Business Week 2011 - Tsamakli

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  • 1. Confidential Business Week 2011 University of Piraeus FINANCIAL MANAGEMENT IN THE NEW ERA Sofia Tsakmakli Head of Finance, Business Control & Planning, Sony Ericsson Mobile Communications South East Europe & Mediterranean CONFIDENTIAL Rev PA1 2011-05-06 11
  • 2. Confidential FINANCIAL MANAGEMENT • The New Role of Finance Manager • Organizational Structure - Main functions of Financial Management • New Ways and Techniques of Working Rev PA1 2011-05-06 2
  • 3. NEW ROLE OF FINANCE MANAGERConfidential Mission Working as a fully engaged Business Partner to support the company in achieving its long term goals by providing: • Business Consultancy and Support • Transparency and Integrity • Internal Control and Compliance In order to succeed in this mission you need to implement A… Rev PA1 2011-05-06 3
  • 4. NEW ORGANIZATIONAL STRUCTUREConfidential Main functions of Financial Management • Help the company to manage risk • Improve company Return on Investment Business and efficiency • Controlling Participate in decision making by providing support and recommendations • Time efficiency • Provide meaningful and timely information Reporting to top management to enable the right business decisions • Acting in a professional and ethical manner • Safeguard Co‟s assets including reputation Finance & • Secure efficient usage of resources and Accounting optimize cost structure • Ensure appropriate compliance with company „s policies and laws Rev PA1 2011-05-06 4
  • 5. NEW ORGANIZATIONAL STRUCTUREConfidential Analysis of functions Financial Management Business Controlling • Budgeting and Forecasting • Credit Management • Pricing Management • OPEX Control (SGA &Marketing) Reporting • Preparation of Monthly, quarterly and Annual FS • Actual vs Budget and Forecast reports in all areas(Revenue, OPEX, Cos KPIs ) Finance & Accounting • Manual/ Automated (ERP related) Accounting Postings • Reconciliations • Tax reporting preparation • Maintenance of CAD In order to implement the new structure we need to apply new ways of working like…. Rev PA1 2011-05-06 5
  • 6. Confidential NEW WAYS OF WORKING • SSC (Shared Services Centers) • Global Processes • Web Based Reporting and Communication • Consolidated Functions • Remote Management Rev PA1 2011-05-06 6
  • 7. SSC (Shared Services Centers)Confidential •Standardize the finance processes across function and geography. •Improve efficiency and effectiveness within the organization. •Strengthen the control environment and also improve transparency. •Reduce overall General and Administration costs across the Finance group. Global processes • All the finance employees working in a common way • “Work shadowing” and knowledge of local entities and their requirements Rev PA1 2011-05-06 7
  • 8. Web based reporting and ways of communicationConfidential • Global ERP system • Telepresence • Conference calls • Webex • E- Mail • Live chat using the intranet - Communicator • Phone Rev PA1 2011-05-06 8
  • 9. Consolidated functionsConfidential Rev PA1 2011-05-06 9
  • 10. Functional and Remote Line ManagementConfidential Coordination & Alignment • Assignment agreement • Agree principles for personal development, training, conditions/compensation • Agree performance measurements and criteria • Feedback on performance • Resource and capacity plans & decisions Global Finance • Day-to-day mgmt & support to assigned employee Manager • Secure process- and ways of working standardization Head of Finance & BC Assigned employee • Show global team spirit Assigned • Display accountability Employee • Deliver according to assignment • Pursue global processes and ways of working - standardization •Continues dialog with line and functional manager Rev PA1 2011-05-06 10
  • 11. Functional and Remote Line ManagementConfidential How is the manager updated and how updates the employees? - Weekly teleconference update of where we are and what we should do - Constructive feedback from mangers to employees and vice versa - Updates remote employees for local changes - Conversation and brain storming with team members - Participation in global and regional meetings - Trainings Rev PA1 2011-05-06 11
  • 12. SUMMARYConfidential - of the New Finance concept What are we forcing to reach today • Standardized ways of working • Increased focus on global processes and methods • New global matrix structure • New role as Business Partner • Increased opportunities for self development and promotions though job rotation. Rev PA1 2011-05-06 12
  • 13. Confidential Conclusion Changing the mentality in Finance Rev PA1 2011-05-06 13
  • 14. Confidential Thank you! Q&A CONFIDENTIAL Rev PA1 2011-05-06 14 14