Looniewell Inc.
Looniewell Inc. is a prominent compensation, benefits, and retirement professional services and advisory firm. The team designs tailored compensation packages, employee benefits, and retirement and investment programs to meet the organizational needs of its clientele. Looniewell’s expert advisors help organizations enhance business results and save money, ensure compliance with regulations and industry best practices, and optimize employee satisfaction and retention through customized solutions.
Unique Challenges
Multi-corporate arrangements often introduce contingent payments, which pose significant accounting challenges. These include the need for accurate estimation and ongoing revaluation of contingencies based on future performance. The process of estimating performance metrics involves complex financial models and requires substantial judgment, potentially leading to volatility in financial statements. Furthermore, all deferrals must be appropriately classified as equity or liabilities, with changes in fair value directly impacting the income statement. These challenges are further complicated when another corporate entity is added to the transaction flow.
AZ Accounting Solution
Ensuring compliance with accounting standards and maintaining transparent financial reporting are essential to manage these challenges effectively. The accounting team established the necessary processes from the inception of the contingent payment arrangement. The updated schedules were recorded in a timely manner to avoid future discrepancies. Furthermore, the team synchronized record-keeping between corporate entities, resulting in accurate financial reporting and appropriate equity distribution.
Success Factors
- Customized accounting procedures to efficiently manage financial data
- Close working relationship with the Management
- Regulatory compliance and thorough sector research
- Technology and innovation implementation
- Management’s receptiveness to our recommendations.
- Effective collaboration and document management solutions.
What the Client Says
"Amazing partner for our organization, we work with AZ / ASF for our accounting, tax and payroll – their entire team is very professional, knowledgeable, organized and responsive. I would strongly recommend!"