FINANCIAL PROCESSES IMPROVEMENT PROJECTS
INDUSTRY: Financial
ABOUT THE CLIENT
One of the
biggest
multinational
company
in the
Financial
Sector.
PROBLEM
- Lack of consistency in primary financial processes (accounts receivable, accounts
payable, financial reporting, and payroll) resulting in excessive cost and time
interacting with internal domestic and international project offices, as well as external
customers.
- Corporate finance function viewed as cost center with no ability to add value to
business or customers.
- Executive decision-making hampered by delayed and inadequate financial reporting
system
APPROACH
- Sharing leadership with internal managers, launched
four cross-functional process improvement teams
with minimal training and completed current state
analysis and future state design of four critical
financial processes within eight weeks and 80 hours
of meeting time.
- Facilitated interviews with stakeholders to establish
clear customer requirements for financial reporting
process to improve value of document as input for
executive decision-making.
- Reviewed, streamlined, and revised monthly close
process.
RESULTS
- Realized annualized savings of $270,000 in Accounts Payable and $940,000
in Accounts Receivable processes.
- Reduced monthly close process time to 8 days and subsequently to 3 days,
while targeted reporting for individual executives and senior managers.
- Created and communicated consistent, standardized financial processes for
all project managers located across multiple domestic and international
locations.
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