Financial Process Excellence
The Office of the CFO Solutions team at FTI Consulting helps companies and organizations make significant improvements in quality, efficiency, cost and effectiveness of finance, accounting and back office functions.
Operational Excellence for CFOs
Our focus on agile, rapid improvement delivers meaningful and sustainable change in short timeframes. Using a dynamic workshop approach, our experienced facilitators will lead the company in forming a consensus view of workflows, highlight gaps and opportunities and reach agreement on achievable targets. Working collaboratively with the company, we help instill a sense of urgency and commitment while driving change across business functions.
- Rapid delivery. Our proven approach redesigns processes in a number of days, and focuses on rapid implementation in 30, 60 and 90 day increments.
- Quality at the source. We replace redundant reviews and costly rework with simplified processes, effective controls and prevention and the expectation of first time quality.
- Cost optimization. Our team focuses on the company’s resources on higher value work by driving operational efficiency, improving quality and breaking through functional silos.
- Aligned operating model. We maximize value delivery with the optimal configuration of local, shared services, onshore, offshore and outsourced functions.
- Sustained improvement. We assist in transferring knowledge and tools to enable continuous improvement across the finance and accounting organization.
Finance Operational Assessment
- Review and segment key finance deliverables into ‘core’, ‘support’ and ‘non-critical’ activities.
- Refocus resources on higher value deliverables.
- Eliminate non-value added work.
- Evaluate finance and accounting organizational capabilities and maturity level.
- Benchmark finance and accounting performance, identify gaps and quantify opportunities.
- Resize the organization to support the optimal workflow.
- Redefine and reassign roles, responsibilities and accountabilities to maximize productivity.
- Implement performance management structure to prioritize customer value and eliminate functional silos.
- Align the finance and accounting organization with clear governance and deliverable accountabilities.
- Assess gaps in current performance and target objectives against customer requirements.
- Redesign processes to reduce lead time and manual touchpoints significantly.
- Develop cross-functional consensus on workflow, opportunities and improvement initiatives.
- Identify root causes and prevent defects at the source.
- Remove unnecessary activities, pain points, inefficiencies and redundancies.
- Establish a framework for workflow management and continuous improvement.
- Provide implementation planning and support.
- Execute program and project management.
- Install experienced interim management and surge resources.
- Conduct and support organizational transition, stabilization and monitoring.
- Lead finance and accounting pilot programs, roll-outs and transition of responsibilities.
- Design training, documentation and tools to support process and people realignment.
- Implement strategic communications and provide change management support.
Client Success Stories
- Improved efficiencies and reduced back office costs for a $5 billion specialty chemical manufacturer. Streamlined the order-to-cash processes and identified savings through cost-to-serve metrics while optimizing the operating model.
- Recommended reservation-to-cash and selling, general and administrative (“SG&A”) improvements for a leading chauffeured limousine company, resulting in $3-5 million short-term and $20-25 million long-term savings.
- Centralized back office services for a $1 billion chemical products manufacturer to reduce SG&A by over $5 million without additional investment.
- Redesigned and centralized accounts receivable (“AR”) and accounts payable (“AP”) processes for a mobile connectivity and entertainment provider, consolidating over 20 redundant functions into two regional shared service centers while improving service levels.
- Defined target operating model and improved AR and AP processes for a leading full-service digital media solution provider. Consolidated three legacy order management systems into a single platform with enhanced capability.