Technical Accounting Resources: What Do They Do & How Do They Help?

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In today’s environment, companies require accountants with technical skills to help them navigate through the labyrinth of complicated accounting and financial reporting requirements. 

It’s important for companies to have appropriate technical accounting resources to ensure that they’re in compliance with current guidelines and regulations.

What is Technical Accounting?

Technical Accounting leverages specialized skills to support the following categories: 

  • Accounting Standard Implementation 
  • Technical Accounting Memos
  • Interpretation and Application of Accounting Guidance
  • Design Process to Address Potential Technical Accounting Issues

Here are some examples of technical activities that Bridgepoint’s Technical Resources have supported:

  • Revenue Recognition (i.e., ASC 606)
  • Lease Accounting (i.e., ASC 842)
  • SEC Reporting
  • Business Combination and Asset Purchase Support
  • Purchase Price Accounting
  • Debt Modifications and Restructuring
  • Equity Accounting
  • Stock Based Compensation 

Technical Accounting vs. Operational Accounting

Technical accounting is focused on staying up to date on any changes to accounting or financial reporting guidelines and implementing those changes, while operational accounting is concentrated on analyzing the impact of daily activities and reviewing current operational processes to identify gaps.   

For example, implementing ASC 606 revenue recognition is considered a technical accounting activity, while reconciling cash as part of month end falls under the category of operational accounting.

How can a Technical Resource help your business?

Technical resources have a wide range of specialized skills which allows them to execute on activities. Here are some specific examples of what a technical resource would work on:

  • Support and refresh previously implemented accounting standards, (i.e., ASC 606) to ensure compliance is being met and in line with current company policies and procedures.
  • Assist in preparing annual financial reports
  • Collaborate cross functionally within an organization to ensure any changes to accounting or financial reporting standards allow all departments to operate efficiently
  • Prepare technical accounting memos for auditor review
  • Offer support and training to the accounting and finance team after the implementation of new accounting guidelines, regulations or policies
  • Serve as the main contact for external auditors on technical accounting matters

How do I know if I need to hire a Technical Resource?

If you are a growing business, it’s recommended that you have a technical resource evaluate your accounting and financial reporting processes in order to identify any gaps and develop a plan of action to resolve these disparities.

On the surface, these disparities may seem inconsequential — however, they may have longer-term negative effects during an audit or potentially cause a misstatement in your financial reporting.

Looking for Technical Resources?

Bridgepoint Consulting possesses the advanced technical know-how and knowledge to supply on-demand accounting expertise for implementing financial rules and aiding with critical reporting issues and compliance for accounting standards.

Contact us today or learn more about our Technical Resource support services at the link below.