Practices

  • Debt Finance Transactional
  • Asset Finance & Securitization
  • Capital Markets Corporate Governance Mergers & Acquisitions Private Equity Restructuring

Admissions & Qualifications

  • 2008, Maryland Bar
  • 2009, District of Columbia Bar

Languages

  • English
  • Chinese (Mandarin)

Education

  • University of Maryland School of Law, JD, 2008
  • Georgetown University School of Foreign Service, BS, 2004

Eric Maurice Fung, Esq.

Partner | Attorney

efung@bandicoot.us

Minneapolis, MN | Taipei, Taiwan

Eric Fung is a founding partner of Bandicoot, and serves as the managing partner for our Taipei office. Eric started his career in law, practicing corporate finance, mergers/acquisitions, and energy law at Constellation Energy Group, DLA Piper US LLP, and Dickstein Shapiro LLP. In 2011, he became an entrepreneur completing a leveraged buyout of a 37,000 square foot supermarket and in-store restaurant in Minneapolis called United Noodles Marketplace.

During his tenure, he successfully accelerated his businesses to sustained growth. His financial acumen and skill in developing high-performing teams resulted in a 350% growth in sales from 2011 to 2020. He also opened other successful business units and locations, including a Woodbury location and a wholesale division. In 2015, he was named one of Minnesota’s “40 Under 40” for his leadership at United Noodles.

In order to solidify the financial health of his companies, Mr. Fung also developed sophisticated bookkeeping, accounts payable, and other workflow systems that eventually led to his becoming a partner of the Minnesota accounting firm AccountPro LLC. In 2019, it merged with and was rebranded as bandicoot LLC, and has over 80 clients.

Eric has a passion for talent development, and driving diversity in both teams and thought. He is an innovative, entrepreneurially-minded leader, who leads with a long-term view on vision and strategy.

In his spare time, Eric loves cooking, working out, and playing Smash Bros. with his nine year-old son. His most firmly held belief is that every dog is The Best Dog.


ACCOUNTS PAYABLE



Overview

Bandicoot’s accounts payable process is a comprehensive solution that combines automation with oversight and verification by our professional bookkeepers.

We strive to minimize manual effort by our clients and provide a full-service product that dramatically increases your scalability and audibility.



The key to a smooth running operation

The key to a smooth-running operation is making sure your bills are paid in a timely fashion. Our accountants can offer accounts payable advice on how best to take advantage of money-saving opportunities.

With our system, audits are no longer something to fear.

01

Receiving the bill

If goods were purchased, the bill helps trace the quantity of what was received. The validity of the bill can be known during this time.

03

Update Records

Ledger accounts need to be updated based on the received bills and an expense entry is usually required.


02

Review bill details

Ensure that the bill includes vendor name, authorization, date and verified and matching requirements to the purchase order.

04

A Timely Payment

All payments should be processed before or at their due date on a bill, as agreed upon between a vendor and a purchasing company.


01

Receiving the bill

If goods were purchased, the bill helps trace the quantity of what was received. The validity of the bill can be known during this time.

02

Review bill details

Ensure that the bill includes vendor name, authorization, date and verified and matching requirements to the purchase order.


03

Update Records

Ledger accounts need to be updated based on the received bills and an expense entry is usually required.

04

A Timely Payment

All payments should be processed before or at their due date on a bill, as agreed upon between a vendor and a purchasing company.



Role of AP

The accounts payable department is responsible for more than just paying incoming bills and invoices. Their role is to complete payments and control expenses by receiving payments, plus processing, verifying and reconciling invoices.



AP fulfills at least three basic functions in addition to paying bills:



For clients that want to leverage their financial data to create quick, easy-to-digest insights:

Bandicoot offers more sophisticated bookkeeping by standardizing financial performance metrics across multiple units. Using APIs and other automations, Bandicoot can help you use meaningful key performance metrics to make actionable operational decisions. In short, Bandicoot can customize your business accounting services to match your current needs and adjust your reporting complexity to grow along with your business.



For clients that want to leverage their financial data to quick, easy-to-digest access to their insights:

Bandicoot offers more sophisticated bookkeeping by standardizing financial performance metrics across multiple units. Using APIs and other automations, Bandicoot can help you use meaningful key performance metrics to make actionable operational decisions. In short, Bandicoot can customize your business accounting services to match your current needs and adjust your reporting complexity to grow along with your business.


THINK OF US AS PART OF YOUR IN-HOUSE FINANCIAL TEAM.

Bandicoot will work with your team to create an accurate and efficient system.