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We had previously assisted the client with adopting the new lease standard (ASC 842), the CECL guidance and in revising their model for calculating contingent consideration and goodwill for their acquisitions. The central accounting team is not large, and they realized they had a need for additional expertise available to them on a regular and flexible basis.
We entered into a master services agreement with the client that provided them with quick access to our resources, promising a response within 24 hours. At the client’s suggestion, we established a threshold dollar amount under which a formal Statement of Work is not required, which saves time. This mechanism allows the client to approve work via an email rather than signing additional documents. We’ve addressed items such as simple queries that require only an email response to analysis that requires supporting documentation in a seamless process.
The client has benefited from having a resource available to them on a regular basis for inquiries and transactions of all sizes and levels of complexity. Approval of work via email has improved our response time, allowing us to address many items within hours of a query. The client treats us as if we’re the technical accounting member of their team, which allows us to stay abreast of activities within their organization and providing additional opportunities to assist.