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Optimizing Finance Through Outsourcing with Global Wave Dynamics
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.
PROBLEM STATEMENT
- 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.
APPROACH BY GLOBAL WAVE DYNAMICS
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.
1. 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.
2. 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.
3. 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.
CHALLENGES FACED
- 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.
OUTCOMES
- 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.
KEY BENEFITS
- 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.
CONCLUSION
Global Wave Dynamics successfully streamlined the client’s financial closing process by providing expert financial outsourcing services which reduced costs while maintaining the accuracy and speed of financial consolidations.
About Company
Founded in 2019, Global Wave Dynamics provides expert outsourcing in IT, Finance, Back Office and Operations to global transportation companies.
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