Finance efficiency are pure initiatives of finance function management to improve (a) Quality of governance (b) Improve financial reporting (c) Automating finance processes and (d) Training and coaching of team.
Where as, Economic efficiency is defined as how well the dollars invested in each alternative support is of benefit to the society. Additionally, Present Net Value (PNV) is an indicator of financial and economic efficiency.
In today’s world, organizations expect financial efficiency to be the guard for order, good corporate rules, financial discipline, and business practices. However, finance managers face a dilemma of not being certain to what extent they should concentrate on delivering value add to their business and to what extent suffice the need to practice and standardize best practices. However, one thing is certain for them that, in a dynamically growing environment where cost becomes a norm, financial efficiency of an organization should actively demonstrate its value add to business and help identify opportunities for improving financial performance.
Most financial managers are presently working on changing the role of finance in their organizations – opting for a paradigm shift from traditionally perceived support function to an active business partner/associate.
Maxcon has vast experience in supporting its clients devise a winning strategy to introduce finance functional changes. We are equipped to mutually influence control factors, cost and efficiency in direct relation to business strategy; and at the same time we help create a structure and culture that amicably adapts to change.
Our experience in finance management, accounting management and organization re-structuring has contributed vastly in improving basic competence in processing, reporting and enforcing the finance purpose that in turn supports business decisions and strategic resource development.
Typical client problems:
Majority of times a Company’s processes are inefficient, manually intensive and cause disproportionate amount of finance function devoted to transaction processing. This inefficacy results in:
- High cost of finance relative value for the service offered.
- Low internal satisfaction.
- Finance operating efficiency is not aligned with the company’s strategy.
- Recurrent and on going demands from external and internal stakeholders
How can Maxcon help you?
- Performing diagnostics of the company’s finance function to assess the present status of its principal areas, including how it compares to other companies’ best practices.
- Providing support in forming a vision for the finance function that helps the corporate strategy’s implementation.
- Developing operating plan that boosts interaction and creates the right conditions for change.
Benefits for our clients:
- Focusing on financial policy on helping implement the corporate strategy and supporting the company’s business strategy.
- Being sure that financial system corresponds to the functional strategies of other corporate divisions (IT, HR, Purchases).
- Getting a prompt, high-quality assessment of whether the goals set for the finance function as a whole, as well as for the management of various divisions, are being achieved.
- High level of internal control framework and ensuring compliance with rules and regulations.
- Act as a financial business partner instead of an operational department.
- Automate processes and control and implementation of policies and guidelines across the organization.
- Optimize performance of current systems.