Financial Shared Service Center
Against the backdrop of permanently increasing cost pressures on companies, Financial Shared Service Centers (FSSC) are becoming more and more important. FSSC have been used for years in many companies, particularly in finance, as a means of increasing efficiency and effectiveness in internal finance processes.
For a long time the focus lay on reorganizing bookkeeping and accounting processes, but more recently FSSC approaches have gradually been expanded to include the entire spectrum of finance activities. Bundling finance processes into individual competence centers or factories focuses competences within a company and, ideally, facilitates their integration into a holistic end-to-end finance process. Thus, a “house” is created which is supported by the perception of processes as combined entities and the bundling of functions and competencies into financial shared service centers or competence centers.
Bundling and industrializing controlling processes depends on content and functional design, as well as the overall understanding of the nature of the finance sphere, to a far greater extent than is the case for classical accounting, such as accounts payable and accounts receivable accounting. Not only do automation and cost-saving potentials play a role here; what is especially important is aligning the finance processes and organization with the management control philosophy of the company.
Horváth & Partners is the ideal partner for organizing and defining finance processes as part of the Finance Operating Model and has an approach to introducing and optimizing financial shared services which has proved itself time and again in numerous projects.
We will help you answer these questions:
- How can I sustainably increase the efficiency and effectiveness of my finance organization?
- How can I align my organization with my management control philosophy and the underlying finance processes?
- How can I separate my finance processes into transactional and functional activities (activity split)?
- How can I carry out the necessary changes and modifications (finance transformation)?
- What impact will a shared service have upon my IT?
- How should I design my data model to ensure that continuous integrated processes are even possible?
Thanks to its holistic, integrated approach to functional themes (corporate management control) and measures pertaining to processes and organization (operating model design), Horváth & Partners stands out from the crowd as an excellent performance enhancement partner.
Horváth & Partners will accompany you through the entire transition process, taking responsibility from the initial concept design phase through to implementation to ensure the desire project goals are achieved.