Depending on what each client needs, LGP Business Services will design a customized review of a company’s overall operations and how they affect each area of the business…most especially, a review of all operations relating to financing (see Financial Control Review below).
LGP can review and analyze all facets of a business’ operations, including production, sales, customer service, inventory control and accounting.
Our Business Operations Review services include:
Review of a client’s accounting and management information systems to determine where any deficiencies lie
- Cost reduction analysis
- Quality control consultation in the area of accounting
- Consultation and implementation of new systems or enhancements to existing systems
- Review and analysis of management information reports—including month-end statements, and the variances and interpretations of those variances.
If a client has concerns about one specific area, we can assess that department or aspect of the business and broaden our approach later to encompass all areas of operations as needed. We look at the processes that are in place and recommend improvements that can help a business grow more profitable by:
- Operating in a more streamlined fashion
- Reducing ancillary staff or departments
- Ensuring proper division of labor among management and staff
- Cutting costs in key line item areas to improve the bottom line
- Reviewing lease agreements
- Restructuring debt service
Financial Controls Review
LGP Business Services works closely with banks and other lenders to assess its potential customers’ viability and credit worthiness before those institutions extend commercial loans to businesses. After all, in today’s economic climate, lenders must be extremely diligent in terms of how they qualify commercial loans. At LGP, we make it our business to prepare our clients for those lender field examinations to ensure that both parties solidify a stable, long-term loan relationship.
Our industry expertise means our consultants look at your business from the same perspective as a lending institution performing an audit…and we prepare our clients to apply for commercial loans with a full slate of services designed to uncover potential problems and rectify them to better position a company for a lender’s field examination. Through our own thorough financial controls review, we note deficiencies in policy and procedure that could raise red flags, and we will help you update those internal systems prior to the actual lender’s field examination. It all adds up to a win-win situation for our clients-who are more assured of successfully closing a needed financial deal-and the lending institution that comes to the table with a higher level of comfort that financial controls have been implemented to its satisfaction.
As part of our Financial Controls Review, LGP Business Services will:
- Train client s to correctly complete borrowing base certificates
- Analyze aged accounts receivable, dilution, and turnover ratios
- Perform accounts payable analysis
- Review cash receipts and disbursements
- Examine general ledger account
- Create budget-to-actual expense comparative reports
- Evaluate inventory including test counts as well as cost and gross margin testing
- Review payroll and miscellaneous tax payments
- Verify general ledger balances to financial statements
There are other review services we can perform depending on the type of client or industry. Give us a call today for more information and start getting your financial house in order with the help of LGP Business Services.
