Finance process mapping and transformation
Without an effective and documented financial process map in place, businesses run the risk of delayed payments, purchases being made without authorisation, and lack of control over cash flow forecasting.
A key part of the Carbon Advisory team’s role is to work with your internal finance and management team to gain a thorough understanding of your business at an operational level. This will ensure our advice is aligned with the overarching goal of your business. Cloud-based software such as Xero
or MYOB allow us to gain insight into the financial situation of your business from any location, meaning physical meetings aren’t always necessary. We can work with you remotely to design an effective finance system.
Have you ever received a surprise invoice for an item that you weren’t aware had been ordered? Suddenly, this unexpected cost puts a dent in your cash flow and perhaps postpones purchasing something else that is required within the business. This is where an effective approvals process comes in. By documenting the process from making a purchase through to paying the invoice, cash flow forecasting becomes more accurate and there is more control over costs. Business owners and management become aware of upcoming costs before the invoice is received, allowing for a clearer outlook on the financial performance of the business.
Implementing a financial process system addresses the following areas:
- Who is authorised to approve purchases made within the business?
- Are the correct technologies being utilised to remove any inefficiencies?
- Who is responsible for checking invoices?
- What is the process for paying invoices?
Designing a finance system unique to your business will reduce risks and provide transparency. Contact the advisory team today for a complimentary consultation.