Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their responsibilities, transactions are recorded accurately, and the organization avoids unnecessary accounting confusion.
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Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their responsibilities, transactions are recorded accurately, and the organization avoids unnecessary accounting confusion.
Making Data Actionable with Financial Planning & Analysis
It Depends
8 minutes 27 seconds
1 year ago
Making Data Actionable with Financial Planning & Analysis
At Hantzmon Wiebel, one of the many services we specialize in is providing expert financial planning and analysis (FP&A), which empowers businesses and organizations to make informed decisions. FP&A serves as a valuable bridge between raw data and actionable insights, allowing business leaders to have the tools and understanding necessary to drive success.
What Is FP&A?
FP&A involves four key points: planning, forecasting, analysis, and reporting. These four components work together to paint a clear picture of complex data. For business owners, this means having the ability to understand their position financially and confidently make decisions that align with strategic goals. Chapman Yoder, one of our skilled FP&A analysts, explains how “Leaders don’t want to spend their time digging into data—they want to know what the story is and how to take actionable steps.” Our FP&A team excels in turning numbers into stories, followed by actionable ways to adjust your businesses financial strategy.
Proven Success in the Past
One nonprofit we worked with sought guidance on improving their product sales margins. Through thorough financial analysis, we uncovered costs they hadn’t accounted for, enabling us to provide multiple pricing scenarios. We demonstrated how a 10% price increase, even with a 20% drop in demand, would still result in healthier margins. This gave the organization the confidence they needed to adjust their pricing strategy and increase profitability.
How FP&A Can Benefit You
Many perceive FP&A as a luxury or an unnecessary expense, but the reality is that it’s an investment. With accurate data, expert analysis, and actionable insights, informed decision-making that enhances growth and profitability becomes an indispensable asset. Our team is committed to helping clients navigate their financial journeys with confidence. Through our service, we bridge the gap between numbers and strategy, helping your organization thrive no matter the industry. To learn more about this topic and how we can support your success, listen to our full podcast on Apple Podcasts, Spotify, or your platform of choice.
It Depends
Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their responsibilities, transactions are recorded accurately, and the organization avoids unnecessary accounting confusion.
