Business advisories don’t only solve problems, meaning they are not just consultants. They do much more than consulting. They employ the practitioner’s technical skills, learnings, experience, and observations into a process to solve issues. They provide recommendations to their clients. They also provide transaction services and staff and other support activities. They provide a wide variety of services to their clients. In this article, we explore how business advisories provide accounting advisory services to their clients.
Preparing Financial Statements
Finance teams face some key challenges when it comes to preparing financial statements. For example, they face the shortage of qualified accounting staff who can achieve reliability to prepare them, they face difficulties in meeting compliances, they sometimes face inconsistencies in the presentation, etc. Business advisories can help decrease the stress on the resources by producing good quality financial statements. Their team consists of professionals who have years of experience in auditing. They can mitigate or avoid any kind of audit issues that may hamper the process.
They will make you simple, transparent financial templates that can align with the industry standard and the company can use them with ease. They will provide information requests in advance and guide the finance staff. They will also perform a technical review and simultaneously work with the management.
Extensible Business Reporting Language (XBRL) Reporting
XBRL is a global framework for exchanging business information. When preparing XBRL reports, finance teams face problems like availability of resources, able staff with expertise in XBRL, final review process is time-consuming, etc. Business advisories can effectively reduce the risks by avoiding last-minute surprises, perform a technical review, help the finance team in preparation and conversion of financial statements to XBRL, ensure the timely closure of reporting.
Preparing and Compiling Accounting Schedules
Preparing accounting schedules is a long and tedious process that can distract the employees from core business activities. Business advisories can prepare the schedules and compile them in regard to the tax authorities. They can even supplement the audit team. They can help the management in restating the company’s financial statement and they have professionals who can extract, compile and review the documents.
Preparing Group Accounting Manual
A well-organized group accounting manual is one of the core parts of the internal controls system within the group financial reporting framework. Group Accounting is needed by organizations that carry out their operations through a lot of operating units that may be in different jurisdictions. These are usually made by different individuals who reside in different regions and thus organizing the manual becomes problematic. Business advisory Hadfield can make you group accounting manuals that are up to date and very organized.
It’s evident that business advisory Hadfield can do much more in helping a business than by just consultation. If you hire a good team of business advisories, they can take your business to places where it was previously deemed impossible. They have dedicated teams of professionals who can plan meticulously and apply them accordingly.