Finance process improvement in 10 slides
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This document discusses improving finance processes. It notes that finance teams are expensive but often spend time on transactions that could be streamlined. Regulations and expectations are increasing so finance must change. All finance processes contain waste like rekeying data and delays. The document recommends focusing processes on customers, completing work right the first time, and providing timely information for decisions. Improvement requires understanding problems and having people work as a team, with management support, to continuously improve processes. The key is to choose a process to start with, map and study it, then develop a team to remove barriers and fix problems.
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Finance process improvement in 10 slides
- 1. Finance Process Improvement Ross Maynard FCMA Ideas into Action
- 2. Your Finance Team are Expensive • Your finance team are highly skilled and very expensive! • So why are you wasting their valuable skills on day-to-day transactions? • With increasingly complex business processes come increasingly costly finance processes
- 3. Expectations on Finance are Increasing • More complex business processes • More regulation • Faster decision making • Finance must change to keep up • You cannot just keep adding cost • It’s time to look at your finance processes to streamline them and improve their efficiency • Whilst maintaining financial control!
- 4. All Finance Processes contain Waste • Over time the “waste” in finance processes builds up increasing the cost of the finance function without benefiting anyone: ▫ Rekeying between systems; ▫ Incomplete information provided upfront; ▫ Hand-offs between teams ▫ Correcting and reworking previous errors ▫ Waiting for sign-offs • There are two things which take time in finance processes: ▫ Transactions – we need to minimise these ▫ Delays and Queues – we need to eliminate these
- 5. Where would you like your finance processes to be ? • Finance processes focused on the customer and designed to meet specific customer expectations • Work completed right first time, without a need for backtracking or requesting additional information • Information flowing through the processes with few interruptions and little backtracking or double-checking • Timely, relevant and accurate information understandable by the end-user for decision making • Supporting the resolution of process problems
- 6. Improvement is a People Issue • The people in the process are the best placed to understand its problems and constraints • Processes are improved by people working together using problem-solving tools • Creating a culture of improvement is about people feeling free to raise issues and concerns • Improvement becomes the responsibility of the team. Managers facilitate the team by provide support, expertise and training as necessary
- 7. Most importantly: Work as a team
- 8. How do we get there? 1 • Choose a process to start work on • Identify the purpose of the process for the customer 2 • Study and map the process in detail • Understand the barriers to achieving its purpose 3 • Develop the process team to remove the barriers and fix the problems • Managers actively facilitate and support improvement
- 9. In Summary, Improve your Finance Processes Understand the barriers they face Provide the skills and support they need to improve things Listen to your People
- 10. Thank you Ross Maynard FCMA www.ideas2action.co.uk