Designing a finance function to meet tomorrow’s challenges
Designing a finance function to meet tomorrow's challenges
April campaign
Contents
1 Finance function challenges and way forward 2 Achieving finance excellence 3 EY approach and value 4 FAAS contacts
Finance function
Challenges and way forward
Finance functions across the globe are aiming to add value
In delivering an effective support function to the organization, finance must balance its three key priorities: cost reduction, compliance requirements and efficient operations.
Be effective in driving forward the business Deliver an effective finance support service to business units
Effectiveness
Provide timely and accurate reporting and business information
Strengthen business decision making throughout the organization
Provide challenge to the business
Be seen as a valued partner to the business
Promote strong governance and control in the organization Design an appropriate financial control framework Facilitate improvements in control in the business Promote management of financial risk to the organization Meet increasingly onerous statutory and regulatory requirements
Potential balance
Be efficient in the operation of the finance function Reduce the costs of the finance function Realize benefits of investments in finance Integrate finance teams of acquired businesses Streamline commodity processes including reporting
Control
Back-office focus
Efficiency
Striking a balance for the organization
The key challenge for finance is to improve in all three dimensions while retaining the appropriate balance for the organization.
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Designing a finance function to meet tomorrow's challenges
Finance function key challenges in achieving its objectives
Business issues Finance function challenges
Responsiveness to business needs
Limited time to focus on higher value-added activities (e.g., strategic planning and decision support system)
Inadequate focus on complex business performance management Need for a closer integration between finance and other areas such as risk and technology Silo approach leading to business inefficiencies
Efficiency and cost pressures
Rise of outsource usage and increase of finance activities available for outsourcing Inadequate focus on leveraging low-cost geographies for finance and shared service centers (SSCs) Need to leverage investments in technology to reduce cost Need for standardization and simplification of finance processes
Technology
Lack of preparedness and foresight to adapt to increasing and more complex reporting and business needs
Inefficiencies in reporting - balance between speed, cost and output Greater need for a single source of truth for financial information Focus on data analytics, technology controls, cyber security and business continuity
Governance, risk and compliance
Greater accountability on CFO and senior executives Need to document and prove financial controls in an ever-changing business and regulatory environment Need to balance cost and control, and embed control in business processes Increasing regulatory, legislative, supervisory and contractual compliance pressures
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Designing a finance function to meet tomorrow's challenges
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