Accounting Process Execution and Improvement

Clark Schaefer Consulting has assisted many organizations as they seek to review, assess, evaluate, and enhance current accounting processes and related underlying systems.

When our clients need a second look at current processes with a goal of improving processes and streamlining functions, it requires a clear approach.

• 01 Planning: In this initial phase, we meet with management to understand the current state of the processes to be assessed. This involves identifying known opportunities for improvement.

• 02 Preparation: This step involves further gathering of information about the existing processes. We review existing documentation, conduct interviews, and engage with subject matter experts (SMEs) from various functional areas. The goal is to get a comprehensive understanding of the current "As Is" state of the processes.

• 03 Documentation: Once we have all the necessary details, we will document baseline processes, which include creating narratives, process maps, flowcharts, or other documentation that outlines the current state.

• 04 Gap Analysis: We then conduct a gap analysis, which involves comparing the current state of processes to the desired future objectives. This step helps identify the discrepancies or "gaps" between the existing processes and where they should be for optimal performance.

• 05 The Deliverable: Finally, we will present our findings and analysis to management. This includes observations, risks, and recommendations for best practices. We will also identify opportunities for efficiency improvements and suggest the creation or revision of documentation such as Standard Operating Procedures (SOPs) to support the improved processes.