In a recent CFO magazine article, the ingenuity of accounting firms to handle the economic downturn proves that the industry is not only prepared to handle financial crisis but certainly the most appropriate group to do so. Accountants make sense of the mess, and besides balancing the numbers and offering advisory services to clients seeking to recession-proof their business plans, firms are now meeting crisis head on via crisis management. This may just be the next big thing for accounting firms across the country, and a smart way to ensure there is plenty of work to go around in the months and years ahead.
Since October, firms such as WithumSmith & Brown, J.H. Cohn, and Wipfli have launched crisis-management or economic-recovery practices, offering to help struggling companies in areas from cash management and working capital to financing and risk management.