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Finance transformation

EPMind in support of your finance transformation projects

A finance transformation is not won inside a tool. But as long as the figures cannot be relied on, nobody knows where to start: deploying EPMind can sometimes act as a catalyst for something wider.

The directions it can take

EPMind as the thread running through a finance transformation

A few examples of the workstreams a finance transformation usually calls for, and where EPMind serves as the support.

Closing process

  • Intragroup reconciliation procedure
  • Accrued invoices, issued and received
  • Prepaid expenses and deferred income
  • Margin in inventory, lease contracts, adjustments

Transactional processes

  • Practices harmonized
  • Analytical allocations
  • Roles and responsibilities reviewed

Systems

  • Collection automated
  • Configuration followed methodically
  • Data enrichment

Richer reporting

  • Operational and human resources metrics
  • Business data specific to your activity

How performance is read

  • Areas of responsibility
  • The analytical dimensions that go with them
  • How the reporting is presented
  • Adoption by the operational teams

Budget process

  • Budget scopes
  • Orchestrating the collection, from sales through to cash flows

Tracking the project

The full set of workstreams to cover, and to track end to end

Run in parallel, these workstreams call for tracking: someone who coordinates the disciplines involved — accounting, consolidation, IT, sometimes operations, sales, or logistics — works with the parties you have appointed, and takes to shareholders or to the CEO whatever has to be decided there. That is the scope of a PMO, internal or external, that you mandate for it.

An example scope to cover

  • Governance, planning, and milestones
  • New processes put in place
  • The rebuild of the analytical structure tracked, in step with business reorganizations
  • System settings corrected, with your IT teams
  • Data cleanup and alignment across sources tracked
  • Users supported through the new processes
  • Decisions taken to shareholders or to the CEO
  • As a consequence of the other workstreams, EPMind’s configuration evolving to follow the changes made

The timeline

An example finance transformation timeline

A typical order of succession, graduated in quarters: the real pace depends on your organization.

  1. Project governance

    Q1 to Q3
    A weekly meeting with the steering committee, a monthly meeting with the strategy committee

  2. EPMind deployment

    Q1
    Setup
    Q1
    Optional: FP&A support

  3. Systems and data

    Q1 to Q2
    Configuration, interfacing, automation, data warehouse

  4. Closing process

    Q1
    Cut-off, analytical structure, closing process

  5. Performance monitoring

    Q1 to Q2
    Reporting, analytical dimensions, and the reading of performance redesigned, and the platform opened to operational teams

  6. Budget process

    Q3
    Collection orchestrated, from the most operational through to the most financial
An example sequence, in quarters. The order matters more than the duration: the foundations first, the visible work after. The real pace depends on your organization.

Need help with your finance transformation?

Describe your scope and the deadlines you have to meet. We will tell you what the deployment would bring to the surface, and what would remain to be done.

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