We know that to compete successfully organisations must evolve and that the continuous improvement of finance systems and operating models is a key part of that process.
The types of change programmes we see range from small incremental improvements to process and controls, the introduction of innovative technologies and automation, through to large-scale implementations of ERP, supply chain and other business-critical systems.
Our specialist business process audits recover ‘lost profits’ and deliver savings back to the business. While we have described below in more detail how we do this, we regularly see an uplift in recoveries when we look back at periods in which change programmes have taken place, such as a major Finance system implementation or an upgrade to a new software release.
There are several underlying reasons for this, including experienced process owners being co-opted to new project workstreams, and their roles backfilled by less experienced personnel, or new team members being brought into the programme from outside the organisation who don’t fully comprehend the nuances of the ‘as is’ processes and controls.
These risks may be further exacerbated by staff working remotely. Coming on the back of an extended period of prolonged pressure, disrupted processes and raised levels of absenteeism due to Covid-19, in our view the risks of an increase in profit leakage have heightened not lessened.
Consequently, we’ve seen an increased level of interest in our services, with businesses across a wide range of sectors reaping the benefits of Recovery Audit programmes. The scope of those programmes embraces many types of financial processes and transactions and our clients welcome the assurance we provide and the significant value we add in a number of ways:
- An independent check on the effectiveness of your existing finance processes and controls and data migration plans.
- Insights through our Faculty Programme to improve the definition and design of your future finance operating model and controls and input into your continuous improvement activities.
- A working capital injection, through a review of past years transactions before legacy system data is archived and/or system access or expertise is lost.
- An accelerated audit review across the transition period, to minimise unintended profit leakage that would otherwise have to be identified and recovered later.
- The lost profits that we identify and recover help offset the project costs
Here is a summary of how we deliver our services to realise these benefits:
1.We collect the data we need from your systems
Our data specialists have extensive experience in transformation, analysis and the bespoke development of complex datasets from multiple sources and a wide range of platforms across many sophisticated organisations
2. Taking your supplier agreements and other records of intent, we compare these to the actual results and outcomes in your books and records
This is a “tailored to client” audit programme, professionally delivered by a team of experts that has spent most of their careers in this specialist service line
3. We identify monies owing to your organisation that you have lost sight of and collect them for you.
Our experienced audit team engage and work with your suppliers to get to a comprehensive and accurate view of the period under assessment and to recover monies owed back to your business.
At the same time, we continually consider any potential risks and downsides in our findings.
We understand the importance of maintaining positive and collaborative relationships with suppliers and we guarantee that all our dealings with the supplier base will be respectful, honest and conducted with integrity.
4. We feedback learnings and help develop your team’s capability though our Faculty Services.
This is our programme of collaborating with you though our Knowledge Management suite, to address any system or process weaknesses and reduce ongoing errors and omissions.
You can find out more about how we do this in this in our white paper ‘Five Ways Aveiroe’s Faculty Services Can Help You Get It Right First Time’.
Our audit projects are highly self-sufficient – on average 96.4% of the time is spent by the Aveiroe team, compared to just 3.6% by client personnel.
To learn more about how our business process audits can help improve your cash flow and profits and minimise process and change risk, please get in touch and let us know how we can help.
You can find our contact details here.