Accounting Process & Procedures Review

Uncover Inefficiencies and Strengthen Your Financial Workflows through our Accounting Process and Procedures Review

Every new monthly bookkeeping relationship at Red Gate begins with a deep-dive Accounting Process & Procedures Review. We look under the hood of your business, fix the inefficiencies, and build a clean foundation for your ongoing monthly bookkeeping.

Our Accounting Process & Procedures Review gives small and midsize businesses a clear, unbiased assessment of how financial workflows really work. We examine your transaction recording, accounts receivable/payable, bank reconciliations, payroll, internal controls, and month‑end close to find gaps, inefficiencies, and risks. The end result is actionable recommendations and documented improvements so your processes are reliable, compliant, and scalable.

Key Objectives of the Review
  • Accuracy and Completeness: Ensure transactions are recorded correctly and all financial data is captured.
  • Internal Controls Evaluation: Assess safeguards against fraud, misuse, or errors. Validate approval workflows and segregation of duties.
  • Efficiency and Automation: Identify bottlenecks, redundancies, and areas for automation. Evaluate current accounting tools and systems.
  • Regulatory Compliance: Confirm adherence to GAAP, IRS requirements, and other regulatory frameworks.
  • Documentation and Standardization: Ensure procedures are clearly documented and consistently followed.
  • Readiness for Audits or Scaling: Ensure your accounting function can support growth or audits effectively.
Core Areas Reviewed
  • Transaction Recording: Timeliness and accuracy, structure of the Chart of Accounts.
  • Accounts Payable & Receivable: Invoice approval flows, payment standardization, AR aging.
  • Bank Reconciliations: Monthly reconciliation frequency and approval process.
  • Payroll Processes: Accurate wage and tax recording, general ledger integration.
  • Month-End & Year-End Close: Checklist adherence, accruals, adjustments, and documentation.
  • Fixed Assets and Depreciation: Asset registers, consistent depreciation policies.
  • Financial Reporting: Accuracy and timeliness of P&L, Balance Sheet, and Cash Flow statements.
  • System Controls and Access: Permissions, audit logs, and system security.
Typical Deliverables from a Review
  • Findings Report outlining gaps, inconsistencies, and risks.
  • Recommendations for improvement in processes, tools, or staffing.
  • Updated procedure manuals detailing daily, weekly, and monthly workflows.
  • Internal Control Matrix mapping duties and approval flows.
Best Practices
  • Conduct reviews annually or biannually, especially during periods of growth or change.
  • Use visual aids like flowcharts or SOP templates for clarity.
  • Engage multiple departments including payroll, operations, and compliance.
  • Leverage cloud-based accounting systems and automation tools where applicable.
Benefits of a Strong Review Process
  • Reduced risk of errors or fraud.
  • Faster, more efficient monthly close processes.
  • Better compliance with audit and tax standards.
  • Greater accuracy in financial reporting.
  • Improved scalability and operational efficiency.

The First Step Toward Flawless Bookkeeping

We don’t just hand you a report of what’s broken and walk away. Because this review is built into our onboarding process, our team actually rolls up our sleeves to implement these improvements for you. We fix the gaps, clean up the data, and set up a streamlined workflow that we manage for you month after month.

Ready to get a clear look under the hood of your business finances?

Schedule a Free Bookkeeping Consultation

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