Finance Case Studies

Client Background

A multinational company operating in several countries faced significant challenges during financial closing, particularly with the complexity of consolidating financial reports across various jurisdictions. The process was time-consuming and costly, as finding qualified professionals with expertise in consolidation took a lot of work, especially in the U.S.

• Complex Financial Consolidation: The client’s financial closing process involved intricate consolidations across multiple countries, making it resource-intensive and time-consuming.
• High Costs and Limited Availability of Expertise: Qualified personnel with expertise in financial consolidation were expensive and difficult to find locally, adding to the burden of closing processes.

Global Wave Dynamics designed a solution to streamline the client’s financial closing process by providing expert financial outsourcing services. The focus was on reducing costs while maintaining the accuracy and speed of financial consolidations.

• Process Mapping

  The first step was to map the entire consolidation process, identifying the specific steps needed to finalize accounts for each country. This included understanding the financial regulations, accounting standards, and country-specific adjustments required for proper consolidation.

• Transition Leadership and Best Practices

  Global Wave Dynamics identified and onboarded an experienced resource to lead the transition. This leader ensured the outsourcing team could handle complex consolidations accurately and set up best practices to standardize processes across different countries.

• Best Practices for Monitoring and Reporting

  To ensure consistent results, the team developed best practices for monitoring consolidation processes and created turnaround times (TATs) for timely reporting.

• Country-Specific Adjustments: Each country had its financial regulations and adjustments, making the consolidation process subjective and challenging to standardise. Understanding and managing these differences was critical to the project's success.
• Information Consistency and Timeliness: Gathering consistent financial information from various countries promptly posed a challenge, especially when working with different accounting standards and timelines.

• Pilot to Full-Scale Team: The initiative started with a single pilot resource responsible for managing financial consolidation. As the team gained experience and refined its processes, the outsourcing team expanded to five members, handling financial consolidation for multiple countries.
• Stabilized Processes and Best Practices: The team successfully stabilized the consolidation process by implementing the best monitoring, auditing, and reporting practices. They developed standardized processes for consolidating financial data from various countries, which reduced errors and improved efficiency.
• Effective Auditing Mechanisms: One of the most significant achievements was the development of mechanisms for auditing qualitative judgments. This ensured that financial consolidations were consistent and accurate, even when they required subjective adjustments.
• Scalability and Flexibility: As the client’s operations expanded, the outsourcing team quickly scaled to meet the growing demand. The team now manages financial consolidation for multiple countries, ensuring timely and accurate financial reporting.

• Cost Efficiency: By outsourcing the financial consolidation process, the client significantly reduced operational costs while maintaining high standards of accuracy and timeliness.
• Improved Financial Closing Process: The financial closing process became more streamlined and efficient, with clear timelines and better monitoring mechanisms to ensure timely consolidations.
• Access to Skilled Talent: Global Wave Dynamics provided access to a team of skilled financial professionals, removing the need for the client to search for expensive local talent.

Client Background

A multinational company managing vendor transactions across various regions globally, was experiencing inconsistencies in foreign payments, particularly with exchange rate fluctuations and lack of process transparency.

• Unpredictable variations in USD equivalents during EUR settlements
• Discrepancies between expected and actual payout amounts
• Limited visibility into exchange rate logic applied by their financial institution/bank
• Inefficiencies caused by manual tracking and validations across payment cycles

Global Wave Dynamics partnered with the client to implement a process-focused automation and validation solution, backed by industry benchmarking and regional finance expertise.

The initiative was tailored to ensure greater accuracy, control, and accountability in foreign vendor payments.

Without disrupting existing systems, we helped refine the process by:-

• Integrating smarter data checkpoints
• Establishing comparative frameworks for cost analysis
• Automating decision triggers to reduce manual dependencies

• Identified 1.3%–1.6% cost variance due to unoptimized currency conversions
• Enabled substantial savings on high-value cross-border payments
• Significantly improved transparency and decision-making speed
• Reallocation of finance team bandwidth to more strategic tasks
• Achieved full visibility into rate benchmarking within 60 days