Legal Research and Writing

Business Review

 

Initial Business Review

An initial review, typically lasting around three hours will allow a review of your finance processes and identify any areas that could be improved, ensuring that you are getting the best out of your finance staff and accounting software.

The review encompasses all areas of your business highlighting areas that would benefit from a more detailed review.

This service is currently available at £150 plus VAT.  Please use the contact form to request this review or for any information regarding my other services. 

Following the initial review, a step by step action plan is prepared.  This plan will outline the areas that need improvement and set out the timescales and associated costs for delivery.

Identification of Key Improvement Areas

The following are the most common problem areas:

  • Purchase ledger operation is not efficient and still relies on paper invoices, there are old and invalid balances on the ledger. Invoices are sent to many different people around the organisation and don't get to the Finance team in good time for processing.

  • Sales invoices are still physically posted to customers, there are old and invalid balances on the ledger. Debtor balances are left to accumulate rather than being chased.

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  • Accounting system is not flexible enough to provide useful business analysis and the Finance team relies heavily on spreadsheets.

  • There is insufficient information to support accurate cashflow forecasting.

  • Accounting system not set up to comply with Making Tax Digital requirements.

Delivery of Action Plan

Working at a pace that suits you, the improvement areas are addressed with quick wins being first in line and then targeting the bigger issues.  If a new accounting system such as Xero will be of benefit this would be timed to co-incide with a new financial year.

Whilst the improvements are in progress, the ongoing financial management of the business will be equally important.  

Image by Scott Graham