Customer Profile: A medium scale manufacture of process equipment having a turnover in excess of 50 crores per annum.
Problem: The client had grown rapidly over the last few years and organically while growing the finance department was personally managed by the managing director supported by a team of four accountants and assistants. As the scale of business grew the managing director was swamped with a number of day to day issues which could not be resolved quickly enough, thereby eating into his time available for other important matters. The organization lacked a structured finance management process leading to a lack of clarity on business performance and overview of the financials of the organization.
Solution: When we engaged with the client, we understood that senior management bandwidth was getting sucked up in day to day transactional matters. So we brought on board a senior finance consultant who worked closely with us to map out the processes. The jobs of each of the persons in the finance department was clearly defined and roles and responsibilities were identified. Structured day to day processes were put in place by which the finance departments daily priorities with the managing director would get sorted within the first hour of the day leaving him free to focus on the rest of the business for the rest of the day. We also recommended the hiring of the CFO for the organization for which we defined the job description, helped in shortlisting the right candidate, helped in interviewing and finalizing the person who came on board and within a period of three months after we started this engagement, the managing director was completely free of day to day finance responsibilities.
Benefit: Today the company has a robust finance manager in place who tracks the day to day performance, monthly reports, monthly finance reports are in place and key performance metrics are tracked closely and reported to the management giving complete clarity on the financial operations of the organization.
Improve Financial Monitoring