Creation of a Shared Service Center in London (UK)

(US$1.5 billion HR and Management Consulting Firm)
Challenge:
  • This company had offices across Europe to better serve their clients.
  • Each location had set up its own back-office functions. They included accounts receivable, accounts payable, general ledger, treasury, tax, and others using systems and procedures that were inconsistent.
  • Also, the treasury function was managed by each country resulting in an inefficient cash management system for the region taken as a whole.
Highlights:

Designed shared service implementation road map as follows:


See image attached.

Outcome:

  • Overhead reduced by 12% by centralizing back-office functions for 12 countries.
  • Enhanced reliability of financial statements.
  • Managed cash resources on a regional basis by introducing a new type of bank account called “Single Currency Pooling”.
  • Implemented a Balanced Score Card.
  • Standardized business processes and achieved economies of scale.
  • Enhanced customer service focus.
  • Improved decision support.

Managing cash during uncertain times is critical. This free Ebook provides insights for you to consider.

ECM Consulting Group | United States