Accounting Optimization

Changing framework conditions mean that accounting in particular is confronted with great challenges. The trend is that more and more accounting activities have to be performed in the shortest possible time and the quality must be high. In addition to increased time pressure, the high quality and up-to-date character of the data must be ensured at the same time. Many CFOs, executives and banks expect data to be readily available for decision-making. Therefore, it is essential to identify and implement potential for optimization.

Identification of Potential for Optimization in Accounting

The challenges in the optimization of accounting lie in identifying the potential for optimization to increase efficiency and raise the value contribution in the area of finance. Assessments regarding possible potential for optimization can be carried out for the entire accounting system as well as for special sub-processes, such as accounts receivable or accounts payable departments, asset accounting, reporting packages or the preparation of financial statements (IFRS/US-GAAP).

On the one hand, systematic analyses and assessments of the accounting system are necessary in order to identify potential for optimization to increase efficiency by analyzing and documenting existing processes. On the other hand, an analysis and documentation of the existing accounting system is essential in order to uncover possible weaknesses and thus identify and minimize the resulting risks at an early stage.

Accounting Optimization – WTS Advisory Services 

The analysis and subsequent optimization of structures and processes in accounting will give you the opportunity to create important efficiency advantages and transparency in order to identify possible risks at an early stage.

We rely on proven check lists and workshops in order to obtain an overview of the possibilities for optimization in the various areas of accounting, such as accounting systems, annual financial statement processes or intercompany reconciliations, as quickly as possible together with you. As a result, we uncover various places with potential for improvement and potential measures and back them up with costs, time requirements and benefits.

Our Services

• A finance assessment to take stock of the situation and proceed with subsequent optimization of the identified weak points
• Implementation and optimization of consolidation solutions
• Implementation and optimization of sub-processes in accounting, e.g. accounts receivable, accounts payable, asset accounting, consolidation measures such as IC reconciliation, or the process of producing Notes to the financial statements or reporting packages
• Structure of the Notes to the financial statements and reporting packages or support in the implementation of IT-based systems for automated production of (IFRS) Notes to the financial statements
• Optimization or creation of Group charts of accounts
• Preparation or updating of accounting and account assignment manuals
• Training of your employees (general and specific)
• Streamlining the processes for the financial statements
• Set-up or optimization of annual financial statement schedules with the integration of all internal and external supplying parties (level of individual and consolidated financial statements)
• Harmonization of accounting (internal and external)

If you are interested or have any questions, please contact us.