Stabilizing the Finance Function
The Situation
A private equity-backed consumer business decided to move its Finance Function from a legacy location to its new headquarters in an effort to further integrate the finance team with the rest of the business. Unfortunately, the transition was not executed to plan – resulting in loss of knowledge, development of sub-optimal processes, and increased pressure on the remaining finance team. Our Accordion team was engaged to provide project management oversight over the stabilization of the Finance Function, review, and improve processes to hand over to a full-time Finance Team.
Services
Accounting Policy & Procedures
Process & Controls Implementation
Finance/Accounting Assessment & Design
Project Management Oversight
The Execution
Contacted on a Friday, we had a targeted, highly-experienced team on the ground on Monday to begin work on a series of key deliverables:
Project Management Oversight
We developed and executed on a methodical, prioritized project plan to stabilize the Finance Function, which was broken into three phases. The first phase was centered on fundamental finance process documentation and redesign – accompanied by a Finance hiring plan. Phase 2 was focused on executing key hiring and accounting process improvement. Phase 3 entailed the improvement of reporting and inter-departmental processes (with Sales and Operations) and a handover to the Finance Team.
Assessment and Design
Our Accordion team worked closely with the CFO and Senior Leadership to develop a design which would position the Finance Function, and the broader business, for success in the new organization structure and location. The result would be a high-performing team with some flex capacity and improved employee retention while providing the senior leadership team and rest of the business (including Sales and Operations) with the analysis necessary to grow the business.
Process and Controls and Business Process Improvement
The business had never formally documented its business processes and control environment. We conducted interviews and evaluated processes/related sub processes for revenue and receivables, inventory, expenditures, fixed assets, payroll, treasury, financial reporting, information technology, and entity level controls. Processes not functioning as envisioned were tweaked and fixed in the new operating environment.
The Results
With our support, the business was able to stabilize the Finance Function and put in place fundamental processes. These new processes allowed the executive team to focus on transforming the Finance Function into a strategic hub for the business and hiring the right team for the new operating environment.