonprofits, professional services, manufacturing, retail, software & technology, healthcare, financial services, real estate, transportation & logistics, landscaping & arboriculture, construction, private equity, family offices, insurance and consumer products. At Excelsior, we offer the perspective of generalists – experienced in a wide array of industries, software and processes – complimented with boutique, industry-specific expertise. With our transaction advisory services (TAS) practice, we provide buy- and sell-side financial due diligence services to smaller private equity groups, family offices and strategic acquirers of companies, typically $10 million or less in EBITDA (~$100 million & below in average purchase price).

Where is Excelsior located? Do you work with companies outside Cincinnati?

We’re headquartered in Cincinnati, Ohio, and serve clients throughout the region and beyond. Because the majority of our services are delivered remotely, we effectively and efficiently serve clients all throughout the U.S. – from Greenwich, Connecticut to Frisco, Texas to San Francisco, California. We are currently able to provide on-site services in the greater Cincinnati and Columbus, Ohio areas.

Services & Scope

What services does Excelsior provide?

We have two core service offerings – client accounting services (CAS) and transaction advisory services (TAS). Our CAS practice offers three tiers of accounting services, often in combination:

Bookkeeping — transaction processing, reconciliations, accounts payable and receivable, payroll support
Controllership — month-end close, financial reporting, budgeting support, internal controls, audit preparation
CFO advisory — financial strategy, cash flow forecasting, board and leadership reporting, KPI development

Our transaction advisory service (TAS) offerings include both buy- and sell-side financial due diligence services, which we provide for smaller private equity groups, family offices and strategic acquirers of companies, typically $10 million or less in EBITDA (~$100 million & below in average purchase price). These services typically include Quality of Earnings, Quality of Working Capital, opening balance sheet accounting, post-acquisition system integrations, and other M&A advisory needs. Our deliverables range from lighter-touch, limited scope Quality of Earnings analyses to full lender-ready financial due diligence reports.

Does Excelsior prepare taxes or perform audits?

No. Tax preparation and audit services are outside our scope — and that’s intentional. Because we don’t perform audits, we can work alongside your external auditor as your advocate, preparing schedules and supporting the process without any independence conflicts. We’re happy to refer you to trusted tax and audit firms we work with regularly.

Can Excelsior replace our in-house accounting staff?

Yes — this is one of our most common engagement types. Whether you’re replacing a departing bookkeeper, controller, or CFO, or supplementing a lean internal team, we structure the engagement around exactly the functions you need covered. Many clients find a fractional team costs significantly less than an equivalent in-house hire once salary, benefits, training, and turnover risk are factored in.

Can Excelsior support growing or rapidly evolving companies, including those with double-digit growth, recent acquisitions, spin-off’s, etc.?

Yes! In fact, these environments are often a great fit for a fractional service provider because we can easily scale our services up or down in real time to accommodate your dynamic needs. And because our engagements are cancellable at any time, no strings attached, you get all the benefits of truly flexible resources at no additional cost.

What accounting software does Excelsior support?

Our team has hands-on experience across the major platforms used by many businesses and nonprofits, including QuickBooks Online, NetSuite, Sage Intacct, Financial Edge, MIP, Dynamics, and many others. We also frequently lead software conversion projects — helping organizations migrate from legacy or outgrown systems to modern cloud platforms.

Can you help if our books are behind or in bad shape?

Yes, absolutely. Cleanup and catch-up work is a normal part of how many Excelsior engagements begin. We typically structure the first several months of an engagement to include a defined ramp period covering cleanup, process documentation, and transition — with clear, fixed pricing for that phase — before settling into the ongoing monthly service.

How Engagements Work

What types of engagements does Excelsior offer?

We structure engagements in five main ways, depending on your situation:

Ongoing accounting services — monthly bookkeeping, controllership, and/or CFO support that replaces or supplements internal staff
Interim or crisis CFO coverage — immediate senior financial leadership when a key person departs unexpectedly
Assessments and diagnostics — a standalone review of your accounting function producing clear, actionable recommendations and a suggested optimization and improvement roadmap
Project-based work — defined initiatives like software conversions, process redesigns, or one-time cleanups
Transaction advisory — financial due diligence and quality of earnings services for buyers and sellers of small- and mid-sized businesses

How does pricing work?

For ongoing services, we charge a fixed monthly fee — not hourly estimates that balloon. You’ll know exactly what your accounting function costs each month. Project-based work is typically quoted as a fixed fee or an hourly range with a defined low and high end, so there are no surprises.

Do I have to sign a long-term contract?

No. Our ongoing engagements are month-to-month, with no long-term contract required. We keep clients by earning their trust and their continued business every month — fewer than 1% of our clients have ever left for another provider.

How quickly can you start?

For urgent situations — like an unexpected controller or CFO departure — we can often begin within days. For planned transitions, we’ll work with your timeline and structure a ramp period that ensures a smooth handoff.

What does onboarding look like?

Onboarding typically includes system access setup, a review of your current processes and books, cleanup of any backlog, and documentation of your workflows. We structure this as a defined ramp period with its own clear pricing, so you know exactly what the transition costs before ongoing monthly service begins.

Who will actually work on my account?

Your engagement is staffed with a dedicated team — typically a Sr. Manager, Manager, and Associate-level support — matched to your industry, processes, and level of need. Because our Managers serve just 3–6 clients on average, you receive hands-on, high-touch attention from professionals who are almost always invested in Excelsior (and therefore you) for the long haul. Team continuity is one of the biggest advantages clients cite in working with us.

For Nonprofits

Does Excelsior offer discounted rates for nonprofits?

Yes. We offer nonprofit organizations a discounted rate schedule as part of our commitment to the sector. Since 2018, Excelsior has provided more than $1 million in discounted services and grants to nonprofit organizations.

What nonprofit-specific accounting expertise does Excelsior have?

Nonprofits are our largest client segment. Our team handles fund accounting, restricted and unrestricted net asset tracking, grant compliance and reporting, audit and 990 preparation support (the majority of our referrals actually come from auditors and tax accountants), board-ready financial reporting, cash flow forecasting, budgeting and financial modeling. We know the reporting expectations of boards, funders, and auditors — and we build your monthly close around them.

Can Excelsior help us prepare for our annual audit?

Yes. Audit preparation support is one of our most valued services for nonprofit clients. We prepare schedules, reconciliations, and documentation ahead of fieldwork, and we serve as your team’s point of contact with the auditors — reducing the burden on your staff and helping the audit go smoothly.

Getting Started

How do I get a proposal from Excelsior?

Start with a conversation. We’ll learn about your organization, your current accounting function, and what’s driving your search — then prepare a tailored proposal with specific recommendations, a defined team structure, and transparent pricing. There’s no charge and no obligation for the scoping conversation or proposal.

What information should I have ready for an initial conversation?

Helpful items include your current accounting software, the size of your team and any recent departures, your annual revenue or budget, your reporting deadlines (board meetings, audits, grant reports), and the biggest pain points you’re hoping to solve. But don’t worry if you don’t have it all — we’ll guide the conversation.

How is Excelsior’s team structured?

We’re a team of over 30 accounting professionals, ranging from those with multiple decades of senior-level accounting & finance experience to professionals earlier in their careers. Although the majority of our team is based in the greater Cincinnati and Columbus, Ohio areas, we do have a small but growing team of CPA’s and experienced accounting professionals based in the Philippines, which helps us to offer the same high-quality Excelsior experience our clients have always enjoyed, but at a more reasonable overall price point. Our blended team model lets us apply the right level of expertise to each task — from senior oversight where experienced judgment matters to more efficient execution on routine work — which keeps quality high and fees reasonable.

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