Good financial processes are the backbone of any successful company. Failure to implement and adhere to competent process systems design and procedures can lead to a wide variety of operational issues, including:
- Reporting errors and omissions
- Inaccurate financial insight
- Inefficient analyses
- Unclear roles and responsibilities
- Ineffective decision-making
- Increased fraud exposure
- A loss or lack of credibility
- Inability to prevent and manage crises
- Revenue leakage
Lescault and Walderman understands the risks and potential consequences associated with poor processes and is dedicated to helping our client avoid them.
We begin by analyzing and evaluating key financial functions such as internal controls, reporting, risk management, and staffing. Each of these areas are benchmarked against proven best practices in similar companies and related industries.
Once targets are identified, we define the tools and map out the steps required to improve each functional area, focusing on bookkeeping procedures, financial management, period closing processes and regulatory compliance. Depending on our findings, we may also suggest improvements to reporting, budgeting, forecasting and review functions.
The final aspect of our financial process development consulting services involves clearly defining key roles and responsibilities, draft strategy and business planning documents and assisting in the implementation of proper internal controls and risk management procedures.
If you’d like to learn more about our process systems design services, contact Lescault and Walderman at 866-496-2042.