Reputable GAAP Consulting Services
What accounting firm does not want to achieve excellence in financial reporting? It’s something that certified public accountants and corporate accountants set their sights on, but it can be more difficult to achieve than you may think. At Strategic Direction, Inc., we offer GAAP consulting as a service to our clients who are looking for ways to tighten internal controls and prepare for audits. GAAP consulting is also a service we provide to prepare independent financial statements, corporate governing suggestions, and methods that can help reduce risk.
Our GAAP Solutions
Preparing financial reports is a complex task and one that should not be taken lightly. Publicly traded companies are subject to Securities Exchange Commission (SEC) filing requirements and have regulatory audits that are performed quarterly. During the course of an audit, financial statements are scrutinized fiercely and if they are out of line there are consequences. At Strategic Direction, Inc., we provide GAAP consulting to a variety of small to medium sized businesses so they can prepare for routine and regulatory audits. We also record 3-year audit statements so we can look back and see improvements.
During a consultation we may test to get an idea of how well structured internal controls are and how they might be improved. During the same testing period we may monitor how well the accounting staff is trained to respond to GAAP protocols. Test results can then be analyzed to determine what works and where improvements need to be made.
How We Simplify GAAP
We believe that it is the intention of the accounting staff at most organizations to make financial reporting as accessible to auditors, regulating bodies, the government, and analysts as possible. Because of the complexities surrounding financial reporting and the ever changing governing bodies that regulate it, however, preparing reports and financial data in a meaningful way is difficult at best. To understand the financial position of these companies in the best way possible, it may be necessary to employ a firm that can assist them in documenting and articulating the position for them.
We provide this service and are skilled in doing so because we continually seek to stay abreast of the ever-changing tax code. Our strength is in our education, and maintain continuing education requirements so we are aware of the best practices that are commonly accepted among accounting and finance professionals. We also maintain 3-year audit statements to see where a company has been in the past and what improvements they have made over time.
We Offer Training Sessions and Educational Programs
Small to medium sized corporations that are in need of updates or refreshers can contact us. We are pleased to offer training sessions and educational programs that provide valuable insights regarding corporate governance. Occasionally there are workshops where keynote speakers mentor and train CFOs, audit committee members, finance directors, and other key accounting staff. We attend training sessions similar to these across the country and pass the insights we gain on to our clients. GAAP topics that are covered during training sessions can include the following:
- Revenue recognition
- Balance sheet item classification
- Outstanding share measurements
- Fair value measurement
- Comprehensive income
- Inventories valuation
If you are interested in GAAP consulting services, please provide us with the details of your situation and a timeline of when you would like these services to take place. We can be contacted by calling (818) 937-0888.