Five Things You Didn’t Know About Client Accounting Advisory ServicesAnchin AlertJune 22, 2021
Traditional outsourced accounting work includes bookkeeping, bookkeeping and more bookkeeping. However, Anchin’s Client Accounting Advisory Services (CAS) team knows that many businesses can benefit from the experience and expertise of industry-expert accountants in more valuable ways.
Your business may need not only traditional outsourced accounting services, but also high-level financial and accounting support including budgeting, cash flow projections and performance tracking, as well as support for a variety of complex time-sensitive transactions.
Interested in learning more about specific ways CAS can support your high-level accounting and finance efforts? Here are five things you might not have known that CAS covers:
Reconciliation and Clean-up of Historical Accounting Records
Some companies do not have the necessary personnel to maintain a clean and up-to-date set of books and records. Anchin can review historical financial information and clean up and reconcile accounts that management has not properly maintained. We can also review the current books and records, analyze the data that has been recorded and work with you to organize the necessary documentation to support your accounting records.
Preparation of Financial Statements
Companies may need to prepare financial statements for investors, banks, audits or in contemplation of a business transaction. No matter what the need, financial statements are an integral part of the financial reporting model and need to be prepared with specific required disclosures under generally accepted accounting principles (GAAP). Furthermore, the financial statement preparation in conformity with Public Company Accounting Oversight Board (PCAOB) standards is even more stringent and requires in-depth financial reporting expertise and experience to meet the various complex reporting and disclosure requirements. Our CAS team can support your accounting team on a one-time or ongoing basis.
Audit Readiness and Assistance
When preparing for an audit, management is normally taken away from running the day-to-day operations of their business to focus on finding records, supporting account balances and reconciling issues from previous periods. Anchin’s audit expertise lends itself to understanding what will be required by the external auditors. Knowing that seasoned audit professionals are preparing your company for the large task ahead provides a sense of relief to management.
Taking a company public can be one of the most challenging and rewarding events in the lifecycle of a business. The benefits can be significant – generating wealth for owners, increasing operating capital and market value, providing better access to the investment community and enhancing the market recognition and public profile of your enterprise. However, there are significant challenges associated with going public, particularly with respect to the complex historical financial statement reporting requirements required by the Securities and Exchange Commission (SEC). Because of the complex nature of the IPO process and the challenges involved, detailed and extensive planning is crucial for successful execution.
Researching Complex Accounting and Financial Reporting Issues
Companies are regularly involved with complex transactions pertaining to revenue recognition, equity transactions/funding rounds, stock-based compensation and leasing arrangements. Accounting and reporting requirements relating to these transactions can be complex, and understanding how to record them requires significant experience and expertise. Anchin can assist you in researching these complex issues and assessing their impact on your financial statements and results of operations.