Setup and restructuring financial management system
Setup and restructuring financial management system is a service that helps the client organizations improve their financial management processes and systems, as well as adapt to changing business needs and market conditions.
This service can involve:
- Current system assessment: This service conducts a thorough assessment of the financial management system on the following aspects: data accuracy, internal control effectiveness, reporting capabilities and integration capabilities other systems to identify strengths, weaknesses and areas for improvement.
- Financial Policy Design: This service includes developing robust financial policies, in accordance with industry practices and regulatory requirements and providing guidance for various aspects such as: cost management, revenue recognition, cash flow management, budgeting processes, risk assessment procedures and compliance processes.
- Internal controls: This service includes assessment and recommendation the internal controls to protect assets from the risk of fraud or misappropriation, establishing a separation of duties between employees responsible for the various finance functions, while ensuring appropriate authorization procedures are in place.
- Accounting software selection: This service evaluates accounting software options appropriate to the size and complexity of the organizations while also considering features such as general ledger functionality, account management accounts payable/receivable, payroll processing, tax compliance support, integration with other systems, security measures, scalability, etc.
- Data migration and integration: This service changes or upgrades, as part of restructuring efforts, ensuring a smooth migration/integration process without affecting data integrity or disrupt daily activities.
- Training & Documentation: This service provides comprehensive training sessions on new processes/systems implemented in the organizations, outlining processes, workflows and guidelines for documentation reference for use, ensuring easy use for employees.
- Align the financial management system with business strategy and goals: This service involves ensuring that the financial management system supports the vision, mission, values, goals, objectives and performance indicators of the organizations as well as compliance with relevant standards and regulations.
- Continuous Monitoring & Improvement: Establish a mechanism to monitor the effectiveness of the financial management system on a regular basis, conduct periodic audits, review key performance indicators (KPIs) and seek feedback from stakeholders to identify areas requiring further enhancement or refinement.
Let us do our good services
Setup and restructuring financial management system is a work that requires high expertise and a lot of practical experience. We own a strong team with good skills and much experienced experts in performing this service. SCS Global is a leading provider of corporate finance services with high-quality in Vietnam.
Contact us today so we can discuss how best to achieve your business goal.