Core finance

Before you consider strategic options like outsourcing or working on performance or working capital management, you need to get the basics right. This means processing transactions efficiently and accurately consistently. If there is chaos in the finance function, it will be near impossible getting beyond that. Get the finance function basics right first.

Getting the basics right includes a focus on process and the efficient processing of high volume transactions, people, their experience and skills and supporting technology. Depending on the structure of the finance function, external providers may also play a part. Use the digram to understand the factors surrounding these basic requirements including governance, working capital management, risk management, reporting and financing costs.

All these factors will need to work together to deliver an efficient and effective finance function