To operate efficiently, it is critical that an accounting department’s strengths and weaknesses are identified and documented before an organization implements expensive and time-consuming changes. We perform an assessment, known as a “Health Check,” of your current financial reporting, accounting systems and processes and procedures to identify vulnerabilities and improvement opportunities. Our analysis yields a comprehensive report outlining the recommended changes to improve your accounting function. Following review, our experts can implement or consult on converting recommendations into outcomes.
We work collaboratively with company management to identify and rank company goals, focused on building an accounting department that creates scale for the business and allows management to objectively measure and define operational success. Prosperity’s accounting team will outline the costs, efficiencies and benefits of implementing various recommended solutions. We can perform a Health Check at any operational stage, as the benefit of improving your accounting and financial reporting typically far outweighs the cost.
Our Accounting Discovery services include:
- Current accounting system evaluation
- Review and establishment of the monthly close process and timeline
- Chart of account analysis and modification to create industry-specific financial statements
- Develop and document accounting policies, including revenue recognition, payroll allocations and R&D methodology
- Confirm and analyze GAAP compliance
- Create automation for bank, credit card and payroll transactions
- Implement segment reporting for service lines and sales geography
