Financial reports come in many shapes and sizes. Frost Squirrel can help.
Required for different reasons, these non assurance reports are normally obtained by management or the board to help assess the health of the company. Many larger companies will produce these in house, if they have the internal resources, but not all companies will have those resources to allocate to producing these reports.
This will normally result in the company operating at less than peak efficiency. For any of our clients, not operating at peak efficiency could result in several different issues that Frosty Squirrel would like to help our clients avoid.
Policies & Procedures Assessment
Policies & Procedures documentation is one of the most important aspects of any organization, regardless if you a Not for Profit, Government, Amazon or anything in between.
This document should be a living document that is changing regularly to change with the changes in the world. If you don’t have a written policies and procedures document that has been approved by the board, then there is a lack of direction for the organization for the day to day operations. While some organizations have a verbal version, not everyone can remember what they said 3 years ago, or 3 minutes for some.
Frosty Squirrel works with management, Chief and Council/Board of Directors and staff to review the current policies and procedures for potential issues and efficiencies to produce a report regarding improvements, rewordings and potential issues. Additionally we can also rewrite these sections if requested for board review and approval.
While this may seem simple enough, an understanding of the organization and their operations is needed to produce a useful report and this takes time.
Additionally, since Frosty Squirrel is not an expert in all matters, we will obtain assistance for non-competent areas if we deem it required. This is to ensure that our client is getting the most relevant information for their policies and procedures. This is mainly in regards to any unique HR and Legal Policies.
Internal Control Assessment
Internal Controls are normally determined by the Policies and Procedures of the organization, without those policies the controls will be inherently weaker and have a higher potential for flaws. This can result in significant opportunities for fraud and in some cases issues with liability.
With poor control implementation, the board or management can be held personally responsible for certain liabilities of the company, mainly payroll deductions. This could result in a board member or councilor being personally responsible for several hundred thousand dollars worth of payroll deductions because management ran out of cash due to fraud or ineffective management of cash.
This can be a scary scenario for many board members, this is why assessing the internal controls to ensure they are being followed is important. With this report Frosty Squirrel can help determine if the controls of the company are being followed to the board and management’s specifications to help reduce any issues from surprising the board or management later.
Key Performance Indicators (KPI) and Ratio Reports
These measure the financial health and information of the company to assist management on making decisions.
Supplier Analysis Report
This report will analyze your suppliers, and determine if the main suppliers of your organization are in line with the industry for pricing. Providing competing bids from other suppliers.
Asset Acquisition Report
If you are looking for a specific capital asset coming up with a list of vendors and quotes can become our job. This will allow you to simply choose which one is best for you.
Realistically, there are few financial reports that Frosty Squirrel would not be able to provide to their clients, normally we would simply suggest these reports during other engagements, but if you have need of a specific report then the Squirrel would like to know about it and help.