Consultants are persons with expert knowledge on any particular subject matter. Usually, they are professionals who provide advice in their area of expertise. Consultants provide advice in areas such as human resources, marketing, management, accountancy, technology, law or engineering. A consultant has vast training in a particular field.
A consultant may work independently or as an employee of a consultancy firm. In many industries, consultants are commonly seen placed in upper management levels. Independent consultants also act as interim executives with decision-making power under corporate policies or statutes. Often a consultant will provide services for a specified period of time or on a project basis.
Accounting is something that every small and large business needs. Generally, accounting consultants are persons with expertise in preparing financial reports, pro-forma financial statements and reports. They also analyze, interpret and evaluate financial statements and reports for various regulatory and statutory authorities and other organizations. Accounting consultants can help a business with all of its financial needs.
Accounting consultants provide services for business firms and also for individuals. Accounting consulting firms provide specialized services for clients in forensic accounting, expert witness services and financial analysis of acquisition targets. These specialized services are provided by accounting consultants when their clients are reluctant to hire a full time employee for the services.
Accounting consultants can establish firms of various kinds. Full service accounting consulting firms provide a wide variety of services such as tax, audit, risk management, and business development. Some accounting consultants provide auditing services alone. They provide help in auditing company’s financial statements and issue opinions on those audits. Accounting consultants are hired for governmental audit, nonprofit audit, and private equity audit. There are special consultant firms that perform 401(k) and pension audits. Accounting consultants conduct audit in different areas such as: financial, operational, information technology and compliance issues.
Accounting consultants coordinate research, analysis and application of new or revised accounting policies and procedures in organizations. They help in development of ideas that would increase, improve or facilitate job performance and workflow. Accounting consultants advise senior management of industries on best practices to obtain data regarding the accounts of the industries. They also advise the management on methods to record, analyze, and prepare complex accounting transactions and statements. Accounting consultants are responsible for development and submission of complex accounting and financial transactions which require ensuring proper reporting of accounts. These consultants also advise management on the accuracy of all reports, forms, and data provided to internal and external clients.
Accounting consultants coordinate development of actions or policies to deal with unfavorable financial situations that organization face. Accounting consultants may also act as project lead in development and design of new and enhanced accounting systems introduced in companies. Generally, they guide preparation and analysis of complex financial data required for company’s financial record. Accounting consultants help management in applying financial data and analysis to solve administrative and operating problems. They also coordinate and lead preparation of complex financial information to provide to internal and external auditors, IRS, state examiners and other regulatory agencies, as required.