How to Build an Audit-Ready Finance Team

Description

Keywords

finance teams, audit-ready, deductions management, accounting pitfalls, tariffs, internal alignment, documentation, growth strategies, risk management, supplier insights

Summary

In this episode of The Savvy Supplier, Al & Boyd talk with Kevin Stewart from Crowe, a Global Accounting Firm, about the importance of building audit-ready finance teams, managing deductions effectively, and navigating the complexities of tariffs. They explore common accounting pitfalls, the significance of internal alignment, and the necessity of proper documentation. The conversation highlights the need for finance teams to be proactive in risk management and to adapt to market changes while maintaining a stable and structured approach to accounting processes.

Takeaways

Managing your own function effectively is key to handling deductions.
Understanding costs is crucial to avoid financial pitfalls.
CFOs dislike surprises; clarity in financial processes is essential.
Communication between finance and sales teams is vital for success.
Being audit-ready means being prepared for change and uncertainty.
Documentation is often overlooked but is critical for financial integrity.
Growth requires a shift in finance team structure and processes.
Internal alignment can prevent costly mistakes in pricing and deductions.
Proactive risk management is essential for finance teams.
Investing in proper systems can save significant costs in the long run.

Titles

Building Audit-Ready Finance Teams
Mastering Deductions Management

Sound Bites

"Everyone hates surprises, especially CFOs."
"We should be the lighthouse in the ocean."
"I see concern, not panic, in the market."

Chapters