Reengineering your finance department can mean better information, lower costs
It is unclear exactly what the New Normal will mean to the insurance industry. But as the details are being worked out, it is clear that the industry is in for dramatic economic, competitive, and regulatory changes. How can you strategize and stay ahead of the curve?
You may want to consider an in-depth look at the way your finance department works. We have a financial reengineering team accustomed to working in the insurance industry. The team will evaluate your current financial operations at a fundamental level — from your financial information systems to the capabilities and performance of your existing finance personnel.
Implementing the team’s recommendations can help position your organization at a competitive advantage. Our professionals will study your situation and offer custom solutions, but they do have a general methodology which includes:
- optimizing technology and reducing the amount of manual intervention required in performing financial tasks;
- and centralizing the finance reporting function within a single system for financial reporting across your organization.
Following this methodology involves eliminating Excel “shadow” spreadsheets; standardizing your chart of accounts and related accounting procedures; and automatically generating financial reports.
Comprehensive financial solutions
In addition to finding opportunities for improvements, the team can help you implement its recommendations. Because technology is such an important factor in reengineering, you will appreciate our professionals’ knowledge of the software solutions available and the various delivery methods. They can also help you evaluate the ability of your infrastructure to support expanded technology.
Once the technology decisions have been made, our reengineering experts can help streamline your organization’s financial processes. In many instances, this will mean creating and tracking an organizational budget, eliminating the need for supplemental spreadsheets for tracking purposes.
They also will look at your policies and procedures. If restructuring is needed, they can create an organizational chart and write appropriate job descriptions that carefully incorporate an appropriate separation of duties to minimize mistakes and protect against fraud.
Accurate information on a timely basis
Dramatic market changes call for deliberate, carefully developed responses. Our financial reengineering team will analyze how your finance department does its work and offer a plan to minimize manual effort, improve data accuracy, and reduce cycle times. Often they are able to trim an organization’s monthly financial closing process by 50 to 75 percent. This quick turnaround means you will have timely information on the financial results of your organization, so that you can make more informed decisions and gain a competitive edge.