Finance & Reporting. Keeping everything under control.
Finance & Reporting are an indispensible part of your administration. Balance sheet and profit & loss statement need to adhere to legal reqirements, bookings need to be made timely, correctly and accurately. With appropriate reporting you may control your businesses and products profitablity and take strategic decisions.
Nevertheless, after a while finance processes may be no more up to date, particularly when your business grows. Things that could be done based on automated processes are done manually. Reporting requirements may not be implemented in a flexible manner. Data reliablity is declining, the failure ratio increases. Now the moment has come to get an insight into the capabilities of your finance system, to ensure that you will not loose control in the near future.
WHAT ARE THE ISSUES?
Organisational setup of the finance department, General Ledger, Chart of Accounts, accounts receivable, accounts payable, cost categories, cost centers, cost objects, cash management, bank accounts, reporting and controlling
The following issues may arise in this context:
- Is the organisational setup of the finance department appropriate to its needs?
- Are IT Systems of the finance department and their interfaces able to support the process execution accordingly?
- Do the chart of account, the cost categories, cost centers and cost objects fulfill legal and internal reporting requirements?
- Is billing organised timely and in a reliable manner, with a low failure ratio?
- Are customer-related costs allocated timely and accurately to the existing customer contracts?
- Are cash entries controlled accordingly?
- Does an appropriate Internal Control System for finance processes implemented and is it being adhered to?
- Are authorisations for bank accounts and payments clearly defined and are these rules being adhered to?
- Are data which are the basis for the financial reporting statements reliable and is their consolidation process traceable?
- Is the finance and reporting process effective, efficient and simple?
- Are legal rules ( e.g. Anti-Money-Laundering) known by finance personnel and adhered to?
- Are cooperation processes between the finance department and the Business units frictionless and efficient?
HOW CAN YOU HELP US?
We analyse your Finance & Reporting processes with regard to optimisation potential and provide adequate recommendations to every issue.
We advise you in context of all relevant topics. If necessary, we support you in creating a solution design and we help you developing a roadmap for its implementation.p>
We may invite you to our seminar 'Controlling' or we may perform a workshop to your specific topics.
In the implementation phase we may advise you in context with all relevant details or we support your project deliverables with regular quality assessments. If desired, we may take over the project managers role or assist your project manager.
WHAT ADVANTAGES CAN WE EXPECT?
- You will get an objective view on your finance and reporting process including potential for improvement.
- In addition you will get a new concept for your finance processes, which comprises of all potentials for improvement.
- After the implementation phase the finance processes are up-to-date, they will run more timely and will have a high reliability and process quality. Double work and manual processes will be reduced significantly.
- Your reports are meaningful, and you will be able to adapt changed requirements timely and in a flexible manner.
- Your billing process will be improved, failure ratios reduced and the operating time will be shorter.
- Legal requirements will be integrated in your finance System so that potential fraud will be prevented as far as possible.