Case Study: Transforming Financial Efficiency - A High-Performance Race Car's Engine and Pit Crew
Much like a high-performance racing car's engine and its skilled pit crew, your finance function and accounting platform are the heart and soul of your business, propelling you forward with precision and power. We recently worked with a client whose systems and processes were steering them off track. We worked with the client to get them back on the road and helped them establish and implement solutions that have set them up for a podium finish.
NOW: A Sluggish Start
Our client, a large building and construction business who were facing a rapid growth phase, was facing an efficiency roadblock. While the manual financial processes and a desktop-based accounting software had served them well through their start up years. as their business expanded, these systems were proving inadequate. Information gaps, lack of accessibility, reliance on a single individual, and outdated technology posed significant hurdles to operational efficiency. Furthermore, the pandemic-induced lockdowns further challenged their already strained financial operations.
In this race against time and competition, their finance team was caught in a whirlwind of additional responsibilities, diverting their focus from their core roles. Expense approvals were mired in paper processes, waiting for in-person reviews. An unsettling risk hovered overhead, as the absence of documented processes left them vulnerable. Regulatory changes demanded compliance, while their legacy, desktop based finance systems couldn’t meet the challenge.
Amidst these challenges, a sudden departure of a key team member threw them off track, leaving no map behind.
Recognising the urgent need for change, the client embarked on an efficiency project with acumin.io. Just as a race car pulls into the pit for optimization during a race, the client hit the brakes on their operations, as we worked together to re-evaluate their financial engine and pit crew.
WHERE: A Winning Formula
Before the transformation journey, the client set their sights on modernized systems that could scale with their growth, that were accessible anywhere, and would provide real-time data for informed decisions. They were also looking for automated processes, the elimination of paper-based methods, and clarified roles & responsibilities within the finance team.
HOW: Navigating the Racetrack of Transformation
We joined the client's finance team on the track, closely examining their existing processes, technologies, and personnel. With a fresh perspective, we identified opportunities for improvement across three key efficiency areas: people, process, and technology. This segmentation allowed for streamlined roles, clarified responsibilities, and a structured approach to process overhaul.
Engaging stakeholders in these discussions fostered buy-in and facilitated change management. Agreed-upon solutions set the stage for system transition, marked by meticulous data cleaning, system conversion and the implementation of a cloud-based accounting platform (moving from MYOB to Xero).
Accelerating Towards Efficiency
Our journey wasn't complete without team empowerment. We provided comprehensive training on the new processes and technology, enabling the finance team to confidently manoeuvre the new landscape. They took the wheel, bringing their newfound knowledge to realign files and test workflows.
Over the following months, we remained in the pit, offering guidance and troubleshooting to ensure a seamless transition.
The outcome was remarkable:
Streamlined finance processes
Automated accounts payable procedures
Digital, automated expense approvals
Documented procedures for clarity and consistency
Shift to an online cloud accounting platform, granting real-time access to critical metrics and financial reports
Uncovering Operational Efficiency: The Checkered Flag
The client's shift from legacy systems yielded impressive results. Over 15 hours per week were reclaimed, manual errors became a thing of the past, and business managers now possessed data-rich insights for swift decision-making. Just as a well-tuned engine propels a race car forward, an efficient finance function accelerates a business towards its destination of success. The client was incredibly happy with the high-octane performance we’d been able to unlock with this project – setting them up to cross the finish line with streamlined processes, empowered team members, and the tools needed to navigate any financial track with speed and precision.
Want a hand to help your business find it’s operational efficiency sweet spot?
Our complimentary Now / Where / How review is designed to create a space for you to step back and identify opportunities for improvement that will help you to turbocharge your operational efficiency, reduce waste, increase engagement, and achieve better business outcomes. Click to find out more and register.