Lean Management in finance
We streamlined Finance processes for the CFO of an international group, consisting of about 50 companies. We introduced quarterly financial statements within a very short timeframe, shortened the length of time it took to prepare the annual accounts by 3.5 months and reduced the group’s audit costs by 30% – while at the same time cutting overtime to zero.
Our client is a provider of business services with around 50 group companies. In the wake of a change in management, the modernization of Finance was identified as a priority after many years of neglect. The new CFO was given a very long list of homework to do right from the start. The finance department had to become faster, more accurate, closer to the business and cheaper to run.
Under the previous management, Finance had not been the focus of their interest for quite some time. Employees were unsettled, processes neither documented nor standardized. Over the years a multitude of opinions had therefore arisen as to what was “right”. The reporting products were consequently unreliable. A lack of communication and leadership coupled with the heavy demands of the day-to-day business meant that closing the annual accounts dragged on into the summer months.
- Introduction of Scrum in Finance
- Introduction of a cloud-based tool for quarterly reporting
- Interim management in Group Accounting
Within about 3 months, we introduced quarterly reporting for our client. With the help of Scrum as a management method, the annual accounts process was permanently accelerated by 3.5 months and the group’s audit costs were slashed by 30%. This also enabled us to bring overtime down from a high base level to zero. Together, we created successful outcomes for the employees, of which they can be rightly proud as a team.