People, systems and processes are the backbone of your finance function. Without them it would be impossible to fulfil your fiduciary duties or support your business leaders in their decision-making through modelling, analytics or drill-downs into the drivers of financial performance.
Used correctly and efficiently, your ability to automate, control and safeguard information enables your business to remain agile in understanding and influencing business performance, a significant competitive advantage in today's race for quick, accurate and suitably detailed information.
Too often people in key positions lack the necessary skills, systems are not adequately used, processes are unnecessarily complicated and/or misunderstood and staff are insufficiently skilled in their deployment.
Questions to ask yourself:
- Reporting effectiveness - is your financial reporting well understood and well communicated?
- Systems reviews - are you getting the most from your systems and using all of their capabilities?
- Process efficiency - are staff so involved in low-value legacy reporting that they're no longer focusing on value-adding activities such as analytics, modelling and operational support?
- Requirements - Are outdated requirements suffocating your ability to move your functionality forward?
- Governance - Does your finance organisation and its extended network have a clear, documented understanding of it's roles, responsibilities and requirements?
- Communication - How effectively does information and knowledge move through your business?
Areas in which Sonar can add value (in typical life cycle order):
- Informed review of your financial reporting systems, processes, governance documentation
- Governance documentation: Preparation of internal Terms of Reference, Service Level Agreements, Codes of Conduct and Controls guidelines.
- Staff training: using systems and processes to free up staff resources
- Rationalising reporting requirements: Culling non-value adding activities; streamlining existing requirements; innovation for the future
- "Preparing the ground" ahead of systems upgrades so that bad behaviours are not carried into your environment(s)
- Design of systems and processes to match your business requirements
- 3rd party vendor selection: objectively matching your exact requirements to 3rd party supplier capabilities, balancing value with cost
- Project management of systems implementations
- Coordination between internal stake holders, operational customers, external suppliers
- Post implementation reviews