Original content provided by BDO UK.
Learning from their experiences over the past two years, many CFOs, FDs and Financial Controllers are rethinking their finance operating model and considering how to ‘future-proof’ their function. As businesses respond to changes in operating models and ways of working, the importance of accurate financial information to guide timely and informed management decisions only increases. Are you facing the same challenges?
Here we explore the four key challenges facing today’s finance leaders in respect of technical accounting and how the right outsourced accounting advisory support can help you meet those challenges. The correct application of your business’s financial reporting framework is key.
How Outsourcing Can Meet Those Challenges
Your need for accounting advice and support can vary significantly. Experienced accounting advisors will understand the pressures, challenges and deadlines involved in delivering to your requirements. They can provide a detailed, personal and bespoke service by deploying the experts who can meet your needs. Ideally, they will act as a flexible and cost-effective extension of your own team.
Outsourcing financial reporting provides several benefits to your business, including:
- Allowing your finance team to remain focused on their everyday duties;
- Giving senior staff availability for focus on wider matters such as strategic direction;
- Mitigating the risk of dependency on key financial reporting experts in your team; and
- Providing you and your finance team with a flexible and cost-effective resource to utilise as and when required.
Why BDO are the Right Outsourcing Choice for You and Your Team
We work with you to find practical solutions in a manner which is commensurate to your business, solving technical accounting issues to deliver accurate and compliant financial information.
This can include:
- Impact analysis, which may include documenting the potential effects of transitioning between financial reporting frameworks, through to implementation of changes, or converting the legal steps of a group restructure into the associated accounting journal entries.
- Assisting with determining or reviewing inputs and judgements for accounting treatments, for example analysis of the revenue recognition steps under IFRS 15 Revenue from Contracts with Customers or applying an appropriate methodology for IAS 36 Impairment of Assets.
- Providing support on complex financial statement areas which often require detailed and extensive supporting disclosures in the financial statements. We can provide expertise on the associated implications of complex accounting standards in the statutory financial statements as well as those impacting narrative reporting, such as the new climate change reporting requirements.
Our team have vast experience in supporting businesses to scale and professionalise while helping finance leaders build resilience within their finance function. We deliver the levels of support and expert advice you need to make a difference.
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