The client, a creative advertising agency, faced challenges with its outdated and inefficient financial and accounting processes. Financial planning, budgeting, and forecasting were limited, and the software used was outdated, causing high operational costs and compliance risks.
Using our Organizational Maturity Diagnostics (OMD) Tool, we conducted a comprehensive evaluation, identifying gaps in finance, treasury, accounting, reporting, and planning. Collaboration with key decision-makers allowed us to understand the business goals and objectives, define KPIs, and determine regulatory requirements. We designed and implemented a finance function with new policies, processes, roles, and responsibilities, including system upgrades and personnel changes. Regular monitoring using defined KPIs ensured effective, efficient, and sustainable operation.
By streamlining finance processes and establishing effective accounting policies, we achieved improved transparency and efficiency, leading to accurate, timely financial reporting and reduced risk of mismanagement, better decision-making due to accurate data and software integration, allowing for GAAP/IFRS reporting from a single financial data source.
We also aligned the finance function with company goals, resulting in better performance and cost management, enhanced compliance with tax and regulatory requirements, improved inter-departmental collaboration, and strengthened risk management processes, boosting stakeholder relationships and optimizing capital structure to meet the company’s financial strategy and needs.
