Improving the Finance Department by:
Policies & Procedures, Processes & Authority Matrix The Policies & Procedures Manual and Authority Matrix brings objectivity, clarity and discipline in the conduct of operations of finance department and the controls defined for various key processes helps the organization in achieving its corporate objectives.
Internal Control Strength.
Strong Internal Controls help prevent errors and irregularities from occurring. If errors or irregularities do occur, internal controls will help ensure they are detected in a timely manner.
Enterprise Risk Management.
ERM is a way to effectively manage risk across the organization through the use of a common risk management framework. This framework can vary widely among organizations but typically involves people, rules, and tools. This means individuals with defined responsibilities use established, repeatable processes (rules), and the appropriate level of technology (tools) to mitigate risk. ERP, Budgeting and Planning, Costing A true Enterprise Resource Planning (ERP) system integrates both internal and external information flows used by the organization within a single, comprehensive solution. Budgeting & Planning provide a method of allocating and using resources within the organization and help to monitor and control operations. Costing is useful for identifying the exact causes for decrease or increase in the, profit/loss of the business. It also helps in identifying unprofitable products or product lines so that these may be eliminated or alternative measures may be taken.
Process improvement is an aspect of organizational development (OD) in which a series of actions are taken by a process owner to identify, analyze and improve existing business processes within an organization to meet new goals and objectives, such as increasing profits and performance, reducing costs and accelerating schedul
Finding an alternative with the most cost effective or highest achievable performance under the given constraints, by maximizing desired factors and minimizing undesired ones.
Training for the Finance and other Department on the above
On Target Consulting (OTC) can provide trainings for the above mentioned services as it has vast experience in executing such kind of assignments.
Reviewing/Developing a comprehensive Fixed Assets Policies, Procedures & Processes.
By implementing a set of fixed assets policies and procedures, fixed asset data will be more complete, accurate and up-to-date so that the information necessary for accounting, financial and tax reporting and management decision making is available when needed.
Reviewing the Fixed Assets Register
Once a fixed asset register (FAR) is developed, it should be reviewed and updated regularly so that it does not become out of date.
Physical Verification of Fixed Assets
Once a fixed asset register is developed, it is very important to conduct an annual physical count of all fixed assets to verify actual assets in hand and value and ensure the accuracy of related financial record.
Reconciling with FAR
Keeping track of assets can be a challenge to organizations large and small. Assets can move locations, get reassigned to other people, get replaced, etc. Therefore, reconciliation of physical inventory with the FAR is of vital importance.
Barcoding & Tagging
Barcoding & Tagging of fixed assets is a good practice in the pursuit of better fixed assets physical control. Putting barcodes & tags on fixed assets, not only help custodians to find the fixed asset during a physical count session, but also sends a strong signal to other people ( within the company) that the assets are under close observation of certain custodian, therefore prevent it from moving and leads people to treat the asset better.
Fixed Assets Monitoring through “Assets Management System”
Fixed assets management system is integrated software to keep track of the fixed assets system. It covers practically all the modules that a company looks for managing their assets.
Training the Fixed Assets Team, Finance and Admin Staff on the above
On Target Consulting (OTC) with its vast experience in Fixed Assets Management assignments is in a better situation to provide training in the above mentioned processes
Valuation is the process of estimating what something is worth. Assets valuation is needed for many reasons such as investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability, and in litigation.
Internal Audit and Audit Committee Charter
Internal Audit helps the organization to accomplish its objectives by bringing a systematic and disciplined approach to the evaluation and improvement of the effectiveness of risk management, control, and governance. To provide for the independence of Internal Audit, it is directly reporting to the Audit Committee.
Policies Procedures & Processes for the above Based on “RBIA”
Preparation of Manual for Internal Audit Functions and Procedures Collecting and reviewing the framework and processes across all the activities of the Organization Designing and documenting the formats for conducting, reporting and monitoring the audit findings. Implementing the process to identify, assess, recommend treatment and monitor risks. Establish a system of concurrent audit in high risk areas.
Tools for the Audit. (ACL)
Audit Command Language (ACL) software is one of the computer assisted audits tools that auditors, Accountants and finance executives can use for independent data extraction and analysis for the detection and investigation of frauds in a computerized environment.
Recruiting and Training
As On Target Consulting (OTC) has executed the above mentioned assignments and has the expertise in such projects, it puts OTC in a better position to train the employees of the organization.
PP&P for RAFM
Revenue Assurance (RA) and Fraud Management (FM) is responsible for the identification, quantification, reporting and containment of risks to revenue. RA accomplishes these objectives through the systematic investigation of incidents /cases, the review and implementation of controls and the verification that controls are being properly executed by the operational areas responsible. RA & FM is not a cost center; rather it contributes to revenues by minimizing the loss and risk of revenue.
Risk Assessment (Telecom)
A managed service approach to revenue assurance and fraud management lets operators supplement the results and impact of their revenue assurance and fraud management departments. Operators benefit from periodic risk assessments by industry experts, best practices and methodologies, and experts of the newly deployed systems
Recruiting and Training
On Target Consulting can provide training to the employees of the organization in the above mentioned policies & procedures.
We have the capabilities from initial screening to value acceleration to synergy realization after the acquisition.
We can provide the level of due diligence and advisory services that are appropriate for your specific situation and within your time and budget constraints.
Power Costs Saving Solutions
Energy costs accounts for as much as half of a mobile operators’ operating expense, so power saving solutions that improve energy efficiency are not only good for the environment, they also make commercial sense for the environment.
Tower Sharing and Co-location Process
Due to economy of scale property of telecommunication industry, sharing of telecom infrastructure among telecom service providers is becoming the requirement and process of business in the telecom industry where competitors are becoming partners in order to lower their increasing investments.
Tower sharing is a very effective way for mobile operators to cut coverage costs, while reducing the time-to-market. The cost advantages are considerable and come from being able to reduce both capital expenditure (CAPEX) and operating expenditure (OPEX)
Business Intelligence and Performance Management
Market Segmentation Balanced Scorecards Business Planning