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"Transformative Finance Organizations'

What is a 'Transformative Finance Organization'? Why is it essential now?

Finance and Accounting are essential building blocks of growth

Getting the basics right is key for any organization that expects to unlock growth or profitability. By achieving industry best-in-class order-to-cash and/or procure-to-pay processes alone cannot deliver the competitive and structural advantages that companies need. Accounting coupled with strong FP&A, Functional Finance, Budgeting and Forecasting skills are keys to success. Some of the benefits of strong finance and accounting organization include:

  • Accuracy in inventory and demand and production planning

  • Proactive and accurate billing to facilitate faster collections minimizing deductions

  • Improved vendor relationships due to on-time payables

  • Rolling or flexible budgeting coupled with sound forecasting to help course correct

  • Coherence of financial performance and targets across the organization

The winning traits of the ‘Transformative Finance Organization’

A detailed assessment of your finance and accounting organizational skills sets is essential to identify structural gaps. Some of these skills sets can be bridged by existing workforce but some must be hired. Some of the enabling skillsets include:

  • Focus on accuracy of accounting transactions and financial reporting

  • Solid understanding of balance sheet and income statements

  • Knowledge of strategic pricing and external market dynamics

  • Understand and calculate operational variances, root causes and KPIs

  • Experience with multi-variable forecasting and scenario planning

  • Functional influencing and leadership

  • Executive-level communication skills using data and insights

Best-in-class organizations build Corporate Finance and Corporate Accounting functions

‘Transformative Finance Organization’ structure better meets the changing business needs. Large Fortune 100 companies structure their finance teams to facilitate growth and profitability. There is a clear distinction between corporate accounting and corporate finance to achieve accuracy and the depth insights.

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