Resource for the financial dream team structure?

Looking for direction on resources to further develop my understanding

Didn't find your answer?

I'd be ever so grateful if anyone could point me in the direction of a good resource to use as reference for setting up a "perfect" accounting team in industry (machinery, to be specific). I'm assisting a colleague with analysing and suggesting improvements in this company's financial controls and structures. There are gaps in this company's processes and whilst I can make some common sense suggestions, I would appreciate a stronger background understanding and some structured content to go off of. Any and all recommendations welcome! Thank you

Replies (4)

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By Richard Grant
24th Sep 2020 07:54

What sector/industry is it? How big? Client base? There are hundreds of variables before anyone could give a good answer.
What areas are you tightening up? Financial controls? (speak to the auditors first as an easy victory).
Management information (discuss with managers what they want).
Supply chain etc
Make a list of the areas that are lacking and rank them then you will have an idea of what you need.

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By paul.benny
24th Sep 2020 09:50

You're chasing rainbows.

For a start, you have to work with what you have: the people, the systems, the processes - and all of the external factors such as customers and suppliers, who don't necessarily want to fit in with your processes.

Thanks (1)
By accountaholic
24th Sep 2020 13:45

I don't know a single place to go but for what it's worth my top three would be:

1. Bank. Know your outgoings before they go out. Have them all scheduled out so you can forecast your cash flow, and make sure the reality at the bank each day is reconciled to the accounts.

2. Stock and invoicing. Make sure you know what stock you have, and where it is, and make it gets invoiced when it should be. You don't want to find "oh, I haven't invoiced it until I get......" and the days turn into weeks and so on.

3. Credit control. Make sure payment terms are laid out and the credit control person can chase up promptly.

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Stuart Walker Yellow Tomato Copy
By winton50
24th Sep 2020 13:49

This is what I used to do for a living and I can promise you that it doesn't exist.

Every company is different and as other posters have said more eloquently than I, it depends upon a multitude of factors.

You'll also find that your dream team can change in the same company as people become more skilled, as systems change and as the workload varies.

Sorry to be so unhelpful but it's the truth.

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