Critical Accounting



		What Does "Critical Accounting" Mean? The term critical is used to characterize this extraordinary accounting practice in three ways. First, it refers to essential business matters. Critical accounting extends beyond merely submitting timely and accurate tax returns. Critical accountants analyze methods, procedures, and practices to formulate ways for a company to optimize the way it does business. Second, critical often refers to a time of crisis. Critical accountants are often used to rescue an organization that is undergoing or anticipating a business crisis. By definition, compliance accounting is inadequate to dramatically change the fortunes of a struggling enterprise. On the other hand, critical accountants also aid healthy organizations. The third usage of the term involves a critique. Increasingly, successful companies are employing critical accounting to examine and analyze their businesses. Then they take advantage of highly evolved and effective techniques to attain significant improvement in procedures, finances, and practices leading to accelerated growth and improvement. How Is Critical Accounting Different? How does critical accounting differ from other more typical accounting practices? Critical accounting extends well beyond number crunching. First they gain an understanding of the client's business, priorities, and goals. Second they analyze the numbers and recommend actions and strategies. Third, critical accounting is proactive and participatory. To implement strategies for improving business, we have called upon our own resources, internal or external, or worked with or negotiated with a variety of interested parties, including: lawyers, bankers, factors, government agencies, creditors, employees, Boards of Directors and arbitrators. Finally, critical accounting demands more sophisticated capabilities than most other accounting disciplines. Aside from business experience and accounting expertise, a genuine critical accounting firm should adhere to the highest standard. Moreover, we at Trachtenberg & Pauker constantly research, maintain, and utilize state-of-the-art computer and communications hardware and software, sharing with our clients those programs and innovations most likely to improve their productivity.

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