Consultancy
Beneby & Company role when performing management or business consulting services varies widely depending on the nature and scope of the work involved, which is determined solely by agreement between Beneby & Company and the client. For this reason it is impossible to define the roles of Beneby & Company and management for all types of consulting engagements. However, a general understanding of the types of consulting services Beneby & Company provides and the analytical approach involved in providing such services may be helpful when considering what consulting services may serve to benefit your company’s needs.
Consulting services differ fundamentally from Beneby & Company’s function in an attest engagement, such as an audit or review. In an attest engagement Beneby & Company expresses conclusions (in the form of reasonable or limited assurance) about written assertions that are the responsibility of another party, the asserter. In a consulting engagement, Beneby & Company develops the findings, conclusions, and recommendations presented by utilizing our technical skills, education, observations, experience and knowledge of the “consulting process.”
The consulting process involves some combination of activities relating to determining the company’s objectives, independent fact-finding, defining problems and/or opportunities, evaluating alternatives, forming a proposed action plan, communicating results, and implementing a plan and/or following-up on an implemented course of action. These activities are generally performed only for the use and benefit of the company.
Consulting services can come in many different forms, including consultations, advisory services, implementation services, or transaction services, among others. In a consultation engagement, Beneby & Company’s role is typically to provide, in a short time frame and based primarily on our personal knowledge about the client, information and analysis concerning technical matters, the intent of the parties, and/or client representations. Examples of consultations include Beneby & Company review and comment on a client-prepared business plan, private placement financing, public company market capitalization, mergers and acquisition, assist with establishing sensable and realistic budgets, forecasts and projections, business valuations, personal injury, lost of profit or economic loss assessments, insurance disputed claims, negligence claim evaluation, expert witness testimony.
When providing advisory services Beneby & Company develops findings, conclusions and recommendations for management’s consideration and decision making. An analysis about a company’s accounting system or a review of a company’s operations are two examples of advisory services that Beneby & Company might provide.
When Beneby & Company provides implementation services, Beneby & Company function is to put an action plan into effect. Beneby & Company may utilize both our own resources, as well as those of the client to achieve the client’s objectives. Examples of implementation services include assisting with the implementation of steps to improve a company’s productivity or assisting with the merger of organizations.
Finally, in a transaction consulting service Beneby & Company provides services related to a specific transaction. For example, Beneby & Company may provide an analysis of a potential merger, or may provide litigation services, including the rendering of an opinion based on conduct of another party or business.
Because there is such a wide variation in the types of available consulting services, hiring Beneby & Company to provide business and management consulting services is unlike hiring Beneby & Company to perform an audit, review, or compilation. The roles and responsibilities of both the Beneby & Company and client are less defined at first, but they are also more flexible. It is up to the Beneby & Company and management to develop a mutual understanding of the responsibilities of the parties, as well as the nature, scope, and limitations of services to be performed.
Our fees are usually based on time spent depending upon the hourly rate of the employees assigned to your engagement, plus out-of pocket costs. However, we do quote fixed fees if we are realistically able to estimate the time to complete the assignment.
