Processes
Striking balance between adherence and adaptability
In the evolving landscape of business, the emphasis on robust policies and streamlined processes is paramount. Well-defined policies serve as guiding principles, ensuring ethical conduct and regulatory compliance. Meanwhile, efficient processes enhance productivity, foster innovation, and contribute to overall organizational resilience. Accordingly, businesses cultivate a foundation that not only sustains daily operations but also facilitates long-term success and stakeholder trust.
Procure to Pay (PTP)
The Procure to Pay (PTP) is a comprehensive business process that involves the entire cycle of obtaining goods and services, from the initial requisition to payment. The main focus of PTP is on efficiency, cost control, and transparency. We strive to ensure that the entire process of PTP is designed in a way that emphasizes the economics of procurement and the best quality of vendors, while simultaneously mitigating relevant risks through controls and ensuring timely accounting of goods/services and payment.
Vendor management – Vendor evaluation, its onboarding, changes, and ending relationship management
Quotations and orders – Inviting requisite quotations based on purchase requisition and purchase order approval matrix
Procurement and payment – Accounting and payment of goods/services along with its approval matrix
Order to Cash (OTC)
The Order to Cash (O2C) process is an essential business process that involves different stages, from receiving customer orders to receiving payment. Organizations must prioritize the Order to Cash process as it directly impacts their revenue generation and collection, as well as customer satisfaction. Our primary focus is to ensure that the OTC process runs smoothly, without disrupting the top line and realization, while also having adequate controls to prevent and detect associated risks. We also aim to ensure timely accounting of goods and services, as well as collections.
Customer management – Customer evaluation, its onboarding, changes, and ending relationship management
Orders and invoice management – Receiving orders and issuing invoices and setting approval matrices for the same
Delivery and realisation – Delivery of goods/services and accounting as well as the realisation of cash along with its approval matrix
Treasury
The Treasury function is an essential part of any organization as it is responsible for managing financial resources, ensuring liquidity, and optimizing financial performance. Cash management is a critical element that requires proper regulation. We work together with clients to design efficient processes in different areas of treasury, including forecasting, risk, and investment management. We also assist in setting up approval matrices, limits, and control checks.
Banking set up – Setting up bank accounts, approval matrix, payment limits, and control checks
Receipts and payments – Execution and control mechanism around receipts and payments through bank
Cashflow management – Forecasting, management as well review mechanism for cashflows
Investment management – Evaluation of investment opportunities, risk management, execution of opportunities, and approval mechanism for the same.
Human Resource and Payroll.
Human resources are considered a crucial factor in the economy of any business. We help our clients design appropriate HR processes, along with payroll, to ensure that both the business and human resources work in unison. We enable processes from sourcing talent to managing their departure, including controls over payroll, compliance with associated regulations, and overall HR management.
Talent sourcing and onboarding – Setting sourcing as well as onboarding process along with approvals
Payroll and compliance management – Review and control mechanism along with execution of payroll and compliance
Performance management – Setting up JDs, KRAs, KPIs, and periodic performance reviews
Exit management – Exit and replacement process, internal transfers, F&F process, and approval mechanisms
RACI
The RACI (Responsible, Accountable, Consulted, Informed) matrix is a crucial process for defining roles and responsibilities in any project or function. We assist clients in setting up this matrix by understanding the project or function, its associated tasks, and key stakeholders. We then assign roles to clarify who is responsible for execution, who is accountable for outcomes, who needs to be consulted for input, and who should be informed about progress. Regular updates are made to reflect changes in the project or function to ensure alignment and effective collaboration.
Responsible – Assigning roles and responsibilities along with timelines for key milestones
Accountable – Assigning accountability and supervising responsibilities
Consultation – Determining appropriate stakeholders for consultation
Informed – Setting escalation matrix for proper escalations at the right times if needed
RCM
Creating a Risk Control Matrix (RCM) is a crucial step in effective risk management. It acts as a foundation for risk assurance and enables smooth conduct of internal and external audits. For every significant process, we work with key stakeholders to gain a detailed understanding of the entire process, identify risks at various steps, design controls to mitigate risks and assign responsibilities to test these controls periodically. The RCM is then reviewed regularly to reflect any changes in processes, risks, controls, and testing mechanisms.
Risk – Determining what can go wrong and its financial impact on the business
Controls – Setting controls to mitigate determined risks and test the same at a decided periodicity
Matrix – Assigning maker and checker concept for testing of controls