According to a CISCO systems report; 70% of all businesses that experience a major loss of data go out of business within 12 months. It is possible to deduce therefore, that a partial loss of data poses a threat to your business. This raises the all important question, what data could you be missing from your business?
One must remember that human fingers grace our keyboards, rapidly entering (or not entering) data into the companies accounts system. Those human fingers often belong to persons within under resourced departments, and are connected to clever minds that have worked out how the software functions, rather than being taught the absolute scope of the software, its risks, its limitations and its time saving short cuts.
Humans send out and receive goods, sometimes without the correct information recorded on the docket and financial is sometimes bundled together or incorrectly allocated within the software, as it seems like a sensible idea.
The role of a finance and administrative process consultant (F.A.P.C), is to help businesses remove gaps or risks from the wider process (outside of the software) as well as what goes on withnin the software.
The resultant data will shape and improve the quality of the firms P&L, balance sheet and management accounts. These can in turn be used more effectively by the chartered accountants and management team to make informed decisions based on a clearer understanding of the business.
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