How can accounting advisory services address talent and expertise needs?
Accounting advisory services play a pivotal role in alleviating accounting and finance-related talent constraints facing organizations of all sizes and industries.
Our Accounting Advisory team continues to provide organizations with the personnel they need to prepare for audits and meet reporting deadlines but also to uncover new opportunities and ways to mitigate risks in talent pipelines.
To highlight the impact of our accounting advisory services, we asked our team to share success stories where our supplemental talent significantly benefited our clients.
Backfilling Multiple Back Office and Accounting Roles
Near year-end, one of our clients experienced turnover in multiple positions within the back office and accounting departments. This resulted in multiple instances of inaccurate financial information: trial balances were not in balance, supporting documents did not agree with trial balances, accounts were not fully reconciled, roll forward schedules were out of date and a significant new accounting standard had not been implemented. After we stepped in to perform a pre-audit readiness analysis, assisted with material adjustments in several areas and helped implement the new accounting standard, our client, despite a sparse back-office, received an unmodified opinion on the financial statements to the satisfaction of all stakeholders.
Assisting the Controller of a Billion Dollar Company
After the Assistant Controller of a $1.7 billion publicly held client unexpectedly resigned, the Controller was deeply concerned about both getting ready for an audit and meeting the fast-approaching SEC external reporting deadline. We came on board to help the Controller reconcile year-end balance sheet accounts, meet reporting deadlines and prepare for an audit; and the Company filed their 10-K in advance of their SEC deadline. While we were there, we also helped them write the MD&A section of their annual report.
Positioning New Leadership for Success
The owner of one of our clients installed his son within the organization’s Audit Committee and Board of Directors. Noting that the fresh college graduate had limited knowledge of how the business operates, we suggested to the owner that we have a separate meeting with his son to get him up to speed. After we provided a history and explanation of the company’s strategies over time, as well as a crash course on how to read and interpret financial statements, the owner’s son was better prepared to effectively serve as a committee and board member.
Managing Organizational Growing Pains
One of our private equity-owned clients enjoyed a little too much success executing their growth-by-acquisition strategy, expanding their operational footprint faster than their financial team could keep pace. When the CFO came to us with concerns about their upcoming financial statement audit, we quickly implemented a targeted plan: developing purchase accounting allocation analyses, reviewing new debt agreements, adopting the new lease accounting standard and evaluating potential costs for capitalization versus expense. The growing organization was able to provide all necessary information to the auditors of the financial statements on time and without significant adjustments.
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.
