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Sometimes the cost of maintaining an accounting service seems too high. The external experts’ assessment of accounting efficiency may prove helpful for analysis of business processes, cost savings and development of the target model of this function operation.
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Risks of non-optimized accounting
Inefficient bookkeeping and tax accounting
─ Different programs are used for the purposes of bookkeeping and tax accounting, which increases the risk of errors, data discrepancies, and increases the time and resources spent on the task.
─ Reports are filled in and submitted with errors, and clarifying declarations are required.
Non-influenceable tax risks
─ The company spends more money on paying taxes than it should.
─ The calculation does not take into account legal tax optimisation options (if they exist and are applicable in this industry).
─ Some of the company’s processes are not automated, and most of the data is entered manually, which leads to errors and increases labour costs.
─ The software functionalities are not fully employed, because employees do not have enough qualifications or user knowledge, which increases the time required to complete tasks.
─ The information is not received in time within the company due to the problems with interaction between departments.
─ Employees’ responsibilities are not fixed, so tasks are distributed in a non-optimal or uneven manner.
─ The functions of full-time employees are duplicated.
─ Work processes (such as document approval) are too time-consuming: documents are lost, collected with delay, or delayed at intermediate stages.
What Optimisation in Accounting includes
Interviewing personnel of the accounting and finance departments. Measuring workload per each function.
Reviewing job descriptions and business process profiles in place.
Reviewing existing IT systems and the level of automation in accounting processes.
Development of opinions on accounting performance.