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We have been named a top 150 firm by assets under management (AUM) by Accounting Today. Congrats to our team! #joinourteam #CFO #CEO #accounting #finance #taxstrategy #compliance #internalaudit #outsourcedaccounting #audit #advisory #consulting

In recent years, companies have increasingly pointed to a dearth of accounting personnel for material weaknesses tied to their financial reports, and those businesses saw a moderately higher rate of turnover among CFOs. In some cases, those weaker controls meant companies couldn’t file their financial reports on time or had to restate them. Nearly 640 U.S.-listed companies cited insufficient accounting personnel for a material weakness during a 12-month period through June, up 1% over an average of the previous three years, according to Hudson Labs, an investment research software company. Of those companies, roughly 180, or 28%, replaced their CFO at least once in the 12 months through June, the Hudson Labs data showed. In contrast, of more than 5,900 U.S.-listed companies with no material weakness in that period, around 1,300, or 22%, had any CFO turnover. CFOs bear responsibility for the solidity of a company’s financial report. But amid a lack of accountants to hire, opinions diverge on whether replacing the finance chief is fair, or accomplishes much. A change in CFO can be salutary, says Chan Li, an accounting professor at the University of Kansas. A switch can bring a fresh approach to adding more qualified rank-and-file workers and to revising controls, she said, citing her past research on how material weaknesses are likely to lead to CFO turnover. “When firms have a weakness, they change the tone at the top, and then they hire a better qualified CFO to try to fix the problem,” Li said. But CFOs can be a convenient scapegoat for the audit committee following a material weakness because of their role in certifying the financial statements, said Steven Mintz, professor emeritus of accounting at California Polytechnic State University, San Luis Obispo. “The shifting of the blame to the CFO, rather than on wider management practices, in some cases is really problematical,” Mintz said. Companies with these problems “need to look at the whole system, from top to bottom, and do an audit of the internal controls” at the managerial level. “It would be helpful to see where the blame lies,” he said. The proportion of material weaknesses tied to insufficient accounting staff has been inching up in recent years, to 34.4% for the 12 months through June, compared with 32.6% in the prior-year period and 30% the year before that, Hudson Labs found. The most recent figure, representing 639 of 1,855 companies with any type of material weakness, was the highest since the 2019-20 period, when the proportion hit 40.2%. The accounting scarcity shows little sign of abating. More accountants are retiring without an adequate pipeline of entrants to the profession. Many prospective accountants are deterred by entry-level salaries lower than those for tech and investment-banking positions, as well as by the 150 college credit hours required to become a certified public accountant, which essentially amounts to a fifth year of college.

New EXPERT SERIES release / Ep 7: This masterclass on how to automate consolidated reporting has been prepared for you by Tyler Caskey CA, Partner at Australian firm, TheBeanCounters. Tyler generously shares his 20+ years' experience as a CFO and Accounting Partner in this demonstration from one of the best in the business. If you’re wrangling consolidations, need to speed up your current process, or managing a team delivering consolidated reporting, this is the masterclass you've been waiting for. Tyler Caskey specialises in improving high-performance finance and IT functions. TheBeanCounters team helps businesses scope and implement systems, automate projects and reporting, and provides outsourced CFO services to clients worldwide. Keren McNally sits down with one of Fathom's own chartered accountants, Tom Bilton FCA, to discuss with Tyler how he: - quickly creates consolidation eliminations and journals in Fathom - checks the accuracy of inter-entity loans using Mayday  - produces a custom 1-page consolidated P&L to use in a board pack - imports files from Xero into Fathom   It wouldn't be a masterclass without Tyler sharing his approach to consolidations, his take on the best tech in the market, best hacks, tips, and traps to avoid. "What I love about automating consolidations is you have so much more time to think about what the end user or stakeholders want to see. Whether that's a summary or specific detailed areas for the board. You can include as much detail or as little detail as you want in Fathom and build it really quickly. Think about what is going to add value and then create a simple or a complex report in Fathom." - Tyler Caskey CA _______________ Episode 7 - Masterclass: How to automate consolidated reporting in Fathom Expert Series | Fathom’s Resources page    Watch now on demand #accounting #cfo #accountingandaccountants

An important aspect of the success of any business is a strong accountant-client relationship. In the complex world of business, fostering a strong relationship between clients and accountants is not just beneficial—it’s essential for success. It’s clear that the most productive accounting relationships are those built on continuous communication and mutual understanding.  Nick Grgas, LMC Audit Director addresses the significance of a company’s continuous communication with its accounting firm and the implementation of robust internal controls. Click through to read more: https://lnkd.in/egSKEKvB #LMC #advisors #accounting #clientservices #clientsuccess #internalcontrols #communication #riskassessment #performance #processes #thebottomline #financials #operations #clients #accountants #business #dreambiggoallin

🚀 91% of businesses recognize that data-driven insights from annual audits can fuel their growth. As auditors, we see first hand how the role has expanded far beyond compliance. Today’s audits provide the strategic insights that empower businesses to make informed decisions and drive success. 📈 Accounting firms are evolving into essential partners in business growth. Check out our latest blog to learn how to position yourself as a trusted advisor in this new landscape. It's time to meet and exceed the rising expectations of modern clients. https://lnkd.in/epQjBdyW #Audit #BusinessGrowth #DataDriven #Accounting #StrategicInsights

Value creation often begins with the improvement of your portfolio company’s finance and accounting operations. My colleagues Kevin Krumm and Jason Menghi recently shared this blog post with excellent starting insights on this journey. #PEValueCreation #DeloittePrivateEquity #PrivateEquityCFOs #OperatingPartners

Choosing the right audit partner affects more than just compliance. Your auditor will impact your company’s #accounting and #finance operations throughout the year. As #audit season kicks into gear, here are tips for finding the audit firm best aligned for your organization:  https://lnkd.in/difBh8CN With Riveron’s Drew Niehaus and Helen Mason #RiveronInsights #OfficeOfTheCFO #AccountingAdvisory #auditor

Want to elevate your company’s governance and accountability? Strengthening internal controls is the way to go. Check out our latest insights on how to make it happen. Read more: https://hubs.ly/Q02Nwzyp0 #TWR #accounting

Being audit ready is a sign of an entity with strong internal controls!

Outsourced CFO, a #CapeTown-based #financial #consulting and #accounting firm, is introducing its #FinancialGapAnalysis service, designed to assist #companies in identifying critical financial #discrepancies and formulating #strategic #solutions to achieve long-term #business #success.