Accuracy and timeliness are requirements of all financial business processes. The following are key business processes in every accounting and financial reporting organization.
- Revenue Recognition
- Closing, Month –End to Report Distribution
- Internal Control, from documentation to assessment
- Compliance, from documentation to reporting
- Growth Planning, from Idea to Execution
Financial processes that are manually intensive, rely heavily on MS Excel spreadsheets and lack effective internal controls have a high risk of error and are subject to excessive cycle times.
Enhancing financial processes encompasses the reduction of manual and non-value added tasks, the implementation of key internal controls, and the effective use of technology for real time monitoring of internal controls and output timeliness.
With its process templates and proprietary business intelligence tool, Baseline Builder ®, Process Partners can quickly conduct a gap assessment of a company’s financial processes and controls to identify opportunities for enhancement, reducing the company’s risk of inaccurate financial reporting. Baseline Builder maintains a database of available financial software application controls and best practices as the basis for the Process Partners financial process gap assessment.
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