Shared Services and Financial Systems
Creating value through financial systems–enabled shared services
Shared services can enable important and material benefits for organizations. Potential benefits include cost reduction, process improvements, quality improvements, and improved risk and controls management.
To achieve the greatest benefit, an effective and consolidated financial system is a critical component of the shared service center (SSC). While incremental benefits can be achieved without effective financial systems, an SSC strategy and roadmap should include a plan to enhance the technology environment. Managing and enforcing the SSC strategy and roadmap should be treated as an important role in the financial executive’s agenda, to build initial and future success.
This chapter, extracted from the John Wiley & Sons published book, IT Best Practices for Financial Managers, by Janice M. Roehl-Anderson, principal, Deloitte Consulting LLP, discusses the positive impact and opportunities that financial systems can have on shared service implementations and operations.
Key discussion topics include:
- Leveraging financial systems as a foundation to enable benefits when implementing and enhancing shared services
- Critical considerations for SSC and financial systems implementation
- Understanding the critical role of the financial executive in shared services implementations and operations
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