Controls and Process improvements

How effective are your controls and processes…?

All organisations should have relevant processes and controls in place to create efficiencies and reduce the risk of fraud and error.

With nearly 20 years compliance and process improvements experience, we can provide independent resource to review specific processes and procedures. Whether it’s because you want to reduce the risk of fraud and errors, review whether current practice is in line with policy or introduce efficiencies, we can provide a service that suits your organisation. We can provide services on an ad-hoc basis or an annual service reviewing a number of processes over a 12 month period. We present all our findings in a detailed report with key recommendations. You benefit from having immediate access to compliance staff without committing to a permanent head – don’t pay for idle time !

We can implement new processes and controls for new start ups or growing businesses that are fit for purpose and an excellent base from which the company can grow. We can also review existing processes and controls to identify and implement improvements. We can identify and eliminate tasks that add little or no value and introduce key controls that are relevant to your business that are appropriate for the size of your organisation.

How we can add value…

Understand and document your processes

We begin by gaining an understanding of your processes by a combination of inquiries, observations and ‘walk-throughs’

Identify what could go wrong – the key risks

We review your processes to identify the key risks and the fraud or errors that may occur

Identify and implement key controls

We identify key relevant controls for your business and help you implement them seamlessly

Recommend process improvements

We will make recommendations that are relevant to the size of  your organisation

Examples of processes include…

Revenue recognition and invoicing process

We can review your processes around revenue recognition to implement procedures for recognising revenue as obligations and relevant criteria are met per the relevant accounting standards. Timely issuance of sales invoices means timely collection of receivables.

Accounts receivable and credit control process

We can review your policies and procedures for accepting new customers and put processes in place to prevent your business accepting customers without carrying the necessary background and credit checks. Review your credit collection procedures and how you can reduce the time between invoicing and cash collection.

Procurement and accounts payable process

We can review all procurement processes including purchase orders, GRNI (goods received not invoiced) accruals and invoice approval process. We can identify processes to better track open POs, the matching of GRNI accruals to invoices and accurate coding and approval of invoices before disbursements.

Employee expenses and disbursements (T&E)

We can review whether your employees are incurring travel & entertainment  (T&E) costs in line with your T&E policy and report any recommended policy changes to better manage costs. We can also review current level of spending to identify cost savings.

Payroll and HR processes

People costs are the main costs for many organisations – lack of and inefficient controls can be a further drain on resources. We can review the leaver processes, payroll processing, capture of benefits in kind expenses and more, to identify improvements and reduce risk.

Fixed assets process

We can review capitalisation procedures, depreciation policy, classification of assets, useful economic lives and all related approval processes such as acquisitions and write offs, to identify improvements, reduce risks and adherence to  internal policies.

Financial close process

The financial close process is a critical process in order to close the month end quickly and accurately. We can review existing processes to identify efficiencies that can be gained without compromising quality and identify opportunities to reduce the month end close timetable.

Competitive benchmarking

We can review your professional advisors’ fees and perform benchmarking analysis to ensure you are getting the best price for the services received.

Examples of process improvements we have implemented include…

– implemented revenue recognition processes and training. Reviewed sales contract terms and conditions to align with revenue recognition best practice, implemented procedures to ensure timely revenue recognition in line with GAAP based on when performance obligations are met and provided company wide training on revenue recognition to the sales and finance teams.

– review of GRNI (goods received not invoiced) accruals process to improve timliness of matching to purchase invoices, eliminate surplus to requirements/duplicate open accruals and the resolution of aged items.

– implemented monthly balance sheet reconciliations with resoluton of aged reconciling balances. Introduction of peer reviews and tracking of unreconciled accounts with actions required.

– review of T&E spend to monitor policy application and reduce costs of hotel and taxi expenses. Recommended policy changes to reduce policy abuse. Introduce manager dashboards on employee T&E data to monitor spend on a timely basis.

– review of fixed asset UEL (useful economic lives) and depreciation rates. Correct differences in UEL of assets where inappropriate and align depreciations rates between UK GAAP and US GAAP where differences should not arise.

– review of operating leases for dilapidation provisions. Identified leases that gave rise to the need for dilapidation provisions where no provisions were recorded. Review of UK and US GAAP provisions and findings presented to management.

– implemented supplier statement reconciliations. Unreconciled accounts payable balances with aged items resolved by performing supplier statement reconciliations and implementing procedures for regular supplier statement reconciliations for key material suppliers.

Please get in touch to discuss and we can agree the scope and fees depending on your specific requirements

Why choose RoundPeg Finance?

20+ years finance and accounting experience
Experienced in a number of industries including manufacturing, hospitality (pubs, hotels, restaurants), dentists, solicitors, media, software, technology, recruitment and real estate
Vast experience in forecasting, controls and process improvements and management reporting
US GAAP, IFRS and UK GAAP experience
Able to deliver flexible solutions including on a part time basis
Switch from a fixed to variable cost basis
Ideal for start ups and growing businesses
Solutions for ad hoc projects
Locations in London and East Midlands
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Optimising every area of your finance department

Contact us to discuss how we can help your business !