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Financial Process Redesign And Implementation

Companies often experience symptoms such as inaccurate numbers, billing errors, and excess costs, but are unsure of the underlying issues. ǿմý’s collective experience uniquely qualifies us to identify the root cause of these issues and implement practical solutions that reduce errors, eliminate inefficiencies, and deliver real value.

ǿմý traces issues beyond the accounting and finance walls into operations, IT, and other areas to address end-to-end processes. Our approach simplifies and automates processes creating efficiencies throughout the organization. Working cross-functionally to solve problems and gain buy-in, ǿմý implements solutions that overcome complex challenges and deliver tangible results that improve the bottom line.

We work through a company’s processes to identify improvements in the following areas:

Challenges to financial process efficacy

There are a variety of reasons that businesses end up with a combination of financial processes that do not work well together. This inefficiency requires extra time to merge data, correct data inconsistencies, or provide manual input on a process that could be automated. These issues often create difficult problems for the business, including:

  • Conflicting and inaccurate reports
  •  Miscommunication between departments or businesses within the same holding company
  • Lack of scalability
  • Inability to efficiently incorporate changes in compliance standards
  • Difficulty adapting to the needs of new clients

Many businesses do not realize that they are losing valuable resources to inefficiency, until they make a crucial error that forces them to rethink their processes from the top down. As such, it can be stressful for businesses to engage in a formal process redesign, especially if they have critical and time-sensitive problems to solve.

Common barriers to redesigning business processes

Businesses often face a number of barriers that make it harder for them to explore new solutions or engage in a total service redesign process. Even for a small organization, it may be difficult for finance professionals to convince the rest of the company that it is the right time to revise end-to-end finance processes. They may face these common problems:

  • Difficulty persuading key decision-makers of the importance of business process redesign
  • Need to collaborate between different areas of the business when goals do not align
  • Understanding the options available and how best to implement them

Businesses often add to their processes over time, incorporating ways to manage inefficiencies as they go. Unfortunately, this approach leaves them vulnerable to mistakes that can force them to search for an effective finance process improvement at an impractical time.

Expert implementation of the redesign process

ǿմý provides all the tools that businesses need to complete a finance transformation. We understand that businesses may be aware of some of the issues with their existing financial processes, but not know the best path to addressing them. We offer a detailed analysis of the financial process, to help businesses determine the causes of their current problems and find solutions that account for each critical dependency. We can customize a plan for accounting process improvement that utilizes the latest technological innovations. Our service provides several benefits, including:

  • Streamlining data entry and reporting across departments
  • Minimizing duplicated work
  • Increasing accuracy
  • Allowing for growth over time

ǿմý’s expertise provides businesses with the expert consulting they need to address a full redesign of their financial processes, while continuing to meet the active needs of the customer and an evolving regulatory enviornment. To get started, connect with our teamٴǻ岹.

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Related Offerings

Audit Readiness
Financial Planning and Analysis
Financial Accounting and Internal Reporting
Transition Executive Management
Restatements
Financial Process Redesign And Implementation
Internal Control Remediation
VUE by ǿմý, Automated Reporting Solution

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