What are the most in-demand consulting services for Corporate Accounting?

Financial reports provide decision-makers, such as management, investors, and creditors, with the information needed to make informed and strategic decisions. Transparent and accurate financial reporting builds investor confidence. Investors rely on financial statements to assess a company's financial health and performance. Creditors and lenders use financial reports to evaluate the creditworthiness of a company. This information is vital for determining lending terms, interest rates, and overall risk assessment. Financial analysis helps in strategic planning by identifying trends, opportunities, and areas for improvement. It assists management in setting realistic goals and objectives.

Timely financial reporting and clarity in analysis are very vital in decision-making by the various stakeholders. It's advisable that financial reporting should be accompanied with key and summarized notes for easier understanding.

This is very true and the biggest contribution during financial reporting and analysis is Accuracy, timeliness, up to date with all compliances and standards. Hence person who is working on this has to be very attentive and he should be spending more time on qualitative work not on preparation work. Here is always confusion, people spend more time on preparation not on qualitative things. This requires lots of knowledge, system supports, education down the line team. This area is now a days more techno functional where usage of technology with alignment to functional knowledge is a key for success.

Financial reports of an organisation is a reflection of its affairs, its financial health and also helpful in decision making of various internal and external stakeholders like board members, shareholders, regulators etc. Apart from numbers reported in financial reports, disclosure made are also very important part of it, which actually gives information beyond the trial balance, like related party disclosures, fair value hierarchy classifications, market and currency risk disclosures, credit risk disclosure, ageing information etc. An accurate and good quality Financial report which is compliant with all the applicable financial reporting framework is helpful in key business decisions.

Corporate accounting's heart lies in crafting accurate, timely financial reports and analysis. These aren't just numbers on paper, they're the compass guiding managers, investors, regulators, and auditors toward informed decisions. It's help in navigate, optimise, and transform into strategic assets. Users can digs deep into financial performance, position, and risks, offering insights and recommendations that unlock true value for the organisation.

In my experience as a tax consultant I find that with pressure for revenue authorities to hit targets they have intensified tax audits and in that case the demand for services to support in those audits otherwise known as tax controversy services has risen. The need for tax controversy services will even increase going forward since appeal processes protract from simply dealing with the revenue authorities to national tax tribunals until high and supreme courts. Tax consultants should brace themselves and equip themselves with tax knowledge more deeply to handle more complex cases… We know that some tax laws are not as clear or simple and have a lot of grey areas…

This is the most challenging aspect of being a tax advisor. The key to getting the advice and planning right is to maintain the technical competence at the highest level. Never pretend to know everything. Always accept expert advice. Keep the experts in your team.

Tax compliance and Planning is an important aspect in corporate accounting. It helps to reduce cost of doing business.However, tax laws are revised constantly, and therefore, to stay ahead of the game,there is need get up to speed with the most recent tax law changes.Now more than ever, a tax system is required to be robust and one that leverages technology just to keep up with regulatory developments in a timely manner.

This is the actual challenge where you need to be updated with tax updates and especially those related to your company related, preparing Returns doing submissions, the making strategies are more common and easy if you familiar and updated on tax matters and take precautions where you not get the panelty or any other legal obligations

Tax compliance and planning represent a pivotal facet of corporate accounting, requiring meticulous attention to ensure adherence to tax laws. Beyond mere compliance, the strategic aspect involves optimizing tax liabilities and benefits for clients. This proactive approach not only mitigates risks but also contributes to financial efficiency, aligning with the broader goal of responsible corporate financial management.

It is quite common for even large, listed organisations to outsource the internal audit function. My tip here would be for outsourced internal auditors to really spend time learning the business and the industry so they can add value rather than do a bog standard tick box exercise. Business managers aren’t looking to be told what they already know but genuine gaps in controls which can help mitigate risk. Another point is to consider the alignment of operational and strategic risks. Often these two are treated separately when risk assessment exercises are carried out. Ideally these should be linked such that changes in likelihood or impact of operational risks directly feed into strategic risks so management can take action accordingly.

An essential pillar of corporate accounting is the robust practice of internal audit and risk management. This crucial aspect involves a meticulous evaluation and enhancement of our clients' internal controls, governance structures, and risk management strategies. Our role extends to identifying and mitigating risks while offering both assurance and informed advice. Furthermore, we're committed to aiding in the design and implementation of bespoke internal audit and risk management frameworks, policies, and procedures. This ensures a holistic and proactive approach to safeguarding the integrity and resilience of their financial operations.

I big advantage for accountants that is involved with the clients on a regular basis is to provide ongoing advice to the clients. This opens up dealmaking opportunities, like selling of non-core assets, acquisition opportunities to diversify operations etc. It further allows for wealth planning opportunities with the client whereby alternative investment options and estate planning can be done.

The Actual strong work where you need to build a team to check verify and keep All the data and process in such a manner that it will not lose any end which conflict with IFRS or IAS, strict compliance required.

Risk management is VITAL, but it's so much broader than most would think. Yes you need systems and processes to avoid fraud, thefts etc., but would would you consider as the greatest risk to your business .... the answer is you, the owner. Business owners don't start a business because they are good marketers, salesmen, accountants or business managers - they have a skill and a passion for their product and service, and it is beholden on the advisors (primarily their strategic accountants) to be their primary advisor and provide the strategic and business acumen to avid the pitfalls that the owners might not see.

As a practicing accountant, I believe the first duty is to understand the business model of clients. Take time to study their entrepreneurial journey and the vision. At any stage of the business journey, examine the foundation of internal systems, processes and the people within the business. Establish the key elements of meaningful performance indicators tailored to the organisation. In summary, put the house in order first.

Use of technology and AI in your business is always cost effective and reliable for future. This will help you to look the things in a better way to make financial decisions for your company.

This is the most important to Make policies and implement strategies to show Financial institutions and other concerns what you are capable of.

My experience in Vendor due diligence helped me in in-depth understanding of our business model understanding our strengths and weaknesses. It helps in knowing new opportunities in line with organisations strengths for further growth, know it’s competitive advantages, it’s strategic positioning etc. In terms of mergers or strategic sale, fair valuation and integration of systems and culture is important.

Internal audit and risk management form a critical dimension of corporate accounting, encompassing the assessment and enhancement of internal controls, governance, and risk management practices. By systematically evaluating these elements, corporate accountants contribute to organizational resilience and efficiency. This proactive approach not only safeguards against potential risks but also strengthens the overall integrity of financial processes, fostering confidence among stakeholders in the company's governance and control framework.

Generally bookkeeping has been thought of as the Cinderella of what accountants do… but that’s a very big mistake. Clients demand is very high and in the future when accounts summaries will need to be filed quarterly like vat returns… clients will want us to do it

Outsourced accounting will make the consultant responsible for the acts rather being handled by inhouse teams where the responsibility lies with the management. On a different note, it reduces the burden of review of compliance risking if it is assured by professional accounting firm and keep the business focus on their core business.

Outsourcing Accounting services can save operating costs of a company. Companies Don't need to maintain physical facilities for accountants that will reduce space allocation, electricity & stationery consumption e.t.c also can save salary & employee benefits expenditure. Companies can enjoy the facility to hire talented Accountants worldwide. Cloud based Accounting softwares ease the procedure of outsourcing Accounting functions. Sometimes companies may find it risky to outsource Accounting function because of less control over the outsourced Accountants and confidentiality of financial data. At last outsourcing accounting function seems cost effective which can give competitive advantage to a company by reducing non value added activities.

Outsourcing accounting and other related services are a cost-effective solution for precision and efficiency. Streamlining financial processes allows businesses to focus on core objects of the organization. On outsourcing these services, the organization can pool services of various experts on various issues rather than having a employee who might not bring all the required expertise.

The entrepreneurs will make exceptional savings when they outsource their accounting services to a competent and experienced Accountant. They can then focus on the main areas of business growth and customer satisfaction.

within the field of corporate accounting, the consulting services in highest demand are advisory on financials; risk management; compliance and regulatory guidance; technology implementation (such as ERP systems) and process optimization. Financial reporting Companies turn to consultants to improve financial reporting or to navigate through the maze of complex regulations. As for financial operations, technology is the key to making financial operations more efficient and accurate. Moreover, tips on mergers and acquisitions, forensic accounting and sustainability reporting are also urgently needed, as businesses have begun to pay attention not only to financial considerations but also to ethics.

There is another specific area where the consultants can focus for corporate accounting - Financial Planning & Analysis (FP&A) What does FP&A provide is wide range of business partnering to enable decision making. With technology as a key enabler it helps to arrive at data driven insights, reduce time by automating recurring tasks and much more. FP&A is a function with acts as a strategic business partner and also a tactical business partner to execute the strategic plan. Though financial reporting forms part of key information provider for external stakeholders; management accounting & reporting along with FP&A is business partner for all internal stakeholders

With the AI and Machine learning getting mature, bookkeeping and accounting would have to be seen from a different lens. Any work which is repetitive in nature can be easily done with less manpower. However, accountants need to focus on their analytical skills to add value to the business.

One of the things that I think our profession needs to change is using these five key phrases to separate areas. These phrases, having been used so long, sound very boring and plain to people outside our profession and even folks in our profession. They don’t explain what we actually “do” in the sense of someone who may just be a business owner. When we are asked what we do, we should say “As CPA’s and Accountants, our primary service is to save you money”. Just a marketing idea to focus on what our primary purpose is, or should be if that’s not what you are doing right now for your client. In my experience, especially since the pandemic, general ethics, relating to finance, seems to be a key area that needs help. “Financial Ethics”

Corporate and Secretarial Work: The corporate world requires mandatory meetings of boards, shareholders and many other committees on a regular basis. All such proceedings are required to be minuted and resolutions & other compliances need to be informed to the regulatory authorities.