Accounting Advisory Services

An organization that hires an accounting consultant avails itself of a reservoir of expertise and specialized knowledge. Their expertise helps organizations avoid financial pitfalls and carve a path toward fiscal stability and growth. This activity includes adherence to tax laws, financial reporting standards, and other relevant legislation. Ensuring an organization’s compliance with relevant laws and regulations helps avoid the risk of financial penalties or reputational damage. They are well-equipped to optimize the efficiency and accuracy of an enterprise’s financial functions while ensuring they adhere to legal norms.

In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. It’s time to take the pain out of accounting and reporting—and start seeing the opportunities it presents. Explore how our knowledge, experience, and tools can turn your accounting and reporting from burden to benefit. Today’s accounting departments are required to meet a multitude of reporting requirements for covenant compliance, Securities and Exchange Commission (SEC) compliance, and international reporting.

Accounting and Reporting Services

Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to recording a discount on accounts payable be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Accounting consultants use specialized knowledge to assist companies in managing financial resources, ensuring legal compliance, and making strategic decisions based on accurate financial information.

Human Resources

When your organization is faced with complex business issues that stifle growth, increase costs and introduce new risks, you need more than just best practices or simple point solutions. Profitable long-term growth and value-added insights require rethinking what you do with the resources you have in a strategic manner to drive transformative change. In today’s business environment, organizations that delay their response or ignore the need to transform risk slow growth and lost competitive advantage, or worse. A positive financial statement audit experience is the product of preparation. hold definition Companies preparing for their first audit can struggle to grasp all that’s required. We’ll bring a holistic approach, employing leading practices and tools and an emphasis on flexibility and scalability.

Our Team Will Connect You With a Vetted, Trusted Professional

Our detailed NYC tax calendar provides a clear roadmap of over tax deadliness specific to New York City startups. From quarterly estimated payments to the critical April 15th deadlines and beyond, we ensure you never miss a beat. This team of experts helps Finance Strategists maintain the highest level of accuracy and professionalism possible.

1. They design these systems to streamline financial operations, improve reporting accuracy, and ensure strict compliance with financial laws and regulations.
2. Our services can assist with the implementation of new or amended accounting standards.
3. Discover how EY insights and services are helping to reframe the future of your industry.

Which of these is most important for your financial advisor to have?

This dynamic environment necessitates that accounting consultants possess the ability to adapt swiftly and provide services that meet their client’s evolving needs. Accounting consultants need to possess excellent interpersonal and communication skills. These skills come into play when they need to elucidate complex financial data to non-financial professionals within an organization. To deliver efficient and accurate results, accounting consultants must demonstrate proficiency in various accounting tools and software. This technical expertise enables them to automate tasks, bolster efficiency, and generate accurate financial reports.

With our in-depth experience, our Accounting and Reporting Advisory services can provide a pragmatic, business-oriented approach that considers the holistic impact on stakeholders and your organization. Enabled by data and technology, jack welch g e chief who became a business superstar dies at 84 our services and solutions provide trust through assurance and help clients transform, grow and operate. Learn how to transform your tax operating model to address tax management challenges and position your team—and your business—for the future. Accounting consultants are well-versed in the latest accounting technologies, guiding businesses to adopt advanced software and tools for better efficiency.

Accounting consultants handle sensitive financial information, so they must maintain confidentiality and uphold the highest ethical standards. Their professionalism is key to earning and maintaining the trust of their clients. Our practice is built on best of breed cloud accounting software like QuickBooks, Netsuite, Gusto, Rippling, Taxbit, Avalara, Brex, Ramp and Deel. Technology makes us more efficient, saving our clients money and letting us offer higher value services like FP&A modeling, 409A valuation, and treasury advice. Founder & CEO Vanessa Kruze is a CPA, Deloitte Tax alumni, and former Controller of a 120+ FTE startup. Kruze COO Scott Orn is a Kellogg MBA, former VC Partner and investment banker.

Kruze’s team is highly experienced helping seed and VC-backed companies navigate New York State and City level tax and compliance needs (see our New York tax compliance deadline calendar below). 11 Financial may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. 11 Financial’s website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. The role of an accounting consultant may vary depending on the client’s needs. Still, it typically involves analyzing financial statements, developing budgets, providing tax advice, and assisting with financial decision-making.

NY, PA Mineral Management Services Oil & Gas Management C&N

Companies must stay abreast of these changes and adjust their accounting practices accordingly. This often involves extensive training for accounting staff and the implementation of new software solutions to ensure compliance. Tools like SAP S/4HANA and Oracle Financials Cloud are commonly used accounting for oil and gas companies to navigate these complexities, providing real-time updates and analytics to support accurate financial reporting.

Asset Retirement Obligations

• You see such high percentages because of the sky-high depreciation, depletion & amortization (DD&A) numbers for oil & gas companies and because many companies record them differently for book and tax purposes.
• Understanding the unique terminology and principles in oil and gas accounting is fundamental for anyone involved in the industry.
• Outsourced accounting offers dependable, cost-effective solutions to reduce your overhead and the effort spent managing day-to-day accounting tasks.
• You must possess a deep breadth of knowledge about contemporary financial techniques and how they apply to the energy industry.
• Accounting and financial reporting implications of COVID-19 may require companies to make significant judgments and estimates, which can be challenging in an environment of uncertainty.
• These contracts require careful analysis to determine when and how revenue should be recognized.
• This split is usually designed to provide the state with a larger share of the profits as production increases, aligning the interests of both parties.

Article 11 of Regulation S-X also requires registrants to file unaudited pro forma financial information relating to the acquisition or disposition. In this update, we highlight some of the more important 2020 second quarter accounting, financial reporting, and regulatory developments that may impact oil and gas companies. Oil and gas companies want real-time access to their numbers and the ability to slice and dice information as needed. Through outsourced accounting, you are provided with seasoned professionals to interact with and manage the details for you. Our team can help transform the way your business accesses and uses financial data to make proactive and strategic decisions.

Regulatory update: COVID-19-related

Factors such as the type of crude oil, its sulfur content, and the presence of natural gas liquids can significantly influence the economic value. Additionally, external factors like oil prices, technological advancements, and regulatory changes play a pivotal role in reserve valuation. Financial models often incorporate scenarios to account for these variables, providing a range of potential outcomes. Accounting and financial reporting implications of COVID-19 may require companies to make significant judgments and estimates, which can be challenging in an environment of uncertainty.

Merger Models and LBO Models

• Our team can be up and running within days, processing accounts payable invoices and running joint interest billing, among other services.
• C&N offers a variety of banking solutions, including checking accounts, savings accounts, mortgages, business loans and more.
• The two most prevalent methods are the equity method and the proportionate consolidation method.
• Exact accounting data is critical for evaluating project economics, making informed investment decisions, and planning for the future.
• The publication contains questions on certain accounts and disclosures for management, auditors, and audit committees to consider.

One of the primary concepts is the distinction between upstream, midstream, and downstream activities. Upstream activities involve exploration and production, midstream covers transportation and storage, while downstream includes refining and marketing. Each segment has its own accounting nuances, making it essential to grasp these differences for accurate financial reporting. Stakeholders rely on financial statements to assess the financial health of oil and gas companies. Proper accounting practices build trust among investors, regulators, and the public, fostering confidence in the industry.

Exploration and Development Costs

It ensures transparent financial reporting, compliance with regulations, and strategic decision-making. As an intricate discipline, oil and gas accounting plays a pivotal role in valuing assets, managing risks, and supporting sustainable practices in the exploration, extraction, and production of oil and gas resources. By understanding the different steps in exploring, developing, and producing oil and gas properties, you’ll be better positioned to handle the complex accounting requirements of this sector. This online CPE class also provides a detailed look at various cost classifications, production costs, and the documentation and accounting processes involved in oil and gas operations. One of the primary considerations in joint venture accounting is the method of accounting to be used.

Production costs, also known as lifting costs, are the expenses related to extracting oil and gas from the ground and bringing it to the surface. These costs include labor, maintenance, utilities, and materials used in the production process. Production costs are typically expensed as incurred, directly impacting the income statement. Effective management of production costs is vital for maintaining profitability, especially in a market characterized by volatile commodity prices.

• Reserve estimation and valuation are fundamental to the oil and gas industry, serving as the bedrock for investment decisions, financial reporting, and strategic planning.
• Adherence to accounting standards and compliance with regulations is essential to avoid legal issues, ensure regulatory compliance, and maintain industry integrity.
• Impairment of oil and gas assets is a critical accounting consideration, particularly given the volatile nature of commodity prices and the substantial capital investments involved.
• The complexity of these tax regimes requires companies to maintain meticulous records and employ sophisticated tax planning strategies to ensure compliance and optimize their tax liabilities.
• These should be groupable and subtotaled by various attributes, such as location, field, tank battery, route, play or acquisition, allowing you to identify trends, issues and errors in real-time, rather than 30 to 60 days later.
• The choice of depreciation and amortization methods, such as straight-line or declining balance, can significantly influence financial statements and tax liabilities.

Companies often use advanced software like PHDWin or ARIES to model these calculations, ensuring precision and compliance with industry standards. For depreciation and amortization, retained earnings balance sheet companies must determine the useful life of the asset and select an appropriate method, such as straight-line or units-of-production, to allocate costs systematically over time. Reserves are classified into proved, probable, and possible categories, each with varying degrees of certainty.