Accounting Transformation

Accounting Transformation2018-08-11T18:57:10-05:00

Your company can increase profitability, improve cash flow, and enhance clarity of operations through a process we call accounting transformation.

With an enhanced knowledge and understanding of accounting, company leadership will be better poised to make intelligent decisions.

Business Whisperer offers a comprehensive methodology to review and overhaul your accounting management systems to improve transparency, strategic planning, and collaboration.

Overcoming the Accounting “Disconnect”

Frequently, companies suffer from a disconnect between executive leadership and the accounting team regarding the numbers. This is also a huge problem with operations.

If managers and leaders aren’t clear on what the numbers are – and what they are really saying – then they are working blind. Without an accurate picture of what is going on, making a good strategic decision is a guesstimate at best.

Creating a Path Towards Accounting Clarity

Our number one goal in accounting transformation is creating clarity, so that everybody is completely clear about what the numbers are, how they are derived, and what they mean to the success of the company. We do this in the following ways:

1. Are the Numbers Accurate?

The first step in the process of transformation is to lift the accounting function into clarity. We must ensure that the numbers are complete, accurate, and timely.

2. Reviewing Processes and Support

Part of the problem in accounting transparency could be an issue with processes. Additional support in staffing or work processes may need to be instituted. Outside advisors may be recommended.

Creating clarify in managing the numbers may include recruiting additional staff or adjusting roles so that the level of understanding of the numbers is raised. All this must, of course, be managed within available financial resources.

3. Improving Understanding and Skillsets

Depending on the individuals involved, we may recommend our comprehensive training on accounting principles for non-financial managers, executives, and other leaders in the company to help increase clarity and upgrade skillsets.

4. KPI Dashboard Development

One of the most powerful ways to promote effective numbers management is a dashboard of financial Key Performance Indicators (KPIs). Today, many affordable software solutions are available that do not require costly enterprise-level integrated software platforms.

We can help direct a seamless integration of the company’s existing accounting software with a KPI dashboard system. This can be used to generate customized reports that make it easy for non-accounting managers to understand exactly what their numbers mean and where those numbers come from.

Depending on the company’s operations software, data from operations can also be integrated into the dashboard system. The result is a robust reporting system that ties all the numbers together.

5. Real-Time Measurement and Tracking

By viewing performance numbers on a real-time or near real-time basis, it now becomes possible to measure and track your progress with financial and operations variables.

With this increased visibility of current facts, the interface between Operations and Accounting becomes much more collaborative. This improved level of knowledge of the numbers can be integrated into a whole management system geared toward continual improvement.

6. Ongoing Coaching and Support

Business Whisperer offers ongoing coaching and support for businesses undergoing accounting transformation. We can also train your team to coach each other internally.

A reasonable goal for any growing business is that the Accounting Department can become the coaches for the numbers. From a knowledgeable basis, the accounting team can coach and support the CEO and other trusted leaders in their understanding of the monthly numbers on a timely basis.

Through our support, this clarity and increased knowledge of how the numbers work promotes mutual understanding. Everyone can get on the same page and become empowered to take strategic actions to improve the financial position of the company.

Transform Your Business with Accounting Transformation

The benefits of accounting transformation are not, as might typically be said, “immeasurable.” In fact, the “measurable” benefits of accounting transformation are typically increased profits, reduced costs, and better, informed decision-making. The great news is that accounting transformation is achievable, even for larger small businesses and mid-size companies, without being a major source of expense.

At Business Whisperer, we are experts in guiding companies to accounting transformation. Contact us today to discuss how we can help improve your numbers.