Accounting Processes
Evaluate processes for efficiency and controls
- Purchase/expense authorization
- Vendor invoice processing
- Cash disbursements
- Customer orders / Sales
- Inventory
- Customer billing
- Cash receipts
- Expense reports
- Are procedures consistent with company policy?
- Are procedures consistently followed?
- Are there bottlenecks or inefficiencies?
- Are transactions properly documented?
- Is all documentation retained, and how?
- Are there spreadsheets or workpapers involved?
- Are procedures documented and tested?
- Meticulous documentation
- Every source document, screen, field, click
- Incorporate screen shots
- Consistent documentation of all functions
- Suitable for training and cross-training
- Specify all documentation required for each transaction type
- Develop standards for spreadsheet development and presentation
- Identify where source workpapers are to be stored
- Specify/control access to workpaper storage locations
Accounting Systems
Review utilization of existing systems, specify requirements for modifications or new systems, coordinate and test implementations, and ongoing maintenance
- Document current processes and modules
- Consider business needs and explore available functionality or modules
- Identify MISSION CRITICAL functionality
- Other desired functionality
- Ease of use and navigation
- Reporting requirements
- Integration with other systems
- Identify material or otherwise necessary accounts
- Establish guidelines for maintaining chart of accounts
- Eliminate overlapping or ambiguous accounts
- Accounts should enable effective management oversight