Finance solution assessment
The brief
A blockchain-based payment start-up had identified inefficiencies in the set-up of its finance department. It was experiencing delays in reporting because of inaccuracies in data and frequent manual interventions to cleanse this data. The start-up recognised that it required assistance with identifying the root causes of the key issues so corrective action could be made to resolve the inefficiencies in the finance department.
Our approach
We conducted a diagnostic assessment to determine targeted finance solutions relevant to the business and its specific issues with data and reporting timelines. This assessment included the use of our proprietary diagnostic assessment tool to:
- Understand the entity’s operations, including company structure, financial reporting requirements, regulatory reporting requirements, cost and revenue streams, the accounting team’s size and ways of working (e.g. hybrid versus remote);
- Build an understanding of the company’s reporting processes, including revenue recognition, accounts payable and procurement, tax, payroll and fixed and intangible assets;
- Map data lineage and ownership and understanding the relevant data sources across the business.
The solution and key benefits
The key issues we identified related to the company’s front end data capturing processes into the company’s ERP system, the accuracy of historic data within their systems and lacking clarity on processes and controls. We proposed solutions for both the short-term (e.g. process and controls documentation, enhanced data governance, data cleansing initiative) and the longer-term (e.g. reconfiguration of the ERP to fit the business model, implementation of automation and straight through processing).
