An optimal use and management of finances are essential preconditions for the achievement of good operating results. Consequently, financial management is one of the most important operational processes of the organisation affecting the entire value chain.
Financial management encompasses a qualified planning of finances, monitoring and control of implementation of plans based on the established indicators, risk management, organisation of the financial function and other issues associated with the management of one of the key resources of the organisation—money.
Our aim is to assist our clients in properly organising an effective functioning of the financial activities and optimising related processes, improving the management of the financial function, the quality of internal controls and risk management tools in the field of finances including the systems of financial and management reporting.
Challenges faced by organisations
Solutions offered by PwC
- Transition to new accounting standards, ensurance of compliance with external requirements affecting the financial function, for example, Basel II, MiFID, Sarbanes-Oxley.
- Assistance for public sector institutions in adopting Public Sector Business Accounting Standards.
- Selection of optimal IT solutions for the management of finances and effective monitoring of their implementation.
- Assessment and optimisation of risk management and internal controls related to the financial function.
- Need to assess effectiveness in organising financial management, accounting, management processes and related costs.
- Shortening of the period of preparation of the financial and management accounts, reduction of the number of corrections in the prepared accounts.
- Complicated solutions dealing with the performance of the accounting function: centralisation, outsourcing.
- Ensurance of effective management of the functions transferred to the third parties.
- Assistance in developing and implementing a financial planning and management system focused on strategic objectives and key operational performance indicators (identification of management objects: profit and loss centres, information structure, indicators, accounts; process organisation).
- Assessment of efficiency of the financial function and process optimisation.
- Optimisation of the period of preparation of financial and management information in terms of time and costs.
- Assistance in preparing the specification of the IT solution for financial accounting and management, choosing and implementing a selected solution.
- Solutions for organising the budgeting function and optimising management of the working capital.
- Development and implementation of costs distribution schemes, for example, Activity Based Costing (ABC).