Management Consultancy

Finance Health Check

Parkwell’s Finance Health Check is a methodology designed to help organisations measure the performance of their finance functions, and identify areas for improvement. The key aims are to minimise the effort utilised on mandatory activities such as transaction processing and maximise the effort applied to value adding activities such as the production and analysis of management information and decision support. 

Why do you need the “Health Check”?

Parkwell has extensive experience delivering high value finance transformation projects in a range of business sectors. In performing this work, our experience has taught us that finance functions do not always run as efficiently as they might. Some of the key questions our Finance Health Check will answer are:

  • Compared to other businesses, how much does it cost to run the finance department?
  • Is management information relevant, timely and accurate?
  • Is decision support information provided effectively by finance?
  • Are the right staff in the right roles?
  • Do processes conform to “best practice”?
  • Is the control framework appropriate?
  • Is technology properly supporting finance?  
 

How does the Health Check work?

The seven steps in our Finance Health Check methodology are as follows:

1) Agree the areas of focus

2) Gather information to gauge the efficiency of the finance function using a variety of techniques including interviews, questionnaires and workshops

3) Analyse the information gathered and identify areas which will benefit from improvement

4) Present recommendations to outline the following:

      • Identification of process improvements
      • Optimised organisation structure
      • Technology usage review and recommendations for improvements
      • Identification of reporting requirements and KPIs
      • Optimised financial control framework
 

5) Create a business case for each recommendation, prioritise initiatives, develop an implementation plan and identify quick wins

6) Implement quick wins

7) Implement the recommendations plan 

Why should you perform a Parkwell Finance Health Check?

The benefits of utilising our Health Check are extensive, for example: 

Efficiency improvements will save you time, money and effort

      • More efficient processes
      • An optimised organisation structure
      • Enhanced use of technology
 

Management information will be more relevant, accurate, timely and consistent

      • Streamlined reporting
      • Structured KPI framework
 
Decision support enhancements will facilitate quicker and better decisions
 
      • Easier access to information
      • Improved quality of decisions
      • Re-focused finance roles delivering added value activities
 

A financial control framework that balances cost and risk appropriately for your organisation

      • Greater efficiency
      • Improved surety
 
What should you do now?

Call Matthew Clark on 020 7648 4848 for further information