Jack Roozenburg on LinkedIn: Finance Process Consultant (2024)

Best-in-class finance function :In my view, the near term generation finance organization shall span and comprise of five key service components : Business enablement controllers (BEC) :These are individuals who have finance expertise and who sit in operations groups throughout the company, including in each plant, business unit, region, and central/support function. The business enablement leaders provide strategic finance perspective to the local organization, helping to orchestrate the execution of finance processes within that specific part of the company.Specialized functional COE hubs :These are groups such as accounting, assurance, treasury, tax, internal audit, and financial planning and analysis (FP&A) that perform specific tasks at the enterprise level and spearhead strategic finance initiatives in their area of domain expertise.Enterprise capability centers :These are corporate-level hubs for analytics activities that support decision-making around enterprise risk management (ERM), compliance, mergers and acquisitions (M&A), business development, and HR.Transformation execution : This shall be catered by enterprise transformation office that provides high-level management of the corporate portfolio. Overseeing continuous improvement and tracking value realization from strategic initiatives.Digital support : Customer-centric digital services team that is responsible for optimization of the enterprise technology architecture.This transition/ transformation represents a major cultural shift from traditional finance organization design and governance. It involves breaking down functional process barriers and creating enterprise capability to catapult the organization to be best in class.

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Unlocking Excellence: A Comprehensive Guide to Finance Process Maturity Assessment 🚀 👋 As a business consultant specializing in transforming Accounts Payable processes, I've witnessed the incredible impact of maturity assessments on finance functions. Today, I'm excited to share a step-by-step guide on conducting a Finance Process Maturity Assessment, fostering growth and efficiency. 📈💼Step 1: Define ObjectivesStart by clearly outlining your goals. Whether it's optimizing efficiency, reducing costs, or enhancing compliance, having a well-defined objective is crucial. For instance, aim to streamline invoice processing time by 20%.Step 2: Identify Key ProcessesList and prioritize the finance processes you want to assess. This could include invoice processing, reconciliation, or vendor management. Example: Evaluate the efficiency of the invoice approval workflow.Step 3: Gather DataCollect relevant data for each process. This might involve transactional data, employee feedback, or system performance metrics. Example: Analyze the time taken for invoice approval from receipt to payment.Step 4: Assess Current StateEvaluate the current maturity level of each process. Use a maturity model (like CMMI or Six Sigma) to categorize processes into stages. Example: Determine if invoice processing is at an ad-hoc or standardized level.Step 5: Identify Improvement OpportunitiesPinpoint areas for enhancement based on the maturity assessment. This could involve technology upgrades, process reengineering, or training programs. Example: Implement an automated approval system to reduce manual intervention.Step 6: Develop Action PlanCreate a detailed action plan for implementing improvements. Include timelines, responsibilities, and key performance indicators (KPIs). Example: Roll out the automated approval system within the next quarter with a target of 95% accuracy.Step 7: Implement ChangesExecute the action plan systematically. Monitor progress and address any roadblocks promptly. Example: Train staff on the new approval system and provide ongoing support during the transition period.Step 8: Measure and IterateContinuously monitor the impact of changes. Measure KPIs and gather feedback. Iterate the process based on insights gained. Example: Track the reduction in invoice processing time and adjust the workflow as needed.By following these steps, organizations can embark on a journey towards financial process excellence. Remember, maturity assessments aren't a one-time effort; they're a continuous cycle of improvement. 🔄✨Have you conducted a Finance Process Maturity Assessment before? Share your experiences and insights in the comments below! Let's drive excellence together. 👊💡 #FinanceTransformation #ProcessExcellence #BusinessConsulting #FinanceMaturityAssessment.

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🔑 Shaping Finance Controlling Activities for Organizational Success 💰Finance controlling activities are ultra-important for any organization to ensure financial stability and growth. Controlling activities involve monitoring, analyzing, and optimizing financial processes to achieve organizational goals effectively. 🎯In today's dynamic business environment, it's essential for finance controllers to have end-to-end knowledge of financial management practices to steer the company in the right direction. 📈By shaping finance controlling activities with the necessary expertise, organizations can make informed financial decisions, mitigate risks, and drive profitability. Finance controllers play a pivotal role in ensuring that new ways of working are efficiently embedded in the organization, promoting innovation and adaptability. 💡#FinanceControlling #FinancialStrategy #BusinessGrowth #OperationalEfficiencyThe Role of Finance Controllers in Shaping Financial Strategies 🧠Finance controllers oversee financial planning, budgeting, forecasting, and financial reporting within an organization. They work closely with key stakeholders to develop strategic financial plans that align with the company's overall objectives. 🤝By leveraging their end-to-end knowledge, they provide valuable insights and recommendations to senior management for making sound financial decisions. Moreover, they identify cost-saving opportunities, optimize financial processes, and implement best practices to enhance profitability. 💯#FinancialPlanning #BudgetForecasting #CostOptimization #ProfitabilityEmbedding New Ways of Working in Finance Controlling ⚙️Organizations need to adapt to new ways of working to stay competitive and agile. Finance controllers drive change and innovation in financial management practices by embracing emerging technologies, automation, and data analytics. 🚀They foster a culture of collaboration, creativity, and continuous learning within the finance function. Cross-functional teams work together towards common financial goals, leverage data-driven insights, and embrace agility to respond swiftly to market dynamics. 🌐#Innovation #DataAnalytics #Collaboration #AgilityInFinanceFinance controlling activities shape the financial landscape and drive sustainable growth. By equipping finance controllers with end-to-end knowledge and expertise, organizations can leverage their skills to make informed decisions and optimize performance. 🏆Embracing new ways of working is key for organizations to adapt and stay ahead of the curve. Finance controllers who drive innovation and change position themselves as strategic partners in achieving long-term success and financial objectives. 🙌#FinancialSuccess #StrategicPartnerships #InnovativeFinance

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[PDF] Transforming the Finance Function: Adding Company-Wide Value in a Technology-Based Environment (Executive Briefings) Margaret May digsell https://lnkd.in/eEAtsWCH“By the year 2005, the finance function as we know it will have changed almost beyond recognition. Transaction processing will be simplified, standardised, routine streamlined and automated. That’s 60% of finance’s current responsibilities about to disappear.” Gregory Hackett, Co-Founder of the US-based Hackett Group The days of the traditional number-crunching finance department are numbered. Increasingly, world class companies are demanding that their finance function add positive value instead of draining revenue. Transaction processing and control account for 84% of their total activities. The function is not only spending little time on value-creating activities such as decision support and future planning, … Read More » https://lnkd.in/ehWaGJdZ

As FP&A professionals, many of us are at the forefront of driving transformation within our organizations. After all, this role often involves championing change management to streamline finance operations.So if you're navigating this path, here are some key questions to ask your teams:1. On a scale from 1 to 10, how efficient do you find our existing finance processes?2. What major hurdles are you facing with our current finance processes?3. How well-versed are you with the automation tools and technologies available in finance?4. What changes do you foresee in your daily finance tasks if we introduce more automation?5. Which finance processes in your department require urgent enhancement?6. Have you used any automated finance tools? Could you share your experiences?7. Do you feel equipped with the training and resources needed to transition to automated finance systems?8. What improvements do you anticipate in your work with the automation of finance processes?9. What apprehensions or obstacles do you foresee with the adoption of automated finance processes?10. Do you have any ideas or suggestions for leveraging automation to refine our finance processes?By involving your team in the transformation journey, you're not just implementing change; you're empowering them to be part of a collective progress. Let's create a culture of continuous improvement and innovation together!#FPandA #ChangeManagement #FinanceTransformation #TeamEngagement

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Finance people has a lot to do in the automations, integrations and financial transformations. I have seen multiple financial transformation projects which does not produced the post implementation desired results and consequently companies end up carrying out more manual work, lack of clear visibility for working capital cash flow forecasting and faced huge challenges in managing AR and AP cycles. No matter in which industry you operate the finance transformation implementation plans should be well documented and should include the clear cut off date, data migration plan and open invoices and bills details. It is always better to do everything right in the first step instead of going back and forth to rectify mistakes. If your company is going through finance transformation project and struggling to go live I am open for discussion. Good Luck!!! #financemanager #erpimplementation #financetransformation #workingcapitalmanagement

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"Finance Operations - trends, challenges and opportunities for finance departmentsIn this special supplement to, we delve deeper into the inner workings of finance departments and their evolving roles. It provides insights into the current operations of finance departments and offers a glimpse of how they are expected to evolve in the years ahead."

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Navigating the Complex Terrain of Financial Reporting in Manufacturing: A Must-Read for Industry Professionals!Financial reporting in the manufacturing sector is a dynamic and complex process, crucial for operational and strategic decision-making. This sector faces unique challenges, such as managing inventory costs, valuation of work-in-progress, and the allocation of overheads. A critical aspect of financial reporting in manufacturing is the adoption of appropriate accounting standards, like IFRS or GAAP, depending on the geographical location of the operations.One of the significant areas to focus on is the method of costing - whether to adopt absorption costing, variable costing, or activity-based costing. Each method has its implications on financial statements and managerial decision-making. Absorption costing, for instance, includes all manufacturing costs in the cost of goods sold, affecting profitability and inventory valuation.Another key area is the capitalisation of costs. Decisions on what costs to capitalise, especially in the context of self-constructed assets, can significantly impact the financial health and reporting of a manufacturing company. This is where the role of professional judgment and adherence to accounting standards becomes paramount.In addition to the traditional financial reporting, the manufacturing sector is increasingly moving towards integrated reporting. This includes non-financial information like sustainability practices, supply chain management, and employee welfare, reflecting a holistic view of the company's performance.Understanding these nuances is essential for anyone involved in the financial aspect of manufacturing. Whether you are an accountant, a financial analyst, or a plant manager, staying abreast of these trends is vital.How does your organization tackle these complex financial reporting challenges in the manufacturing sector? Share your experiences and insights.#ManufacturingFinance #FinancialReporting #IndustryTrends 🏭💹📊

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🤔 𝑨𝒏 𝒊𝒏𝒕𝒆𝒓𝒆𝒔𝒕𝒊𝒏𝒈 𝒂𝒓𝒕𝒊𝒄𝒍𝒆 𝒐𝒏 𝒕𝒉𝒆 𝒄𝒉𝒂𝒍𝒍𝒆𝒏𝒈𝒆𝒔 𝒇𝒂𝒄𝒊𝒏𝒈 𝒕𝒉𝒆 𝒇𝒊𝒏𝒂𝒏𝒄𝒆 𝒇𝒖𝒏𝒄𝒕𝒊𝒐𝒏 𝒂𝒕 𝒑𝒓𝒆𝒔𝒆𝒏𝒕 🤔In this article they talk about the key trends affecting finance and accounting teams:💡 𝐓𝐚𝐥𝐞𝐧𝐭 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐬 𝐛𝐞𝐜𝐨𝐦𝐢𝐧𝐠 𝐚 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐩𝐫𝐢𝐨𝐫𝐢𝐭𝐲 - there has been high turnover in staff within the finance function. Happy and engaged people are key!💡 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐡𝐚𝐦𝐩𝐞𝐫𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞i𝐫 𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐪𝐮𝐢𝐜𝐤𝐥𝐲 𝐠𝐚𝐭𝐡𝐞𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬-𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬 - efficient systems and clarity on the outputs needed to overcome this issue!💡 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜/𝐚𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚𝐥 𝐬𝐤𝐢𝐥𝐥 𝐬𝐞𝐭 𝐟𝐨𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐞 𝐭𝐞𝐚𝐦𝐬 - staff need to be alleviated from basic tasks so they can focus on more value-added tasks - technology is helping with this transition!The top reasons driving finance function transformation initiatives are:💡 Improvements in productivity and process automation to decrease costs💡 Faster insights needed to manage uncertainty💡 Ever-changing compliance landscape💡 Desire for a faster financial close period to reduce time spent on analysing the past and instead focus on future value-added strategies𝘞𝘦 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘩𝘦𝘭𝘱𝘪𝘯𝘨 𝘢 𝘯𝘶𝘮𝘣𝘦𝘳 𝘰𝘧 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘳𝘦𝘤𝘦𝘯𝘵𝘭𝘺 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦𝘴𝘦 𝘦𝘹𝘢𝘤𝘵 𝘪𝘴𝘴𝘶𝘦𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦𝘪𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘦 𝘧𝘶𝘯𝘤𝘵𝘪𝘰𝘯 - 𝘧𝘦𝘦𝘭 𝘧𝘳𝘦𝘦 𝘵𝘰 reach out to 𝘮𝘦 𝘵𝘰 𝘭𝘦𝘢𝘳𝘯 𝘮𝘰𝘳𝘦!

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