### Early Intervention is Key to Business Recovery
In a recent report released by Mowery & Schoenfeld, a prominent firm specializing in accounting, advisory, tax, and IT services, the importance of early intervention for struggling businesses is underscored. The firm, headquartered in Lincolnshire, Illinois, advocates for companies to seek expert guidance at the first signs of financial distress rather than waiting until conditions worsen. The report aims to equip business leaders with the knowledge necessary to act decisively and effectively.
### Understanding the Need for Turnaround Accounting
The report, titled “Turnaround Accounting Services: Understanding the Timing, Value, and Language of Turnaround Services Before Your Business is in Distress,” highlights the critical role of turnaround accounting services in safeguarding a company’s value and restoring trust among lenders and stakeholders. Matt Schoenholtz, a partner at Mowery & Schoenfeld and leader of client advisory services, noted that when businesses are underperforming, it is often evident, but leaders may lack the essential data needed to make informed decisions. He emphasized the need for organizations to collaborate with partners who can assist them in addressing difficult questions, ultimately guiding them toward beneficial outcomes.
### Essential Components of Recovery
The report provides an array of valuable insights, including a straightforward glossary that clarifies the terminology used by bankers, accountants, and other stakeholders. It outlines key inquiries that an effective in-house accounting team should be prepared to address, assisting business leaders in determining necessary actions. Additionally, it presents a four-step turnaround process and offers guidance on constructing a financial reporting dashboard that incorporates vital financial ratios and metrics crucial for monitoring performance. To illustrate the effectiveness of turnaround accounting services, the report includes a case study detailing how such services enabled an industrial company to maintain equity and foster growth.
In conclusion, Schoenholtz remarked that seeking assistance early is indicative of foresight rather than failure. Engaging with a turnaround expert proactively can significantly influence a company’s trajectory.
### About Mowery & Schoenfeld
Founded in Lincolnshire, Illinois, Mowery & Schoenfeld, LLC is recognized among the top accounting firms in the state. The firm operates several satellite offices in locations including Lake Forest, Chicago, Miami, and the Philippines. With a team of over 200 employees and more than 20 partners, Mowery & Schoenfeld is noted for its comprehensive services, which encompass business and personal advisory services like tax, assurance, transaction support, and wealth management. The firm has consistently ranked high in national lists, including the Inc. 5000 list of the fastest-growing companies in the U.S. for two consecutive years. For more information, visit their website at msllc.com.
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