At Finsmart Accounting, we hold accuracy, timeliness, competency, and compliance in the highest regard. From small accounting firms to large corporations – we cater to the needs of one and all. We understand that every business is unique and so are their needs. But one thing remains constant – making clients happy. We understand that when the accounting firms are satisfied with our services, they make their clients happy.
We have helped 70+ firm owners to outsource their accounting practice for the first time and they have continued to partner with us. But our 17 years of experience have helped us understand what our clients need, better. And that is why, we have been innovating and curating service models for unique needs.
What is the newly introduced Reviewer Seat?
The Reviewer Seat at Finsmart Accounting is a specialized service tailored to improve the accuracy and reliability of financial records. This new service offering will add a layer of scrutiny, providing a thorough review of critical financial elements to ensure everything is in order before the tax or audit season. We understand that crunching numbers can be difficult and it is only human to make an error. But this error can be expensive for businesses.
Our team of experts in Reviewer Seat comes with at least 5 years of experience working in the industry. They have an in-depth knowledge of accounting. Their attention to detail and special focus on numbers make your books ready for the tax season.
What is the scope of the Reviewer Seat services?
- Review of Chart of Accounts: A well-structured chart of accounts is the backbone of accurate financial reporting. The Reviewer Seat ensures that this is set up correctly, making sure that all accounts are categorized properly and reflect the business’s financial structure.
- Monthly Transaction and Journal Entry Review: Regular review of transactions and journal entries helps spot errors early. This seat is meticulously designed to check inconsistencies or inaccuracies, ensuring all entries are correct.
- Monthly Balance Sheet, AR, AP, and Payroll Reconciliation: Reconciling the financial components monthly ensures that any discrepancies are identified and resolved promptly, maintaining the integrity of the financial statements.
- Sales Tax Reconciliation: With ever-changing tax laws, ensuring sales tax is calculated and recorded correctly is crucial. This service ensures compliance and accuracy, preventing potential issues with tax authorities.
- Financial Statement Review (Monthly/Quarterly/Yearly): Financial statements are critical for understanding a business’s financial health. The Reviewer Seat provides a thorough review to ensure they accurately reflect the business’s financial position.
- Budget vs. Actuals Analysis: This service compares the business’s budgeted figures with actual performance, providing insights and helping firms make informed financial decisions.
- Management Reporting: The Reviewer Seat prepares management reports that offer valuable insights into financial performance, helping organizational leaders make data-driven decisions.
- Prepare CPA Workpapers for Year-End Review/Audit: As the year-end approaches, the Reviewer Seat organizes and prepares all necessary documents for a smooth handover to CPAs, ensuring the audit or review process is seamless.
- Year-End Tax Readiness: This Reviewer Seat ensures that all financial records are in order and tax-ready, minimizing the stress and workload during tax season.
How will the Finsmart Reviewer Seat help different firms?
- Small to Mid-Sized Accounting Firms: These firms mostly lack the resources or expertise needed to conduct a detailed in-house financial review. Our Reviewer Seat offers a cost-effective solution. It allows the firms to provide high-quality, accurate financial records without hiring additional resources.
- CPA Firms: Tax and audit seasons are especially long and tiring for CPA firms. They need to handle multiple clients and ensure accuracy and compliance across the board. Reviewer Seat adds a layer of safety towards compliance, reduce workload, and allows the staff to focus on other critical jobs.
- Growing MNCs: As businesses scale, their financial complexity increases. The Reviewer Seat ensures that these growing businesses maintain accurate and tax-ready financials, supporting their expansion with solid financial foundations.
Why is the Reviewer Seat a game changer?
- Helps reduce errors and improve accuracy:
It can often get difficult for your teams to look at the numbers and ensure 100% accuracy. The Reviewer Seat is responsible for ensuring that the mistakes are identified and corrected early, which reduces the risks of costly errors during audits and taxes. This offering also adds a layer of protection to your financial records. Systematically reviewing the Chart of Accounts, transactions, reconciliations, and financial statements, helps catch errors and inconsistencies.
- Streamlines tax preparation process:
Preparation for the tax season is as stressful as meeting the deadlines. But things do not have to be this way. The Reviewer Seat helps ensure that all financial records are accurate and compliant well before the tax deadlines. This makes the process of filing taxes smooth and less time-consuming. By preparing detailed work papers for CPAs, the reviewer seat helps streamline the year-end review or audit process, saving time and workload of internal teams.
- Cost-effective Solution:
Instead of hiring additional in-house staff to handle the detailed reviews, firms can use our Reviewer Seat at a lower cost. Especially when you combine them with the Senior Accounting seat, you get everything under one roof. This makes it a cost-effective solution to ensure high-quality financial records without the overheads. As firms grow, the Reviewer Seat can easily scale with them providing consistent support without the need for significant investment.
- Improves decision-making with financial insight:
The Reviewer Seat goes beyond the simple error correction. We provide insightful management reports that help firms and their clients make informed decisions based on accurate financial data. This accurate, up-to-date insightful reporting helps firms plan strategically and use the data to guide toward growth.
- Reduces risks and increases compliance:
By ensuring that all accounts are reconciled, transactions are accurate, and financial statements are thoroughly reviewed, the Reviewer Seat helps reduce the chances of risk with discrepancies during audits. It also helps ensure that all records are compliant with current regulations, reducing the risk of penalties and legal issues.
- Supports long-term growth:
As firms grow, it becomes important as well as challenging to maintain the accuracy and reliability of financial records. The Reviewer Seat provides a scalable solution that grows with the firm and ensures consistent quality irrespective of size. Accurate and well-managed financials are key to the growth of any business. The Reviewer Seat ensures that the firms have a solid foundation while supporting long-term expansion.
Want to sign up for the Reviewer Seat or know more? Write to us at connect@finsmartaccounting.com.
Maanoj is Co-founder & Director of Growth Strategy & Alliance at Finsmart Accounting. He is an Outsourcing Expert, a People Champion, and a Dynamic Leader with strong Business Strategy and Scaling-up experience. He has incubated businesses, sold & exited ventures; helped build strong enterprises in very diversified verticals like Fintech, HR & Consulting spaces in various CXO capacities over the last 20 years.
