The company had poor cost allocations which meant managers were being charged for costs because budget responsibilities hadn’t been updated.

Assign correct budget manager responsibilities.

Meetings with senior managers and directors assigned correct budget responsibilities which would ensure finance meetings would be more productive. This new process will ensure future cost management responsibilities would be updated when the organisation changed.

• The increased confidence in the data meant managers would be able to review reports quickly
• The Successful delivery of this complex finance project meant the organisation growth would be controlled and improve margins by 5%
• Improved finance organisation and operating model; finance function is more 10% effective and costs 5% less
• Finance acting as valued business partners
• Increased Board Confidence reduced barriers to access processes making strategic decisions easier
• Removed risk of bad decisions made through poor data
• Reduced number of errors due to misaligned systems / processes
• Monthend production reduced by 1 day because there were less audit control points and rework

The overhauled budget responsibilities achieved the following results:

• Confidence in actual figures produced Improved Forecasting / Predictive Insights / Budgeting
• Directors had Meaningful and actionable KPIs and metrics
• Becoming true business partner(s) to CEO and across the business because CEO would drive change based on actual results
• Enhanced ability to drive financial returns, cashflow and sustainability
• Projects which would drive quality, speed and savings from optimisation and automation of finance processes would have actionable data
• Process would ensure best in class cost and service efficiency
• Finance would be able to devote time and resources to drive strategic topics and projects

Pains typically relieved include:

• The companies Fast growth / volatility was causing financial significant stress
• Removed inefficient or non-standard processes
• Contentious stakeholder relations and lack of board confidence absorb excessive amounts of direct personal time
• Not acting as a business partner due to lack of involvement in key decision making
• Unable to produce accurate timely reports

• budgets
• Finance Reporting
• Financial Forecasting
• Business Strategy