Executing a Global Finance Transformation & Shared Services
A leading Private Equity firm acquired a public, global financial transaction company. The Company made over 20 acquisitions in the last 3 years and did not integrate accounting teams, systems, or processes. The Sponsor and Management needed to create a streamlined accounting and settlement function that included standardized processes and procedures, global Centers of Excellence (COE’s), and targeted cost savings. Accordion was hired to help the Company develop the future accounting and settlement team working model, build a business case for centralizing services internally versus outsourcing, and implement cost savings initiatives. Our team also had to drive the actions within a complex IT systems environment that included a consolidation strategy.
Project Management Oversight
Finance/Accounting Assessment & Design
Working closely with the company’s CFO and global accounting leadership team, we executed the following:
- Aligned cost reduction opportunities within the accounting and settlement functions.
- Defined tasks, roles, responsibilities, and services across the global organization.
- Identified actions towards the future-state accounting function including dependencies and timing.
- Led the transformation of the accounting function from a regionally based structure to a centralized responsibility with onshore and offshore Centers of Excellence.
- Coordinated actions with the IT function to ensure alignment with company-wide system consolidation roadmap.
- Supported candidate recruiting, documentation of training materials, and new employee onboarding.
- Created service level agreements, metrics, KPI’s, and levers for continuous improvement initiatives.
- Maintained detailed tracking of projected savings and actual results for forecasting and executive management reporting.
Accordion provided overall change management and framework for the Company’s future state global accounting and settlement organization. By partnering with our team, the Company was able to successfully manage through the complex transition. After developing the structure and timeline, we led the implementation of the initiatives. As a result, the Company met its objective to streamline processes, centralize services internally in global COE’s, and achieved targeted cost savings. The KPI reporting allows the Company to drive performance measurement and support their continuous improvement initiatives.