When businesses start seeing red, the instinct is often to focus on survival. But strong leaders know the best time to act is before the situation becomes critical. Turnaround accounting services can help companies regain stability, rebuild trust in their numbers, and get back on the path to sustainable growth by not only fixing what’s broken, but also by putting better systems in place for the future.
A proactive approach to financial health
Every business goes through periods of financial stress, but how do you know when it’s something more? When financial reporting is incomplete, controls are weak, or operational inefficiencies are eroding margins, those early warning signs can add up to something that can feel insurmountable.
But a turnaround doesn’t have to mean a crisis. In fact, early intervention is one of the most powerful tools a business has. By leveraging accounting expertise, organizations can diagnose inefficiencies, tighten financial controls, and build processes that provide clarity and confidence.
Why accountants make strong strategic partners
CPAs bring an objective, credible lens to turnaround situations. They know how to translate complex financial data into strategic insights that drive better decisions. Their role is not just to fix the numbers, but to bridge internal leadership and external stakeholders — aligning everyone around clear, transparent financial goals.
That’s why a structured process is essential. With a turnaround accounting partner, you’ll:
- Assess. Get a clear picture of current financial health by reviewing reporting, processes, technology, and decision-making structures.
- Plan. Develop a tailored strategy to address gaps and set measurable, realistic goals.
- Implement. Put the plan into action with new workflows, better reporting, operational adjustments, and team training.
- Maintain. Build dashboards and metrics that make progress visible, helping leaders pivot when needed and celebrate wins when goals are met.
Taking the next step
Financial uncertainty doesn’t have to be a crisis. Instead, you can use it as an opportunity to figure out what your business actually needs to not only survive but thrive.
In Mowery & Schoenfeld’s full Turnaround Accounting Services report, we’ve compiled important language and a how-to for building a successful dashboard, as well as a short case study and examination of how to work with stakeholders during a turnaround.