Part 3   Energize Webinar Deck
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Part 3 of Financial Close Webinar Series: Energize

Part 3 of Financial Close Webinar Series: Energize

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Part 3   Energize Webinar Deck Part 3 Energize Webinar Deck Presentation Transcript

  • Transforming the LAST MILE of FINANCEEnergize - Create VisibilityPart 3 of a 4 Part SeriesTheresa Clark - VP, Finance TransformationSteve Dalton - Solutions Manager, Professional Services April 19, 2012 www.trintech.com
  • Today’s PresenterTheresa Clark – VP Finance Transformation CPA Former partner of Andersen, LLP and managing Director at BearingPoint Seasoned finance professional with over 20 years of finance experience leading finance transformation, financial close improvement and post merger integration for major companies. Specialist in transforming compliance, reconciliation and close financial processes Member of the American Institute of Certified Public Accountants
  • Who is Trintech?Trintech is a leadingprovider of integratedsolutions for The Last Mileof Finance.Our solutions optimize theentire Record-to-Reportcycle resulting intransparent financialmeasurement andgovernance. • Over 650 Industry leaders use Trintech • 26 of the Fortune 50 • 100+ of the Fortune 500
  • What Does Energize Address? I. The Last Mile – Quick Recap of the Issues Energize II. The GoalsMigrating the existing closecalendar and tasks into a III. Overview of the Transformation Stagesclose solution. Providing the for the Last Mile of Financeteam with capacity and IV. Energize – Migrating to Automationvisibility.  Global close calendar  Tasks and procedures  Work flows  Collaboration tasks  Reference documents  Binders  Reporting VI. Work plan VII. Questions
  • What is the Last Mile of Finance? THE BRIDGE TO REPORTING TRANSPARENCY ACCURACY CONTROLS TIMELINESS InformProcure Scopeto Pay Plan Schedule Perform Manage Report Forecast C Budget GL PrepareOrder to Close Group Plan Local Close & & Cash Close Consolidate Report Comply
  • The Interdependencies of the Last Mile of Finance Q start Q end 40 + Days -10 days 90 days Recons GL Load Assign & Reconcile & Monitor/Review Report, balances Schedule research /Approve Analyze, Verify Support complete Remind, escalate Operational Recons Performers Load Auto Manage Research & Adjust & Report, Balances match exceptions Resolve Balance Analyze, Support ManagementReviewer/Supervisor Form 10Q 10K Performers Reporting Audit/External Ledger s Import tasks & Schedule tasks Perfor m Monitor Roll forward Prepar e Review Fil e Close + controls Manage Remind issues , escalat Taxonomy Tagging XBRL XBRL e Support Filing in E- Record Complianc Remediat e e Design & Scope Auto Schedule Perform compliance Review & Report & Establish tasks tests Monitor Certify controls Redesign E- Record
  • What are the Goals of Finance Transformation? Business Goal: An Automated and Standardized Finance Process Confident Streamlined Agile Accuracy of the Standardize and SupportiveFoundational Numbers Consolidate Processes Environment for• Monitor key controls • Focus on value-added activities Enterprise Growth• Enterprise collaboration • Improve service levels • Rapid integration of acquisitions• Better information = better • Train employees faster • Smoother transitions decisions • Automation = more work by • Framework to support new• Isolate and escalate issues rapidly fewer people including SSC’s initiatives (XBRL, IFRS, TAX) Lack visibility into processes Cycle times too long Lack flexibility to absorb Desire for top down Overlapping requirements changes approach Stressed personnel Turnover is disruptive Unacceptable level of risk Uncertain Inefficient Inflexible The Drivers of Change
  • Polling Question #1The most difficult part of starting a close transformation for my company is?a. The timeb. The what - coming to consensusc. The cost
  • Where are We Within the Last Mile of Finance Efficiency, Transparency, Quality Maturity Model? TODAY WE ARE HERE Optimize Energize Fully‐Automated & Optimized • Best practices • (Automated)  Strategize Semi‐Automated  preventive controls  Process embedded into  • Semi‐automated  business process Manual Process  • Consolidated view into  controls Analyze Improvements • Point solutions for  close & reporting  • (Manual) detective  collaboration (e.g.  process controls & procedures SharePoint), process  • Fully integrated with  • Manual process  XBRL, close, exception  Manual  Cost of Finance, Risk management and  improvements compliance mgt, reconciliations,  Processes • Legacy apps and compliance • Lack of controls across • Disjointed processes • Heavy spreadsheet  • Automated and  data streams• Legacy apps use collaborative global  • No single view into • Heavy spreadsheet  • Email, Word, shared  workflow close and reporting  use drives • Real‐time process  process• Email, Word, shared  optimization drives
  • Energize: Global Close Calendar Standing Up The Global Close Calendar • Populate the close calendar • Recognize and input different close calendar for different filings • Recognize and adjust for the differing holiday schedules for different regions • Establish differing calendars – month, quarters, annual • Establish a set of close days to be used by all groups (e.g. day -1, day 0…) • Map the close days to the calendar
  • Energize: Creating Action Plans for Close TasksEstablish Close Tasks in Scheduler Upload existing task list to schedule Identify task types – e.g. JE, analysis, memo Edit the desk procedures to provide specific instructions Use questions to gather key data points Sequence the task dependencies and link tasks across functions Flag key tasks – e.g. high risk, key control Associate the task with accounts
  • Polling Question #2My company’s close tasks are well defined and specific?a. Yes – easily executed by new employeeb. Need workc. No – highly dependent on employee knowledge
  • Energize: Enable Work Flow Establish Work Flows for Tasks  Designate task timing – monthly, quarterly…  Define due dates for performers and approvers  Define approvers for each tasks  Stagger time zones accordingly  Move across time zones to take advantage of global clock  Designate escalation paths for tasks  Create automated notices for overdue notices and escalations
  • Energize: Reference Documentation Set Up Reference Links  Associate required reference documents with each tasks (e.g. manuals, legal documents, rules)  Provide/require templates for documentation where standard format desired  Use reference to provide detailed procedures if required  Centralize references for ease of linking and updating
  • Energize: Select E Binders Select the E Binders for Task • Define “Binders” desired for Close • For each task select the desired binder(s) for future reference – Close detail binder – Prepared by client audit schedules – Auditor binder – Management book • Define requirements for binders – Comments included? – Attachments only for auditors – Details for monthly post close review
  • Energize: Dashboards and ReportingConfigure Dashboards to Focus on Key Areas• Use dashboards to monitor process and make course correction – Daily task status – Delays – Issues – Key accounts• Use Reports for Details and Review – Detailed reports on performance – Review of all dependencies – Customized views for specific managers
  • Polling Question #3Implementation of close management automation at mycompany would improve visibility?a. Slightlyb. Moderatelyc. Significantly
  • Energize: Work PlanStandard Best Practices ApplyLeadership & Ownership• Have plan signed off on by all key stakeholders.• Identify project manager and create capacity to manage project• Identify all key players including IT, interfacing users…• Dedicate time to user communication and acceptanceDesign Documentation• Document all project design, requirements and decisions• Conduct a solution walkthrough to validate design• Carefully review data before migration/validate post migrationCommunicate & Manage Change• Prepare support and users for roll out• Test performance over time and volumes pre/post go live• Wrap up and follow up
  • Questions? Thank you for participating. For further information please contact: Hilliary.Opseth@trintech.com (USA) +1 800 416 0075 Carol.orr@trintech.com (EMEA) +44 (0) 207 628 5235 Continue the Conversation – Please register for the fourth and final in our new webinar series Part IV: Optimize: When: Wednesday 5/23/2012 Time: 10:30 am Central Standard Time (Chicago, GMT-06:00) 4:30 pm GMT Time (London, GMT) http://www2.trintech.com/l/3242/2012-02-01/b3nb8
  • Transforming the LAST MILE of FINANCEThank YouTheresa Clark – VP, Finance TransformationSteve Dalton, Financial Solution Consultant www.trintech.com