The finance team had left the company, and new employees were still in the hiring process. The finance department was viewed as an administrative department that added no value. There was a lack of handover and documentation of existing processes. Processes were lacking; financial processes were manual and prone to errors. The reporting process was manual, and there was no cash management process. There were no standardized, company-wide processes in place across the three entities.

Management of daily financial tasks; establishment of a consolidated financial reporting system and a KPI reporting system; implementation of weekly cash monitoring and a monthly cash forecast; improvement of financial processes through standardization, automation, policies, and deadlinesEstablishing missing financial processesImproving data quality for financial analysis by enhancing the quality of bookkeeping and the month-end closing process, as well as by using cost centers, cost objects, and accruals in accounting

Errors and duplicate work across all financial areas were reduced. The workload in preparatory accounting fell by 20%, and the time required for monthly closing decreased by 40%. Data quality in consolidated reporting was significantly improved.