Finance and accounting functions sit at the centre of organisational trust. They influence solvency, taxation, reporting, cash flow, shareholder confidence, lending decisions and Board oversight.
Our expert consultants use Empirical-AI to test whether finance processes, reporting frameworks and compliance obligations are complete, consistent and reliable.
It is designed to identify not only technical gaps, but also whether financial information is being presented in a way that allows leaders to make safe and informed decisions.
What Empirical-AI reviews
Empirical-AI can examine finance policies, accounting procedures, delegations of authority, management reports, tax processes, debtor reporting, creditor controls, cash flow reporting, audit material, Board packs and financial governance documents.
The review can assess:
- Financial reporting structures
- Tax compliance processes
- GST, income tax and FBT controls
- Payroll tax interface with payroll and HR
- Superannuation reporting alignment
- Solvency and cash flow reporting
- Credit, lending and security documentation
- AML/CTF obligations where relevant
- Finance delegations and approval controls
- Board reporting accuracy and completeness
What Empirical-AI compares against
- Corporations Act 2001 (Cth) (also spans Governance & Risk)
- Taxation Administration Act 1953 (Cth)
- Income Tax Assessment Acts 1936 & 1997 (Cth)
- A New Tax System (Goods and Services Tax) Act 1999 (Cth)
- Payroll Tax Acts (various States/Territories)
- Superannuation Guarantee (Administration) Act 1992 (Cth)
- Financial Services Reform Act 2001 (Cth)
- Australian Securities and Investments Commission Act 2001 (Cth) (also under Risk)
- Personal Property Securities Act 2009 (Cth)
In addition to the above legislation, Empirical-AI can also assess business performance recording of key measures such as:
- Revenue Growth Rate
- Gross Profit Margin
- EBITDA Margin
- Net Profit Margin
- Operating Cash Flow
- Cash Conversion Ratio
- Debtor Days (Days Sales Outstanding)
- Creditor Days (Days Payable Outstanding)
- Inventory Days / Stock Turn Rate
- Working Capital Ratio
- Current Ratio
- Debt-to-Equity Ratio
- Return on Capital Employed (ROCE)
- Finance Compliance & Reporting Accuracy Rate
How the process works
The Detection Phase identifies gaps, inconsistencies and compliance risks in financial processes and reporting. It can highlight where information may be incomplete, misclassified, unsupported or outside approved frameworks.
The Enhancement Phase focuses on strengthening financial control. This may include improved reporting, clearer governance, better reconciliations, stronger delegations, updated templates or more reliable Board packs.
The Continuous Learning Phase monitors whether agreed improvements are being implemented and whether future financial reporting continues to align with the approved framework.
Why it matters
A Board or CEO cannot safely rely on financial information unless it is complete, compliant and clearly connected to the operating reality of the business.
Empirical-AI helps reduce the risk of decisions being made from incomplete or distorted information.
What you get
- Finance and accounting compliance report
- Tax and reporting gap analysis
- Financial control risk summary
- Board reporting improvement plan
- Priority action list
- Costed project plan
- Executive presentation
- Ongoing monitoring reports