Below, we clarify on aspects such as Regular Updates, Bank Account Management, Use of Timesheets, Access to Invoices and Financials and Forensic Accounting Audits
We create shared docs and financials where investors/business owners can know exactly what is the state of the business at that point of time and what are the plans for future. All important information and crucial aspects are put in these files and updated regularly. Investors/Business Owners may request any particular information which may not be present in the shared files as well as influence strategic direction of the business too. Once the company becomes listed, disclosures usually require the dissemination of information only via the stock exchange.
Bank Account Management
We use a maker-checker system where no transaction or transaction above a certain limit need approvals of more than one person for go ahead. Also, banks set maximum limits that can be debited during a day.
Use of Timesheets
We understand time sheets are usually used in operational environment but we sincerely believe that time sheets are a great tool to maintain accountability even for the kind of consulting work our seniormost consultants do.
Whenever a consultant works for the client on his laptop, he initiates the timer. Screenshots are randomly taken every 3 minutes and stored in the software. Screenshots taken of the consultant’s laptop screen can be accessed by any concerned stakeholder at any time. If the consultant stops making keyboard strokes or mouse scrolls for more than 2 minutes, the timer stops automatically. Notes are made to justify the time spent. Even the senior most consultants are accountable!
However, we understand a lot of work will involve interacting with people and conducting meetings, which cannot be recorded on a timesheet software. Offline entries are made along with notes against each entry to justify the time spent.
Access to Invoices and Financials
Any concerned stakeholder can request access to any invoices and company financials if they are concerned about authenticity.
Forensic Accounting Audits
Investors can authorize forensic accounting audits at any point of time by hiring external experts to audit the companies they own, even if there is a little bit of doubt or distrust.