The role of the CFO is today very different than 10 years ago. Requirements for accounting and reporting have increased based on more strict internal and external regulations. Also, management of risks and management of the total financial process chain have become priority agenda points. And of course there is an ongoing pressure on the operational spend within the Finance. QVS led and supported clients in all these issues and has defined a number of services within Finance.
Finance optimization
What we see a lot in practice is that Finance is not working optimal because the SAP design/practice is outdated. In some cases this is because of the dynamics of the processes and the organization, and in some cases we come to the conclusion that the original design was not optimal. QVS delivers a full assessment for your Financial processes (General Ledger, Accounts Payable, Account Receivable, Asset Accounting, Cash Management, Cost Accounting, Profit Accounting and Profitability Analysis) within a Quick Scan project. This is a short term analysis (2 to 4 weeks) that is focused on solving your current issues and looks for possible improvements (ie positive business cases) in your financial processes.
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Finance outsourced?
Many of the (less complicated) financial operations get outsourced to lower cost countries. This is cost effective because of lower personnel spend at the supplier side. But in most cases the processes are not optimized before the transition of the activities starts. After transition, it is often more difficult to optimize. Before and after transition, QVS can do an assessment of the effectiveness of the financial processes. Recommendations are based on KPI ambition levels that are part of your supplier agreement. In many cases the possible improvements can be fully financed out of a business case within the supplier agreement but this does not happen because of conflicting interest. For example, the Account Payable process is hampered by incorrect vendor master data. This results into additional invoice activities at the outsourcing supplier and therefore additional costs for the Account Payable process. If needed, QVS can also support the transitions in order to ensure the right way of working at the outsourcing partner side.
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Closing and Consolidation
Speed and quality has been the recent requirements for the financial closing and consolidation process. The lead-time for the complete closing process can be reduced significantly when the end-to-end processes are harmonized and IT systems are integrated. QVS can optimize your financial closing processes (with SAP R/3) and can implement consolidation software (with SAP BCS/BPC). We understand the change management, to get your organizations aligned in terms of processes, procedures and closing timelines. The integrity and consistency of the data can be improved by dedicated support on validation and reconciliation of accounting figures versus reporting.
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Internal and External Reporting
How does my management reporting tie up with my external reporting? It seems obvious and simple to achieve but practice shows this can be very complex. Key is the definition of your data model beforehand and integration with your accounting structure and processes. QVS can design your integrated financials and can help to implement this in your organization. Management reporting should not be built as an island application but as an integrated part of your financials. Similar for your external reporting, this should not be an additional process after closing and consolidation but an automatic output.
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Business Planning
An effective planning and budgeting process is becoming more and more critical for the control of your operations. Early signals to the management are needed to pro-actively steer the business instead of reporting on your business. QVS can do an assessment for your planning requirements and can help you to implement the Plan-Do-Check-Act concept for your business. Different levels of planning can be integrated within your financials so that you have immediate results against budget while closing the monthly books.
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