Navigating Revenue Recognition Trends in SaaS Companies

By Torrey and Gray | March 29, 2024

In the dynamic landscape of Software as a Service (SaaS) companies, revenue recognition practices have evolved significantly over the years. With the advent of new technologies, changing customer expectations, and evolving accounting standards, SaaS companies are continually adapting their revenue recognition strategies. This article delves into the current trends shaping revenue recognition in the SaaS industry. Subscription-Based Models – One prominent trend in revenue recognition for SaaS companies is the widespread adoption of subscription-based models. Traditional upfront payments have given way to recurring revenue streams, where customers pay a subscription fee at regular intervals. This shift has led to the…

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AI To Impact Most Jobs – Including Accounting

By Torrey and Gray | September 22, 2023

According to’s recent AI At Work report, Generative Artificial Intelligence AKA “GenAI” is expected to affect nearly all jobs in some way, with about 20% of them facing a high risk of exposure.  Labor related jobs, which are among the highest currently in demand from employers should be the least affected.  When ChatGPT was asked which skills it could perform best, Accounting, Finance, Legal and Educational skills were among the highest – meaning that GenAI thinks it can potentially impact these sectors the most through automation of tasks.  For the full Indeed report, CLICK HERE. Torrey & Gray specializes…

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Why Should I Hire an Interim Cost Controller?

By Torrey and Gray | September 13, 2023

Why Should I Hire an Interim Cost Controller? In the fast-paced world of business, managing costs efficiently is a crucial aspect of achieving sustainable growth and profitability. One way to ensure that your organization stays on top of its financial game is by hiring an interim cost controller. This article explores the benefits of bringing in an experienced cost accountant as an interim solution and how their expertise can help your business track and reduce labor and other costs effectively. 1. Unparalleled Cost Accounting Expertise: Interim cost controllers are professionals with a wealth of experience in cost accounting. They have…

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EY Halts Potential Split

By Torrey and Gray | April 13, 2023

Big 4 accounting firm EY announced it is cancelling its potential split to separate their auditing and consulting businesses. For the MSN article click here: For an explanation of potential conflicts read this article from UCLA

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CFO Optimism inching upward to a rating of 55 out of 100 per CFO Survey

By Torrey and Gray | March 29, 2023

In today’s newly released CFO Survey, optimism is inching up modestly to a rating of 55 out of 100.  Historical average is 60 out of 100.  This is despite increased feelings of unfavorable borrowing conditions for capital equipment financing and a rise in respondents who say they are delaying capital expense investment. Torrey & Gray specializes in placing accounting and finance professionals in industries including manufacturing and retail, financial services, nonprofit and professional services.  As one of the top Chicago area based recruiting firms for Chief Financial Officers, Controllers, Accounting and Finance Managers and other related positions, we serve clients…

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EY Builds Candidate Pipeline by Employing High School Students

By Torrey and Gray | March 9, 2023

In an effort to grow the potential pipeline of qualified – and interested candidates for future employment, Ernst & Young is participating in a work study program for high school students in Durham, North Carolina.  In exchange for tuition assistance, students are matched with participating employers according to their interests and work one day a week while in school.  This concept is not new in the college ranks, but as those in the accounting industry are coming to understand- it might be too late to get someone interested in the accounting field once they are already in college.  This could…

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Pharma Financial Statement Exclusions Raise Eyebrows

By Torrey and Gray | May 4, 2022

It was recently reported that BIOGEN, and potentially several other big Pharma companies have some explaining to do when it comes to accounting for (or apparently failing to account for) certain payments to the companies related to stock buyback schemes.  In a letter from the SEC to the CFO of BIOGEN from March 2021, they demand a full reconciliation of all non-GAAP related actions.  This surely created additional workload in a time where is has become increasingly difficult to find and retain top accounting talent. MSN reports that similar requirements for Eli Lilly impacted earnings per share by 15 cents…

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Proposed SEC Rule will Allow it to Delist Foreign Stocks

By Torrey and Gray | December 2, 2021

For years American based companies have complained about lower standards for audit transparency being applied to Chinese and other foreign based companies whose stocks are listed on U.S. exchanges. In 2020 Luckin Coffee, sort of a “Chinese Starbucks” was found to have committed fraud in reporting its financials and what was once a high flying stock was found to have overstated sales by more than $300 Million.  Their NASDAQ listed stock share price plummeted by more than 80% and trading has since been halted. This rule would allow for the SEC to delist a company for noncompliance after three years…

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Further Debasement of Coinage Likely – H.R. 7995

By Torrey and Gray | December 3, 2020

Yesterday the U.S. House of Representatives passed H.R. 7995, initiating a study to be done to determine possible changes to the metal mixture used to mint coins. Prescribed inflation targets such as the 2% target erodes the value of savings and inclines consumers to spend not versus saving and accumulating capital.  See Other news about a current coin shortage from American Banker  

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Harder to Audit Companies When Working Remote

By Torrey and Gray | September 2, 2020

Today’s Wall Street Journal highlights an issue for auditors – How to do a good job auditing when everyone is working remotely?  Normally the process includes meeting face to face with people across the organization, noticing relationships among employees, spot checking invoices, disbursements, etc.  How can you verify inventory when you are not able to be there looking at it? For the complete article to to Torrey and Gray is a Staffing and Recruiting firm that places auditors and other accounting professionals.  Located in the northwest suburbs of Chicago, we serve clients in the Chicago area and across the…

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