The new Gers CEO has embarked on a 120-day examination of all aspects of the club as he bids to cut costs and ensure financial stability while allowing boss Ally McCoist to continue the Third Division champions' progress back to Scottish football's top flight.
Next week marks the halfway point of Wallace's root and branch review and Rangers Supporters' Assembly President Kerr is keen to hear more from the corridors of power.
He told SportTimes: "I think the signs have been promising so far but the true test is what happens at the end of the 120 days.
"It is still work in progress but the fans have said they are happy to give him that time. We need outcomes at the end of it that are positive, though.
"The biggest concern remains the finances and I am sure that is central to his review.
"We need to see plans outlining how we will attract more investment and, on the back of that, the impact that will have in terms of the team and the aspirations in a football sense.
"The year-on-year progress on the park needs to continue, that is what fans will respond to.
"He has come across well and I just hope that he gets the opportunity to implement his skills and experience to take the club forward.
"He needs the support of the board and everyone else at the club to do that.
"I have just written to Graham in recent days regarding more meetings and I'd hope that the supporters would have the chance to collaborate with him.
"It is crucial how the end of this 120-day review is handled in terms of how the key points are put across and I would hope that there is a plan to communicate with the fans.
"Season tickets will go on sale soon and that is why communication is so important. Mr Wallace knows that."
While Wallace has been working behind the scenes at Ibrox, the Light Blue legions have been proactive.
The Rangers Supporters' Trust this week purchased another 200,000 shares in RIFC plc while Supporters Direct Scotland will meet with fans in Glasgow tonight.
Kerr said: "These are things that we need to capitalise on and keep up the momentum.
"There are major things that need to align - are things going in a more stable and constructive way? Is there more investment coming to keep up the progression?
"The fans will get behind the club and play their part, there is no doubt about that."