Financial Studies
In today's challenging economy, organizations face the challenge of operating their agencies efficiently and resourcefully, while keeping rates as low as possible. Financial planning and specific financial analysis can help staff and elected officials understand what actions need to be taken to maintain or improve financial condition and services. Our studies offer a unique menu type system that is designed to review exactly what you need in a very focused manner.
Platinum Consulting Group's fiscal health reviews offer ongoing preventative care as well as periodic financial check-ups, in the same way a doctor annually checks physical health. We also provide financial planning and analysis to ensure that your agency is following best practices and is generating information that is easily understandable to decision makers. Our studies give elected officials and staff the peace of mind that they desire while providing valuable and much needed support and assistance to management.
Interim Administrative, Finance & Accounting Services
With our experience, we are in a unique position to provide staff for your organization who can "hit the ground running" with their wide range of experience. We have talented staff at all levels of administrative, finance and accounting positions, including entry level accounting, data entry and support staff to executive level positions such as Chief Financial Officer, Director of Finance, Director of Administration, Executive Director, General Manager, Assistant General Manager, etc. These are services that have been provided in the past and we have excellent references that can be provided.
Fiscal Health Reviews
Elements of our fiscal health review studies can include any (or all) of the following elements:
Analyze budgeting process and reporting to determine that it is easy to understand, projections are based on accurate indicators; and reports are simple and transparent.
Review monthly reporting process and reports, and meet with stakeholders to improve the financial reporting process. Provide/modify reports that will offer relevant information that is easy to understand and transparent.
Benchmarking analysis to determine how well a utility is doing in relation to similar utilities and to industry standards.
Trend analysis to determine how a utility has managed its finances in the past, and assess the viability of financial forecasts.
Financial training with elected officials and upper management to ensure that everyone is speaking the same language, and that it's the right language!
Financial Planning & Analysis
Elements of our financial planning and analysis include a review of Capital Financial Plans and its integration with the Operating Budget. We analyze financial projections, challenge assumptions, and review overhead allocations and cost factors to different departments or funds. We also analyze indirect cost allocations in compliance with regulatory requirements. Ultimately, our goal is provide a fresh look at what your staff has already done and has been doing for years to make sure it answers today's questions.
Policy Review
We have written and reviewed countless policies and policy manuals for our clients. We believe that strong administrative and financial policies (such as investment, debt, and reserve policies) provide the foundation and continuity for elected officials and managements decisions. We can review existing policies and then update and optimize them using best practices and new compliance standards. We also prepare an extensive reserve level analysis, in conjunction with the reserve policy, to ensure that the policy is not only prudent but is also practical and realistic based on your agency's unique characteristics.
Internal Control Reviews
Why do you need an internal control review if your auditors are already doing it as part of their audit? The auditor's main focus is on the accuracy of the major items in the financial statements. Their review of internal controls will often detect obvious problems in the internal control system, but cannot delve into many other risk areas due to time constraints. Auditors also focus on the concept of materiality (in other words, just the big stuff). We look at the entire internal control system and assess the risk that you could see your agency's name in the paper due to fraud, financial malfeasance, or reporting mistakes – something no one wants!
Elements of our internal control studies include a thorough review of internal controls (we will use your auditor's work as the foundation, and then expand to a more in-depth review of the controls and can do so for most of the organization). We will perform a detailed analysis of risk areas, and then make recommendations for improvement. Unlike other consultants, we can provide you with an implementation and monitoring plan created specifically for your organization that helps ensure future success.
Cost of Service / Cost Recovery Analysis
Many times the cost that is charged for special services is has not been updated in years. In today's economic climate, public agencies cannot afford to finance these services, so a review of your fee schedule is critical.
Platinum Consulting Group can examine any type of service provided by your agency (such as broken fire hydrants, water shut-offs, permits & other fees), and analyze the cost of providing it. We calculate the full cost of service from a fresh perspective,assessing direct and indirect costs, and other ancillary costs that often not considered. We then evaluate how much of the cost is being recovered through fees, charges and other sources of revenue, and we can help you develop policies on how much of the total cost should be recovered from fees or how much should be subsidized from other revenues.
Performance Audits, Measurement, Indicators, Reviews
We evaluate management approaches and practices to help public agencies improve their efficiency and effectiveness. We are experts in helping agencies outline goals and objectives for improving performance and developing recommendations and solutions. Based on many years and wide ranges of experiences, we offer suggestions for improvement that will immediately increase efficiencies based on best practices, and save valuable staff time and resources.
Organizational Analysis & Change
Platinum Consulting Group performs organizational analysis to help public agencies increase performance and minimize costs by analyzing staffing requirements, reporting relationships, organizational structure, management processes, and human resource issues. We ensure those impacted by an organizational analysis are involved in the study from the beginning and understand the objectives.
Staffing Analysis
We understand that every agency and department has different personnel needs. We can assess current staffing levels and operational practices and determine optimal personnel levels, forecast future needs, and identify potential improvements. Based on this information, we can make recommendations for budget or staffing level changes.
Platinum Consulting Group can analyze work flow among staff and departments. We review and develop job descriptions, document procedures and generate procedure manuals.
Benchmarking & Comparative Studies
We can assist organizations in identifying benchmarking data or conduct surveys to gather relevant information. Our management consultants perform comparative studies, summarize observations, and make recommendations for optimization. We can also analyze existing processes, practices and systems and determine which, if any, best practice models can be applied to improve them.
Systems Implementation Services
Successful system implementations can take several months or years of effort. Most agencies do not have idle staff who can dedicate the time necessary to ensure the success of a systems implementation. Our experience in accounting and finance roles provides us an insight to foresee issues before they are allowed to become problems. Having financial insight and experience with many different software programs allows us to more successfully manage your systems implementation project.
Strategic Planning
Today's utilities are faced with increasingly complex challenges.
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How do you pay for much needed improvements to your aging infrastructure?
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How do you provide the superior service your customers expect and control costs at the same time?
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How do you avoid the need for rate increases while still providing competitive compensation to your staff?
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How do you financially plan for the future when the effects of conservation, regulations, and increasing supply costs are constantly changing the game?
Strategic financial planning can help utilities meet these challenges.
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Strategic Financial Planning is a process for assuring that financial policies are supportive of a utility's strategic direction and that the strategies are fiscally sound and appropriately implemented.
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Development of the policies and strategies necessary to guide a utility into the future requires a high level of interaction within the organization.
Benefits of Strategic financial planning are significant and include:
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Assurance of sound financial policies and plans in accordance with laws, regulations, and best management practices.
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Well-directed strategies, which enable the organization to meet stakeholder needs at an appropriate and reasonable cost.
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A management team that understands and is committed to the financial and business plans is better able to make consistent day-to-day decisions.
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Reduced risk of inappropriate decision-making.
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Predictable financial performance leads to and maintains better bond ratings, a lower cost of debt and offers predictable rates.
The result of the strategic financial planning process provides a clear and accurate "map" of the future. Every organization is different and faces a unique operating environment. However, all agencies can benefit from implementing a process that defines strategic direction for an entity, its business units, and documents clear financial policies. This documentation will allow for consistent execution to achieve short and long term strategic and financial success. This has become an imperative in today's complex environment!
