The people, quality of the work and partnership with our organization.
Client: SaaS Start Up in Emerging Technologies
How it Started
A private equity firm acquired the Ohio-based SaaS startup and they knew it was time to prepare for an audit. As a young company that had never been audited, they needed not just an auditor, but a partner to ensure they were ready for the challenges of preparing to be audited. Finding a regional firm that provides both those services can be a challenge but, fortunately, since the company’s Controller was already familiar with Schneider Downs, she skipped a few steps in what could have been an arduous search. She set up a meeting with our Accounting Advisory and audit practices to talk about the audit and audit readiness process. We also explained how we could help sort out the complexities associated with revenue recognition and other accounting challenges we consistently see in the SaaS space. With a game plan in place, we were ready to begin our partnership.
Laying the Groundwork
Our Accounting Advisory team stepped in first. Since the client had limited internal resources, our first task was to help them structure their audit readiness process. We made sure everything was in order, providing guidance on the acquisition opening balance sheet, helping them understand customer contracts from a revenue recognition perspective, aiding with purchase price allocation and ensuring that their technology costs were capitalized properly. Our job was educational as well as technical. We were on the ground with them, helping management draft memos and making ourselves available to answer any questions they had. And, because our Accounting Advisory team was constantly consulting with our audit team, we were able to avoid the headaches and pitfalls of communicating with an external auditor. Before the audit even began, we knew there would be no surprises.
How it's Going
Now that the client’s books and records are in good order, the audit team is ready to take over. And, as we gear up for their audit, our tax team has appeared on the scene as well. After collaborating with us on the audit readiness process, the CFO realized we had the expertise to help them with their tax compliance, and he asked us to expand our relationship. It’s just one of the advantages of working with a partner with capabilities in so many areas.
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The people, quality of the work and partnership with our organization.
As an entrepreneur that has started and sold multiple businesses, my Schneider Downs team have provided the highest quality expertise when filing personal and corporate tax returns and when I sold my businesses. Their guidance saved me hundreds of thousands of dollars in tax savings, while ensuring compliance with Federal and State laws. They listened to my concerns and answered my questions in a timely manner, providing options and recommendations that ultimately made these very complex transactions simple and understandable. This team proved to be indispensable partners to me, my leadership team, and my family, and I highly recommend Schneider Downs to any business owners, small or large.
Not only is their professional and experience so valuable to our organization, their availability throughout the engagement and any time throughout the entire year is terrific and that line of communication is very helpful and adds value to their services.
Our audit team is tremendous. They are available to us and very involved in Finance and University operations and I am grateful for their partnership. Their technical expertise is valuable to us as we navigate financial issues and understand best practices in higher ed.
The people who service our account are pleasant to work with, knowledgeable about relevant accounting and business matters and available to help when needed.
Deep expertise, consummate professionals and responsive/transparent communications.
If they don’t have the answers, they will find it.
The firm is always responsive and willing to go above and beyond to get us the answers we need.
The engagement of the SD team in our business is welcoming. This is both on the audit and tax side. I really like how the Partner-In-Charge of both sides and I work together to make sure we achieve the desired outcomes from our respective teams in the time frames agreed upon.
We have worked with the same team for many years, which I consider a strength. We have also been able to draw from expertise across the firm around specialized needs in the past few years.
Schneider Downs’ engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.
To learn more, visit our dedicated Audit and Assurance page.