How is Financial Accounting Evolving?
Effective finance and accounting teams must function within your organization as strategic business partners. Resources are scarcer than ever, and finance leaders are increasingly tasked with delivering rapid results, reducing financial risk, and providing strategic insight.
Whether your organization is going through transactions, adopting regulatory changes, or simply looking to mature or optimize an existing platform, Cherry Bekaert’s Accounting Transformation team can help you design and implement strategies with results in mind.
We offer customized service offerings powered by an integrated set of technology tools, accelerators, and experienced, versatile consultants to transform your finance and accounting organization. The outcome is repeatable operations, advanced analytics, and actionable information supported by timely and reliable data.
Questions to consider when thinking about transforming your organization:
- Is your accounting department “future ready”?
- Are there challenges closing books or reporting financial data?
- Are timely KPIs important to your business?
- Considering a new ERP?
- Thinking of going public?
- Need GAAP compliant financials?
Our diagnostic tools and accounting transformation services provide the insights you need to modernize the finance and accounting functions, while driving consistency and stability in your organization’s financial data.
Explore Our Accounting Transformation Solutions
We offer Accounting Transformation solutions across the following areas:
Strategy & Organizational Design
We develop a functional strategy and organizational alignment aimed at growth, continuous improvement, and operational effectiveness. Our solutions provide the foundation for a strong accounting platform with the ability to scale and integrate future acquisitions and other growth opportunities.
- Accounting Policy Development & Execution
- Process Design
- Post-Acquisition Accounting Integration
- Operational Accounting Assessment including Disclosure Optimization, FTE Benchmarking, and Financial Close Process Review
Business Process Transformation
Faced with increased pressure from economic developments, market complexity, increased regulations, and growing competition, companies must concentrate on gaining efficiencies and optimizing their core business processes. To deliver, there is an increased need to reduce cost by centralizing or outsourcing selected business cycles. However, preparing for and managing the change is crucial to achieving the desired results. Our transformation services can help you understand the vital considerations for a successful transition and the steps to take in order to achieve the associated benefits of optimizing your business cycles.
Digital Asset Transformation
Digital assets, such as cryptocurrency or non-fungible token (NFTs), represent the emergence of new technologies that are evolving fast. This emergence, supported by blockchain technology, has challenged traditional industries and business models by removing the need for trusted intermediaries. Understanding the capabilities, opportunities, and associated risks can prepare and position your company to be at the leading edge of adoption and help capitalize on the provided benefits.
- Cost Basis Tracking and Inventory
- Historical Forensic Transactional Clean-up
- Assistance with Tax Compliance
- Portfolio Analysis
- Digital Asset Activity and Investment Tracking
Our experienced team can create a set of effective, efficient, and repeatable processes to move your organization along the accounting maturity scale. Process optimization enables your company to meet its reporting requirements, reduce inefficiencies and financial risks, and adapt to growth and the increasing complexities of your business and market with ease.
- Future-State Process Design & Change Management
- Benchmarking & Gap Analysis
Our Accounting Transformation services practice helps you optimize your data to allow real-time accessibility making it interactive and easy to manage. Through our strategic alliances such as BlackLine, Microsoft, Tableau, and Alteryx, our accounting solutions help you think differently about your data and execute accounting tasks quickly. Digital controllership allows accounting to be a value-added business partner by providing information to drive smarter decision-making and more impactful business outcomes. We can help provide a deeper understanding of your business performance through the generation of Key Performance Indicators (KPls), facilitating actionable business insights.
- Analytics & Insight
- Integrated Software
- KPI Dashboarding & Planning
Environment, Social, and Governance (ESG) Reporting
Climate unpredictability, natural and man-made disasters, and global warming are causing alarming concerns. Organizations have an overall responsibility to the community to provide ethical standards when making economic decisions apart from accuracy in financial reporting. In pursuit of sustainability, growth, and transparency, companies are disclosing their efforts to include climate-related financial metrics, as well as a discussion of related impacts on the use of estimates and assumptions used for reporting. Early adoption of ESG reporting standards provides an important tool for measuring performance and companies who opt in stand to gain more than those who adopt post the codified guidelines.
Transform Your Finance & Accounting Organization to Enable Your Organizational Evolution
Our methodology helps mature your finance & accounting organization by:
- Establishing the optimal organizational design, procedures, and policies to support the needs of the business
- Optimizing processes through reduction of redundancies and inefficiencies along with increasing standardization and data visualization
- Benchmarking against industry peers on effectiveness, organizational maturity, and costs of your Accounting and Finance function
- Integrating technology for increased productivity and more informed decision-making
- Leveraging a suite of leading KPIs and metrics in customized dashboards
Our Accounting Transformation Success Stories & Tailored Solutions
Integrated Technologies Solutions
Leveraging Technology Toolsets to Create More Informed Decision-making
Challenge: A high-growth life science company needed insight into their inventory requiring an overhaul to their entire approach to physical inventory counting, costing, and tracking.
Our solution: Cherry Bekaert’s Accounting Transformation team assessed the company’s existing informal procedures and walked through the processes in detail with stakeholders and process owners, then applied that data and our best practices to create a formalized count manual describing count preparation, execution and reconciliation in the aftermath, a consistent methodology for facility supervisors to pull information from their ERP, maps and schematics for inventory management and logistics planning, monitoring checks for management monitoring activities and operational templates for investigating.
Designing Full Throttle Process Optimization
Creating Efficiencies & Reducing Risk Through Process Design and Implementation
Challenge: A logistics company struggled to successfully outsource significant portions of their accounting operations.
Our solution: Through interviews, process walk throughs, and questionnaires, Cherry Bekaert developed “as-is” process narratives for all business processes affording executive leadership increased visibility. Each business process was benchmarked against best practices and a gap analysis and recommendations for remediation were used to design a path forward. Granular level user guides were developed to assist in the onboarding and education of outsourced resources. These three deliverables helped mature the processes, enable a platform for cost-effective growth, and create a knowledge center for future on-boarding.
Accounting Transformation Services to Benefit Your Business
Cherry Bekaert’s Accounting Advisory Services practice is comprised of professionals experienced in the development, management, and execution of accounting transformation services. Our practice is focused on solutions for foundational accounting needs, optimized processes, and advanced digital controllership designed which increase productivity, reduce costs, and improve reporting.
Our well-designed strategies, processes, and insights can transform the accounting function into a value-added part of the organization capable of meeting critical businesses needs in a cost-effective manner.
The experience of the group is extensive, having delivered similar services on technical accounting and accounting transformation for more than 20 years.