Finance Transformation

To efficiently support the execution of business strategy, finance functions need to reinvent themselves and be powered by digitally savvy people, streamlined processes, automation, and modern technology. A CFO should have a clear vision of the finance function’s role and create an agile finance operating model to drive measurable business outcomes.

We will help unlock new efficiencies across finance, strengthen decision-making for business and drive long-term competitiveness of the entire organisation.

Key areas of Finance Transformation

Finance Transformation is a strategic and holistic journey, aimed at enhancing performance of the finance function and driving value creation. Transformation initiatives may relate to changes in finance operating model, optimising and automating finance processes, revamping technology landscape, introducing new technologies, or redefining organisation within the finance function.

Our team of Finance Transformation practitioners brings deep expertise in operating models, processes and technology within Purchase to Pay, Order to Cash, Record to Report as well as Financial Planning and Analysis.

Let’s reinvent your Finance Function together!

95%

of companies believe automation and digitalisation to be crucial aspects for future improvement

Source: PwC’s 6th Hungarian CFO Survey 2024

66%

of organisations believe that Artificial Intelligence (AI) will significantly transform the operations in the CFO area over the next 3 years

Source: PwC’s 6thHungarian CFO Survey 2024

Transform your finance through people, process, and modern technology to drive business value

Throughout the journey, we will support you in leading with clarity and navigating with impact. Grounded in our proven methodology, we consider four lenses that empower the transformation initiative, which will help us sharpen the direction, spark innovation, and drive sustainable change.

To transform your finance function, we will help you deliver excellence through:

1. Core Finance Transformation

Define Strategic Vision for Finance Function

Do you lack a clear vision of your finance function?
Is your finance strategy misaligned with business goals?
Are you struggling to prioritize initiatives that drive growth and operational excellence?

At the beginning of your journey, we will help you to:

Bring alignment with organisational goals
Improve financial performance – optimise cost, improve profitability, and manage risk proactively
Improve ROI through better capital allocation and investment decisions
Enhance decision making
Increase stakeholder’s confidence and secure their buy-in

How we deliver impact:

Bring outside-in perspective to inspire on future direction
Shape compelling vision of your future finance function that supports your business goals
Recommend strategic initiatives
Define priorities and develop a roadmap to realise your vision
Prepare Business Case to secure investment and commitment

Improve Finance and Accounting Processes

Are your processes error-prone and Excel-based?
Involving high workload, multiple re-work, delays, and redundant steps?
Are you missing standardisation and automation?

To improve your processes, we will help you to:

Simplify your processes
Improve the efficiency of your processes to be best-in-class
Identify and remove task duplications
Standardize your processes across different locations
Prepare your processes for Finance Managed Services implementation

How we deliver impact:

Analyse Finance and Accounting processes to identify pain points, areas for improvement and quick-wins
Identify and prioritise mid- and long-term initiatives, and develop transformation roadmap
Redesign your future Finance and Accounting processes based on market practices
Define process KPIs
Develop process documentation

Automate Finance and Accounting Processes

Is your team spending too much time on manual, repetitive tasks?
Do inefficiencies cause unnecessary frictions in your operations?
Do they hold back your team’s abilities to focus on value-added tasks?

To harness the power of automation and AI, we will help you to:

Eliminate manual data entry, allowing teams to focus on value-added tasks
Reduce turnaround time and increase productivity
Improve quality and reduce errors
Enable end-to-end process integration for seamless execution

How we deliver impact:

Analyse Finance and Accounting processes to identify areas for automation / AI
Advise on automation / AI solutions in Finance and Accounting processes
Design to-be Finance and Accounting processes aligned to automation / AI solutions
Provide support in implementation of automation / AI solutions
Monitor post-implementation outcomes via Value Realization Office

Leverage New Technology

Is your current IT landscape inconsistent and fragmented across organisation?
Existing technology solutions do not support business needs enough?
Are you missing quick access to reliable data and insights for efficient decision-making?

To future-proof your finance operations, we will help you to:

Eliminate inefficiencies and reduce cycle times
Eliminate time-consuming activities
Establish scalable, cloud-enabled, and fully integrated IT architecture
Improve data quality and governance

How we deliver impact:

Evaluate your current Finance and Accounting technology landscape to identify gaps and opportunities
Recommend and support in deployment of the most effective ERP and enabling technologies tailored to your needs
Redesign your Finance and Accounting processes to align with your new technology stack and elevate functional capabilities
Track post-implementation outcomes through Value Realization Office to ensure sustainable benefits and continuous improvemen

Transform Finance Operating Model & Centralise Finance Function

Are silos and decentralised teams and processes holding back your operational potential?
Do you wish to redefine how your current finance function operates?
What if your finance function operated as a cohesive, high-performing unit?

By transformation of your Finance Operating Model, we will help you to:

Improve efficiency and cost-effectiveness
Increase flexibility and adaptability within your organizational structure
Streamline reporting lines and optimise spans and layers
Clearly define roles and responsibilities
Break the silos and foster collaboration between finance teams

How we deliver impact:

Develop blueprint of the desired future state, including processes, organizational structure, information flows, technology requirements, and governance frameworks
Define scope for centralisation
Conduct FTE analysis to optimise workforce efficiency
Develop a clear implementation plan with milestones and deliverables for each phase of transformation
Provide support during the implementation phase

2. Targeted Solutions for Finance

Maximise Business Impact

Do you lack visibility into the true impact of your initiatives?
Would like to have view on quantitative and qualitative outcomes?

Through Value Realisation Office we will help you to:

Ensure projects and initiatives are aligned with organisational goals and objectives
Select and prioritise investments based on their potential value contribution
Secure resources required to deliver projects while minimising unnecessary spending
Ensure maximum benefits from investments and minimise risk associated with projects
Improve decision-making process through data-driven insights and transparent reporting

How we deliver impact:

Define business goals and value levers linked to measurable financial and non-financial KPIs
Prepare business case
Prioritise initiatives and prepare implementation roadmap
Set up tracking mechanism and develop reporting dashboards
Provide support in monitoring outcomes and continuous improvement

Bad Debt Reduction

Are you loosing revenue due to unpaid invoices?
Do you struggle to predict and mitigate bad debt risks effectively?

To find your path to financial resilience we will help you to:

Significantly reduce bad debt
Improve cash flow
Improve overall financial performance and profitability ratios
Enhance business stability
Reduce credit risk

How we deliver impact:

Conduct onboarding and high-level orientation on processes and systems
Perform assessment of Order to Cash processes, with focus on collections, cash application, and dispute management
Collaborate closely with Order to Cash process stakeholders including master data, sales, customer accounts payable, and third-party representatives to define bad debt and identify root causes
Plan and implement immediate support measures, track bad debt resolution, and define one-to-many solutions
Identify mid- and long-term bad debt reduction strategies and drive their execution
Establish and monitor progress and impact via Value Realization Office

PwC Bad Debt Reduction Team has demonstrated experience in decreasing outstanding accounts receivable items (90+ days and 180+ days) by 20% up to 80%, depending on the complexity and size of customer accounts.

Fast Close

Is your Month-End Close process taking too long and require overtime?
Is it agile enough to support fast, strategic decisions?
Would you like your financial reports be more accurate and delivered ahead of schedule?

Through Fast Close we will help you to:

Reduce time required to close books
Ensure timely and accurate reporting
Enable quicker and more informed decision-making
Enhance regulatory compliance, reduce risk of penalties and late fillings
Increase stakeholder confidence

How we deliver impact:

Conduct high-level assessment based on people, process, technology, and organisation perspectives to identify areas for improvement
Deep dive into prioritized areas impacting the Month End Close process, ensuring targeted solutions (e.g. Month End Close shadowing)
Identify technological gaps and provide expert support in selecting right solutions to drive efficiency
Identify quick wins, mid- and long-term opportunities for Fast Close, prioritise initiatives and develop roadmap
Support Fast Close initiatives implementation (incl. SME support in the fields of process, technology deployment, PMO, accounting advisory)
Establish and monitor outcomes from Fast Close initiatives via Value Realization Office