Do You Know Where AI Could Benefit You Most?

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Understanding and optimizing your financial processes is crucial for maintaining competitive advantage in today's rapidly evolving business landscape. At GenFinance.AI, our Financial Process Audit delves deep into your financial workflows to quickly identify inefficiencies and uncover opportunities for AI-driven improvements.

We know your team is busy, so we work fast and efficiently to minimize disruption while delivering maximum insight. Our meticulous audit, tailored to your unique needs, helps streamline operations, reduce costs, and enhance accuracy across your finance function.

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Our Audit Process

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1. Collaborative Engagement

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We begin by working hands-on with your finance team to build a detailed picture of your current operations:

• Focused sessions with key team members to understand daily workflows
• Strategic shadowing of critical processes to identify pain points
• Documentation of existing procedures and control points
• Identification of manual touchpoints and bottlenecks

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2. Detailed Process Analysis

Through careful examination of your key financial processes, we analyse performance and efficiency across your entire finance function:

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Core Process Assessments (Done for all):

• Procure-to-Pay (P2P): We closely see how your team executes the purchases flow, from examining your purchase requisitions process, to supplier creation, purchase order creation, goods receipt recording, invoice processing, and final payment approval and execution.
• Order-to-Cash (S2C): We analyse the entire sales cycle, from customer order placement and ERP entry to invoice generation, shipment processing, accounts receivable management, and cash collection to accelerate your cash flow.
• Financial Close (FSCP): We review your financial close processes, from transaction reconciliation and journal entry creation to review and approval workflows, ensuring a swift and precise closing of financial periods.

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Specialized Process Review (Business Model Dependant):

• Payroll & HR: Review of Joiner/Leaver Process, Employment Benefits administration, Time tracking, expense management, Wage Disbursement, and Monthly Payroll reporting

• Fixed Assets: Inspection of Asset acquisition, Depreciation management, Maintenance and repair tracking, Disposal processing, disposal proceeds collection and Monthly Asset Reporting

• Intangible Assets (R&D): Examination of Development cost capitalization, Amortization management, Impairment Identification, Impairment testing, Tax credit optimization, IP and project R&D forecasting

• VAT/Tax Management: Analysis of Purchase and Sales Data Collection, VAT preparation, VAT returns, Tax calculations, Compliance procedures and monitoring, and Audit support

• Corporation Tax: Tax provisioning, Return preparation, Payment management, deduction identification, capital allowance and credit calculations, domestic and international compliance, uncertain tax provisioning and deferred tax process.

• Inventory Management: Purchase Requisition, Goods Receipt, Stock tracking, Cost accounting, Valuation, Reorder management, Inventory control and stocktake process

• Contract & Warranty: Contract Documentation, Milestones and Billing, Revenue recognition, Risk Monitoring, Clause Tracking, Warranty provisioning, Performance monitoring, and acceptance and delivery process

• Lease Management: Lease acquisition process (Local GAAP / International), Payment scheduling, Modification tracking, Compliance reporting and disposal process
• Period end Close, Month-end procedures, Quarter-end consolidation, Year-end reporting, ESG Reporting, and Regulatory submissions (including companies house).

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Additional Process Review (Industry Model Dependant):

• Industry-Specific: Construction - Project Accounting, Manufacturing - Cost Accounting, Engineering - Service Rendering Accounting, Mining and Metals - Mineral Reserve Accounting, Aerospace and Defence - Long-term contract accounting, Professional Services: Time & Billing
• Regulation-Specific: SOX Compliance, IFRS/GAAP Conversions, Industry-Specific Regulations, Environmental Reporting, Sustainability Reporting

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3. Resource Optimization Analysis

We conduct a thorough evaluation of your team's time and resource allocation:

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Detailed Process Findings

Our full audit of your financial processes provides a clear and in-depth understanding of your current operations. Key findings include:

• Workflow Mapping: We clearly map out your workflows, providing a visual representation of task flows within your organization. This mapping offers transparency into each stage, facilitating a better grasp of process structures.
• Identification of Inefficiencies: Our results will uncover inefficiencies and bottlenecks. These findings pinpoint specific areas where processes could be streamlined to enhance overall performance, boosting productivity and reducing delays.
• Control Points and Risk Assessment: We show you a thorough assessment of control points and potential risk areas within your financial operations. This evaluation ensures that your processes remain both secure and compliant with industry standards.
• Manual Touchpoints and Automation Opportunities: All manual touchpoints are clearly shown. These touchpoints present clear opportunities for AI in your team, which can increase both accuracy and efficiency within your operations.
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Ready to Integrate AI into Your Finance Team?

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Contact us today for a free, no-obligation consultation and take the first step toward embedding AI into your finance operations with confidence.

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