During the Conversion phase, Lamplighter professionals evaluate the current status of the client’s finance function, including accounting systems, internal controls, and third-party accountants. Areas of improvement are identified and implemented in cooperation with the client’s management team. Historical financials are also converted to comply with Generally Accepted Accounting Principals (GAAP), if necessary.
The goal of the Conversion phase is to upgrade the quality of financial reporting and reduce the amount of time that the senior management team spends creating and reviewing financial statements. This frees up the senior management team’s time to run and grow the business by working on higher value-added tasks.