Transformarea Functiei Financiare / Finance Transformation

By Transforming the Finance Function, we aim to change processes and practices in order to maximize their effectiveness and their impact across the business. It is about transforming and outsourcing transactional volume activities within the finance function in order to increase tasks efficiency and release resources for business support.

Finance Function and Company Performance

Finance is no longer about recording and reporting performance. Finance transformation and on-going progression is a necessity in today’s economic environment; they can extend the role of finance to include business partnering. The focus shifts from accounting to management in order to develop insights for better decision-making and improved performance.

The correlation is clear: performing companies have performing finance functions. The starting point for the transformation must be a clear understanding of the role of finance, both where it is now and where it needs to be in the future. Our approach focuses on the structured steps a financial organization needs to take and the practices and processes it needs to transform in order to maximize its impact and effectiveness.

Expertise and Tools

Our methodology is based on CGMA® Finance Impact©, a model developed by The Chartered Institute of Management Accountants, UK that contains six progressive dimensions of the finance function: data, reports, analysis, insight, influence and impact in conjunction with a model of competencies.

We use this model to initially rate, transform and then periodically monitor the progress of the finance function. The tool provides a mechanism to move an organisation’s finance function towards a role of business partnership through standardized and efficient processes; supplying of relevant, accurate and on-time information; provision of adequate support for decision-making and ensuring the overall company’s financial health and performance.

Methodology and Benefits

Our approach focuses on the following key topics and deliverables:

  • Data: the quality of the transactions being made, the integrity of data as well as how optimal integration of the company’s systems – efficiency and errors;
  • Reporting: how do your organization’s processes, communications and reporting of content respond to internal controls requirements – relevance, accuracy, completeness, timing?
  • Analysis: how well does your finance function conduct the process of evaluating data and information using analytical reasoning as well as correlating the external factors with business insights?
  • Insight: how well does finance support the utilization of information and the decision making processes and at strategic, operational and control levels?
  • Influence: is the finance function trusted, respected and seen as a contributor within the organization, the strategy process and the business decisions?
  • Impact: what is the finance current impact within your organization in terms of leadership, change and company performance (i.e. ROI and customer satisfaction)?