eliteBco has provided Financial Management Systems for commercial, nonprofit, and Government organizations for over 10 years. The loyalty of our clients is the best evidence of our professionalism and superior value.
A financial management system is the methodology and software an organization uses to control its income, expenses, and assets to maximize profits and ensure sustainability. In the course of implementing a Financial Management System, companies can also standardize and automate many business processes to eliminate manual effort and save time.
An effective financial management system improves short- and long-term business performance by streamlining invoicing and bill collection, eliminating accounting errors, minimizing record-keeping redundancy, ensuring compliance with tax and accounting regulations, helping personnel to quantify budget planning, and offering flexibility and expandability to promote change and growth.
A-123 Internal Controls Over Reporting
eliteBco’s Federal internal controls approach incorporates the OMB A-123 Internal Controls Over Reporting principle. This principle provides a new emphasis on identifying and strengthening internal controls in all executive offices, beyond the previous emphasis which specifically focused on financial reporting and the CFO office only. Our plan integrates the updated A-123’s ERM Framework principles to identify, assess, mitigate, and manage Operational Risk to support performance management and provide a more informed guide for General Internal Controls. We understand Federal Government internal control requirements and how to assist with implementing, testing, and monitoring compliance with OMB Circular A-123 and FMFIA requirements. We can evaluate internal controls required to conform to COSO standards and NIST standards at Federal agencies. Our strategic approach aligns with the updated GAO Green Book, which reinforces the five essential components of internal control—Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring—and the 17 new principles that support them and provide further IT guidance.
We provide services to analyze internal controls, business processes, accounting entries, and functional requirements for a variety of projects, such as replacing an accounting system with newer technology. For example, eliteBco has experience analyzing and documenting current and future state accounting system requirements for internal controls, reporting processes, process flows, document flows, and system interfaces. We evaluate the “As-Is” environment and document the internal controls and business processes in flowcharts, and we document the “To-Be” results in process narratives, flowcharts, and accounting entry documentation and modeling. We usually perform a gap analysis along the way by comparing the “As-Is” state of current business processes and accounting entries to the ideal future “To-Be” state. Working with Federal subject matter experts (SMEs), eliteBco personnel also analyze current accounting system functionality and agency business functions to identify any gaps between the current and future accounting systems. This includes reviewing the systems for compliance with GAAP and the USSGL, while also considering prior audit findings.
Enterprise Resource Planning (ERP)
An ERP system is a suite of integrated applications that a company uses to connect its business activities across departments so that everyone is working with the same data and processes. ERP systems can be used to streamline and improve the efficiency of their operations, which saves time and money.
eliteBco’s experts are implementers of some of the most awarded Financial Management Systems and Business Process Automation products on the market. Request a free demo of any of our products and let us show which is the perfect fit for your operation.
- Abila MIP