Finance Process Optimization

CFO Organizations are aiming to reduce the cost, time and resources required to manage financial transactions. They want technology and processes that ensure vendors/commissions are paid accurately, collections are timely, reporting errors are minimized and functional efficiency gains go straight to the bottom line in terms of savings.

They are also under constant pressure to reduce complexity in balance sheet reconciliations, implement a standardized automated process environment, streamline fragmented implementations and build a best-in-class operating model.

HOW Innokat HELPS

Innokat’s Finance Process Optimization service replaces the plethora of point solutions, multiple intelligence systems and fragmented implementations to help organizations:

  • Standardize, centralize and automate finance processes
  • Fix broken process and reduce delays that affect reporting
  • Integrate reports, forecasts, budgets etc. to enable consistency in financial planning
  • Improve financial controls
  • Manage change
  • Retain talent

Innokat’s Finance Process Optimization practice’s remit is to help you reduce the total cost of ownership of your Finance function, transaction processing time and the amount of risk in processing and reporting errors. The result is increased time available to focus on value-added activities. Our consultants help you establish a common set of processes and procedures, and ensure that transactional functions across P2P, O2C, R2R, Consolidations, Budgeting and Planning are fully optimized.

Our expert Finance Process Optimization service teams transform a broad range of functions that include:

  • Finance Process Standardization and Optimization
  • Fast Close/Month-End Close
  • Principle Tax Company Models
  • Working Capital/Credit and Collections
  • Treasury Management
  • Balance Sheet Integration
  • Tax Management Reporting
  • CoA Design and Reporting Structures
  • Vendor self-service portal

Our Finance Process Optimization service improves the accuracy of finance processes that provide hard and soft benefits that help:

  • Improve: Management & Statutory Reporting, Internal Controls, Cost Management, Analytical Capability
  • Reduce: Cost of Operations, Risk to the business from regulatory or stakeholder standpoint, Period end close time, Backlog of invoices, Purchase Order/invoice mismatches by up to 90%, Close process cycle time, Manual Intervention, Duplication Efforts, Dependency on Legacy Applications, Transaction costs, Reporting costs, Complexity of balance sheet reconciliations, FTE numbers and cost