Objectives & Project Background
A major online and home shopping retailer was operating with six separate finance functions across four locations. Parkwell were engaged to review finance functions across the group and set up a single shared service centre.
- The single shared service centre would eliminate the inefficiencies, duplication and divergent processes and policies which had arisen under the separate functions.
- A single shared service centre would allow for a reduced headcount, improved control over the function, a reduction in operational risk and more scalability for the client’s future plans.
Parkwell identified the stakeholders, including sponsors and key users, and interviewed them to establish their needs.
- Having recommended a necessary headcount reduction of 25%, we liaised with HR to expedite this process and the TUPE transfers that were required.
- We used our knowledge of best practice finance processes to develop a single set of processes for the new finance function.
- We implemented a single version of the finance system and migrated historic data to it.
- We developed and implemented a user acceptance testing approach.
- We identified additional training requirements.
- We delivered training for staff on the operation of new processes.
- A new finance organisational structure, including recommendations for appropriate staff numbers and detailed job descriptions for each role.
- A document of new finance function processes and training sessions on their use.
- A new management reporting pack.
- A new chart of accounts.
The project was implemented to the agreed timescale and was deemed a success.