Finance and Accounting Services
Finnastra’s Finance & Accounting (F&A) consulting assists finance leaders design, and transform their processes and operations, to realize their finance transformation goals. Remaking finance through practical and agile analytics, technology, and advanced organizational models helps us unlock working capital, boost teams’ productivity, & drive compliance.
Finnastra Finance & Accounting consulting work on the improvement of the current financial process that include Accounts Payable, General Accounting, Accounting, Closing and Reporting (ACR), Financial Planning and Analysis, and Finance & Accounting Systems of Engagement.
Efficient accounts payable (AP) processes that optimize working capital, sustain cash savings initiatives, and enable long-term supplier relationship management can help organizations maximize profits and thrive in rapidly changing economies.
Finnastra accounts payable solutions and services collate process austerity with leading-edge technology, analytics, and transformation solutions to drive higher impact by enabling a more effective Accounts Payable function. We design, transform, and run intelligent business operations that support finance transformation. Our Accounts Payable solutions and services make the end-to-end accounts payable process more efficient and effective. Finnastra accounts payable outsourcing services encompass end-to-end AP processes:
- Document management
- Invoice processing
- Approval and resolution management
- Help desk
- Month-end and internal/external reporting
The benefits we deliver include:
- Consolidation and standardization
- Invoice automation
- Greater control
- Invoice discount capture
- Working capital optimization
Finnastra’s general accounting solutions blend Record to Report processes into standardized efficient workflows that assure capturing and sharing of ordeal financial across the enterprise.
Finnastra solutions provide actionable, real-time accounting acumen to businesses in industries as varied as Automotive, Consumer goods and retail, Media, Banking and Finance, Insurance, and Hospitality. Our experience working in multi-currency environments benefits clients globally, catering for foreign-exchange implications. Our team leverages broad statutory expertise (U.S., UK GAAP, and IFRS) to handle multiple books of account.
Finnastra solutions include the following:
- Expense accruals
- Fixed assets accounting
- Inventory and supply chain accounting
- Closing and group consolidation
- Account reconciliations (bank, cash, sub-ledger)
- Intercompany accounting
- Accruals and reserves
- Journal entries
Besides all this, we have highly skillful and experienced team in handling ERP systems such as SAP, Oracle, JD Edwards, People Soft, Tally and QuickBooks.
Order to Cash
Order to Cash (OTC) is often challenged by inefficient processes, and the required transformation can baffle. For over 5 years, Finnastra has designed, transformed, and run intelligent finance and accounting (Finance and Accounting) operations across industries, deploying advanced operating models for OTC that reduce day’s sales outstanding (DSO), limit revenue dilution, improve cycle times, reduce costs, and boost customer satisfaction.
Our approach comprises of smart processes, analytics, and technology to lower DSO, unlock working capital, and create seamless, effective operations across the enterprise – able to sense, act and learn from their actions, making our clients’ operations truly intelligent.
Finnastra’s OTC services include:
- Customer Master Data Management/Contract Administration
- Credit Management Services and Contract Management Services
- Order Management or Fulfillment
- Billing and Invoicing
- Electronic Invoice Presentment and Payment (EIPP)
- Business-to-Business Collections
- Cash Application
- Deductions Management/Exception Management
- Dispute Management
Order management is end-to-end supply chain activity and order to cash processes that they can be treated it as a separate venture. Sub optimal sourcing and demand planning, or inefficient order entry, will affect delivery and ultimately drive up the cost per order, as well as negatively impact the customer experience.
Finnastra’s Order Management solutions place the focus on customer satisfaction by helping our clients deliver a perfect order every time: on time, in full, undamaged, at the correct price, and with all of its required documentation correctly completed.
Accounting, Closing, and Reporting
We exhilarate the significant value by enhancing closing cycles, capitalizing fixed assets, and eliminating manual journals, open item reconciliations, and intercompany mismatches. Finnastra’s Accounting, Closing, and Reporting (ACR) processes helps in risk alleviation and cost reduction by lowering accounting silos, delays, and errors, and creating standardized, globally compliant processes. Our group consolidation services ensure transparency and timely accounting close financial reporting in support of decision-making.
Finnastra’s financial close and reporting services constitute high-end ACR solutions that address regulatory and other reporting requirements such as Securities and Exchange (SEC) reporting, local Generally Accepted Accounting Principles (GAAP) reporting, and investment accounting and investor reporting.
Our service delivers the following benefits:
- Streamlined global ACR processes, closing calendars, and reconciliation frameworks and templates
- Reconciliation, intercompany, and fixed assets policies that drive effectiveness and efficiency
- Group consolidation services assure simplified and accelerated reporting
The advantages of our service of accounting close financial reporting include the following:
- Augmented controllership through workflows, dashboard status reporting, and inbuilt audit trails
- Higher efficiency and effectiveness through automation, greater accuracy, and better visibility
- Statutory compliance, risk mitigation, and performance management at the sub-process level
Financial, Planning, and Analysis
Financial Planning and Analysis must help the organization stand out in this competitive world. Unfortunately, too often these teams find themselves hindered by diverse systems of records, siloed operations, manual processes, and long turnaround times. Finnastra’s finance transformation experience encompasses create Finance, Planning, and Analysis solutions that automate routine tasks and give our clients the timely, qualitative business insights needed for more confident and effective decision-making.
We re-create Finance, Planning, and Analysis by combining smart processes, analytics, and technology with enhanced operating models. Our solutions are based on our ability that is built over the years to design, transform, and run intelligent business operations for clients across a wide range of industries.
Income statement analysis
Finnastra effectively delve into various cost and revenue components in all dimensions to understand variances and provide business insights.
Balance sheet or Cash flow analysis
Proactively points out changes in the company’s financial position helps avoid reporting errors and maintain competitive advantage.
These activities help clients attain process standardization and automation, in turn driving efficiencies that reduce rework, and streamline reporting.
Planning and budgeting
We support businesses with accurate forecasting of operational outcomes in financial terms. Our team has a great potential and is an expert in Predictive analysis, ‘what if’ analysis, and simulations for which we partner with our clients to generate business insights.
The Accounts Receivable is a process by which businesses receive payments from customers for goods or services sold. This process involves the following factors:
Credit Decisions: the supplier of goods and services checks if the prospective customer is of sufficient credit worthiness to warrant the supply of the products or services under an account arrangement.
Billing and Bill Distribution: happens once the good or services have been supplied.
Payments: are completed by the customer once they are ready to pay.
Receipting, Allocations and Reconciliation: This step is undertaken by an Accounts Receivables Officer. The AR Officer identifies a payment deposited into the supplier bank account, receipts it into the AR system, allocates it to an invoice and reconciles to ensure that the payment is correct.
Collections: The Collections Officer identifies all invoices that are short paid or unpaid as of the due date.
Disputes Management: if the customer disputes a bill/invoice typically, this step is typically managed between a Collections Officer and the customer.
Bad Debt: once the bill/invoice reaches a set date and/or is under dispute and is not resolvable to the satisfaction of the supplier, it would then be considered a “bad debt”.