WHAT WE HEAR
"We don’t have a finance vision."
"Our close process takes too long."
"We’re always in a budget cycle."
"We have shared services, but it’s not cutting costs."
"There is an abundance of reports, but no insights."
"We’re not sure the right people are in the right roles in the right structure."
"Processes are inefficient despite technology investments."
While the role of finance has undoubtedly evolved and expanded, the need for a dependable, efficient, and accurate finance function has not changed; in fact, it has become more critical than ever before. Robust, sustainable, and effective core financial processes can minimize risk, enhance credibility, enable transactions, provide the finance organization a seat at the table, and ultimately establish the foundation for improved business partnering and value creation.
Finance Function Effectiveness
An aligned strategy, operating model, and organizational structure with efficient and effective core financial and accounting processes provide the foundation for the success of the finance function.
- Facilitate and plan the finance vision and strategy to meet enterprise-wide goals
- Optimize the operating model to drive internal and external value creation
- Evaluate and adjust organizational structure and address gaps
- Implement end-to-end finance process excellence
Actionable and relevant financial information is key for successful companies, and the FP&A function is the catalyst to breaking down silos and linking disparate functions and areas of the business. Success is built upon a common data language, well-defined and realistic targets, insightful reporting, and aligned goals.
- Create robust financial models and deliver timely and accurate budgets and forecasts
- Develop advanced modeling and analytics to provide detailed insights into performance
- Research, define, and implement KPIs to be used cross-functionally by the business and finance
- Guide strategic planning with financial data to establish a common platform for long-term priorities
- Develop the culture of business partnering to bring the analytics and decision support to action
Ensure compliance and transparency throughout external reporting and filings, while driving a rigorous yet efficient close and reporting process.
- Improve efficiency of the close and reporting process
- Provide interim accounting management resources
- Advise on technical accounting polices
- Construct external financial reporting
- Identity potential areas of risk and develop procedures to avoid or reduce the financial impact
- Drive efficiency in the close process and deliver timely and accurate financial reporting
- Conduct a rapid finance diagnostic to benchmark efficiency and determine effectiveness in order to frame the issues and quickly pinpoint areas to improve
- Target high-impact rapid improvements rather than deliver unresolved checklists for long-term change
- Address root causes of people, process, and technology gaps, not simply treat a symptom
- Move beyond a report; develop and deliver tools to implement change
- Fill resource gaps as needed and deliver training and knowledge transfer
BENEFITS OF DOING IT WELL
- Financial transparency
- Reliable business plans
- Improved governance and organizational visibility
- Timely and accurate reporting and forecasting
- Efficient financial processes
- Compliance with accounting standards
- Streamlined close process
- Enriched cash management
- Sustainable financial models
- Team engagement and accountability