A global manufacturer wants to be “ready to transact” in the capital markets, improve operational performance and and position for growth, but the challenges include:
- Complex multi-statutory financial reporting,
- Foreign exchange exposure and management,
- Hundreds of monthly transactions with inter-company profits impacting inventories and fixed assets throughout the vertically integrated company,
- 100+ lines of intercompany eliminations monthly,
- International taxation,
- No consolidated financial view,
- Books prepared on a cash/tax basis,
- No standardized global practices, policies,
- Disparate reporting and analysis approaches systems,
- 4 separate ERPs,
- No data/systems integration
From a standing start to complete in under 9 months, the team was able to
- Remediate historical issues and accounting for 3 prior years manually
- Close “year 4” on an automate basis in less than 3 weeks
- Complete PCAOB audits for all historical periods
- Develop and deploy the standards, policies, processes, checklists, desktop guides, etc. to standardize practices around the globe
- Consolidate legacy ERPs
- Deploy a comprehensive Close/Consolidation platform including handling FX and inter-company issues
- Deploy an automate account reconciliation/close management platform with process automation, workflow tracking and data integration to upstream and downstream systems
The most important lesson for all involved? Transformation is not an “occurrence,” it is a cultural value for a company that embraces Continuous Improvement, that breaks down barriers to information flow and empowers individuals to act. Download the detailed Case Study on how TSI beat the schedule, beat the budget and beat the market!
