Finance transformation for the Public Sector |
The Public Sector is undergoing radical reform and Finance is at the heart of the change. You know your function needs to transform to meet the ever-increasing demands, but do you know what needs to change and how you are going to make it happen?
Public Sector Finance is under increasing pressure from a variety of sources:
Addressing the strategic agenda
- Gershon cost efficiencies must be delivered and business processes reviewed.
- Government departments must analyse their spending and be able to link these to outcomes and output-based measures. Such a structured performance framework will aid preparation for future spending reviews.
- Stakeholders have raised expectations of stewardship and the use of public money.
- There is an increased focus on World-Class Financial Management from stakeholders such as the Treasury.
- Government departments and local authorities have expressed a desire for Finance to be a more strategic function, acting as a true business partner. This involves a renewed focus on stakeholders who are demanding accurate, authenticated and fully disclosed results and projections on a “real time” basis.
- There is a move towards consolidating transactional processes into Shared Service Centres to reduce the time and effort spent on low value-added tasks and release more resources into front-line service support.
- Capability reviews require the Finance function to have a clear articulation of its role in directing and adding value to the organisation.
Professionalising the Finance function
- Many Finance Directors are finding a shortfall of skills in their Finance function. This is a barrier to delivering strategic Finance services and may stem from the legacies of past structures and a historic lack of qualified personnel.
- Recent directives have outlined the need for all Finance Directors to be qualified accountants by 2008.
- The wider Finance function needs to be aligned with these requirements. Competency frameworks and career development plans of the Talent Agenda are key.
For further information, download our publication Finance transformation for the Public Sector. (PDF, 295KB)
Finance transformation for the Public Sector
(288.22 KB)
