Closing the books each month was taking 14+ days preventing proactive management by a Finance Organization.
Flow consultants prepared for and facilitated a 4-day Kaizen with a cross-functional team from the Finance Organization. The team addressed the following areas:
•Conducted a baseline of the existing process.
•Identified wastes — poor quality of data, manual entry, and data verification.
•Automated postings for high-volume transactions.
•Addressed resource issues and skills.
•Automated bank reconciliations.
•Reduced the closing cycle to 5 days.
•Developed playbooks to provide standard, repeatable processes.