Since the adoption of the IFRS throughout the EU and Greece in 2005, the demand for greater transparency as far as External Reporting is concerned following the collapse of corporate giants such as Enron and WorldCom, there is a great need for reliable financial information on a real time basis. Nowadays as regulations become tighter around responsibility accounting, more and more companies are re-evaluating their closing processes to meet up with their statutory requirements, but also to integrate their Financial with Management Information Systems.
In achieving the above objectives, technology might seem as the obvious enabler. However, if technology is not properly implemented, it could be extremely disruptive, even disabling, to the closing and consolidation process. In reality, to make the transition to a high – quality close and consolidation process, the organization needs to adopt a unified finance / technology vision.
For our Financial Management Practice, the above translate into the provision of high quality services around the following fields:
• IFRS (International Financial Reporting Standards) Migration (First Time Adoption) / Counselling Projects (provision of on-going support) – such projects are carried out in close cooperation with our Audit & Assurance professionals
• IFRS / Local GAAP Financial Consolidation Projects via the implementation of specialized Software Applications from vendors with which Deloitte has entered into a global alliance (e.g. Hyperion)
• Integration of Information between Statutory / External Parties’ Reports and Management Reporting
• Specialized advice regarding Financial and Management Accounting issues
In this sense via the provision of our specialized services, your organization can anticipate any combination of the following benefits:
• Meeting up to your statutory requirements in accordance with IFRS and Local GAAP requirements
• Minimization of the overall close and consolidation time frame, and meeting your management reporting deadlines
• Unification of accounts, into a single chart of accounts for the entire corporation
• Streamlining the data flow and dissemination, in such a way that ownership resides at the point of entry and information is considered to be a readily available corporate resource
• Integration of sub-ledgers with the General Ledger through the use of cross validation rules and error (control) fields and /or reports
• Integration of statutory and management information via the implementation of specialized software packages
… but most of all, the transformation of your Finance Division from merely a cost centre to the apex of your success
Towards that end, it is worth mentioning that our specialised Financial Management professionals can also undertake the development of a re-engineering / re-organisation study specifically for the Finance Division, should the need arise. Such a study will help identify the improvement opportunities concerning the overall Procedural and Operational framework of the Finance Division and propose holistic solutions taking into account cross Division company wide issues and interdependencies.
Finally, our team of experts work closely with finance leaders to ensure their function supports their organisation effectively. Our work includes transforming the financial functions to add value to the business as well as making the transaction process element of the function more effective. This would include introducing best practice processes to purchase-to-pay, order to cash, closing & consolidation, tax & treasury processes. They can also transform your finance operations through shared services or advising on outsourcing options.