Finance Transformation Project

Due to changes in the industry and clients’ preferences, the company’s market leadership was being challenged and profits were going downward.
The company had launched several initiatives to restore the desired profitability level. One of them, involved off-shoring finance and IT operations located in the USA, Western Europe, and Asia.
Our mandate included making the Record to Report process more cost-effective and efficient globally.

To reduce the cost of the Record to Report process, led the formation of the three Accounting Centers located in Poland, China and India.
Led effort to streamline the Record to Report Process from a process and technology perspective.
Maximized ERP system functionality and implemented “add-on” software as needed.
Introduced a “continuous improvement” way of working to over 250 professionals.
Identified the Voice of the Internal/ External Customers and developed KPI’s to monitor performance.

Reduced people cost up to 50%.
Efficiency gains enabled Finance to spend less time on transactional work and more time providing business insights.
Standardized the Record to Report Process.
The overall cost of finance lowered to below 1% of sales.
Built infrastructure to integrate future acquisitions quicker.