Considering Finance Shared Services?
I encountered my first Finance Shared Services Model at American Power Conversion (APC) as far back as 1992. Little did I know at the time, as I sat in my cubicle learning that the German for Invoice was Rechnung that I would enjoy such a long career in Finance Shared Services.
Almost 30 years later and having seen multiple Finance Shared Service Centre operations, the Model is still going strong, indeed it has spawned an industry all of it’s own. If you had invested £100 in the Global Business Services revolution back in 1992, what would it be worth today? I daresay you would be a Millionaire!
I regularly speak with CFO’s who are considering adopting a Finance Shared Services Model and the conversation will focus on the many Benefits it can bring. In a nutshell it will deliver a lean, agile, progressive Finance function, there is no doubt about that. It has been proven time and time again that well managed Transformation programs deliver Benefits!
Should you consider adopting a Finance Shared Services Model, is it for you?
For me, this always boils down to the same questions and if you tick more than half these boxes then I suggest there is value in having a more in-depth discussion about creating your Finance Shared Services Centre:
1. Is Finance > 100 FTE?
2. Is Finance located at 2 or more sites?
3. Is Finance located in 2 or more Countries?
4. Do you have an ERP implemented > 5 years?
5. Do you have multiple ERPs?
6. Is Management Reporting fast, effective and reliable?
7. Do you have multiple versions of the truth?
8. Is Finance at the heart of Business decision making?
9. Do you have automated end to end processes?
10. Have you had Compliance failures in the last 5 years?
11. Is there a high Turnover of Finance staff?
12. Is the Business underperforming?
A very straightforward check list which will suggest to the CFO whether there is value in considering Finance Shared Services further.
Take the Finance Shared Services Test today and talk to Finance Transformation UK!
Author: Michael Ryan
With 25 years' experience Transforming Finance across multiple Sectors as a Consultant and as a Finance Transformation Leader, Michael Ryan is uniquely placed to advise Clients on creating a World Class Finance Team. Call him now on 0203 1466878