by Ben Wilson
Our Consulting team identifies and adjusts inefficient processes in a software transition reducing ongoing processing hours by 65%.
Our client had been operating primary production and wholesaling activities at a number of sites across NSW for over 20 years. The group acquired a number of new sites, which unlocked new service lines for the business. Shortly after, the financial controller of the company initiated a software and process transition designed to streamline the new processes involved, however, during the early stage of this software transition, the financial controller left the company.
So the Board engaged Lambourne Partners Consulting to complete the migration from the old system to the new system, and complete regular stakeholder financial reporting in the absence of a financial controller.
How We Helped
The group of companies involved nine distinct entities, handling specific activities conducted by the business. Each entity required its full accounting history moved into the new system to maintain audit integrity. Our team employed a number of analytical data matching techniques and algorithms in achieving this.
Following the transition of all data to the new system, we reviewed the prior reporting provided by past financial controllers to determine the inclusions and methodology to be employed.
We were able to assemble a templated formula to allocate transactions from each of the nine entities to the new system. Transactions were duplicated to the new system, as well as Payables, Receivables, Assets & Leases, and this was all completed on a monthly basis for each of the past 48 months in each entity individually.
In producing the board reporting, we identified numerous aspects of the previously produced board reporting that required complex manual adjustment or calculation, where details of these items had not been supplied by the prior financial controller. We were able to identify and calculate all appropriate adjustments in advance of the financial year ending meeting.
As a result of the above adjustments, it was decided that procedures for processing transactions may have been insufficient. In partnership with the team from Lambourne Partners Audit, who identified the correct accounting treatment for these items, we were able to construct custom reporting templates within the client’s systems, which allowed for the correct acknowledgement of these items without onerous manual adjustment.
The company initially engaged Lambourne Partners Consulting for the production of three months of reporting, but have since retained our services ongoing.
The company was provided with new reporting templating, reducing their processing time and costs from an average of 15 hours per month to under 3 hours.