consultantFinanceThe Importance of Having a Financial Reporting Consultant

May 24, 2022by sarahkfoster0

As regulatory agencies like the SEC and FDIC gain more control over profit data, financial reporting managers will be required to release accurate data. Banks, retailers, hospitals, financial services firms, and general businesses should have good job prospects both in the public and private sectors.

 

Clients of financial consultants can be individuals or businesses who need assistance managing their investments, retirement accounts, budgets, and even nest eggs for the future of their children. In addition, they may help their clients with tax planning and insurance planning.

 

WHAT ARE THE KEY RESPONSIBILITIES OF A FINANCIAL REPORTING MANAGER CONSULTANT?

 

The primary responsibility of financial reporting managers is to collect accurate data for the preparation of mandatory external reports in accordance with SEC, GAAP, NYSE, IFRS, and other rigid regulatory requirements. Their responsibilities include preparing periodic filings, such as Forms 10-K and 10-Q. Coordinating external audits is crucial so that the company’s financial statements are inspected by an independent party on a quarterly basis. In the financial reporting industry, financial reporting managers manage the analysis and conclusion of new disclosure standards. The finance department will work with them to improve internal controls for reporting. Finance reporting managers are responsible for gathering and distributing quality, reliable information about the company’s financial condition.

 

FOUR TYPES OF FINANCIAL CONSULTANTS

 

 

DO YOU NEED A FINANCIAL CONSULTANT?

 

Your circumstances will determine whether you need a financial consultant. Use a consultant if you do not feel comfortable managing those investments yourself or could even be an option if you have a simple investment portfolio.

 

You might consider working with a financial consultant, or using an online financial planning service, if your investments are somewhat complex, or you need other help besides investment management, such as tax planning or paying off debt.

 

Whenever life changes or events occur, it is a good idea to consult a financial advisor. You can suffer serious financial repercussions when you get married, have a child or change jobs. Making adjustments to your overall financial plan can be easier when you speak with a professional.

 

WHAT DOES THE CONSULTANT FOCUS ON FOR YOU?

 

  1. Provide information
  2. Solve problems / issues / challenges
  3. Realize latent opportunities
  4. Diagnose, and redefine problems / issues / challenges & opportunities
  5. Recommend
  6. Implement
  7. Build consensus and commitment around corrective action
  8. Facilitate client learning
  9. Permanently improve organizational effectiveness.

 

WHAT ARE SOME OF THE TOP COMMON NEEDS FOR THIS TYPE OF CONSULTING? 

 

  1. Temporary assistance
  2. Objective review
  3. Third-party request for problem / opportunity identification & resolution / realization
  4. Surviving a crisis
  5. Initiating change
  6. Obtaining funding
  7. Selecting key personnel
  8. In-house education
  9. Conflict resolution
  10. Executive assistance
  11. Government regulatory assistance
  12. Socio-economic and political change.

Each individual’s financial situation is unique. Some financial advisors and consultants specialize in certain types of investments or work only with certain levels of investors. The right advisor will help you achieve your financial goals. Utilize online search tools or ask your family and friends for referrals.

Check out their services and experience online once you’ve identified a few options. After that, prepare a list of questions to ask regarding their fee structure, account minimums, expertise, and investment philosophy. A few options should be met in person before you decide.

 

FINAL THOUGHTS

 

Your organization has spent a great amount of time and expense to gain the confidence of your auditors and lenders. Why risk that confidence by utilizing under qualified staffing agencies or unproven direct hires? Utilize our consultants on a full-time or interim basis to provide consistency and accurate reporting.  Augment your reporting team with our seasoned staff of financial reporting managers.

 

Our team is efficient and skilled at producing accurate financial statements in a timely manner that will satisfy regulatory agencies, auditors, lenders, and Investors.

 

CALL TODAY (657) 258 – 0577 OR email us at sales@mcdaccginc.com! 

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