New York, NY (PRWEB) April 05, 2016
O’Connor Davies Administration, LLC, a subsidiary of PKF O’Connor Davies, LLP, one of the nation’s fastest growing accounting and advisory firms, announced today the launch of its Automated Financial Statement Assembly Platform (“FSA”), an automated reporting system that creates audit-ready financial statements with complete notes to the financial statements. The platform is the latest tool the Firm has developed to help clients ease the burden of changing SEC guidelines and focus on growing their businesses.
The FSA platform product launch comes on the heels of recent SEC regulation changes that tightened independence rules, now requiring businesses, including private funds, to provide complete and audit-ready financial statements. These modifications have added complexity to and increased the scope of preparing financial statements.
“Investment and wealth management firms are facing increasingly complex and expansive reporting requirements, which end up diverting resources from their critical advisory functions,” said Marc L. Rinaldi, CPA, CEO of O’Connor Davies Administration and Partner-in-Charge of PKF O’Connor Davies Financial Services. “Many firms manage multiple funds and some upwards of 100, which makes reporting requirements increasingly onerous. Our Financial Statement Assembly Platform not only directly responds to those new rules, but it gives back time to advisors and helps them operate their businesses more efficiently.”
“Our FSA Platform automates the entire process, including rolling forward prior years' financial statements and notes to the financial statements,” said Rinaldi. “We have created a unique solution that combines software that handles GAAP disclosure, investment and portfolio accounting and valuation, and workflow. The system significantly reduces the amount of time spent on manual reporting and accelerates audit approval.”
The FSA platform leverages the FundCount software PKF O’Connor Davies currently uses in the Firm’s fund and family office administration practice and addresses consistency from notes and schedules to the financial statements including the schedule of investments. In addition, rounding errors have been eliminated.
About PKF O’Connor Davies, LLP
PKF O’Connor Davies, LLP is a full service Certified Public Accounting and advisory firm with a long history of serving clients both domestically and internationally. With roots tracing to 1891, ten offices in New York, New Jersey, Connecticut and Maryland, and more than 600 professionals, led by over 100 partners, the Firm provides a complete range of accounting, auditing, tax and management advisory services.
PKF O’Connor Davies is ranked number 26 in Accounting Today’s 2016 “Top 100 Firms” list and the Firm is also recognized as a “Leader in Audit and Accounting,” a “Pacesetter in Growth” and one of the “Top Firms in the Mid-Atlantic.” PKF O’Connor Davies is ranked number 29 in INSIDE Public Accounting’s 2015 “Top 100 Firms” list and recognized as one of the “Top Ten Fastest-Growing Firms." In 2016, PKF O'Connor Davies was named one of Vault's Accounting 50, a ranking of the 50 best accounting employers to work for in North America, and ranked among the top 50 most prestigious accounting firms in America in a complementary Vault survey. The Firm is the 11th largest accounting firm in the New York Metropolitan area, according to Crain’s New York Business, and was named the 10th top accounting firm in New Jersey according to NJBiz’s 2016 rankings.
By consistently delivering proactive, thorough and efficient service, PKF O'Connor Davies has built long-lasting, valuable relationships with its clients. Partners are intimately involved in the day-to-day management of engagements, ensuring a high degree of client service and cost effectiveness. The Firm’s seasoned professional staff members employ a team approach to all engagements to provide clients with the utmost quality and timely services aimed at helping them succeed. Continuity of staffing and attention to detail in all client engagements make the Firm stand out among its competitors.
PKF O’Connor Davies is the lead North American representative of the international association of PKF member firms. PKF International is a network of legally independent member firms providing accounting and business advisory services in 440 locations in 150 countries around the world. With its tradition, experience and focus on the future, PKF O’Connor Davies is ready to help clients meet today’s ever-changing economic conditions and manage the growing complexities of the regulatory environment. For more information, visit http://www.PKFOD.com.