Finance Transformation Advisory

Ever-increasing volume of data? - Information in too many different ERP or other systems? - Monotonous, repetitive work? - Complex calculations? - Heterogeneous data? - Knowledge concentrated on a few persons? - Constantly changing data? - Reports not completed on time? - Too little insight into the data? - Excel reaching its limits? 

Too many different tools needed for these challenges?

If either of these cases applies to you, it's time to automate and redesign business processes or individual tasks.

BDO accompanies you throughout the Transformation:

  • Together with you, we define the scope and support you in all steps of digitization
  • We support you in selecting suitable solutions or in developing your own solutionstr, tailored to your business model and with the final audit in mind
  • We recommend the appropriate course of working (waterfall or agile) according to each project
  • We train your employees in the new tools and solutions
  • Even after the implementation, we will assist you with adjustments and extensions in every phase of the iteration
  • Improvement of existing workflows and processes
  • Cost, time and labor savings
  • Generating new revenue opportunities
  • Detectingvalue-adding opportunities
  • Limitation to the necessary extent to achieve the goal
  • Obtaining audit-proof processes

The areas of digitization in finance and accounting are diverse. In principle, any process that contains manual entries and / or repetitive tasks is suitable for assessing whether it can be standardized, (re) designed or automated. This can include, for example, reporting, visualization of processes, risk analyses, plausibility checks of reporting packages or forecast reporting and tax rate forecasting. 

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Recording, optimizing and standardizing processes are the basis of digitization and are a prerequisite for planning automation

This already creates transparency about processes, systems and data. A redesign of existing processes that have grown over the years can already be sufficient to achieve the set goals, so that it is essential to assess whether further steps are necessary. In particular: it is necessary to weigh up between intervening in previous processes and exhausting the potential for improvement

BDO supports the process design in many ways:

  • Evaluation of the existing processes and workflows
  • Definition of process models
  • Visual representation of previous processes
  • Preparation and harmonization of processes
  • Shortening / accelerating processes
  • Closing bottlenecks
  • Identification of automation potential

By digitalization and then visualization the results, considerable potential for cost savings can be developed. This will be achieved based on the created scalability, the increase in data quality and the reduction of errors caused by manual entries.

It should be noted that process automation and digitization in general will change the job profiles of employees in accounting

Degree of Automation depends on:

  • Planned degree of (autonomous) decision making by the machine
  • Willingness to change by the staff
  • Tools to Use and Data input formats
  • Extent of adaptation of previous work processes
  • Time budget

 

BDO contributes in these steps, among other things:

  • Alignment to your business model with the final audit in view
  • Identification of recurring tasks
  • Data preparation, combination and presentation
  • Advice on the selection of a user-friendly IT solution and support with the implementation
  • Development of your own solution based on existing technologies (e.g. MS Office)
  • Training of employees and guidance on how to overcome concerns about using new technologies
We work with you to transform Innovative not disruptive
  • No change of the ERP system, no introduction of new websites, but continuous transformation and expansion based on existing systems
    • Act not react
  • No radical changes in the previous work processes, but selective improvements in the areas of concern
    • Scalpel not hammer
  • Use of tools that employees can independently develop and adapt
    • Independent not dependent

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Contact us!

Dr. Benedikt Fürst

Dr. Benedikt Fürst

German Public Auditor, Certified Tax Advisor, Partner, Finance Transformation Advisory
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Verena Schwarz

Verena Schwarz

Director, Finance Transformation Advisory
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