Financial Consultants

Written by Patricia Tunstall
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Even small businesses probably have a bookkeeper on staff, but most medium-size businesses have at least one accountant who is permanent. Large corporations retain one of the nationwide, major accounting/auditing firms. Staff accountants are the natural first source for financial analysis and financial advice.

Along with the business manager, the accountant sets up the type of accounting system the business will use. Using generally accepted accounting principles (GAAP), the accountant consults with the manager about the system because it will affect the statistics about profit, for instance. In a financial statement, a dollar is not just a dollar, and profit can be arrived at in several ways, with different results.

Outsourcing Financial Reporting Experts

Not too many businesses can afford to keep financial consultants on staff permanently. Any consultant is costly, and in a downsizing, consultants are often the first group to be affected. More likely than not, consulting is outsourced, with financial consultants hired for a short period, such as, during preparation of the annual financial report.

Should specialized expertise be necessary, there are many sources for experienced financial consultants. Many retired certified public accountants (CPAs) take on short-term projects. Retired company officers, such as, controllers, might be interested in temporary, problem-solving proposals.

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