Our Service to You
At KLG Accounting and Advisors LLC, based in Chicago, IL, we leverage extensive experience in finance and accounting to provide expert professional solutions designed to deliver significant value, drive automation, and achieve superior results for your organization. Our comprehensive suite of services is designed to meet the diverse financial and accounting needs of businesses across various industries.
Accounting and Reporting
Our accounting and reporting services ensure accurate financial record-keeping and clear communication of your financial health. We handle the end-to-end management of business planning and books closure activities. This includes preparing interim and consolidated financial statements, ensuring adherence to GAAP principles for intricate accounting operations, and performing analytical reviews to identify unusual variances or activity. We also interpret and present accounting results, highlighting the impact of business events to help you understand your financial position thoroughly. Our team is adept at preparing complex journal entries and reconciling accounts for precision in your financial data. We also manage the annual mechanism of setting up normal costs for products and operations, as well as identifying and reporting abnormals throughout the year for effective resource management.
Audit Support
We offer robust audit support to ensure your financial statements are accurate and comply with regulatory requirements. Our services include leading statutory audits from start to finish, monthly closure of books of accounts, and preparation of expense schedules from an audit perspective. We also provide support for special assignments, including stock audits. With experience as audit executives in central statutory audits of large nationalized banks, we are well-equipped to guide you through any audit process.
Automation - Tedious Tasks
We are dedicated to enhancing efficiency through automation. Our firm specializes in leveraging artificial intelligence (AI) applications to streamline processes, increase accuracy, and optimize decision-making in finance and accounting. We aim to revolutionize traditional practices and alleviate mundane tasks by exploring cutting-edge technologies and algorithms. Our services include building complex macros for automation and bringing standardization in cost booking and cost analysis through automation, collaboration, and teamwork. We also assist in developing complex analysis templates to accommodate the analysis of costs accounted at various levels (Business Unit, Legal Entity, Project, etc.)
Cost Management and Analysis
Effective cost management is crucial for profitability. We help you identify cost efficiencies and reductions through detailed analysis and strategic initiatives. Our services include conducting RIW (Rapid Improvement Workshop) sessions for cost optimization (both period and variable costs). We lead Cost Council meetings to drive cost efficiencies and reductions. We also focus on prime product and components cost monitoring and analysis, and we head material cost reduction projects. Our expertise extends to managing the function of contracts execution with suppliers to ensure favorable terms for your facility, and ensuring contracts are entered and maintained for all key areas. We provide insights on core areas for profitable growth and meeting business plan targets.
Internal Controls and Compliance
Strong internal controls are the backbone of financial integrity. We help you develop, implement, maintain, and test required internal controls over financial reporting. We also participate in Risk Control Assessments for complex processes to identify and mitigate potential risks. Our team can evaluate internal procedures and analytical statements to suggest enhancements in information processes and resource flow. We ensure regular application and adherence to GAAP principles in intricate accounting operations.
Tax Services
Navigating the complexities of tax regulations can be challenging. Our tax services provide comprehensive support to ensure compliance and optimize your tax position. We assist with filing IT Returns for various corporate, partnership firms to personal returns verify compliance related to Tax and representations. We also ensure all statutory compliances as required by the Federal, various States.
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