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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