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Challenge:
  • The company had outsourced a portion of its finance and accounting functions.
  • The CFO desired to reassess the effectiveness of the finance organization.
  • The key objectives were as follows:
    • Understand and define the requirements for the tax, treasury, and technical accounting functions.
    • Design a finance and accounting organization that will serve as a partner to the operations group.
    • Understand and define retained and outsourced finance and accounting roles.
Highlights:
  • Interviewed key members of the retained and outsourced finance organization.
  • Conducted surveys at the staff and management level to get different perspectives on the effectiveness of the finance organization.
  • Researched relevant resources on leading practices related to the design of world-class finance organizations.
  • Obtained Executive Team’s buy-in regarding the approach to implementing the new organization.
  • Identified key professional skills required for new key positions.

Outcome:

  • Proposed a new finance organization with a net FTE increase of 2.
  • The split between decision support and transaction processing activities changed dramatically with more of a focus on decision support.
  • Roles enhanced or created included:
    • Revenue Assurance
    • Corporate Controller
    • Cash Management
    • Process Improvement Mgr.
    • Technical Accounting Mgr.
  • Tax and Internal Audit continued to be supported by the Parent Company.
  • The timeline to implement the new finance organization structure was 8 months.

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ECM Consulting Group | United States