Internal controls (separation of duties to minimize undetected
error)
- Evaluate information systems.
- Review current policies and procedures.
- Develop and implement systems and /or procedures to strengthen operating controls.
- Assist in training of personnel involved in the paperwork process.
Planning & Budgeting (encourage active planning &
follow-up)
- Assist in developing monthly, annual, and long-range budgets.
- Periodic meeting with management to compare actual results with plans and follow-up on variances.
- Assist in developing a cash budget to alleviate "crunches" in high cash need, low volume periods.
- Assist in developing purchasing plans consistent with operational goals and cash requirements.
Inventory (minimize dollars invested, maximize
volume)
- Review purchase/receiving data input into inventory.
- Test price changes entered into inventory system (cost & retail).
- Spot-check inventory counts and pricing to system details.
- Review inventory detail for slow moving merchandise for follow-up by management.
Receivables (minimize dollars invested & period
outstanding)
- Review accounts receivable aging and follow up on collection efforts.
- Review accounts written off for propriety and collection efforts.
- Establish controls over accounts written off relative to subsequent collection.
- Test sales transactions to verify inclusion in accounts receivable.
- Review credit memos issued for authorization and propriety.
- Establish policies & procedures for tracking returned merchandise.
- Review bank reconciliation process to verify inclusion of all transactions.
General (maximize return on investment)
- Assist in analysis of insurance coverage and costs thereof.
- Assist in developing employee benefit packages to maximize return on investment.
- Assist in developing compensation methods to motivate staff and maximize return to the company.
- Assist in analyzing acquisitions of equipment to maximize return on investment.
- Review costs of funds and banking relationships to maximize return to the company.
For more information, please
send email to
estateplanning@sierracpa.com
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