An operational review allows your company, division or department to evaluate your practices against leading practices in the profession and enhance your value to your organization.
Your operational review includes:
- Review and recommendations of your core AP and/or AR components, including the organization, process and deliverables.
- Pre-evaluation assessment of key processes prior to the engagement (review of metrics, key drivers, and mission statment).
- Highly experienced professional with first-hand experience in implementing best practices initiatives with great success who quickly and efficiently performs a thorough review and provides recommendations for continuous improvement opportunities.
Objectives and approach
- Assess effectiveness of the accounts payable function in providing assurance to directors of finance, CFOs, controllers, senior executives and other interested parties.
- Assess conformance with The Institute's standards and provide an opinion regarding whether the AP and/or AR function conforms to all standards.
- Identify opportunities for improvement.
- Provide counsel to senior finance executives and staff on ways to improve and enhance the AP and/or AR function's performance and services, and its image and credibility within the organization.
Areas of focus
- Vision / Mission Statements - Benchmarking
- People - Surveys
- Processes - Focus on Continuous Improvement
- Technology - Staff Development / Morale
- "Current State" or "As Is" Review - Succession Planning
- Metrics Utilized / KPI's - Organization Chart
- Best practices on these core areas:
- AP Infrastructure / Metrics - Case Management
- Risk Assessment - Processing / Automation
- Payables Controls