$600 Million PE-Backed Audio-Visual Company
The newly-minted CFO of a PE-sponsored audio-visual company endeavored to improve the efficiency and effectiveness of their reporting function; where their staff spent more time preparing reports than performing analysis to drive strategic decisions.
Tactics
- Performed an assessment on their “current state” financial reporting process
- Documented the data elements, policies and procedures, controls, and process flows for the entire close-to-report process
- Partnered with management to inventory all financial reports, eliminate or consolidate low-value reports, and streamline reporting procedures and processes
Results
- Identified opportunities to eliminate over 50% of the management reports and their related development activities, freeing resources to perform more value-add activities
