The finance function is under pressure to enhance its value contribution to the business, deliver information, and maintain effective controls in line with ever-changing governance needs.
It is at the same time being subjected to continuing internal demands to reduce the cost of its operations. In combination, these pressures create a challenging environment for the finance function.
Multiple pressures imply multiple roles for the finance function:
- Scorekeeper – processing transactions and maintaining accounting records at low cost and delivering efficient month-end reporting processes.
- Communicator – explaining the business story to internal and external stakeholders.
- Diligent caretaker – ensuring effective operation of governance and control in matters of financial management and operations.
- Business partner – providing the business with insight and advice on competitive issues, developing strategy and plans, operating as business advisor, and challenging the complexity of the business model.
If this is your situation
- You want to reduce complexity, standardize and simplify the business model and finance function.
- You wish to establish an integrated governance framework.
- You need to understand the value drivers which impact business performance and align key performance indicators (KPIs) to business strategy to support behaviours to drive performance.
- You have to improve the efficiency of the finance team and develop its people.
- You wish to improve management information to align internal reporting to the way external stakeholders view the business.
- You want to leverage investment in Sarbanes-Oxley, move from 'project' mode into a sustainable process.
How PricewaterhouseCoopers can help you
In Financial Effectiveness, we work closely with CFOs, controllers and treasurers to provide innovative viewpoints, independent advice and support in developing and optimizing their finance operations in order to meet the changing requirements of their business.
Services we provide include the following:
Standardization and Simplification
- Conduct assessment of current standards applied to finance control, processes, behaviours, data, organization, people, and systems
- Conduct a detailed benchmarking of core finance processes and functional activities
- Provide best practice illustrations of the finance process and functional models
- Provide ‘route maps' to support improvement in finance process and function effectiveness
- Advise on re-engineering of finance department processes and support functions
Performance Management
- Prepare value driver analyses
- Assist with planning and budgeting
- Assist with forecasting
- Advise on stakeholder management
- Provide industry and trend related benchmarking information and business intelligence
- Advise on the alliance of financial and business strategies
- Advise on how to develop and use a risk-based reporting framework
- Advise on how to structure function-specific data models and applications architecture for effective performance management
- Assist in the development of Finance IT strategies supporting performance management
- Support in the selection of function-specific reporting packages
Consolidation and Management Information
- Advise regarding the assessment and redesign of function-specific reporting environments
- Support consolidation and close including SmartClose – a PricewaterhouseCoopers methodology providing a top-down approach to accelerate the closing process and achieve a more timely and accurate reporting
- Advise on financial reporting and new reporting standards, including:
- Extensible business reporting language (XBRL)
- Regulatory reporting
- International Financial Reporting Standards consulting (training, system and process reviews)
- Assistance in assessing alternative approaches to meeting management information systems (MIS)/data needs (e.g., package applications, XBRL, etc.)
- Advise on simplification and remediation of spreadsheets
- Produce business models to support financial spreadsheets decision making
People and Organization
- Advise on organization structure
- Assessment of skills and requirements
- Provide recommendations to align and develop competencies and skills
- Provide coaching and assistance with training and development programmes (e.g., Finance Academy)
- Setting a Balance Scorecard performance frameworks for finance staff; developing reward models consistent with corporate frameworks
- Conduct feasibility studies and provide recommendations on the improvement of function-specific:
- Shared service centres (SSC's)
- Sutsourcing and off-shoring solutions
- Support the design and set up of company administrative SSC's
- Support the selection and transitioning to an outsourcing solution
Treasury and Capital Optimization
- Advise on financial risk management
- Advise on liquidity management
- Assist with banking and cash management solutions
- Advise on payables, receivables and inventory
- Provide support and advice around Cashfinder tool
- Design and implement working capital and cash management solutions
- Provide advice on treasury systems design
- Select and implement treasury systems
Controls Optimization
- Advise on operating models
- Advise on sustainable Sarbanes-Oxley and other control related processes to be embedded in risk and control systems
- Revise and document the control environments to support operation of new systems
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