finance & accounting - an optimum target operating model
DESCRIPTION
Every CFO would like to run finance organization at optimum efficiency. They face several roadblocks while trying to achieve this goal. Finance & accounting operational challenges like Risk management and controls, Complex business environment or Integrity of financial reporting.TRANSCRIPT
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Solutions for higher performance!
Finance & AccountingAn optimum target operating model
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Optimum target operating model operational challenges
Every CFO would like to run finance organization at optimum efficiency. They face several roadblocks while trying to achieve this goal. Finance & accounting operational challenges:
Complex business environmentRisk management and controls
Integrity of financial reporting
Changing industry expectations
Regulatory changes
Cross-functional business needs
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This is why defining a winning target operating model is the primary action for a successful finance enterprise. Best-in-class organizations are practicing ten important levers of effectivenessthat covers four main aspects of Finance and Accounting (F&A) operations. It includes:
The corporate office
Planning and managing the business
Operations
Specialty services
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Key elements of optimum target operating model
A target organization modelthat promotes end-to-end global integration through-out the operation channels. AGlobal Business Services programcan hold regional functions while consolidating other important functionsand taking advantage of external services.
Full cycle of operations should be addressed through a target process model. Standardizing and understanding the process linked across the organization would remove gaps and silos.
Best-in-class finance operating model always leverage on global competences and knowledge. Skilled and experienced professionals take decision on functions to run in-house and outsource to a service provider.
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Human resource plays an important role in the success of operating model companies of all sizes. Enterprises also take advantage of their outsourcing service providers for industry insights, fresh new ideas, and benchmarking excellent procedures in addition to hiring and training internal workforce.
Master Data Management (MDM) is being brought down to lower risk by organizations to improve profitability, boost client satisfaction and create competitive advantage. A standard MDM brings agility to provide better services to the client.
As large enterprises need to promote an environment and culture where controls are seen as risk reduction technique, andthus enablers of value conservation. Extenuating threat without reducing output needs CFOs to maintain balance between process agility and careless administration.
Enterprises need to create a system that promotes easy interaction, implementation and skilled workforce retention which enables them to handle change management in better way and provides ability to manage major initiatives precisely.
An excellent governance system along with clear communications that makes sure everybody in the organization identify with the objectives of new initiatives and the strategy for achieving them, endow with the foundation for a finance target operating model that can address the issues of the industry today.
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Organizations strategic objectives should be aligned with finance operation. CFOs should channelize their funds and bend their interest toward CEO precedence.
A governance modelshould be in place that brings responsibility for consistency aswell as practical efficiency and people management objective for all functions.
Human resource plays an important role in the success of operating model companies of all sizes. Enterprises also take advantage of their outsourcing service providers for industry insights, fresh new ideas, and benchmarking excellent procedures in addition to hiring and training internal workforce.
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1330, Capital Parkway, Carrollton TX 75006
About Orchestrate:
www.orchestrate.com
Orchestrate is a US based business process management organization with Headquarters in Dallas, Texas. Orchestrate offers services to the diverse outsourcing requirements of clients in an extensive range of businesses including IT, finance, mortgage and contact center. We provide a comprehensive suite of technology and services to our clients that help accelerate sales and boost their profit. Our comprehensive solutions and services help SMEs and enterprises to implement technologies and processes that boost their profitability across the organization.
Solutions for higher performance!
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