Business Process and Procedures Review
In today’s fast paced, competitive environment, a periodic review of business processes and procedures is key to having an Accounting/Finance department that is efficient in its day to day operations and is capable of meeting or surpassing its targets and goals. Too often you hear the old axiom, “I am doing it this way as this is the way it has always been done”. This way of thinking needs to be challenged. In this age of technology and with shorter life cycles of products it is imperative that information be available for management to make informed decisions.
Streamline will perform an independent review of your organizational processes and procedures and implement solutions to reduce the tasks that are not adding value and consuming your scarce resources.
Solutions will help to determine the following:
- are changes required to who performs a task
- analyzing if the task is required in the first place
- reviewing who the audience of the information is
- potentially automating certain functions
- determining the feasibility of outsourcing a task
Whether you are looking at positioning your organization for growth, future acquisitions, staff adjustments or simply restructuring responsibilities for a better harmonized work environment, Streamline will provide a comprehensive report with full cycle assessments and provide you with solutions for management review and will also help implement those solutions.
Processes to be reviewed include:
- Sales and Collection Cycle (Accounts Receivable)
- Acquisition and Payment Cycle (Accounts Payable)
- Payroll and Personnel Cycle
- Inventory and Warehousing Cycle
- Audit of Cash Balances
- Closing Balances and Working papers
You can choose to have specific areas of your business reviewed or you can choose to have a global review of all processes. Global reviews have the benefit of considering the dependencies of the functions and the roles of the individuals which may be cross-departmental. One of the key areas often missed is the review of segregation of duties and document sign off. The result of the review may lead to or identify areas for improved internal controls.