Business Consulting With Campbell Taylor Washburn
We offer an extensive list of business consulting services to help provide you with the information you need to put your business on the path forward. These services can help you take a savvy approach to issues like your relationship with your bank, litigation, and even how you structure your business and the processes you use.
Federal Acquisition Regulation (FAR) Consulting
The Federal Acquisition Regulation (FAR) is the set of rules and procedures with which all firms doing business with the U.S. government must comply. If you're a U.S. government contractor dealing with these regulations, CTW can help in a few ways:
- Performing audits on the contractors' overhead rate in accordance with the AASHTO audit guide
- Performing assessments of the contractors' compliance with FAR
- Testing for cost recovery completeness
- Training contractor personnel in FAR principles and requirements
- Preparing various FAR proposals and closeout requests
- Developing controls and procedures to ensure compliance
Banking Relationship Management
Whether you are requesting your first business loan, soliciting bids from multiple lenders, or having difficulty meeting loan covenants, the CTW team can help you prepare for your communications with your lenders.
We can assist you in the following ways:
- With the preparation of Pro-forma cash budgets and financial statements
- Owner personal financial statements
- The preparation of clear executive summaries describing the need for the loan proceeds
- A plan to repay the amounts due
Revenue Recognition (ASC 606) Accounting Services
The new revenue recognition standard (“ASC 606”) is a model that increases financial statement comparability across companies and industries. CTW assists businesses with the implementation of the new standard by helping to determine the scope of the implementation, reviewing contracts, drafting impact assessment memoranda, training company personnel, drafting accounting policies and disclosures, and evaluating systems and controls implications.
Review these new standards carefully to determine if they apply to you. This will particularly affect businesses that:
- Have contracts with multiple elements of goods and services
- Earn variable consideration
- Offer extended payment terms
- Earn revenue through collaborative arrangements
- Use the percentage of completion method
- Sell through distributors
- License intellectual property
- Offer software as a service (“SaaS”)
- Receive non-cash consideration
- Have contracts with minimum purchase commitments
- Have contracts that offer free or discounted goods or services in the future
International Financial Reporting and Multinational Organizations Accounting Support
CTW professionals help businesses with the nuances of international accounting standards, including IFRS (International Financial Reporting Standards), and specific local or statutory accounting guidelines. We are also well-versed in International Standards on Auditing and can convert international accounting standards to accounting standards generally accepted in the United States when consolidation of foreign subsidiaries is required.
Internal Processes and Procedures
We can help your business develop stronger internal processes and procedures, including:
- Financial close process and related guidance
- Design, elevate, and monitor internal controls over financial reporting
- Draft and review of technical papers for your auditor
- Audit work paper preparation, assistance, and support
- Consolidation of domestic and international subsidiaries
- Dashboard reporting and development
- Internal budgeting processes
Internal Audit Services
Large and mid-sized businesses utilize effective internal audit functions to manage risk, monitor controls, enhance security and improve corporate governance. CTW professionals support your internal audit functions, whether such assistance comes in the form of a fully outsourced internal audit function or as a supplement to the existing internal audit team.
In addition to full outsourcing and co-sourcing of the internal audit function, we also perform reviews of internal audit functions for effectiveness and compliance with applicable standards, advise on the initial establishment or subsequent transformation of internal audit functions, and perform information technology audits directed at improving internal controls and security.
Bookkeeping Services
Our bookkeeping consulting services include:
- Inputting daily transactions
- Month-end account reconciliations
- Preparation of monthly financial statements
- Updating year-end inventory and capital assets
- Updating employee information
- Cash flow management
- Following up on past-due accounts
- Management of accounts receivable and accounts payable
- Chart of accounts verification
- Year-end financial reports
- Create/review monthly inventory, sales, and other reports
Financial Benchmarking
If you want to understand your own performance, it’s critical that you understand how your industry peers compare operationally and financially. We can provide you with the foundation for understanding where your gaps in current performance are and how you can improve your company's performance.
We discover these gaps by:
- Comparing internal performance data (e.g., one location or operation against another location or operation)
- Comparing your company performance data to available industry data.
After identifying the performance gaps, we make specific recommendations designed to improve operational and financial performance.
Litigation Support
Calculating economic damages and lost profits are a key part of litigation support. CTW will work in tandem with your attorneys, lending our expertise in business, accounting, tax, forensics, valuation, and finance to the process. Our team is comprised of CPAs, valuation analysts, and forensic accountants who will provide you with damages and lost profits studies and substantiate findings with clear and accurate support.
Cash and Working Capital Management
With limited capital available to businesses, it is imperative that businesses take steps to improve working capital and increase free cash flow. CTW professionals help businesses build a plan which shortens the cash conversion cycle.
Our process starts with ratio analysis to compute key metrics such as:
- Days sales outstanding
- Best possible days sales outstanding
- Average days deficient
- Days beyond terms
- Percent past due
- Invoice error rate
- Days inventory outstanding
- Days payable outstanding
After obtaining an understanding of the cycle, we develop strategies for improving each such metric.
Business Succession Planning
CTW professionals can provide you with a business succession assessment. We can also design and implement a business succession plan for your mid-market company, and have expertise with family businesses. We help our clients design and implement a business succession plan that aligns ownership, management, and governance objectives.
Strategic Planning and Implementation
CTW will work with you to assess the current state of your organization and create a vision of where you want your company to go. This will include identifying stakeholders’ values and goals.
You’ll walk away with an implementation plan establishing goals for each functional area of your business assigned to individuals responsible for carrying out the action steps. Periodic progress reviews are planned during the implementation phase to ensure that your team continues tracking towards the accomplishment of your implementation goals.
Family Business Governance
We can help you improve communications within your family business with our family business governance consulting services.
This includes:
- Developing a family vision document
- Defining how the business is governed
- Preparing the next generation for their roles in the business
- Creating a family council
- Providing one-on-one coaching.
SOC Audit Services
The CTW team can work with you to audit services covering your internal controls over financial reporting (known as the SOC 1SM Audit Report). They can also work with you to audit services covering controls at a service organization relevant to security, availability, processing, integrity, confidentiality or privacy (known as the SOC 2SM Audit Report, if for restricted use, or the SOC 3SM Audit Report, if for general use.)
Technical Accounting Assistance Services
CTW offers other technical accounting assistance consulting services.
This includes:
- Lease accounting services
- Business combination accounting
- Stock-based compensation calculations
- Derivatives assessments, accounting, and disclosures
- Drafting financial statements and footnotes
- Assistance with 10K or 10Q preparation
- Goodwill and intangible assets valuations
- Evaluating potential agreement for accounting treatment and impact on financial statements
Outsourced Accounting and Finance
By outsourcing your accounting and finance to Campbell Taylor Washburn, you benefit from a range of skills and decades of collective experience to supplement the work your current accounting and finance team does.