Accounting advisory: Accounting and Advisory Services < Northeastern University

Accounting advisory

The concentration offers students an opportunity to obtain the skills necessary to enter advisory services. Students hired in advisory services work in interdisciplinary areas including mergers and acquisitions, risk consulting, process improvement, data analytics, and digital transformation. This concentration is an alternative to the standard accounting concentration, which many students pursue to prepare for CPA licensure. The accounting and advisory services  concentration is well suited for students who are interested in taking a managerial or advisory role to support the strategic goals of an organization. Our professionals’ large-firm and corporate experience, combined with a hands-on approach, uniquely positions Stout to deliver accounting expertise and horsepower around complex accounting and financial reporting topics. We offer a flexible and practical approach and can assist with projects large and small.

Integral to successful coaching is providing guidance tailored to your client’s specific needs. With the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging. This challenge is amplified by the significant changes being envisaged in the financial reporting standards in many jurisdictions. Numerous companies are also seeking to improve their processes to achieve timely and accurate financial reporting. EY is a global leader in assurance, tax, transaction and advisory services.

Accounting advisory

Demand equals revenues for your firm and a stickier client relationship. Solving the accounting challenges of using fair value to report assets and liabilities. As you face changes related to deals, consolidations, debt or equity offerings or even bankruptcy, we can help you meet those challenges and preserve the value of your business. Expert advice and resources for today’s accounting professionals. Knowing the positive impact you can have, your role is to help your client to understand that you are the go-to source for answers and advice. It’s scary and sad how easily they can be misled or even led away by someone else’s free advice.

Key Aspects of SAAS Revenue Recognition and M&A Due Diligence

Going public is one of the most significant transactions a company can undertake and getting it right is imperative. Preparing for an IPO or SPAC transaction requires significant planning and effort. With lean accounting and finance departments and an ever-changing regulatory landscape, companies often struggle with the accounting and financial reporting requirements of non-recurring transactions. Such requirements can be complex and time-consuming, whether the matter is the result of a mergers and acquisitions (M&A) transaction, divestiture, initial public offering (IPO), significant new contract, or adoption of a newly-issued accounting standard. © 2023 Grant Thornton LLP – “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. GTIL is a nonpracticing umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.

The good news is that you are likely already providing some type of advisory, and that with a few more steps, you will be on your way to creating more value for your clients and practice. EY’s FAAS teams support you in determining, monitoring and disclosing financial and nonfinancial insights for your stakeholders. We also help to support finance functions with robust financial data analytics and innovation through our tools.

  • Large advisory firms have committees, or act as a team, that have the authority to render a decision or judgment on an issue, in addition to providing opinions.
  • This challenge is amplified by the significant changes being envisaged in the financial reporting standards in many jurisdictions.
  • KPMG firms serve many of the world’s leading multinational corporations as well as financial investors on a recurring and event-driven basis.
  • What this means is that we no longer work in an environment of stacks of paper manipulated and kept disconnected from our client’s day-to-day business.

Keep up on the latest in accounting advisory with insights and guidance from our specialists. The point is, when you provide services of this kind in 2022, there are now other models to deliver the service. As an example, Susan Boles offers virtual CFO services to coaches, consultants and agencies to help them with their finance functions. If you’re looking for a simple coaching framework that you can offer on a subscription basis, you can adopt an approach that an app called Clarity uses. To me, this is the pinnacle of advisory as you provide services to help your client reach their ultimate desired destination.

However, your client is not an app expert and is likely unaware that technology exists that can make their business life easier. Business owners often feel in the dark when trying to navigate their financials. One way you can help is to filter out the noise and focus on the most relevant information to their situation. From this position of authority, your clients will feel greater confidence with the information they are provided.

QuickBooks Support

From there, advice is often instinctual, and it is vital to trust your gut when giving a response. KPMG professionals help their firms’ clients with the accounting aspects of their financial reporting and compliance obligations. Include scheduled check-up calls with your clients in every one of your plans to review financial reporting and technical accounting. And getting info, tips and professional advice once a year from their accountant on accounting and reporting matters is not sufficient. See how Deloitte may help your organization handle the unexpected so you can focus on what matters—and move forward with confidence. When you’re going through a business or finance transformation, a combination of process optimization and technology is key to achieving your goals.

Accounting advisory

Compliance and advisory services are interdependent — advisory services requiring a foundation of current, accurate books to provide actionable insights. While the suite of compliance services is constant across firms, the offering of advisory services tends to be personalized for each firm. Without a clear line of demarcation between services, some firms deliver advisory services while getting paid for compliance work.

We know this intuitively, but many firms do a poor job of separating advisory from compliance, and communicating their advisory expertise to clients. Advisory supports specialization, which leads to higher-value services and separation from the sea of generalists. However, if we can’t articulate our advisory expertise, it’s a certainty that clients won’t be able to untangle our compliance services from higher-value advisory services.

Today’s accountant, particularly a ProAdvisor®, is so much more than a number cruncher. I hope you see the incredible opportunity this creates to formalize your role as an advisor. As accounting professionals, most of us have seen businesses succeed and fail. By offering our expertise and providing guidance, we can help our clients in one or more specific situations.

Concentration in Accounting and Advisory Services

We point out real risks and opportunities, upsides and potential traps. We have deep experience with accounting issues and application of U.S. GAAP and IFRS, as well as implementation of accounting changes. Our team is organized to meet your needs in a cost-efficient manner, with hands-on partner involvement. We work with public and private companies across all industries; this allows us to provide you with a well-rounded perspective.

  • As such, these services can consist of simple discussions with your clients all the way to full-blown financial reporting and modeling (and everything in between).
  • Following its acquisition in 2018, I started Future Firm to help accountants fast-track the growth of a modern, scalable accounting firm of their own.
  • For more information about our organization, please visit
  • DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other.

Our team can help you find efficiencies, implement robotics, and incorporate new technology. The big thing I’m into right now is how accounting firms can develop passive income streams. I learned a lot about developing my own scalable coaching offering (as mentioned above) that combines coaching, community and online courses and I’m seeing a ton of smart, creative firms doing similar things at the moment. First, based on my own personal experience running an online accounting firm, 9/10 small business owners I worked with were pretty clueless when it came to using their own financial data to drive decision making. It was clear they didn’t know how to come to decisions around protecting their assets, minimizing their risk or using the data to drive growth.

DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. You must remember that you are a collaborative participant in your client’s team, and your job is to develop strategies to help them grow their company. You can choose to specialize in one, or become capable in several and tailor each one for your client’s needs. These include cash flow forecasting, revenue projections for future planning, and budgets vs. actual reviews.

What are advisory services in accounting?

The reason for that is because most of your clients aren’t financially literate enough to handle decision making on their own. For instance, if you have a client that wants to hit $5M in revenue and sell their company in 5 years, and right now they’re only at $1M, we now have a clear understanding of the gap. This is an easy, valuable advisory service that gives your client insight into the numbers and to bounce ideas off of you and it arms you with information to maintain a closer, stickier relationship with your client. Our dedicated team can be by your side to proactively navigate and address complexities from an ever-changing business landscape.

Large advisory firms have committees, or act as a team, that have the authority to render a decision or judgment on an issue, in addition to providing opinions. The reason clients seek out advisory services is because these are often things our clients cannot perform on their own. Advisory services include value-added services our clients don’t have time to do, don’t want to do, or can’t do for themselves.

Evaluation of accounting standard updates and assistance with accounting standard implementations including revenue recognition, leases and current expected credit losses. Our extensive expertise, spanning a wide variety of industries, events, and regulations, helps these clients (and more) manage their accounting needs. When your business is going through an event, there are a lot of moving parts and pieces – and when you’re working with new companies, there are a lot of unknowns. From mergers and acquisitions to IPO readiness and more, our team’s experience across industries can help you check all the boxes and create an out-of-the-box solution for your business.