Key to a high performing finance function is its ability to balance the three competing objectives of control, efficiency and insight. Recently the focus has been on control and efficiency with a streamlining of back-office models. The focus now has shifted to insight. The requisite of CEOs and CFOs alike is for the finance function to be smarter and faster – however, each organisation is unique and so there is no 'one size fits all'. There are, however, leading practices that successful finance organisations continue to drive as they are forced to do more with less in an increasingly complicated regulatory and competitive environment.
Issues you may be facing
- You are concerned about what governance standards you need to establish to align finance with the business.
- You are seeking to reduce the costs and improve the efficiency of the finance function.
- You are trying to align finance with the business to provide an effective performance management and challenge mechanism.
- You are concerned about having the appropriate balance of controls and ensuring that they are not constraints to the business.
- You are setting up shared services and outsourcing arrangements and are keen to ensure sustainable benefits.
- You are not satisfied with the capability, expertise and experience within your finance function.
- You need to eliminate non-value-added activities from transactional finance processes.
- You lack the ability or have low confidence in your finance systems to provide you with accurate real time information.
- Compliance with regulations and reporting standards is driving up the cost of the finance function, or you have to prepare information to satisfy requirements outside of your normal systems and processes.
- Your finance function is not positioned to assist with your organisation’s future growth.