How can accounting advisory services transform your business processes?
Accounting advisory services play a pivotal role in optimizing business processes for organizations of all sizes and industries.
Our Accounting Advisory team continues to provide organizations with the business acumen they need to not only optimize existing processes but also uncover new opportunities and ways to mitigate risks for future business process optimization efforts.
To highlight the impact of our accounting advisory services, we asked our team to share success stories where our business process optimization significantly benefited our clients.
Establishing GAAP Compliance Ahead of Company Sale
When our client was preparing to sell part of the business to a private equity group, they realized their accounting system had not been updated for all transactions and were not GAAP compliant. To help the company demonstrate the level of financial acumen required by and familiar to the buyer, we advised them on multiple errors and omissions within their processes and accounting system. We also assisted with applying accounting pronouncements to bring their financial statements into compliance with U.S. GAAP. We presented the financial information to the PE group in the manner to which they were accustomed, and the company sold at a premium.
Eliminating Unnecessary Software Costs
Due to a lack of communication between IT and Accounting, our client was losing money paying for a software program they no longer utilized. When our team discovered this expense in the general ledger, we compiled a full list of software programs the company was paying for, then met with the IT department to determine the nature of each individual expense. Mediating between the two departments, we put together a comprehensive list of software programs with subscription start and end dates, billing frequency details and other essential information our client can now continuously monitor and update. We also established a regular communication protocol to ensure that all future software programs would be reported and tracked.
Leveraging Real-Time Data for Improved Decision-Making
When the owner of a large client was struggling to get real-time actionable business intelligence from dated operational reporting, we pulled in our Data Analytics team to help implement a Digital Transformation strategy. After meeting with the owner to determine the KPIs to be monitored, the team dove into the company’s existing processes to see how data was currently being used and mitigate risks to data integrity. The team then created a data warehouse and a daily dashboard with real-time financial and operational data, as well as key performance indicators that the owner uses to take action where necessary. Today, the owner uses the daily dashboard to make informed business decisions on a timely basis.
Enhancing Retention with a Targeted Compensation Plan
The war for talent during and after COVID had one of our clients worried about retaining the experienced management team they had built over several years. Though the company the company had a short-term (annual) and post-retirement incentive plan, they had no incentive plan that addressed intermediate term leading into their retirement.
To help the client remain competitive in a cutthroat market, we performed a compensation study. Aligning responsibilities with benchmarking data, we recommended an actionable, phased approach to initially increase salaries where needed for certain individuals, followed by developing an intermediate incentive plan to help retain key members of the team.
Since the client has begun implementing the plan, the Executive Team has remained intact.
How Can Schneider Downs Help?
Do any of these scenarios sound familiar? For more information on how our Accounting Advisory services can help your organization with complex regulatory and accounting needs, please contact Nick Lombardo CPA.
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About Schneider Downs Accounting Advisory Services
Through our Accounting Advisory Services, Schneider Downs offers various technical accounting advisory services in addition to outsourced accounting and financial advisory services for every type of organization, from small businesses with limited resources to large publicly and privately held entities that require a unique perspective.
Learn more about our dedicated Accounting Advisory Services landing page.
