Operations Review

An analogy can be drawn between an operations review and a medical checkup. A medical checkup involves various tests and measurements of one’s vital signs. Likewise, an operations review involves various tests and measurements of a business’s vital signs which include internal controls, efficiencies, and various metrics specific to your industry.

The first step in our review is to interview accounting personnel to gain an understanding of their job functions. This includes a system walkthrough whereby we gain an understanding of document flow, internal controls, revenue capture, purchasing, inventory, payroll, and all of the major cycles within an entity.

We can design the scope of the review to be general or comprehensive. For example in a comprehensive review, we can test a sample of disbursements to determine if proper approval and invoice processing functions are documented.

After the interviews and walkthrough, we are in a position to make recommendations for improvements to internal controls and efficiency. Even in an organization with limited personnel, accounting functions can be established that enhance internal controls and mitigate the possibility of fraud.

The scope of the operations review can also include recommendations for software and include specific objectives such as establishing a dashboard of industry-specific metrics which will alert you to trends requiring management attention.

In summary, we can tailor an operations review to meet the unique needs of your business. If you would like more information on this service, please contact us.