Re-Imagine Finance & Accounting

Key Take Away:
Learn Lessons from COVID-19 remote operations to create a new normal post COVID-19 by a complete Re-Imagine of Finance & Accounting-Organization-Processes-Procedures & Controls. Recognize that the business environment will never be the same as pre COVID-19. To survive the Re-Imagine effort is necessary. This Webinar provides essential guidance to help Re-Imagine Finance & Accounting.

Overview:
Covid-19 required businesses to destroy traditional norms of operation and resort to a survival mentality. Standard In-House organizations, processes procedures & controls have been replaced by emergency measures, hastily employed to cope with the turbulent economy and environment created by COVID-19. Businesses must take lessons learned from COVID-19 and Re-Imagine Finance & Accounting. This requires more than thinking outside the box. It requires creating a new box i.e. business model. This includes Organization-Processes-Procedures-Controls to create a new normal more effective and productive. Re-Imagine allows companies to streamline organizations & processes to improve productivity & profits.

Areas Covered in the Session:
The Re-Imagine Finance & Accounting will include:
Organization:
•  Empowerment of employees
•  Delegation of authority
•  Firmly established accountability
•  Combining remote operations with in-house
•  Streamlining organizations & functions
•  Combining the right people with the right function

Processes:
•  Eliminate data-based budgeting based on past assumptions
•  Establish forward-thinking forecasting based on Key Business Drivers
•  Convert Accounts Payable & Cash related functions from document-based to data-based
•  Connect the data dots in seamless fully integrated processes
•  Control Costs/Expenses & cash in real-time

Procedures:
•  Create internal clearing-house to monitor all internal processes for timeliness & completeness
•  Ensure all transactions posted to the general ledger in real-time
•  Partition the general ledger to store data for external & internal reporting
•  Provide graphics-based data to internal stakeholders fro planning to reduce the uncertainty of future expectations
•  Use paperless techniques
•  Employ technology to the maximum

Controls:
•  Ensure all proesses& procedures meet the established standards for internal controls
•  Prepare audit packages electronically
•  Provide stakeholders with information as required in summary format with the ability for details on-demand as needed
•  Conduct all activities & actions in the new normal with maximum efficiency