When you run a high-growth company, it may be challenging to track your finances. With constantly changing needs and a growing team, you may find yourself needing guidance for your financial structure to ensure accuracy at every stage.
A Compass East financial assessment can give you a comprehensive look at your accounting operation and financial reporting, focusing on how you can improve it. We offer a full financial assessment to gather insights about your operation and determine the best solutions for your financial management.
Bottom-Up Analysis
When you work with Compass East, we’ll develop a comprehensive approach to meet your finance and accounting needs. Your company’s needs change through each stage of your lifecycle, so the goal is to develop a scalable infrastructure for the long haul. During our assessment, we’ll walk through the customer’s experience from beginning to end to see how financial information and transactions flow through the organization.
During our deep-dive assessment, we walk through the customer journey by analyzing:
- Marketing.
- Sales.
- Implementation and onboarding.
- Client service and job execution.
- Finance and administration.
Each area has different budgets, team members, third-party providers and systems that make the structure work. As we examine these different phases, we ask questions about the processes. What’s the budget? What systems are used? How do employees track spending?
Through our analysis, we determine any issues at each stage of the customer’s experience. This process allows us to understand where data is generated, so we can more efficiently capture it through systems and workflow improvements. Unresolved issues or manual processes create larger issues over time. Our team will develop solutions based on our insights.
Once we’ve reviewed these primary areas of the client’s experience, we can examine the finer details. Company financials include many smaller processes that are still essential to budgeting and tracking. We’ll look at areas like company credit cards, payroll processing, vendor invoicing and financial strategy during this detailed phase.
Our Process
At Compass East, our financial analysis service forms the foundation of what we do. Our complete process is as follows:
- Discovery and planning: In this initial stage, we’ll assess your company from the bottom up. Discovery is all about getting to know your financial structure and how it works across departments. As we learn about your company, we can move into the planning stage where we design an approach for system optimization.
- Historical accounting and cleanup: Data integrity is paramount. If your historical accounting is inaccurate, reporting, projections and key performance indicators (KPIs) will be incorrect, too. This cleanup phase aims to find any gaps in your reporting to ensure your numbers are accurate and financials are structured appropriately. This stage paves the way for new systems and strategies.
- System and process setup: With the information gathered during the discovery phase, we can set up the systems and processes that will address how your company can improve. Our Implementation Team will determine the best methods to implement the technology necessary to create a scalable financial infrastructure.
- Transition and stabilization: Working with new systems and processes will require a transition phase. We understand that you’ll need support to best implement these processes, and we’ll ensure every member of your team is prepared for the new structure. Our training videos and Stabilization Team will support every employee through the transition, defining clear roles and responsibilities to hold everyone accountable.
These four stages will make up the beginning of your journey with Compass East, and our deep-dive assessment is the starting point. After you’ve worked through each of these phases, you’ll enter the recurring services stage, where we’ll help you with day-to-day accounting, financial reporting and forecasting. In this stage, our Growth Team will optimize your accounting operations and finances for the long term.
Financial Analysis Solutions That Meet Every Need
Our bottom-up process sets us apart, but it’s only one of the ways we’ll support your company’s financial structure. We’ll gain familiarity with your company so we can generate valuable insights. We’ll show you how to manage finances and tell you why these processes matter to your business.
Our financial operations technology stack offers the advanced tools you need for accurate, thorough reporting. We’ll use a range of software platforms for the many financial operations within your enterprise, including payroll, invoicing, bill pay, vendor management and forecasting. These tools branch from our primary accounting platforms to give you a full suite of cloud-based abilities.
Throughout your time with us, you can track progress and insights through a KPI dashboard. This broad view of your financial performance will show you how our implementation makes a difference. We’ll customize your KPIs with your goals in mind.
Choose Compass East for Your Financial Assessment
When you run a fast-growing business, keeping track of every aspect of your finances is challenging. While you may have a financial team that develops long-term projects, you also need to make sure the structural details work. Compass East gives you the tools and insight you need to achieve an effective financial operation.