Controls
I noticed that problems always came for the CFO around the time of external auditing. It took weeks of work just to put the reports together.
So I automated the reports using the technology they were using to track client data and financial records.
Now, consolidated data from the system could be extracted in seconds, and the Finance Manager was happy.
The next audit came around. It still took up more of the CFO's time than I expected, even with the automated reports.
It turned out that most of the time around auditing was spent looking into paper records and contracts, and not all of the relevant data was not being put into the system upstream, by the Loan Officers.
I then used the system to create workflows that required the Loan Officers to enter in all of the data that was relevant for the external audit. The implementation required no training as the controls were embedded into existing processes, and the required data was already being collected.
The next audit came around, and what used to take weeks, was now achievable in days.
Success.
It was a lesson for me in the power of internal controls - the methods, policies and processes that come together to ensure things function as we would like them to.
Setting up auto-savings from our pay check is an example of a highly effective internal control to ensure we save money for the future.
Finding and implementing these moments in our daily lives, setting up Ulysses Pacts is an effective way to align our lives with our values, and find balance.