How to simplify finance processes*
The convergence of regulatory, global and market drivers is requiring chief financial officers to reassess the structure and charter of their finance organizations. In many companies, growth, mergers, acquisitions and entry into new markets have created a decentralized and increasingly complicated finance organization. The finance function is often hindered by the complexity of disparate systems, too many spreadsheets and inconsistent management processes and controls.
Overcoming this complexity is critical to creating accurate financial results and funding the enterprise. But ensuring the long-term viability of the business requires the finance organization to be more than simply a financial data repository. Today, finance organizations must be full business partners, providing critical analysis, delivering insight, and aligning information flows and reporting to support and guide the business strategy.
By integrating the way people, processes and technology work together to serve the goals and objectives of the business, CFOs can evolve to take a more active role in advising their companies on strategic planning, operating efficiency – and ultimately, value creation.
If this is your situation
- You want to reduce complexity, standardize and simplify the business model and finance function.
- You need to understand the value drivers that impact business performance and align key performance indicators to business strategy.
- You wish to improve the effectiveness of the finance team and transition them from gatekeepers to business partners.
- You want to leverage investment in Sarbanes-Oxley and move from "project" mode into a sustainable process.
- You need to maximize available cash and effectively redeploy capital back into the business.
- You anticipate merger or acquisition activity and already know that quick and effective integration of the finance organizations is critical for success.
How can PricewaterhouseCoopers Turkey help you?
By drawing on our experience with client companies across many industries, PwC has developed a Finance Visioning Framework to help CFOs understand the critical dimensions that influence the effectiveness of the finance function. This framework provides a structure for evaluating the adequacy of the current finance operating model and service levels, identifying gaps and setting priorities for change. Five elements of the framework have proven to have the most impact on reducing complexity and enhancing finance performance:
- Performance Management
- Consolidation and Management Information
- People and Organization
- Treasury and Capital Optimization
- Controls Optimization
Capabilities in finance effectiveness that address your business goals, including:
- Achieving enhanced integration across the reporting supply chain through improved internal and external reporting
- Enabling your finance organization to proactively manage business growth and change, through a focus on people and organizational structure
- Rationalizing and automating "key" controls to build and maintain cost-effective controls throughout the organization
- Linking strategy, operations and reporting to strengthen performance management, budgeting and forecasting capabilities
- Maximizing available cash, leveraging treasury and tax strategies, and effectively redeploying capital back into the business by optimizing cash flow and the use of capital
