Balance Sheet Cleanse
1,745 open bank transactions cleared, 34 balance sheet accounts reconciled
Introduced processes to ensure accurate financial records are maintained and communicated on a regular basis
The financial statements tell the story of where the business has been, so decisions can be made to improve future performance. Failure to keep the accounts up to date means management miss the opportunity to get value out of their financials. Compliance eventually needs to be brought up to date, so why not keep it up to date and use it?
Optimisation Opportunities
Reconciliation of historical accounts to ensure the Balance Sheet position could be accurately monitored
Design and implement processes to keep the accounts up to date on a weekly basis
Establish reporting framework and align it to strategic goals
The Business Problem
A professional services firm had achieved strong revenue growth and high profit margins, but had limited structure around financial management. An internally funded, ambitious growth strategy meant the management team needed to embed financial knowledge into the organisation.
Effigy Consulting Impact
Cleansed the Balance Sheet and updated the accounting system to reconcile to the statutory accounts
Worked with the Tax Agent to bring outstanding compliance up to date and ensured a payment arrangement was agreed with the ATO
Maintenance of the ongoing accounts on a weekly basis to ensure cashflow can be managed
Formally closing the monthly accounts to reduce changes to historical reports
Presentation of the monthly reporting pack to the management team and provision of decision support