Its time for the Finance Road trip
Many Companies are approaching Year End and the pressure on their Finance Shared Services Centre to deliver the numbers is building. The majority of FSSC's will have responsibility for the numbers typically up to WD3 and then the Divisional Controllers / Directors will take over to review and finalise the result.
The role that each FSSC plays in ensuring a robust result at Financial Year End is critical. They will manage the Timetable and close all the relevant Sub Ledgers in accordance with this. Management Accounting teams will be chomping at the bit to review those numbers and find any unwanted surprises.
One of the most common refrains across all FSSC teams at this time of year is "we can do our part but will the Business do theirs?" Will they fulfil their responsibilities to enable Finance to have a full and robust set of numbers, on time?
If the FSSC is functioning well and has experienced hands leading it they will be all over the Communications necessary to deliver a result. However, even the best run FSSC's can have challenges in getting the Business to do what it needs.
In these instances I recommend the following 3 Steps for whichever Process relies heavily on the Business. It usually tends to be P2P but can just as easily be O2C depending upon the type and relative success of the Business. In summary these 3 Steps are as follows:
Step 1 - The Facts
Step 2 - The Visit
Step 3 - The Follow Up
The Facts
Never approach the Business without a full set of relevant facts. Tear apart your ERP or MI system and make sure you have all you need to know before engaging the Business in conversation. Remember, the psychology at play here - you are attempting to get them to do what you need them to do, so you can do your job. In most instances this is not a priority for them, they don't think in terms of Finance Timetables and they are focussed on their jobs not yours. Be prepared with your storyline.
If you need Purchase Orders, GRN or Invoices actioned by the Business always have the full picture and tell them the story from the top down so they can appreciate their impact on the Process. Never tell a story piecemeal without context, you will lose your audience.
The Visit
Over the Years I have visited Breweries, Depots, IT suppliers, Audit Firms, Customers and Suppliers. If you NEED somebody to do something you can't do without, you visit them. The impact on them is greater, they feel you respect them. You will inevitably learn something of their challenges and gain a better appreciation of how your Business operates at the coalface.
Make sure you have a clear objective for each individual Meeting or Workshop, do not waste their time or your own.
The Follow Up
Nobody likes to be dealt with in isolation or to be rushed once a Year. Outline what you need and why. Clearly articulate the Role your Business person plays in the relevant End to End Finance Process and follow up to prove it.
Many people visit the 'Business' on flying visits never showing people what the end result of their activity is. Show them and you will get greater buy in if they appreciate all the moving parts not just their own.
3 Simple Steps any FSSC Leader or Financial Controller can perform and its never too late to do them so start now.
Best Regards,