Future Ready Accounting
The roles of the Chief Financial Officer (CFO) and Controller have never been more important. CFOs and Controllers are operating within dynamic and global economic environments and continue to face a myriad of accounting and reporting challenges.
Future Ready Accounting helps accounting teams anticipate and respond to accounting changes, increased financial reporting and navigate complex transactions by solving complicated problems including:
- How does our accounting department become a true business partner to better anticipate complex transactions?
- How do we manage through our audit process with so many competing priorities?
- How do we operationalize complex accounting changes while considering our control environment?
- How should we think about process and system modifications when implementing new accounting standards?
- How do we ensure our complex technical accounting issues are adequately documented and properly disclosed in our financial statements?
Choose To Enhance the Value of Accounting
CrossCountry drives value by approaching complex accounting and transaction challenges from the perspective of the CFO, Controller and other key members of the finance and accounting team. Accounting challenges rarely only require an analysis of the debits and credits and often require modifications to financial systems, redesign of financial processes, enhancement to the management and external reporting, and changes to the control environment. CrossCountry considers each of these aspects in our engagements and helps organizations operationalize these changes.
Proactively address the accounting and financial reporting needs of your organization via hands-on research, documentation and operational accounting.
CrossCountry Consulting helps to deliver:
- Research the accounting implications of complex transactions and newly adopted standards; calculate the impact and document the conclusions in an audit-ready memorandum
- Establish/review accounting policies across all accounting and reporting areas
- Design reporting processes to adhere to and support SEC reporting, management reporting requirements and board meetings
- Prepare S-1, F-1, “Super” 8-K, 10-K, 20-F and 10-Q filings, as well as many other types of filings
- Drive continuous improvement across all aspects of operational accounting, including monthly close, budgeting and financial analysis
- Prepare for and facilitate the external audit process
- Improve the management of business risks and meet complex compliance requirements
Business Driven Solutions
Organizations are constantly evaluating their overall performance to determine how to effectively align business strategy with dynamic market demands. Strategic transactions can help organizations who are seeking a tactical shift in their business, a change in their margin profile, or a deleveraging of their balance sheet.
Effective risk management is a strategic tool and a competitive advantage. Leading companies know that foreseeing and navigating the uncertainties in business and regulation help to achieve business objectives and financial goals. More than ever, companies are seeking common sense risk management and compliance strategies to strike the right balance between risk mitigation and risk taking.
Companies are constantly faced with evolving accounting standards. The impact of these accounting and regulatory changes could go far beyond the accounting function. Implementation may require a complex interaction of various stakeholders (including accounting, business units, corporate communications, audit committees and auditors), advanced planning, technical skills, key policy decisions and expert project management.
How Can CrossCountry Help?
We assist with complex accounting policy research and implementation in all areas of US GAAP and IFRS. We understand the difficultly in keeping up to date on all accounting standard changes and requirements. Our team of highly experienced technical accounting professionals can provide you with invaluable guidance and assistance to understand the impact of updates to accounting policies and assist with the approach and implementation of new and emerging standards.
Regulatory requirements are continuously growing and CFOs/Controllers have to ensure compliance with these regulations. Staying ahead of new reporting responsibilities and compliance requirements can create ineffective processes and procedures, compliance risks and increased potential for errors.
How Can CrossCountry Help?
We understand the complexity of issues that you face on a quarterly and annual basis. Our team of professionals is here to help your accounting team reach its potential through simplification of processes and technical guidance and assistance.
- Design reporting processes to adhere to and support SEC reporting, management reporting requirements and board meetings.
- Navigate through the challenges of restatements, correction of errors and changes in estimates.
- Prepare 10-K and 10-Q filings, as well as many other types of filings, for example 8-K.
Business owners, chief executive officers and managers require accurate and timely financial statements to understand and act upon their company’s performance. They also need assistance to ensure the best processes and systems are in place for operational accounting to be efficient and effective.
How Can CrossCountry Help?
Our ability to drive continuous improvement across all aspects of operational accounting, including monthly close, budgeting and financial analysis provides you with the necessary information to manage your business. Our teams of professionals have years of collective experience in a multitude of operational accounting roles and can ensure the best processes and systems are in place for operational accounting to be efficient and effective.
- Streamline the monthly close process and implement sustainable, reliable and controlled routine close process and minimize errors.
- Conquer the intricacies of consolidation accounting, offering a safeguard against errors and providing an adequate audit trail for a clean audit.
- Prepare for, as well as facilitate, the external audit process.
- Improve the financial planning and analysis functions, such as budgeting, forecasting and data analysis.
- Assess, select and implement best-in-class cloud-based finance and accounting systems.
- Optimize the finance and accounting organization, including organizational design.
- Improve the management of business risks and meet complex compliance requirements.
Due in part to the ever-changing market landscape, combined with technological advances, the finance function’s role continues to evolve to drive strategic business partnerships within the organization and delivers a future state vision and strategic requirements of key stakeholders, and a roadmap to implement processes, technology, and organizational changes.
We understand the difficulties and complexities involving data. Our highly skilled and experienced team of recognized leaders in intelligent automation, data management and governance and data analytics partner with business leaders to provide high-end integrated solutions that advance an organization’s strategy, execution, and sustained data practices.
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Featured Insights & News
CECL Results And Their Interpretation: What’s Next?
In this video, we discuss key considerations when comparing CECL results to current Allowance for Loan and Leases Losses (ALLL) reserves and share illustrative analytical approaches that are proven to be very useful when helping our clients implement the new accounting standard.