Step 1: LTAssess
LTBD begins our three-step process with LTAssess, a comprehensive assessment of accounting systems, processes, standards and procedures as well as current status of activities and tasks. Our professionals will come into your organization and perform a comprehensive assessment of processes, standards and procedures, as well as examining the current status of accounting activities and tasks. We will then issue a summary report with recommendations for subsequent steps. The assessment will review the following components:
- Organization
- Type
- Industry
- Size
- Age
- Factors of Change
- Complexity Factors
- Locations
- Processing Volume
- FTEs
- Related Parties
- Tax Factors – IRS, States, Payroll, Sales, Foreign, Local
- Structure of Management
- Leadership Team (staff)
- Oversight Stakeholders (Board, Owners)
- Assessment of team knowledge and engagement
- Current or Past Finance Personnel
- Financial Health
- Profitability
- Trends
- Finance Infrastructure
- Cash vs. Accrual
- Processes – documented workflows vs. actual practices
- Accounting Software – maintenance, set up, current configuration
- Payroll Provider
- Timekeeping System
- Reporting Functions – Recent, Past, Frequency, Accuracy, Engagement
- Tax/Audit – Review of returns, Audited statements, processes
Continue learning about the LTBD Process
After LTAssess we’re ready to move to step two, LTConfig.
Move to Step 2