This is a case study of our work with the UK branch of URETEK, a worldwide leader in geopolymer ground engineering, carried out in January 2013.
To assess and see how the accounting function can be improved and implement any changes to reduce the turn around time of the management accounts.
Lee Jones was assigned to URETEK and put in place the following to achieve the objective:
- Accounting system review
- To ensure the business had a streamlined approach to running and generating reports it was decided to:- introduce a new MIS system to allow best use of the Sage Line 50 data to prepare a set of detailed and summary consolidated financial accounts.
- Ensuring that any invoices being raised manually were done from sage by creating templates.
- Upgrading current sage reports to stop duplication of work on excel.
- Logging on Sage customer and supplier activity such as statements, reconciliations, debtor chasing.
- Consolidated projections model
- A consolidated projections model was created to review and predict company cashflows.
- Company equity ratio review
- The company equity ratio was reviewed and improvements were suggested by monitoring collections, prepayment provisions, assets writing down allowances.
- Internal accounts review
- A review of the internal accounts staff functions was undertook and sub departments were created for the sales ledger, purchase ledger and nominal postings to allow segregation of duties.