Financial Policies & Procedures - shipping & logistics
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Client
A long-standing shipping and logistics conglomerate, keen to cultivate a culture of robust practices across all group companies.
Assignment
Benefits to the client
Bottomline
Developed financial policies and SOPs (standard operating procedures) for all of their companies keeping in mind their differing business environments. We standardized key financial reporting norms for all their entities for efficient corporate governance.
IdealCap brought to the group a suite of policy and procedure manuals in a record time of 7 months, covering the following:
1. Accounting
2. Treasury and cash handling
3. Credit
4. The manuals:
-Clarify the Delegation of financial authorities
-Serve as a handy guide to all financial processes
-Eliminate guess work and mistakes
-Help reduce accounting supervision
-Serve as a standard orientation guide for new hires and audit staff.
IdealCap was subsequently invited to undertake an internal audit to ensure implementation and compliance with the SOPs.