Business Process Review
A Business Process Review in accounting is a comprehensive analysis and evaluation of a company’s financial and operational processes to ensure these are optimum, comply with regulatory requirements, and are long-term sustainable.
It is typically carried out by experienced accounting professionals or consultants with expertise in financial management and process improvement. It confirms proper controls at all the significant steps to verify bottlenecks (backlogs in workflow) are not created. Proper documentation will be done and provided for all reviews. An implementation plan and an expected budget for implementation costs may also be provided if needed.
The process typically involves the following steps and offerings for the client.
A.M.I. CPA Professional Corporation will start by understanding the client’s business objectives, challenges, and specific areas they want to improve.
The next step is to collect data related to the client’s financial processes. This can include reviewing financial statements, transaction records, invoices, purchase orders, payroll data, and other relevant documentation. The A.M.I. team will create detailed process maps that visually represent the flow of financial transactions within the company. This helps identify potential bottlenecks and inefficiencies.
An Internal Control Evaluation will assess the company’s internal control systems’ effectiveness in mitigating fraud, error, and misstatement risks. We will identify and evaluate the client’s business’s financial and operational risks and provide recommendations to mitigate those risks.
We analyze the efficiency of financial procedures, such as accounts payable, accounts receivable, inventory management, and cash handling. Recommendations will be provided to streamline and optimize these processes.
The review will explore how technology is being used in the financial processes and suggest improvements, such as implementing accounting software or upgrading existing systems.
The A.I.M. team may conduct a cost-benefit analysis of proposed changes to demonstrate the potential benefits of implementing their recommendations. We may compare the client’s financial processes with industry best practices and benchmark against similar companies to identify areas for improvement.
A comprehensive report outlining their findings, observations, and specific recommendations for process improvements will be prepared. These recommendations may cover areas like streamlining procedures, strengthening controls, optimizing resource allocation, and leveraging technology.
Depending on the agreement, A.M.I. CPA Professional Corporation may offer implementation support to help the client successfully integrate the recommended changes into their operations.
We are a full-service accounting firm based in Oakville, Ontario, offering a broad range of accounting services to meet the needs of businesses, entrepreneurs, and individuals in Oakville & The GTA.