OUr Experience
Simplification & Cost out
the Solution
In order to achieve this goal, a significant upgrade in infrastructure was needed to align accounting practices to enable consolidation, efficiency and outsourcing. A 2-year back-office program was executed to simplify legal entity structure, adopt corporate COA/FP&A reporting standards, and complete complex rewiring of accounting configurations and closing routines. Each company was integrated into existing corporate shared service processes and eventually outsourced. Instead of breaking standard ERP with third-party integrations, native solutions were developed, paving the way for huge rollout and cost of ownership savings.
the impact
Adoption of parent accounting practices, a simplified global closing process and legal entity structure was delivered. Creation of 5 shared services CoE’s, to support all business lines eventually led to complete outsourcing and significant reduction of cost per transaction. The reductions in Legal Entities, headcount and rooftops drove significant cost reductions. Lesson learned... Strong process oversight is required to deliver a successful transition, as this involves outsourcing business responsibility not necessarily financial accountability.
