Financial Accounting

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DEFINITION OF 'FINANCIAL ACCOUNTING'

Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining ...

Flexton Business Solutions provide accounting services to individuals or business firms for a fee. Management Accountants Provide timely, relevant, accurate, and concise information that executives can use to operate their firms. Government and Not-for-Profit Accountants Generally accepted accounting principles (GAAP) encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time.


Accelerating costs, compliance with changing regulations, and competitive pressures are transforming the your office from a traditional cost-center to a value-driven model. To ensure continued investments and focus on critical initiatives, one need to drive greater efficiencies and cost savings within their back-office operations. Flexton Services offers a comprehensive suite of Finance and Accounting services that leverage proven technology platforms and standardized business process frameworks. Flexton services are based on industry best-practices, proven workflows and in-house proprietary tools that address both functional and technology challenges, ensuring long-term value to the back office. The aim is to help office in defining and then stabilizing the new value-driven model and allowing them to focus on the core activities.


Accounting and Reporting for Transactions
Acquisitions and divestitures put pressure on an organization when either two companies combine or consolidated entities are separated. These transactions can bring about a number of accounting and reporting challenges to organizations, including applying purchase accounting to the acquisition, ensuring consistency in accounting and financial reporting processes (particularly in the case of differing bases of accounting) and preparing carve-out financial statements, pro forma financial information and other required Securities and Exchange Commission (SEC) filings.


Implementing the Latest Accounting Changes
Our Financial Accounting & Reporting (FA&R) group advises clients on the financial and accounting impacts of shifting regulations and changing accounting requirements, including the preparation of financial statements and regulatory filings. FA&R can specifically help clients adopt the latest accounting guidance by:

  • Evaluating many aspects of the adoption of new guidance, including accounting, tax, systems, processes, controls and organization change management
  • Designing and implementing an effective convergence transition solution, tailored to the specific circumstances of each organization by taking into account the diverse reporting requirements


Meeting Regulatory and Stakeholder Expectations
In addition to advising organizations on the application and implementation of complex accounting standards, our professionals leverage their deep understanding of financial and regulatory reporting requirements and extensive industry knowledge to help our clients address existing capability gaps; identify opportunities to enhance and better leverage process and technology to drive operational efficiency and effectiveness; and support transaction and event-driven events. Specifically, our Financial Accounting & Reporting practice can help companies with pain points in the operationalization of technical accounting requirements, as follows:

  • Financial operations and close challenges, such as delays and inefficiencies in financial close processes, control deficiencies and material weaknesses and human capital demands
  • Regulatory and external reporting challenges, including delayed filings and significant adjustments to financial statements
  • Reduce overall time and effort for settlement, clearance, and reconciliation of intercompany accounts
  • Requirements to improve overall financial close time and effort, while adding consistency to the process


By partnering with Flexton for Finance and Accounting services, your office have the opportunity to streamline accounting processes and improve the accuracy, reach and availability of financial information. Customers across industries and geographies have leveraged Flexton’ services for long-term benefits that include:

  • Reduced administrative costs
  • Improved operational efficiencies, leading to faster process turnaround
  • End-to-end visibility of finance operations
  • Greater focus on compliance through standardized processes and methodologies
  • Adaptation to local business needs for Order-to-Cash and Record-to-Report processes

Technologies
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