End-to-end process assessment, structure reconfiguration and stakeholder training resulted in client’s achievement of critical accounting and reporting objectives.
Challenge
Insufficient financial information to support planning and data driven decisions
Financial reports and budgets did not provide a sufficient level of insight
Financial and managerial accounting principles and procedures were not used effectively
There were no formal procedures for recording transactions and reconciling accounts
Inefficient manual processes
The wireless peer to peer network worked inefficiently resulting in significant down time
Backlog in recordkeeping led to late reporting and analyses depriving management of accurate and timely information
Solution
ERG conducted a comprehensive requirements analysis and assessment of processes, network operations and information technology involving key process owners and report users to gain an understanding of the business case. Key findings were delivered with outcomes and a comprehensive action plan.
Our next steps:
Led the conversion of the IT network to a client-server structure to improve operating and resource utilization efficiencies
Developed and documented the company’s accounting policies and procedures and implemented a financial framework specifically for the enterprise
Assisted with the implementation of accounting policies and procedures
Conducted tailored training developed specifically for process owners and report users
Provided coaching support to reinforce training
Led execution of workplan to eliminate the recordkeeping backlog
Developed key performance indicators
Tailored performance dashboard with drill down reporting functionality
Result
Successful implementation of a robust and scalable financial accounting and reporting system that provided accurate and timely financial information to support data driven decision making.
Enterprise Resource Group (“ERG”) is a Bahamas-based boutique consulting firm specializing in end-to-end enterprise support services.