Situation and Challenge
A machinery manufacturer was experiencing double digit growth. The finance department was taxed with increased workload, along with the added complexity of a recent shift from selling to leasing product. They tried to keep pace but were struggling with late reporting, missed deadlines, inaccuracies and increased tension in the department. As a whole, the company was challenged with balancing revenue growth, cash flow and infrastructure build-out. We were asked to evaluate the efficiency and effectiveness of the Finance Group and to identify and prioritize opportunities to help the organization succeed.
Solution
We focused our efforts on assessing the organization, workload, personnel and processes. The department was "at capacity" given the current volume, systems and workflow. And, while the primary accounting functions were well aligned with specific roles, we found a significant imbalance of workload and fragmentation of efforts outside of these core tasks. We also identified a lack of requisite skillset in the department, considerable manual and duplicative work and the need for increased focus on other administrative functions.
The department needed additional expertise to meet growing complexities, enhanced systems to handle additional volume, and redesigned processes to improve efficiency. These changes would provide the company with the needed infrastructure to support continued double digit growth while improving reporting integrity and timeliness with no increase in department personnel.
Results
Management committed to supplementing the team with greater expertise, redeploying some of the current staff and implementing systems which would streamline workflow. Processes in need of immediate redesign were prioritized and bottlenecks identified.
Just as we helped this client improve the efficiency and effectiveness of its Finance Group, we can do the same for you. If you would like to learn more, please give me a call.
Until next month, Point Your Business Where it Needs to Go!
Best Wishes,
Kelly ©2013, Turning Point Financial, LLC
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