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GreeneStock Consulting, LLC |
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GreeneStock Consulting offers the following services:
- financial reporting services
- accounting research and implementation
- period-end audit preparation
- internal controls services
- mergers, acquisitions and divestitures
- cost accounting analysis
- outsourced controller services
Financial Reporting Services
The accuracy and completeness of your company’s financial statements is a critical component to your business.
By engaging GreeneStock Consulting to assist in meeting your financial reporting needs, you can expect to receive accurate and complete information in an effective and efficient manner. We possess the experience and knowledge you would find with your public accounting firm, but with a lower fee structure. We utilize a comprehensive financial reporting and SEC research database, updated daily, to reduce the risk of relying on superseded information.
Our financial reporting services include the following:
- Preparation of monthly, quarterly or annual financial statements in compliance with accounting principles generally accepted in the United States of America (US GAAP)
- Preparation or assistance with consolidating or combining financial statements
- Review of internally-prepared financial statements and disclosures for accuracy and completeness
- Preparation or assistance with MD&A disclosures
- Reconciliations of financial statements prepared on a basis other than US GAAP (for example, accounting standards in another country) to US GAAP reporting
- Consultation on financial or SEC reporting matters
Accounting Research and Implementation
Regardless of size or industry, the management group of any growth-oriented company spends considerable time developing and negotiating contracts and transactions. Likewise, accounting rules and interpretations have become increasingly complex and voluminous. Merely understanding the hierarchy of US GAAP can be a challenge in and of itself.
Assessing the appropriate accounting treatment for business arrangements and transactions often requires skill sets and research capabilities not prevalent in most organizations. Financial executives who do possess such knowledge simply don’t have enough time to commit to this level of research without sacrifice to more crucial areas of the business.
At GreeneStock Consulting, we have extensive experience in researching accounting issues to ensure the integrity of your financial information.
Engaging us prior to finalization of a transaction or contract will ensure the accounting treatment lines up with the intent of the arrangement. Oftentimes, slight variation in the phrasing of a contract results in differing accounting treatments.
Completed transactions or contracts need timely attention to ensure the validity of reported financial results. GreeneStock’s up-to-date accounting database, combined with the efficient research skills of our professionals, will provide your organization with the information necessary to appropriately report and disclose the transaction.
New accounting pronouncements are issued with increasing frequency. We will utilize our training and experience to determine the applicability of new accounting pronouncements to your organization and the related accounting implications and disclosures. We can assist in the implementation of such pronouncements and provide insight and training to your personnel to ensure the ongoing needs of meeting such standards.
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Period-End Audit Preparation
As your business grows, so do the increasing demands of your accounting department. Financial statement audits become an added burden. The preparation for such an audit consumes an inordinate amount of time. Furthermore, in this new age of auditor independence concerns, having an experienced advisor to assist in facing the increasing rigors of an audit is invaluable.
The professionals at GreeneStock Consulting understand first-hand the information needed by your external accounting firm to complete its audit work in a timely and effective manner. Even a slight modification in schedule can result in delayed issuance of audited financial statements, shifting of audit personnel and “overrun” fees. Your annual audit fees are largely driven by budgeted hours spent by the auditors. Contrary to other increasing auditor requirements, a reduction in hours should provide your company with the leverage it needs to reduce or contain audit fees.
By engaging GreeneStock Consulting to assist in audit preparation, we will facilitate a reduction in hours spent by your accounting personnel in meeting the auditors’ expectations. Upon arrival, your auditors will receive a professional, organized file containing such information as financial statements, trial balances, consolidation and elimination schedules, lead sheets, audit schedules, memorandums, relevant analytical information including ratios and account fluctuation explanations, and accounting process and control documentation. We have significant public accounting experience, enabling us to prioritize this information from an auditor’s perspective.
We will coordinate with your personnel to ensure the highest level of efficiencies in obtaining and preparing such information. We will be prepared with relevant questions tailored to the specifics of your business and industry. Your accounting department will benefit by fielding fewer questions from inexperienced audit staff and can continue to focus their efforts and energies on the current needs of the business. We can also serve as your external auditor liaison, allowing your CFO and accounting department to focus on the true value of the business.
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Internal Controls Services
The Sarbanes-Oxley Act (“Act”) was enacted in 2002 in response to major accounting scandals. The impact has been unparalleled. Every public company has been, and will continue to be, affected by Section 404 of the Act. Companies and their external auditors are required to report on the design and operating effectiveness of the company’s internal control over financial reporting.
Whether an SEC registrant required to comply with the Act, or a privately-held company desiring to improve your internal control environment or adopt best practices from the Act, you can benefit from the experience of GreeneStock Consulting professionals.
Through our extensive public accounting experience, we have managed all phases of an internal control audit. We have significant training and expertise in documenting, analyzing and providing recommendations for improvements to the internal control environments of companies in a variety of industries.
We can assist in any or all of the following relevant areas:
- Planning and organization of the initial and on-going maintenance project plans, including timelines, resource management and coordination with your external auditors
- Assessing risks, determining materiality, and identifying significant financial statement accounts, disclosures and assertions
- Identifying significant business units and locations
- Documenting corporate governance and/or activity-level controls
- Analyzing design effectiveness and identifying potential gaps and remediation needs
- Testing corporate governance and/or activity-level controls
- Analyzing operating effectiveness and assessing remediation needs
- Performing year end update procedures
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Mergers, Acquisitions and Divestitures
Although mergers, acquisitions and divestitures are common in today’s business environment, rarely are they routine. Each potential transaction brings unique opportunities and risks. For organizations contemplating such transactions, management expends significant time and effort to mitigate related risks and capitalize on potential rewards.
Many organizations do not have sufficient internal resources to handle all aspects of merger, acquisition and divestiture transactions. The professionals at GreeneStock Consulting have experience providing assistance to companies in many aspects related to both targeted and completed transactions.
We can play a key role in assisting your company in any of the following areas:
- Preparation of due diligence materials for potential divestitures
- Performance of due diligence services for potential transactions
- Carve-out of financial information for divisions or units of a business to be sold
- Purchase accounting for completed mergers and acquisitions in compliance with relevant accounting pronouncements
- Post-acquisition integration planning and implementation
- Preparation and analysis of post-acquisition working capital adjustments or earn-out provisions
- Analysis and preparation of pro forma, financial statements, and other SEC filing requirements
- Audit preparation services for acquired entities
Cost Accounting Analysis
Manufacturers face key challenges in managing their profitability and growth, such as domestic and international competition, productivity issues and increasing costs. Too often, companies lose profits to shrinking margins due to inaccuracies in inventory costing information. Careful analysis of inventory costs on an on-going basis is critical to managing these risks.
Your inventory costing structure should be detailed enough to enable you to recognize opportunities for cost reduction, customer pricing increases, and productivity improvements. Such information is vital to detecting unprofitable customers, markets and product lines.
The professionals at GreeneStock Consulting are equipped with the knowledge to help analyze the accuracy of your current inventory costing. We can bring our knowledge and experience to assist in such areas as the following:
- Analysis of relevant ratios and profitability by product line, customer and/or department
- Analysis of purchase price, manufacturing, labor and other variances between standard and actual costs
- Development of labor and overhead rates and analysis of cost drivers
- Development of standard costs
- Development of quantitative performance measures
- US GAAP compliance
Outsourced Controller Services
Does your organization lack accounting expertise or resources? Are you in short-term need of a controller due to an extended absence or recent lay off? Whether your company faces a short-term temporary need for outsourced controller resources, or lacks the justification for a full-time controller, the professionals at GreeneStock Consulting are qualified to meet your needs.
Our outsourced controller service offerings include the following:
- Fulfill day-to-day or project-specific controller responsibilities, on an interim or part-time basis
- Assist or manage period-end close
- Prepare period-end financial and management reports
- Develop month-end reporting packages and closing checklists
- Develop accounting policies and procedures manual, with recommendations for best practice improvements
- Analysis of financial information, based on budgets and other factors relevant to your company and industry
- Technical accounting support
- Document and monitor internal controls
- Assist with projections, budgeting and forecasting
- Manage accounting personnel and interview potential Controller and accounting staff candidates