What is financial accounting advisory services?
July 12, 2022
“what are accounting advisory services?” – these are questions we are often asked along with those on the wider financial reporting process. In this piece we cover financial accounting advisory services.
What is Financial Accounting Advisory Services ?
Accounting is one of the most crucial aspects of a business. From tracking earnings and expenditures to ensuring legal compliance and the flow of financial information to all stakeholders, its role cannot be overstated.
The corollary to this is the need for a top notch, high quality accounting function within an organization. From maintaining the income statement, balance sheet, cash flow statement and other key financial statements to maintaining a strategic business perspective on the data and their implications as well as a financial information communication one, it requires both high calibre talent and time – something which internal accounting departments , especially at smaller businesses, may lack to the level necessary. That is where financial accounting advisory services comes in.
Financial accounting advisory services is the comprehensive bundle of expert third party strategic advice for businesses and organizations to meet their business, financial and operational objectives. These therefore take a wider eye perspective of the accounting function beyond statement-accounts alone.
The growing importance of – and demand for - Financial Accounting Advisory Services
Given the above, accounting advisory services’ role in maximizing organizational performance is clear. Beginning with the basics, financial accounting advisory services ensure that financial statements are maintained correctly and accurately and kept updated in a timely manner. Going beyond, accounting advisory services experts use the numbers to provide both high quality business performance evaluation and recommendations for improved ratios, more efficient budgeting and better financial projections going forward. Financial accounting advisory also ensures statutory compliance by tracking regulations and addressing corresponding liabilities such as taxes, pension funds, etc. in a timely and systematic manner. Accounting advisory services also help file financial statements with various authorities such as the Registrar of Companies or stock exchanges in the case of listed companies.
Over and above all this is the value financial accounting advisory services add in navigating the rapid changes in the business landscape in these high velocity disruptive times. These changes include new complexities in accounting and financial reporting, typically brought on by changes in technology and regulations. Indeed, this is one of the key advantages of engaging accounting advisory services today. It also explains why outsourcing and engaging these services is not done by smaller businesses for affordability alone but also increasingly by large corporations who value the high quality navigational input they bring in.
MBG’s Market Leading Financial Accounting Advisory Services
At MBG Corporate Services, our proven methodology and professional experience in accounting advisory services have been helping organisations streamline their accounting and financial reporting process for two decades, enabling high quality reporting with fewer resources. We have achieved faster closure rates for our clients by documenting and evaluating their current closure processes and identifying the gaps and deficiencies between different sub-processes that cause delays. We deliver increased accuracy and faster and more efficient reporting, i.e., the essence of what is financial accounting advisory services
Our accounting advisory services experts analyze the client’s financial processes and identify weaknesses in the master data and data-entry processes. We help maintain internal controls by identifying the effectiveness of key controls in the accounting and financial reporting process.
The methodology of what are accounting advisory services and financial accounting advisory at MBG assists clients in every aspect of the accounting closure process — from initial scoping to project execution and finalisation. We also help with project and change management, so that you can capitalise on the benefits of enhancing your internal processes.
MBG’s teams support you in determining, monitoring and disclosing financial and nonfinancial insights for your stakeholders. FAAS addresses the CFO’s agenda and provides CFOs, controllers, treasurers and audit committees with insight and services to support compliance with evolving financial requirements and help provide transparency and trust in reporting to support better decision-making. We also help to support finance functions with robust financial data analytics and innovation.
Our accounting advisory services include the entire gamut of financial accounting advisory:
- Preparation and maintenance of books of accounts as per applicable accounting framework
- Continuous communication with suppliers, customers and capital providers
- Coordination with teams at remote locations – units/plants
- Accounting advisory on complex accounting issues
- Support in Management reporting to the group companies as per the group accounting policies or International Financial Reporting Standards (IFRS)
- Preparation of group accounting package as per group guidelines
- Any other area in financial reporting where assistance is required by the Company on financial reporting
