How can accounting advisory services elevate your financial reporting and compliance efforts?
Accounting advisory services play a pivotal role in navigating the regulatory landscape facing organizations of all sizes and industries.
Our Accounting Advisory team continues to provide organizations with the technical expertise they need to not only meet deadlines and regulatory requirements but also to uncover new opportunities and ways to mitigate risks in financial reporting.
To highlight the impact of our accounting advisory services, we asked our team to share success stories where our technical expertise significantly benefited our clients.
While assisting a multi-location client with the adoption of new lease accounting standards, we identified that they lacked critical knowledge of their lease agreements across their portfolio.
In the process of reviewing their leases to comply with the new standards, we uncovered over $700,000 in unclaimed refundable tenant improvement allowances. Upon our recommendation, the client approached the landlords involved and successfully negotiated for economic benefits allowed under the leases, leading to significant property improvements.
As a result, the landlords funded several property improvements that will help the client more effectively serve their customers.
When a client raised concerns about revenue recognition under ASC Topic 606, we analyzed the issue, focusing on when a performance obligation is satisfied and its impact on revenue timing. We evaluated the client's situation, applied relevant guidance, and delivered a roadmap for correct revenue recognition and understanding performance obligations in future transactions.
When our client acquired a construction company practicing percentage of completion (POC) accounting, they faced challenges reconciling the initial balance sheet. Our involvement in reconciling each active project revealed significant misstatements in the POC calculations at the time of acquisition.
We drafted a position paper detailing these inaccuracies and their economic impact on the transaction, enabling the client to seek legal advice for potential actions against the seller.
For an investment opportunity where our client aimed to finance and construct a plant for a third party, the CFO asked us to assess a complex financial model forecasting the project's Return on Investment (ROI). The original Excel model was prone to errors due to its requirement for repeated manual data entries.
We developed a dynamic spreadsheet to streamline updates to assumptions, significantly reducing the risk of errors.
This tool allowed the CFO to structure the deal effectively to meet the desired ROI goals, and they continue to use it to this day when evaluating similar deals.
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 Donald B. Applegarth CPA or Nick Lombardo CPA.
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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.
Learn how accounting advisory services can transform business processes. ...
Learn how accounting advisory services can transform business processes. ...
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