A solid accounting procedure can be summed up as follows:
- Get ALL the data entered as efficiently and accurately as possible
- Reconcile the accounts and handle all compliance requirements
- Provide the decision-makers with an informative management report
- Rinse and repeat the following month
Stage 1: Data Entry
The data entry stage of any business is usually the most time-consuming and often least-valued, and so all data is entered into your accounting system as efficiently and accurately as possible.
Although we are more than happy to process your data ourselves, we prefer to design your accounting system whereby data entry is either delegated to each responsible party of your organisation, or handled by technology.
The Financial Controllers oversees and is responsible for the whole process, while the accounting procedure allows the natural operations of your business to generate the financial data itself.
Stage 2: Reconciliation
The second step is to reconcile all the financial data generated from Stage 1, and ensure that the numbers we're reporting on are complete, accurate and real.
We focus most of our attention towards the Reconciliation and Reporting stages, as this is where The Financial Controllers truly adds the most value to your business.
At this stage also, all your compliance requirements are taken care of:
- ATO lodgments
- Superannuation liabilities
- Payroll tax
- Workers compensation
Stage 3: Reporting
Finally the management report is produced to allow the board & management to make informed business decisions
The report includes (but is not limited to):
- Metrics dashboard
- Month & YTD financial results
- Budget comparisons
- Trend graphs
- Commentary on highlights & lowlights
- Red flags (if any)
- SWOT that affect the finance function of your business