Data drives every decision businesses and organizations make. As technology continues to advance, so do your accounting, audit and tax functions. With an increased amount of real-time data, though, how do you effectively and efficiently interpret it to make strategic decisions to improve your organization? As these technologies become more mainstream, your business needs informed, responsive professional services advisors more than ever.

Sometimes you need more than compliance assistance to fully understand your business’ lifecycle and how that integrates with your goals, fears, strengths and weaknesses to recognize what that means for your financial well-being. Whether it’s completely outsourcing your chief financial officer services or co-sourcing your financial functions to boost your team’s efforts, Ericksen Krentel can provide you with the support to continue driving profits.

Flexible cloud-based finance systems can provide faster answers, eliminate data silos and make data accessible to everyone.

Your management, investors and other stakeholders need to make strategic decisions based on information communicated outside of financial statements, and it’s vital to ensure the foundation of your audit does not have any “cracks.”

Working with our advisory team to support your overall growth strategy includes:

• Internal control and compliance audits
• Data analytics
• IT audits, reviews, design and evaluation
• CFO services
• Business process improvement
• Internal audit
  • • Co-sourcing and outsourcing
    • Quality assurance reviews
• Budget preparation, analysis and advice
• Historical financial analysis and advice to management
• Financial strategy and modeling (forecasts/projections)
• Real-time cash flow analysis and advice
• Market analysis
• Strategic planning (financial and organizational)

The more mature your organization’s advisory and analytics capabilities are, the greater value they’ll deliver. That includes predicting and prescriptive analytics, which can provide more exact predictors and help you more accurately forecast financial performance. Employing data analytics can also bolster your internal audit functions. That includes using data analytics to help improve audit evidence, cut down on repetitive tasks, and better correlate audit tasks to risks and assertions to help fight fraud to give you a better understanding of your organization’s risk and insight into potential material misstatements.

Strong organizational risk management can have a positive impact on long-term earnings performance. This can be achieved by developing good internal controls and compliance processes and then transitioning to internal audit and risk management. Internal audit services provide assurance that your organization’s systems and controls are designed and implemented correctly. Those same services can also assist in the risk assessment process by identifying inefficiencies in processes and providing recommendations that can be implemented to your organization.

If you have a strong internal financial services team, we’ll provide the objective information and advice you need to make informed and proactive decisions. If you have limited resources or do not have a team in-house, we’ll roll up our sleeves and work closely with you. Our advisory team can pull on a range of experience with myriad industries to provide advisory services to help you take a deeper dive into your daily, monthly, quarterly or annually financial reporting to understand your numbers and operations and make strategic decisions to grow your business.

The Ericksen Krentel team can help you formulate a strategy to gather, analyze and make sense of your data in a cost efficient and effective manner. Remember, incorporating a data analytics function in your organization is not so much about gathering every last detail as much as it is obtaining and evaluating high-quality information in real time.

Our experienced business advisors have provided timely, accurate and comprehensive assurance, advisory and accounting services for businesses and governmental agencies of all sizes for nearly 60 years. Our goal is to truly understand your business to help you economize your operations and develop strategies for minimizing future liabilities.

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