Business financial management review
Your ultimate financial management audit
Is your business on firm financial footing? Everything running smoothly? Are there any hidden problems that could wreak havoc on your business should you take your eye off the ball? No?
Are you sure?
You see, when everything seems to be running smoothly in your business, it’s easy to get complacent. But there could be financial problems bubbling under the surface that you’re not even aware of. Problems like accounting errors and financial management systems which are simply not up to the job. They might not be issues now, but they have the potential to create serious problems for your business.
Spend a day with our finance consultants
When you’re busy running a business, it can seem like there’s never enough time in the day to simply sit back and evaluate how things are working. But doing so could be absolutely pivotal to your business’s growth and development. Hence our business financial management review service – a full audit of your business’s financial and operational processes that unveils the hidden problems holding your business back.
Uncovering long-term financial issues
You might have seen something in your financial data that looks a bit odd and are concerned about hidden financial problems. Or you might simply want reassurance that your finances are being handled responsibly and professionally. Either way, our business financial management review is the service for you.
Our financial consultants will spend a day at your premises, assessing your finance function and the operating models and financial controls you currently have in place. We’ll highlight any concerns we have spotted and make suggestions for improvement, finishing up the experience with a detailed written report which we’ll discuss with you at a follow-up meeting.
The outcome?
Your business will have a full list of recommendations that you can either implement yourself or with our help, all of which will contribute to strengthening your business. Allowing you to enjoy the peace of mind that comes with knowing your business has the financial strength to weather any storm.
Invaluable business insights
If it’s been a while since you last reviewed your financial management processes, our review may pick up lots of inefficiencies. At the worst, there could be potentially dangerous errors which have slipped under the radar.
Here are some of the questions we might ask (and answer) during your review:
Poor approval processes will damage your business’s overall performance, causing bottlenecks and delays that will ultimately cost you time, money and resources. In our review, we’ll look to identify any inefficiencies or weaknesses within your current approvals process and make recommendations for improvement.
Technology upgrades are a serious investment for any business and warrant a lot of thought. For some business owners, it is understandably tempting to just keep plodding along with what they’ve got. However, failing to invest in up-to-date software is usually a false economy. Slow, outdated systems will not only be frustrating for your staff to work with, but they’ll also gradually erode your competitive advantage as your rivals decide to invest in new software. Also, old software needs more maintenance (at an increased cost) to keep them up and running.
Every business should have a range of procedures and policies in place to regulate and monitor its financial resources. These will take the form of (for example):
- Regular reporting, including profit and loss statements and balance sheets
- Staff training and information sessions
- In-depth analysis of financial fluctuations and irregularities
- Credit checks on new customers before selling them products or services, and periodically re-checking existing customers
- Fraud prevention measures.
During our review, we’ll detect any weaknesses in your current setup and recommend further checks and controls that can be implemented to bolster your current measures.
- Errors of omission – this is where an item simply gets overlooked and is never recorded, e.g., forgetting to record a receipt or purchase.
- Errors of commission – i.e., mishandling an item by putting it in the wrong place. For example, receiving payment on an invoice but noting the receipt against the wrong account.
- Errors of duplication – i.e., recording an item twice. This can happen when two people both enter the same item into the accounting system due to a failure of communication.
- Errors of principle – these are serious errors that don’t meet Generally Accepted Accounting Principles (GAAP). An example of this is recording a personal expense as a business expense.
Your understanding of your business’s financial health is only as good as the data you’re basing it on. In our review, we’ll look at the financial data you’re using to make business decisions and let you know if we believe there’s any information missing.
Quite simply, duplicating tasks is a waste of your business’s time and resources and can have a serious impact on productivity. It will usually occur either due to a lack of communication (for example, two departments undertaking the same task because neither of them realises the other is doing it) or messy systems and processes that unintentionally cause activities to overlap. Our review will contain recommendations for streamlining your workflow and improving your productivity.
Additional services
What is a business financial management review?
When your business is ticking along nicely, it can be easy to be lulled into a false sense of security. In this video, the Insight team discuss how our business financial management review can pick up financial problems bubbling beneath the surface – before they have a chance to wreak havoc.
Testimonials
Forewarned is forearmed
Ready to invest in your business’s future? Armed with the information and recommendations we provide, you’ll have everything you need to transform your finance function and move your business forwards.
