Ensuring effective sustainable and robust finance processes

Swan Partners worked with the finance team to address challenges and issues with the existing Month End Close Process to ensure it had robust controls, operated efficiently and timely and was sustainable as the business continued to grow.

The Challenge: Significant operational changes lead to slow and inconsistent production of financial information  

A Finance function review identified inefficiencies and inconsistencies in the preparation of month end accounts following significant turnover across the finance team alongside a number of acquisitions having been made.

There were delays to its production and there was a lack of confidence in the financial information being provided.

Our Work: Identifying and addressing gaps and challenges in the existing process and controls

Swan Partners worked closely with management and the finance team to create an “as is” process map of each step of the month end close activities, including reference to the associated controls, documentation and systems.

Following review of the current state for inefficiencies, gaps, ineffective and or lack of controls and documentation, the team developed a “to be” process map identifying required additional documentation, governance and controls.

The revised map and associated recommendations were presented to the key stakeholders which the client embraced and bought into.

The Outcome: Reliable timely financial information

The improved month end process would improve speed, accuracy, consistency and control once implemented by the CFO.

The new process map documentation was also used for training and as a reference document by new joiners so that there was complete consistency within the finance function.