When working with a new client, Ascentis performs Process Mapping and Xero Health Check assessments to help outline the health of financial operations and whether there are any inefficiencies or gaps that need addressing.
For this particular client, the initial assessment highlighted some major issues with their Xero account. In addition to this, with a thorough year end accounts exercise, accounts were found to be incomplete, inefficient and hampered by an already stretched accounts team.
Process Mapping and Xero Health Check
Process Mapping is a detailed assessment of every financial operation in your business. We take a deep dive into your software, team, sales processes, purchases, wages and your balance sheet with the ultimate goal of finding areas to improve or opportunities for growth that your previous accountant may have missed.
The Xero Health Check is a thorough check of over 50 different aspects of your financial software, rating them as either good, potential for refinement or urgent attention required. Whether you use Xero or another accounting platform, this evaluation is designed to ensure that your financial software is configured correctly and functioning seamlessly.
The Xero Health Check focuses on the critical task of fine-tuning your financial processes, helping you identify and address potential issues at the earliest stages of your financial journey.
When we performed the Process Mapping and Xero Health Check for this client, it revealed substantial deficiencies and the need for a strategic intervention. Our year-end accounts exercise not only affirmed these issues but also exposed the intricacies that were slowing down the accounting processes overall.
Solution
In response to the identified challenges through Process Mapping and the Xero Health Check, we formulated a multifaceted action plan for the client to help solve some of these issues. The plan focussed around two key actions:
- External Bookkeeper Connection: Recognising the importance of expert bookkeeping, we facilitated the client’s connection with a highly recommended external bookkeeper, ensuring a specialised focus on rectifying the deficiencies identified in the Health Check.
- Quarterly Dlight Service: Proposing a proactive approach, we recommended the client take on our Quarterly Dlight service. This service offers dedicated time and attention throughout the year, addressing issues surfaced during the year-end accounts process.
The Outcomes
The implementation of the recommended solutions meant that the client was able to keep a tighter grip on their bookkeeping, financial operations and their numbers as a whole.
– Bookkeeping Issues Resolved: The concerted efforts of the team, working with an external bookkeeper, have resulted in the resolution of all identified bookkeeping issues and now all control accounts reconcile.
– Proactive Improvement: Quarterly Dlight meetings have commenced for the client, allowing for ongoing discussions to enhance cut-off procedures and initiate robust tracking mechanisms. This proactive approach positions the client for improved financial management and clarity.
– Financial mastery: From the process mapping we identified the key income streams of the business. We were then able to prepare P&L accounts for each income stream to identify which areas of the business were making money, and which were impeding the growth of the business.
– Informed Decision-Making: With the remediation of bookkeeping deficiencies and the proactive Quarterly Dlight service, the client now possesses a clearer financial picture. This empowers them to make informed, strategic decisions for the direction of the business that are grounded in reliable financial information.
The client and it’s employees are now able to see their financial situation more clearly and make better informed decisions moving forward. If you’d like to learn more about making your finances more clear, get in touch today.