1. Periodic Accounting Review Periodic Revenue Reconciliation
Financial Management – Periodic Accounting Review
Periodic Accounting Review
Periodic Revenue Reconciliation
Description: This workflow describes all the steps required to formally review the financial health of the business with the firm’s accountant. This is an important of part of properly evaluating and managing the firm’s finances in order to ensure the firm’s financial objectives align with the firm’s overall business strategy. Best practice is to conduct a Periodic Accounting Review on a quarterly basis, at the end of every financial quarter.
Process Checklist
PREPARE
ROLE
TASK
DETAILS/TIPS
Client Service Associate
Confirm Financial Reports Needed by Advisor
Due: 3 Weeks Before Meeting
Work with the Advisor to identify the types of reports needed for the review
Analysis varies firm-to-firm but typically, the following reports are needed:
Balance sheet
Income statement
Cash flow statement
Tax liability review
Determine the Advisor’s preferences for receiving the reports from the accountant
Examples of Advisor preferences might include whether the Advisor wants:
To receive the reports before the meeting in order to review them beforehand to prepare questions or concerns ahead-of-time
To receive a hard versus soft copy of the reports for record-keeping purposes
A specific comparison of previous and current reports in order to track progress towards specific goals
A cover letter summarizing the overall trends demonstrated in the reports that should be discussed during the review
Contact Accountant to Schedule Review
When scheduling be sure to take into consideration the amount of time required to generate reports needed for this review
Book the room, resources, and attendees for the review
Request the accountant to produce the reports identified by the Advisor in preparation for the review
Generally the types of reports needed for the review become standard overtime, unless there is a specific event or issue that requires the accountant to create an additional deliverable for the review
Ensure the accountant is aware of the Advisor’s preferences for receiving those reports
If the Advisor wants the reports before the review, set a reminder to follow-up with the accountant to ensure the reports are provided on the requested due date
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© 2015 SEI. This information is proprietary.  No further distribution is intended.

2. Periodic Accounting Review Periodic Revenue Reconciliation
Financial Management – Periodic Accounting Review
Periodic Accounting Review
Periodic Revenue Reconciliation
Process Checklist
CONDUCT
ROLE
TASK
DETAILS/TIPS
Advisor
Conduct Review Meeting
Review the reports with the accountant and the firm’s progress to goals
Identify firm deficiencies and opportunities laid out in the reports
If there’s a specific issue identified within the report, ask the accountant for recommendations for addressing it
Discuss any variances or inconsistencies within the reports
Ask the accountant explain the reason for such variances and / or how they impact the overall report or financial health of the firm
Determine if the firm should make any changes based on what was discussed
This should be a combination of the accountant’s professional recommendations and the Advisor’s final decision on the matter
Present Findings to Team & Identify Changes
Due: 1 Week After Meeting
Schedule team meeting to present the findings from the accounting review
Highlight progress to financial goals and explain the overall impact to the firm
Be sure to celebrate the firm’s accomplishments to keep things positive so the team feels empowered to keep working and achieving
Identify firm deficiencies and opportunities for improving the overall financial health of the firm
Collect feedback from the employees and answer any questions
Determine changes to be implemented within firm based off of these findings
If changes do need to be made, be specific about:
What those changes are
How they’ll be implemented
Who is responsible for seeing those through
sei.com/advisors
© 2015 SEI. This information is proprietary.  No further distribution is intended.

3. Periodic Accounting Review Periodic Revenue Reconciliation
Financial Management – Periodic Accounting Review
Periodic Accounting Review
Periodic Revenue Reconciliation
Process Checklist
FOLLOW-UP
ROLE
TASK
DETAILS/TIPS
Advisor
Oversee Tasks to Monitor Financial Health
Due: 2 Weeks After Meeting
Reinforce any changes that need to be made within firm to the team
Distribute a summary of what those changes are on paper or via to the team as appropriate and file for record-keeping purposes
Assign any follow-up tasks to team members
Ensure every team member is aware of what role they play in ensuring the tasks are executed and implemented
If changed behavior is required of any team members, set reminders to periodically check-in to monitor and ensure appropriate efforts are being made
Launch the "Periodic Accounting Review" workflow again
Typically this is launched on a quarterly basis, at the end of every financial quarter, to continue to track and monitor the financial health of the firm
sei.com/advisors
© 2015 SEI. This information is proprietary.  No further distribution is intended.