Process

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