You may be wondering what a financial consultant is and what a financial consultant can offer your business. We take a look at this service in more detail in this article.

Your finance team is missing out on a critical skill to get a project done. You’ve got a head-scratcher of a technical accounting issue. Or you could use some advice and foresight about a strategic change the business is contemplating. This article explains the role of financial consultants and how they can help your company.

What Is a Financial Consultant?

Because of the diverse nature of what financial consulting pros are capable of—and the many finance and accounting issues they can address—defining a financial consultant isn’t a clear-cut endeavor. Financial consultants work closely with companies to advise them on a problem or growth plan; provide critical, sometimes temporary, support when the finance team is missing a particular skill or role; and lead finance-related strategic projects, such as implementing a new accounting system, streamlining the SOX program, or helping the company become more attractive to potential buyers or investors.

Their backgrounds can be quite diverse, as well. At RoseRyan, many of our consultants love the independence and variety that the consulting life affords them, combined with a predictable paycheck and professional support that working with an established firm provides. Many have had careers in both corporate finance and public accounting firms.

What Does a Financial Consultant Do?

 Financial consultants are problem-solvers, advice givers, and doers. Working alongside the CFO, or the controller, or the accounting team—or being the CFO or controller, on an interim basis—they hit the ground running and become a part of the organization, for however long their finance and accounting expertise is needed. They could help a company implement a new accounting standard, for example; liaise with the external auditor before the company’s first-ever audit; provide financial and planning analysis to guide decision making; and support a company as it’s about to become public (and then deal with all the transitional adjustments that follow).

Moreover, a corporate finance consulting firm can offer optimal solutions for a company facing a crisis, such as the need to address a material misstatement in the financial statements or the need to suddenly revisit its internal controls over financial reporting now that it’s subject to Section 404(b) of the Sarbanes-Oxley Act. When you seek out a consulting firm that employs financial consultants who have steep experience in their fields of expertise, at companies similar to yours, there’s miniscule, if any, ramp-up time. The financial consultants know the right questions to ask to get up to speed on your business—and get the job done.

The Main Mission of Financial Consulting Firms

Top financial consulting firms vary in their size, business model, expertise, corporate culture, and areas of focus. As a financial consulting company based in the San Francisco Bay Area, RoseRyan serves companies of all types, from emerging growth and fast-moving pre-IPO companies to Fortune 100 enterprises. Our corporate finance consulting solutions—made possible by a diverse team of corporate finance veterans, accounting firm alums, and finance whizzes—include helping clients solve problems, providing financial advisory expertise, strengthening the finance function of the company, and preparing the organization for a major transaction.

Consulting: Finance Teams Benefit from Experience

Consulting on finance matters requires financial consultants to wear many hats—a different one for each client. They’re fully adaptable to each and every client. In fact, that’s what’s why we love what we do. As financial consultants, we find career fulfillment in being able to take on different types of projects at different companies. It’s rewarding.

For that very reason, companies greatly benefit when they seek out financial consulting firms with a longtime foothold and consultants who have seen and done pretty much everything. Companies gain best practices and powerful insights from the consultants and learn what comparable businesses are doing or have done to successfully get through a tricky spot, overcome a challenge, or achieve a growth milestone. When working with experts who have varied experience, the transition of bringing in a new consultant or a team of consultants is seamless. And incredibly helpful.

Finding the Right Financial Consultant Firm

As your company considers the options for support, advice, or practical solutions from financial consulting firms, you could narrow down your choices by asking thoughtful questions such as:

  • How long has the corporate finance consulting firm been in business? Longevity indicates a deep level of experience and stability.
  • How will the firm adapt to your company? In other words, will it customize its solutions, or expect you to adapt to the consulting firm?
  • Do the consultants of the firm have the experience and skills to meet your company’s needs, and how will they get up to speed on your business?

Founded in 1993, RoseRyan’s finance and accounting consulting solutions cover the wide range of issues facing companies as they grow, expand, explore exit strategies, and take on new accounting projects, processes, and systems. Find out how our tailored solutions can address finance and accounting management challenges and accelerate your company’s success.