Back in 2014, when the Financial Accounting Standards Board (FASB) issued their most recent revenue recognition rules, Schneider Downs realized that companies would need help understanding, adopting and implementing those new rules.

In response to the anticipated market need, we formed a group of subject matter experts which evolved into our revenue recognition implementation services. The group’s objective was simple, help companies who needed assistance with their accounting challenges.

As the market demand grew, so did our services, which became the foundation for what is now our Accounting Advisory and Managed Accounting services.

Initially, we anticipated providing deep technical accounting support to help companies facing complex accounting challenges. However, over time, it became clear that there were additional opportunities to help with more operational accounting needs and finance support.

Today, the Schneider Downs team focuses on three broad client needs: managed accounting services, accounting advisory services and technical accounting services.

The Value of Managed Accounting Services

Managed accounting services help companies that have growing financial leadership needs but lack the internal resources to meet them.

Managed accounting, also known as outsourced accounting, are services that help fill internal financial leadership voids by providing access to experienced professionals that bring the required accounting and industry experience to the table. By outsourcing key accounting functions such as the CFO or Controller role, companies can secure the financial leadership they need and allow the leadership to focus internal resources on running the business instead of the back office.

One of the key advantages to managed accounting services is that they can evolve with the organization. Financial needs are inherently dynamic and will change over time, as will regulatory requirements, staffing levels and talent needs – and your strategy should change right along with them.

Schneider Downs offers several managed accounting services, including our CFO and Controller options and Full Accounting Solutions.

The Value of Accounting Advisory Services

Accounting advisory services are value-added solutions that provide realistic options for clients who do not have the capacity, resources or experience to perform their own accounting functions. Accounting advisory solutions are ideal for companies that may experience the following challenges:

• Knowledge gaps for technical accounting transactions/situations
• Lack of resources to perform a portion or all financial or accounting functions
• Need to augment existing staff with experienced individuals

While every situation is different, accounting advisory services allow companies that lack certain aspects of technical knowledge or internal resources to meet their financial and accounting needs with confidence.

Schneider Downs offers several accounting advisory solutions, including our Technical Accounting Support, Accounting Project Management and IPO and SPACs Deal Readiness Advisory Services.

The Value of Technical Accounting Advisory

From a technical perspective, we are seeing a growing trend in the volume of complex transactions and endless new accounting standards that require specialized knowledge beyond day-to-day accounting.

Technical accounting services can provide the expertise companies need to navigate complicated financial reporting requirements, risk management and other technical accounting challenges.

These services may include advisory for new accounting standards including FASB Topic 606, IFRS 15 and FASB Topic 842; lease accounting standards; corporate transaction consulting for acquisitions and purchase price allocations; spin-offs; carve outs; reverse mergers and recapitalizations; consulting on equity and liability structures for convertible debt; redeemable preferred stock; warrants; debt extinguishments and modifications and other complex debt and equity arrangements… just to name a few.

Having a technical accounting partner consult on the impact of these transactions can help companies save time and money, as well as strengthen their internal knowledge for the future with valuable insights from experienced technical accounting professionals.

Another area that challenges many companies is audit readiness. Companies that have never been audited or need help facilitating the needs of their current external auditors can benefit from a partner who can help them check all the boxes, literally and figuratively.

We have had the opportunity to help companies manage countless accounting-related projects including consultation on GAAP, IFRS or other statutory standards; implementation of new accounting standards; accounting for complex transactions; transaction-related accounting issues and reporting and disclosure preparation and assistance.

Some of our additional services include IPO and SPAC transactions, S-1 registration statements, SEC filing requirements, segment accounting and disclosures, SOX Section 404 internal control, PCAOB audit preparation, management discussion and analysis preparation, accounting policies and research, international and jurisdictional impacts and tax structure and diligence procedures.