Normally this is for companies that want to understand how things are flowing through the business from a financial standpoint.
We look at processes from the initial customer order through to the collection of money from invoicing & the relationship with the company accounts.
Equally processes are looked at from sourcing suppliers, through to purchase orders, and the payment of these invoices. Furthermore we look at the potential of project accounting to know which areas of the business are more profitable, along with which projects or events are repeatable and how they can be used in future.
When presented with an overburdened and inefficient process, it’s tempting to just through more resources at the problem. In an average business, between 40 and 80% of the day is wasted due to inefficient processes. By carrying out a process review , it enables you to make improvements and make them more efficient & effective with less time wasted on invaluable work. The process review should deliver an understanding of what that process is giving you, not only with the results but who & what touches that process. It will highlight problem areas and opportunities for change.
- What are you trying to do?
- How are you doing it?
- What does and does not work?
- How can it be done better?
The process review is a five stage process:
- Identify & document: Here we document the “as is” processes currently being performed;
- Review and analyse: Where are the gaps or problem areas and also then create a proposal for change. This is then a discussion on what improvements can be made and the benefits of those changes;
- Implementation: moving from the “as is” to the “to be” processes which may mean the implementation of a new system;
- Document, Test and confirm: fully document in detail the new processes and guides, test & update;
- Monthly support or maintenance review to keep everything up to date.
What are the benefits?
- Everybody working the same way with a consistent approach
- Improvement in standards
- Improved customer experience and better engagement with your client
- Can save time when training new staff
- Able to roll out across any business that may be purchased so all businesses “singing from the same hymn sheet”
- Frees up time to other rewarding stuff, as less reliance on the business owner.
- Do you have the time to do this yourself??
Who needs this work done?
For smaller companies that are starting to grow, it’s all about defining how you currently work, if it is the correct way to work, and how that can be scaled when bringing on new staff or new customers. You need to have your processes documented in order to make the transition easier. Documenting your processes means that there will be consistency applied on how you work, can highlight gaps & delays, and work will be performed in the same way. The growing pains of business can be severe and a survey by the insurer RSA state that over 50% of businesses fail within the first 5 years. Reasons quoted are lack of bank financing, not understanding the tax system, cash flow, red tape and general issues of running a business and the effort and skills required. Secure financial processes & systems helps with the running of the businesses, and expert knowledge & support in accounting starts to alleviate the pains of the tax system.
Larger companies also sufferer from the same pain. Process and system issues can be hidden from view as there are more staff filling the gaps, slower times to react to fix problems, and often the problem is too big to even start to take a bite out of. We work as part of a project team to pull together your current process maps to show what currently is in play. We can then sit with your to go through our observations of the gaps in the processes and how they can be fixed. We can then work out what your “to-be” processes should be and potentially work as a project manager alongside a system provider to ensure your operational needs are incorporated in the design and work for you.
What should you do now?
Well – that’s pretty obvious – call us on 01344 834 258* to discuss how we can help you. You may just want stage one covered, and then see where you are. Alternatively, leave us your contact details and we will contact you.
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*Please note that calls to this number may be recorded for use in training purposes and as memory joggers.