Issue
A manufacturer of vitamins and supplements struggled to meet its quarterly SEC reporting requirements over a two-year period. Operating with a small accounting department after an operational restructuring, the company dealt with inefficiencies in its financial reporting and several other processes. In addition to its late filing issues, the company experienced deficiencies in its control environment and previously had to restate one of their quarterly filings.
Solution
Our financial accounting & advisory services team helped the company completely revamp its SEC financial reporting process to bring disparate supporting documents into one centralized place. This financial reporting workbook provided crosschecks and highlighted any potential issues with updates to information.
We also used our SEC expertise to redraft and update the company’s 10-Q filing to clean up disclosures, unnecessary legal language and duplication within the filing, and make the MD&A easier to digest by investors and management teams.
Outcome
The client solicited services late in the third quarter, but the processes we implemented helped the company file its 10-Q and subsequent 10-K timely and accurately. In addition, new internal controls and processes implemented helped the company address historical deficiencies identified by the company’s auditor. Our processes helped the company file all of their tax returns without an extension, which they had not been able to do in over a year.
| Company Information | |
|---|---|
| Industry | Manufacturing & Distribution |
| Entity Type | C Corporation |
| Ownership Structure | Public |
| Geographic Footprint | Florida & New York |
| Annual Revenue | $70 Million |
| Number of Employees | 51 |
Creating Efficiencies in Public Company Financial Reporting
SEC financial reporting obligations can highlight inefficiencies in a public company’s reporting processes and lead to untimely filings and audit exposures. Our team’s SEC and financial reporting expertise helps companies streamline their reporting procedures, which can alleviate demands on internal departments and also facilitate timely and accurate SEC filings. The support we provide may help companies save on the expense of hiring full-time staff and free up existing resources to focus on other business items.
© Copyright CBIZ, Inc. All rights reserved. Use of the material contained herein without the express written consent of the firms is prohibited by law. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. Material contained in this publication is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their organization.
“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.
